Economic systems and structures Books

Book SynopsisCorporations are expanding their performance to both financial economic performance (ESP) and non-financial environmental, ethical, social and governance (EESG) sustainability performance to effectively achieve their objective of creating shared value for all stakeholders. Companies are now adopting the mission of profit-with purpose by shifting their goals to create shareholder value while fulfilling their social, environmental and governance responsibilities. Management play an important role in pursuing the mission of profit-with purpose and in integrating business sustainability into corporate culture, business environment and strategic plans and decisions.Corporations can create a right balance between the wealth-maximization for shareholders under the shareholder primacy concept while achieving the welfare-maximization for all stakeholders under the stakeholder primacy concept. The global move toward the adoption of benefit corporations and profit-with-purpose companies is inevitable as sustainability initiatives are being integrated into corporate strategies, supply chain, decisions, actions, and performance.Business Sustainability: Profit-with-Purpose Focus consists of four chapters covering all aspects of business sustainability with a keen focus on the concept of profit-with purpose.Anyone who is involved with business sustainability and corporate governance, the financial reporting process, investment decisions, legal and financial advising, audit functions, and corporate governance education will be interested in this book. Specifically, corporations, their executives and the boards of directors, internal and external auditors, accountants, lawyers, lawmakers, regulators, standard-setters, investors, business schools, and other professionals will benefit from this book.

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Book SynopsisIn a period of increasing globalization and rapid growth in emerging countries, recognizing sources of regional competitiveness is of paramount importance. This timely and informative book identifies and analyzes changes in the origins of regional advantage. The expert contributors illustrate that sources of regional competitiveness are strongly linked with spatially observable yet increasingly flexible realities, and include building advanced and efficient transport, communications and energy networks, changing urban and rural landscapes, and creating strategic and forward-looking competitiveness policies. They investigate long-term interactions between regional competitiveness and urban mobility, as well as the connections that link global sustainability with local technological and institutional innovations, and the intrinsic diversity of spatially rooted innovation processes. A prospective analysis on networks and innovation infrastructure is presented, global environmental issues such as climate change and energy are explored, and new policy perspectives - relevant world-wide - are prescribed. Networks, Space and Competitiveness will prove an invaluable resource for academics, students and researchers across a range of fields including international and regional economics, regional science, economic geography and international business. Contributors: C.R. Azzoni, R.N. Baleiras, A. Bhattacharjee, R. Capello, J.I. Carruthers, E.A. Castro, T.P. Dentinho, P.C. Ferrao, A.M. Fuertes Eugenio, M. Grillitsch, E.A. Haddad, C. Hoglinger, J.L. Marques, C.S. Silva, K. Spiekermann, F. Todtling, J.M. Viegas, M. WegenerTable of ContentsContents: Evolving Networks, Spaces and Competitiveness Policies: Introductory Remarks Roberta Capello and Tomaz Ponce Dentinho PART I: EVOLVING TRANSPORT AND KNOWLEDGE NETWORKS 1. Transport and Communications and Regional Development: New Potentials and Challenges Klaus Spiekermann and Michael Wegener 2. The Urban Mobility System and Regional Competitiveness José Manuel Viegas 3. Change in the Energy Systems Paradigm and the Impact on Regional Development Paulo C. Ferrão and Carlos Santos Silva 4. The Knowledge Economy in European Regions: A Strategic Goal for Competitiveness Roberta Capello 5. Knowledge Relations and Innovation from a Regional Perspective Franz Tödtling, Christoph Höglinger and Markus Grillitsch PART II: EVOLVING CLIMATE AND LANDSCAPE 6. Climate Change and the Futures of Regions Carlos Roberto Azzoni and Eduardo Amaral Haddad 7. Methods and Models of Analysis in the Urban Housing Market João Lourenço Marques, Eduardo Anselmo Castro and Arnab Bhattacharjee 8. Land Use Regulation and Regional Form: A Spatial Mismatch? John I. Carruthers PART III: EVOLVING POLICY PERSPECTIVES 9. Collective Efficiency Strategies: A Regional Development Policy Contribution for Competitiveness Enhancement Rui Nuno Baleiras 10. Policy Failures and Food Crises in Less Developed Countries Ana Maria Fuertes Eugenio 11. New Challenges for Sustainable Growth Tomaz Ponce Dentinho 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 puts human beings back at the heart of the economic process. It shows how this classical, human-centred tradition, stretching from Adam Smith onward, gives us a much better understanding of economic events - and what to do about them - than the mechanistic, mathematical models of too many economists and planners today.'- Eamonn Butler, The Adam Smith Institute, UK'David Simpson writes about key economic issues with admirable lucidity. He draws deeply on experience as well as on his knowledge of economic theory.'- Asa BriggsDavid Simpson skilfully argues that a market economy can be best understood as a human complex system, a perspective that represents a continuation of the classical tradition in economic thought. In the classical tradition, growth rather than allocative efficiency is the principal object of enquiry, economic phenomena are recognised to be elements of processes rather than structures, and change is evolutionary.The book shows the common principles that connect the early classical school, the Austrian school and complexity theory in a single line of thought. It goes on to show how these principles can be applied to explain the characteristic features of a market economy - namely incessant change, growth, the business cycle and the market process itself - and argues that static equilibrium theory, whether neoclassical or neo-Keynesian, cannot satisfactorily account for these phenomena.This fascinating book will provide a stimulating read for academics, postgraduate students and all those with an interest in economic theory and economic policy.Contents: Preface 1. Introduction 2. Human Behaviour 3. Qualitative Change and Quantitative Growth 4. Adaptation, Emergence and Evolution 5. Self-organisation and Complexity 6. Markets, Competition and Entrepreneurship 7. Specialisation and Growth 8. Prosperity and Recession 9. Government 10. The Rediscovery of Classical Economics Bibliography IndexTrade ReviewThis is a book you should read. Whether your interest is in economic theory or in its history, you should read this book. . . I cannot emphasise how radical this book is. It introduces you to a way of thinking that has now been all but lost yet is as powerful a lens for understanding an economy as has ever been developed. Moreover, the book is as clear and readable as any book you will have ever held in your hands. It will take you places you may never have been and help you understand issues that remain opaque because of the way in which economic issues are framed today. . . If you would like to have at least a sense of what is missing from economic theory today, other than my own there is no book I could recommend more than this. --Steven Kates, History of Economic Ideas[T]he book is an ambitious attempt to sketch out the narrative on the old (classic) and new view of the 'complex evolving economy'. It is thought provoking and stimulating: well worth a reading. . . the book offers two intertwined narratives, one focused on the interpretation of the long-term history of modern industrialization and contemporary growth, and another on the history of the theory and how it went astray. Both narratives are very knowledgeable and in most instances rather convincing. . . Simpson's essay is well in tune, indeed, with the authentic Smith. --Giovanni Dosi, Journal of Economic LiteratureThe diligent seeker of truth about our current discontents should turn to. . . The Rediscovery of Classical Economics, by David Simpson. . . Its ostensible object is to resurrect what he calls the ''classical tradition'' emanating from Adam Smith and distinguish it not only from Keynesian economics but also from today's mainstream - known to aficionados as the ''neoclassical'' orthodoxy. Without going into academic details, this orthodoxy stands accused of replacing a theory of relative prices (how many loaves will buy a pullover) with a more sophisticated account of economic growth, and of foisting on us a theory of ''rational expectations'' that are anything but rational. --Samuel Brittan, Financial TimesTable of ContentsContents: Preface 1. Introduction 2. Human Behaviour 3. Qualitative Change and Quantitative Growth 4. Adaptation, Emergence and Evolution 5. Self-organisation and Complexity 6. Markets, Competition and Entrepreneurship 7. Specialisation and Growth 8. Prosperity and Recession 9. Government 10. The Rediscovery of Classical Economics Bibliography Index

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Book SynopsisState Capitalism offers an illuminating guide to the debate about contemporary state capitalism: does it simply use different tools from other variants of capitalism, or is it an altogether new kind of economic regime? Barbara Krug, a leading expert in this field, sets out to define the concept of contemporary state capitalism as an economic model and presents a nuanced view of state capitalism in action. She points the way to new areas for further study and analysis.Table of ContentsVolume I Contents: Acknowledgements Introduction Barbara Krug PART I STATE CAPITALISM AND ECONOMIC REGIMES: DEBATES AND APPROACHES A The Beginning of the Debate 1. Ian Bremmer (2009), ‘State Capitalism Comes of Age: The End of the Free Market?’ 2. Henrique Schneider (2012), ‘State-capitalism and Globalization – A Challenge to Whom?’ 3. Paul Dragos Aligica and Vlad Tarko (2012), ‘State Capitalism and the Rent-seeking Conjecture’ B State Capitalism in Earlier Studies 4. Alex Dupuy and Barry Truchil (1979), ‘Problems in the Theory of State Capitalism’ 5. James Petras (1977), ‘State Capitalism and the Third World’ 6. Theda Skocpol and Kenneth Finegold (1982), ‘State Capacity and Economic Intervention in the Early New Deal’ 7. Ben Turok (1980), ‘Zambia’s System of State Capitalism’ 8. Markus Jäntti, Juho Saari and Juhana Vartiainen (2006), ‘Growth and Equity in Finland’ 9. Karen Farsoun (1975), ‘State Capitalism in Algeria’ C Political Science Approaches 10. Larry Diamond (2002), ‘Thinking about Hybrid Regimes’ 11. Raymond D. Duvall and John R. Freeman (1981), ‘The State and Dependent Capitalism’ 12. Beatriz Magaloni (2008), ‘Credible Power-Sharing and the Longevity of Authoritarian Rule’ 13. Andrew J. Nathan (2003), ‘Authoritarian Resilience’ D New Institutional Economics 14. Douglass C. North (1991), ‘Institutions’ 15. Douglass C. North (1993), ‘The New Institutional Economics and Development’ 16. Oliver E. Williamson (1991), ‘Economic Institutions: Spontaneous and Intentional Governance’ 17. Victor Nee (2000), ‘The Role of the State in Making a Market Economy’ 18. Andrei Shleifer and Robert W. Vishny (1994), ‘The Politics of Market Socialism’ E Varieties of Capitalism 19. Peter A. Hall and Daniel W. Gingerich (2009), ‘Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis’ 20. Colin Crouch (2005), ‘Models of Capitalism’ 21. Richard Whitley (2007), ‘The Contingent Nature of National Business Systems: Types of States and Complementary Institutions’ 22. Bruno Amable (2000), ‘Institutional Complementarity and Diversity of Social Systems of Innovation and Production’ PART II DIFFERENCES IN STATE CAPITALISM: THE ROLE OF THE STATE IN THE ASIAN BUSINESS SYSTEM 23. Michael Carney, Eric Gedajlovic and Xiaohua Yang (2009), ‘Varieties of Asian Capitalism: Toward an Institutional Theory of Asian Enterprise’ 24. Gary G. Hamilton and Nicole Woolsey Biggart (1988), ‘Market, Culture, and Authority: A Comparative Analysis of Management and Organization in the Far East’ 25. John Shuhe Li (2003), ‘Relation-based versus Rule-based Governance: An Explanation of the East Asian Miracle and Asian Crisis’ 26. Paul W. Kuznets (1988), ‘An East Asian Model of Economic Development: Japan, Taiwan, and South Korea’ 27. Robert Wade (1993), ‘Managing Trade: Taiwan and South Korea as Challenges to Economics and Political Science’ 28. Chung H. Lee (1992), ‘The Government, Financial System, and Large Private Enterprises in the Economic Development of South Korea’ 29. W.G. Huff (1995), ‘The Developmental State, Government, and Singapore’s Economic Development since 1960’ 30. Natasha Hamilton-Hart (2000), ‘The Singapore State Revisited’ 31. Masahiko Aoki (2013), ‘Historical Sources of Institutional Trajectories in Economic Development: China, Japan and Korea Compared’ Index Volume II Contents: Acknowledgements An introduction to both volumes by the editor appears in Volume I PART I DIFFERENCES IN STATE CAPITALISM: THE ROLE OF THE STATE IN TRANSITION ECONOMIES 1. Gérard Roland (2002), ‘The Political Economy of Transition’ 2. Timothy Frye and Andrei Shleifer (1997), ‘The Invisible Hand and the Grabbing Hand’ 3. David Lipton and Jeffrey Sachs (1990), ‘Creating a Market Economy in Eastern Europe: The Case of Poland’ 4. Richard Whitley and Laszlo Czaban (1998), ‘Institutional Transformation and Enterprise Change in an Emergent Capitalist Economy: The Case of Hungary’ PART II DIFFERENCES IN STATE CAPITALISM: THE ROLE OF THE STATE IN RENTIER STATES 5. Jonathan Isham, Michael Woolcock, Lant Pritchett and Gwen Busby (2005), ‘The Varieties of Resource Experience: Natural Resource Export Structures and the Political Economy of Economic Growth’ 6. Matthew Gray (2011), ‘A Theory of “Late Rentierism” in the Arab States of the Gulf’ 7. Rolf Schwarz (2008), ‘The Political Economy of State-Formation in the Arab Middle East: Rentier States, Economic Reform, and Democratization’ 8. H. Mahdavy (1970), ‘The Patterns and Problems of Economic Development in Rentier States: The Case of Iran’ 9. Ümit Cizre-Sakallhoglu and Erinç Yeldan (2000), ‘Politics, Society and Financial Liberalization: Turkey in the 1990s’ 10. Roy Karadag (2010), ‘Neoliberal Restructuring in Turkey: From State to Oligarchic Capitalism’ PART III DIFFERENCES IN STATE CAPITALISM: SELF-ORGANIZATION AND PRIVATE ACTION A Capitalism from Below 11. Victor Nee and Sonja Opper (2012), ‘Entrepreneurs and Institutional Innovation’ 12. Simon Johnson, Daniel Kaufmann and Andrei Shleifer (1997), ‘The Unofficial Economy in Transition’ 13. Michael L. Katz and Carl Shapiro (1994), ‘Systems Competition and Network Effects’ 14. Barbara Krug and Hans Hendrischke (2012), ‘Market Design in Chinese Market Places’ 15. Barbara Krug (2012), ‘Political Embeddedness in China: Strengths and Limitations’ B Rent-seeking 16. Joel S. Hellmann, Geraint Jones and Daniel Kaufmann (2003), ‘Seize the State, Seize the Day: State Capture and Influence in Transition Economies’ 17. Joel S. Hellmann (1998), ‘Winners Take All: The Politics of Partial Reform in Postcommunist Transitions’ C Elite Studies 18. Andrew G. Walder (2003), ‘Elite Opportunity in Transitional Economies’ 19. Nan Lin (2011), ‘Capitalism in China: A Centrally Managed Capitalism (CMC) and Its Future’ 20. Heinrich Best (2005), ‘Stabilizing Democracy in Eastern Europe under the Condition of Highly Volatile Political Elites’ 21. David Stark (1996), ‘Recombinant Property in East European Capitalism’ D Firms and Politics 22. Asim Ijaz Khwaja and Atif Mian (2005), ‘Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market’ 23. Mike W. Peng (2003), ‘Institutional Transitions and Strategic Choices’ 24. Jay Pil Choi and Marcel Thum (2009), ‘The Economics of Politically-connected Firms’ 25. Mara Faccio (2006), ‘Politically Connected Firms’ 26. Andrei Shleifer and Robert W. Vishny (1994), ‘Politicians and Firms’ 27. Robert E. Hoskisson, Mike Wright, Igor Filatotchev and Mike W. Peng (2013), ‘Emerging Multinationals from Mid-Range Economies: The Influence of Institutions and Factor Markets’ 28. John Child and Suzana B. Rodrigues (2011), ‘How Organizations Engage with External Complexity: A Political Action Perspective’ Index

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Book SynopsisThis is a well-structured book on a complex question that has been relevant for centuries leading up to the actual crisis in the EU and the international financial markets. The book offers a rich picture of empirics, and discusses, explains and criticizes a number of classical theories in the field (Marx, Schumpeter, Polanyi), as well as modern theories (Greif, North et al., Acemoglu, Perez and others). The familiar topics of property rights, technological development and long waves are presented in an illuminating way, whereas a number of new topics including open and limited access societies, hyper globalization, and the European Union are viewed in a broad perspective of 'political economy' and 'institutional economics'. The limitations of neoclassical economics are well presented as are the benefits (and costs) of political economy.'- John Groenewegen, Delft University of Technology, the Netherlands'This book is a very coherent and up-to-date work. It presents a clear and sophisticated view on the role of economic institutions and aspects of political economy in the process of modern economic growth. The author demonstrates significant originality in combining insights from different sub-fields to successfully understand economic growth and the distribution of income in the economy. It will be a rich source of ideas for anyone interested in how the modern world, and various countries and regions in particular, attained high levels of economic welfare.'- Sjak Smulders, Tilburg University, the NetherlandsCapitalism is driven by technological revolutions, leading to alternating periods of regulation and deregulation in leading economies. Technologically backward countries face a different situation as they have to catch up with the leaders. Against this backdrop, Theo van de Klundert examines the relationship between capitalism and democracy, combining economic theory and historical description to analyse long-run economic development. Emphasis is placed on the interrelation between economic and political power, and a robust state-of-the-art overview of today's political economy is presented.The author addresses two fundamental questions raised in the analysis of the relationship between capitalism and democracy. Firstly, he explores why capitalism in leading economies is characterized by alternating periods of regulation and deregulation, and secondly, whether developing countries can opt for different types of capitalism once the potential for catching up with developed countries has expired. The consequences of a shift in the balance of power in the global economy are also considered in detail.Broad in scope and employing various methodological approaches, this book will prove a fascinating read for academics, students and researchers in the fields of economics and heterodox economics.Contents: Preface Introduction Part I: Economic Theory in a Historical Perspective 1. Emerging Markets 2. Political Economy Revisited 3. Engines of Growth 4. Follow the Leader Part II: Historical Developments in a Theoretical Perspective 5. The Long Wave 6. A Tale of Two Continents 7. The World Economy at Large 8. Democracy at Bay References IndexTrade Review‘. . . provides an analytical history and overview the interdependent and fluctuating interplay between economics and politics in established and developing nations. A masterpiece of seminal scholarship, informed and informative, Capitalism and Democracy: A Fragile Alliance is strongly recommended reading and a core addition to academic library International Economics and Political Science Studies reference collections.’ -- The Midwest Book Review‘This is a well-structured book on a complex question that has been relevant for centuries leading up to the actual crisis in the EU and the international financial markets. The book offers a rich picture of empirics, and discusses, explains and criticizes a number of classical theories in the field (Marx, Schumpeter, Polanyi), as well as modern theories (Greif, North et al., Acemoglu, Perez and others). The familiar topics of property rights, technological development and long waves are presented in an illuminating way, whereas a number of new topics including open and limited access societies, hyper globalization, and the European Union are viewed in a broad perspective of “political economy” and “institutional economics”. The limitations of neoclassical economics are well presented as are the benefits (and costs) of political economy.’ -- John Groenewegen, Delft University of Technology, the Netherlands‘This book is a very coherent and up-to-date work. It presents a clear and sophisticated view on the role of economic institutions and aspects of political economy in the process of modern economic growth. The author demonstrates significant originality in combining insights from different sub-fields to successfully understand economic growth and the distribution of income in the economy. It will be a rich source of ideas for anyone interested in how the modern world, and various countries and regions in particular, attained high levels of economic welfare.’ -- Sjak Smulders, Tilburg University, the NetherlandsTable of ContentsContents: Preface Introduction Part I: Economic Theory in a Historical Perspective 1. Emerging Markets 2. Political Economy Revisited 3. Engines of Growth 4. Follow the Leader Part II: Historical Developments in a Theoretical Perspective 5. The Long Wave 6. A Tale of Two Continents 7. The World Economy at Large 8. Democracy at Bay References Index

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Book SynopsisTackling innovation as an endogenous process, this groundbreaking new book builds upon the Schumpeterian creative response by implementing the tools of complexity economics. This reappraisal of the Schumpeterian legacy allows the author to apply complexity economics to endogenous knowledge externalities and consequently move away from the Darwinistic and biological accounts of evolutionary economics. This approach proves that firms, in out-of-equilibrium conditions, try and react by means of introducing innovations. The success of this reaction is contingent upon access conditions to knowledge externalities. Cristiano Antonelli demonstrates that the consequent introduction of innovations may, in turn, knock firms further out of equilibrium and cause positive changes in the system's properties that feed the introduction of further innovations. In addition, this can also engender the decline of the system's properties and push firms to adaptive response that drive the system towards an equilibrium without growth and change. This path dependent loop of interactions between the system properties and the individual actions of firms is central to this book. Paving the way to a new phase of evolutionary economics, the book's prime readership will be students and scholars who study and teach evolutionary economics, the economics of innovation and/or the economics of growth.Trade Review'Professor Antonelli has clearly articulated the Schumpeterian view of endogenous innovation in this new undertaking. With that as a foundation, he has masterfully shown the reader the subtle and often overlooked relationships among knowledge, innovation, technological advancement and economic growth. This book is scholarship at its best. A must read for those at any stage of their intellectual journey.' --Albert N. Link, University of North Carolina at Greensboro, US'Cristiano Antonelli explores almost a century of economic research on innovation and skillfully brings together the giants of innovation economics, namely Joseph Alois Schumpeter, Alfred Marshall and Kenneth Arrow. The book introduces a comprehensive economic approach for the analysis of innovation processes and broadly encompasses all fields where innovation is of the utmost importance: knowledge generation, industrial innovation, trade and growth.' --Andreas Pyka, University of Hohenheim, GermanyTable of ContentsContents: PART I Endogeneous Innovation as a Creative Response. A Reappraisal of the Schumpeterian Legacy 1. Standing on the Shoulders of Giants 2. Innovation as a Creative Response 3. Towards an Evolutionary Complexity of Endogenous Innovation 4. Innovation as an Emergent System Property PART II New Frontiers in the Economics of Knowledge. The Appropriability Trade off Reconsidered 5. A Bird’s View of the Economics of Knowledge 6. The Derived Demand for Knowledge 7. The Knowledge Appropriability Trade-Off 8. Digital Knowledge Generation and the Appropriability Trade-Off 9. Knowledge Governance, Pecuniary Knowledge Externalities and Total Factor Productivity Growth 10. A New Framework of Innovation and Knowledge Policy PART III Endogenous Knowledge and Technological Congruence 11. Technological Congruence and the Economic Complexity of Technological Change 12. A Schumpeterian Approach to Endogenous Specialization in International Trade 13. Schumpeterian Growth: The Creative Response to Knowledge Exhaustibility 14. References Index

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Book Synopsis'This theoretically informing book provides one of the strongest analyses of Turkish political economy. Bu ra and Sava kan decisively dispel myths regarding the new, allegedly self-made and 'small' entrepreneurs who form the backbone of Turkish success. Drawing on original documents, interviews, and statistics, they demonstrate that politics (as practiced by regimes, parties, and associations) has 'made' the Turkish pious business class. No one can think of markets and market actors in the same way after reading this book.'- Cihan Ziya Tugal, UC Berkeley, US'This impressive work places Turkey firmly on the map of comparative politics and political economy. It adds intriguing facets to what we know about the relationship between the state, democracy and capitalist development in an age of neoliberalism. It also sheds new light on the role of religion in economic change and class formation in emerging countries on the periphery of contemporary capitalism. Moreover, in emphasizing the role of business associations in the politically sponsored rise of a post-Fordist model of globalized national capitalism, the book provides exciting new insights on a subject that has been regrettably neglected in recent years.'- Wolfgang Streeck, The New School for Social Research, US'Power has shifted in Turkey over the last decade, both within business and the state, towards groups with religious-conservative rather than Kemalist-secular sensibilities. This book goes deep inside this transformation to analyze the role of Muslim business networks and their relationship with the state. You will not find a better guide to Turkey s emergent new capitalism.'- Dani Rodrik, Institute for Advanced Study, USNew Capitalism in Turkey explores the changing relationship between politics, religion and business through an analysis of the contemporary Turkish business environment.This book focuses on the developments that have transformed the economic, political and cultural coordinates of business activity; led to new forms of interest representation; and changed the relationship between government and business in Turkey in the post-1980 period. Ay e Bu ra and Osman Sava kan argue that political action plays a crucial role in shaping the configuration of the business community, influencing the patterns of business development, and informing the emergence of rival models of capitalist development and political change endorsed by different groups of entrepreneurs. Moreover, the book explores the idea that whilst the use of religion as a strategic resource by some business associations serves to create bonds of trust and solidarity among their members, it also contributes to the polarization of the business community.This interdisciplinary book will be an invaluable resource for academics, graduate students and researchers interested in political economy, political science, sociology, economic history, and organization studies. It will also appeal to journalists and business people, especially those investing or planning to invest in Turkey or the Middle East.Contents: Introduction 1. Economic Development and Cultural Modernization in Republican Turkey: A Brief Overview 2. The Changing Place of the Economy and Religion in Turkish Society Since 1980 3. The New Political Economy of Capital Accumulation 4. Business Associations as Political Actors 5. Polarization at the Local Level Conclusion IndexTrade Review'New Capitalism in Turkey is a theoretically nuanced and empirically rich book. Bu ra and Sava kan provide us with a fresh, detailed and annotated account of the changes taking place in the domain of political economy in Turkey. In doing so, they challenge many commonly-held assumptions about government-business relations, the intra-business relations, the secular-Islamic cleavage, and the political strategies and discourses of the main actors. The data sources of the book are also rich and include a wide range of primary sources, including the ones collected through fieldwork. This timely book should be a required reading for all students of Turkish politics.' --Gamze Cavdar, Middle East Policy CouncilTable of ContentsContents: Introduction 1. Economic Development and Cultural Modernization in Republican Turkey: A Brief Overview 2. The Changing Place of the Economy and Religion in Turkish Society Since 1980 3. The New Political Economy of Capital Accumulation 4. Business Associations as Political Actors 5. Polarization at the Local Level Conclusion Index

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Book SynopsisFor some, Sweden is proof that a generous welfare state is fully compatible with a growing competitive economy. For others, it is a frightening example of what big government can do to a once thriving economy. Sweden and the Revival of the Capitalist Welfare State tackles a number of controversial questions regarding Sweden's economic and political development: How did Sweden become rich? How did Sweden become egalitarian? Why has Sweden since the early 90s grown faster than the US and most EU-countries despite its high taxes and generous welfare state?The author uses new research on institutions and economic reforms to explain the rise, the fall and the recent revival of the Swedish welfare state. The central argument is that a generous welfare state like that of Sweden can work well, provided that it is built on well-functioning capitalist institutions and economic openness. The book expertly explains how Sweden developed from a poor and highly unequal society to one of the richest and most egalitarian countries in the world by building a universal welfare state on a capitalist foundation. It also engages in an important discussion about the current and future challenges for the welfare state in general.The book will fit well in introductory and advanced courses on welfare state policy, social work, sociology, economic history, institutional economics and political science. In all these disciplines, the case of Sweden has always provoked interest and debate, due to Sweden's combination of prosperity, equality and extensive welfare state. The rapid pace of change in Sweden over the last 25 years, however, means that most other books are descriptively dated.Contents: 1. Introduction 2. Prosperity and equality: The golden years 1870-1970 3. The 'not quite so golden' years 1970 - 1995 4. The return of the capitalist welfare state 5. The capitalist welfare state's bloc-transcending history 6. The consequences of increasing competition 7. The resilience of labor market regulation and rent control 8. Challenges ahead: Can the capitalist welfare state survive? Appendices Bibliography IndexTrade Review'Sweden has a remarkable political culture that marries market liberalism and social democratic sensibilities. Bergh's fine book helps us get beyond a sense of paradox in that.' --Daniel Klein, George Mason UniversityTable of ContentsContents: 1. Introduction 2. Prosperity and equality: The golden years 1870-1970 3. The ‘not quite so golden’ years 1970 – 1995 4. The return of the capitalist welfare state 5. The capitalist welfare state’s bloc-transcending history 6. The consequences of increasing competition 7. The resilience of labor market regulation and rent control 8. Challenges ahead: Can the capitalist welfare state survive? Appendices Bibliography Index

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Book SynopsisHow have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? This important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike. The book simultaneously explicates and critiques the most prominent theories concerning why states borrow in the first place, whether or not they borrow productively, the incidence of their debts, why they sometimes borrow too much and why they often default, whether explicitly or implicitly. The author classifies major public debt theorists as pessimists, optimists or realists. This book also examines the influence of regime types, especially why most modern welfare states tend not only to over-issue bonds but also to incur even larger implicit obligations via unfunded, off-balance sheet liabilities. Scholars and undergraduate and graduate students in economics and political science, as well as policymakers, will find this analysis of public debt and public spending insightful and revealing.Trade Review'Richard Salsman presents a powerful indictment of the world's delusions about public debt. His arguments are so lucid and evidence so clear that even politicians and journalists can follow them with much profit.' --(Steve H. Hanke, Johns Hopkins University, US)'The Political Economy of Public Debt is an insightful treatment of all the major theories and controversies regarding public debt since the 1700s. The author, moreover, is no axe grinder; to the contrary, he presents a fair and balanced narrative that will prove informative to all interested readers.' --(Richard Wagner, George Mason University, US)'Salsman provides a very insightful integration of the history of public debt and the primary theories regarding the consequences of governmental debt. His discussion of economic laws and political science raise a clear issue about the relationship of unrestricted democracy and unrestricted public debt. This book is an important contribution to understanding an issue that will have significant impact on the future of western civilization. Well worth reading.' --(John Allison, Retired Chairman and CEO of BB&T and Retired President and CEO of Cato Institute, US)Table of ContentsContents: Introduction 1. A Brief History of Public Debt 2. Classical Theories of Public Debt 3. Keynesian Theories of Public Debt 4. Public Choice and Public Debt 5. The Limits of Public Debt Conclusion Index

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Book SynopsisOne of the most striking phenomena in all of economics is the absence of a deep tradition of criticism focused on Keynesian economic theory. There have been critics but they are few and far between, even though Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the twenty-year 'lost decade' in Japan that has been ongoing since the 1990s, and now, once again, the dismal recoveries that have followed the Global Financial Crisis. This book brings together some of the most vocal critics of Keynesian economics of the present time.Each author attempts to explain what is wrong with Keynesian theory for those seeking guidance on where to turn for a more accurate explanation of the business cycle and what to do when recessions occur. The contributions are by scholars from a wide number of schools of economics, include but are not restricted to Austrian, monetarist and classical perspectives. Written not just for economists, this accessible book is one of the few anti-Keynesian texts available and explains the inability of public spending and lower interest rates to have restored robust economic growth and full employment after the GFC. The collection offers an antidote to contemporary macroeconomic theory. It is an essential text for anyone wishing to understand why no stimulus has been able to bring recovery to any economy in which it has been tried.Contributors include: P.Boettke, P.L. Bylund, T. Congdon, R.M. Ebeling, R.W. Garrison, S. Horwitz, S. Kates, A. Kling, A.B. Laffer, P. Newman, G. Reisman, D. Simpson, M. Skousen, P. SmithTable of ContentsContents: Introduction 1. The Keynesian Liquidity Trap: An Austrian Critique Peter Boettke and Patrick Newman 2. What the Entrepreneurial Problem Reveals about Keynesian Macroeconomics Per L. Bylund 3. A Critique of Two Key Concepts in Keynesian Textbooks Tim Congdon 4. The Misdirection of Keynesian Aggregates for Understanding Monetary and Cyclical Processes Richard M. Ebeling 5. Cycles and Slumps in an Overly Aggregated Theoretical Framework Roger W. Garrison 6. The Problems with Keynesianism: A View from Austrian Capital Theory Steven Horwitz 7. The Dangers of Keynesian Economics Steven Kates 8. The Problem of Keynesian Aggregation Arnold Kling 9. What’s Wrong with Keynesian Economists? Arthur B. Laffer 10. Capital, Saving and Employment George Reisman 11. What’s Wrong With Keynesian Economics? David Simpson 12. Move Over Keynes: Replacing Keynesianism with a Better Model Mark Skousen 13. The Conclusive Fault Line in Keynesian Economics Peter Smith Index

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Book SynopsisOne of the most striking phenomena in all of economics is the absence of a deep tradition of criticism focused on Keynesian economic theory. There have been critics but they are few and far between, even though Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the twenty-year 'lost decade' in Japan that has been ongoing since the 1990s, and now, once again, the dismal recoveries that have followed the Global Financial Crisis. This book brings together some of the most vocal critics of Keynesian economics of the present time.Each author attempts to explain what is wrong with Keynesian theory for those seeking guidance on where to turn for a more accurate explanation of the business cycle and what to do when recessions occur. The contributions are by scholars from a wide number of schools of economics, include but are not restricted to Austrian, monetarist and classical perspectives. Written not just for economists, this accessible book is one of the few anti-Keynesian texts available and explains the inability of public spending and lower interest rates to have restored robust economic growth and full employment after the GFC. The collection offers an antidote to contemporary macroeconomic theory. It is an essential text for anyone wishing to understand why no stimulus has been able to bring recovery to any economy in which it has been tried.Contributors include: P.Boettke, P.L. Bylund, T. Congdon, R.M. Ebeling, R.W. Garrison, S. Horwitz, S. Kates, A. Kling, A.B. Laffer, P. Newman, G. Reisman, D. Simpson, M. Skousen, P. SmithTable of ContentsContents: Introduction 1. The Keynesian Liquidity Trap: An Austrian Critique Peter Boettke and Patrick Newman 2. What the Entrepreneurial Problem Reveals about Keynesian Macroeconomics Per L. Bylund 3. A Critique of Two Key Concepts in Keynesian Textbooks Tim Congdon 4. The Misdirection of Keynesian Aggregates for Understanding Monetary and Cyclical Processes Richard M. Ebeling 5. Cycles and Slumps in an Overly Aggregated Theoretical Framework Roger W. Garrison 6. The Problems with Keynesianism: A View from Austrian Capital Theory Steven Horwitz 7. The Dangers of Keynesian Economics Steven Kates 8. The Problem of Keynesian Aggregation Arnold Kling 9. What’s Wrong with Keynesian Economists? Arthur B. Laffer 10. Capital, Saving and Employment George Reisman 11. What’s Wrong With Keynesian Economics? David Simpson 12. Move Over Keynes: Replacing Keynesianism with a Better Model Mark Skousen 13. The Conclusive Fault Line in Keynesian Economics Peter Smith Index

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Book Synopsis'It is a serious piece of scholarship. Integrating economic history, economic thought, patent-hoarding, venture capital and the changing global economy, Kingston asks if modern capitalism might be an internally inconsistent system. Like Schumpeter, he is concerned that creative innovation might be stagnating into institutional ossification. It is an interesting argument, well presented, cross-disciplinary and thought-provoking.'- David Reisman, University of Surrey, UK and Nanyang Technological University, Singapore Capitalism has been sustained by inherited moral values that are now all but exhausted. A unique combination of a new belief in individualism and a long tradition of property rights had traditionally ensured that self-interested action also produced public benefit. However, these rights, including the laws underwriting economic and financial innovation and parliamentary democracy, were gradually captured and shaped by those who could benefit most from them. This fascinating book shows that the outcome is a reduced ability to generate real wealth combined with exceptional inequality, as well as a worldwide breach of the vital trust between voters and their representatives. Capitalism's injuries are both self-inflicted and fatal. William Kingston uniquely deals with capitalism from a property rights standpoint, providing the first convincing explanation of economic cycles in terms of changes to these rights. The lucid exploration of the historical evolution of property includes a remarkable precursor of modern capitalism in medieval culture and pays particular attention to intellectual property. The book also calls attention to the harm that inaccurate measurement of economic activity can cause, both at the micro-level (auditing of corporations) and macro-level (the Kuznets GDP/GNP system). In conclusion, it argues that the exceptional levels of inequality today have been caused primarily by allowing financiers to escape from the laws that traditionally prevented them from 'generating money from nothing'. Challenging the orthodox thinking, this is an essential book for economists and political scientists in academia, the public sector and industry. It offers an imperative warning that capitalism's next crash is coming sooner rather than later.Trade Review'William Kingston is a prolific and thoughtful economic historian who has relied on such longstanding giants as Marx and Schumpeter, and new ones such as Minsky, to show how financial innovation has replaced technological innovation, and how this process is destroying the economic fabric of society. Kingston's deep understanding of the 'free-market economy' makes this book a must-read.' --(Jorge Niosi, Universite du Quebec a Montreal, Canada)'Kingston's history of the evolution of property rights, and on how property rights regimes influence and reflect the kind of economic activity people engage in, and how they regard economic activity, is interesting and provocative in its own right. Others have argued that capitalism seems to have lost much of the power to increase the productivity of economic activity that it once had, and the workings of modern financial systems are a good part of the problem. But no one else has tied these propositions closely to the evolution of property rights.' --(Richard R. Nelson, Columbia University)'This sweeping account of the rise and projected fall of capitalism is as original as it is gripping. Kingston locates the hinge that moves capitalism as the institutions governing property rights, and argues persuasively that the system is now undermining itself as innovation shifts from the technological to the financial domain.' --(John A. Mathews, Macquarie Graduate School of Management, Sydney)Table of ContentsContents: Preface 1. What Capitalism Was 2. Where Capitalism Came From 3. The Capture of Market Power 4. The Fatal Capture of Money 5. Could Anything Have Saved it? Epilogue: The Centre Could Not Hold Index

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Book SynopsisThe 2008 financial crisis presented the opportunity to overturn and rethink much of the stale or misguided parts of economic theory and, in so doing, build a rich and empirically meaningful social science. This never happened. By reconsidering the classical-Marxian tradition using modern tools of economic analysis, this book offers an alternative to the mainstream understanding of notions of value, price, and competition, concepts which serve as the foundation for a theoretically and empirically robust economic theory. Providing a unique synthesis of modern input-output analysis and classical political economics, this book combines current economic theory with historical economic thought. In this way, Value, Competition and Exploitation offers a deeper and more nuanced understanding of today's economic problems than can be gained through mainstream approaches. With a rigorous and empirically informed approach to classical theories of value and price, this book demonstrates that Marx's labor theory of value remains a valuable tool in understanding the structure and dynamics of capitalist economies. Written in an accessible style and presented with a clear structure, this book will be invaluable to economics students of all levels. The topics analyzed will also be of interest to scholars of classical and Marxian economics, as well as scholars of economics more widely.Trade Review'Economics has been searching for a new paradigm to understand the world around us. The Great Moderation failed. Now comes the most innovative response to the challenge of constructing that new paradigm. The authors reinvent the classical and Marxian paradigm, give it a rigorous mathematical structure, and demonstrate its effective superiority to the Walrasian alternative. The outstanding merit of this book is that it is able to relate the theoretical structure to contemporary data for the German economy. There are fruitful insights on productivity growth, technical progress, and profitability. This book will be a great asset to teachers, research students, and the next generation of budding economists.' --Lord Meghnad Desai, London School of Economics, UK'This innovative book elucidates a foundation for applying the Marxian labor theory of value to the modern economy. Drawing on ideas of one of the authors (Peter Flaschel of the Bielefeld School of Economics), it both explicates precursors of Marx's work starting with Quesnay and brings it up to date in light of arguments made by Okishio, Steedman, Foley, and others about such controversies as the transformation problem.' --J. Barkley Rosser Jr., James Madison University, US'Often Marxian economics is used to evaluate contemporary economic theory and current capitalism. This book reverses the perspective and asks the question: can long-standing puzzles in Marxian economics be resolved using modern Input-Output economics, pioneered by Wassily Leontief, and the Richard Stone System of National Accounts. The authors very competently take on these issues in this book which will be a very important work for economic historians as well as for contemporary economists.' --Willi Semmler, New School for Social Research, USTable of ContentsContents: Preface General Introduction Part I Classical Competition: Theory, Evidence, and Criticism 1. François Quesnay: The Circular Flow of Income and Input-Output Analysis 2. Adam Smith: The ‘Invisible Hand’ and Accumulation 3. Adam Smith II: The ‘Invisible Hand’ and ‘Natural Prices’ 4. David Ricardo: Long-Period Prices, Accumulation, and the Invariable Measure of Value 5. The von Neumann-Sraffa Model Part II Value and Exploitation: Marx’s Legacy 6. Labor Values: An Axiomatic Approach 7. Labor Productivity and the Law of Decreasing Labor Content 8. The Sources of Aggregate Profitability: Marx’s Theory of Surplus Value Revisited 9. Actual Labor Values with Multiple Activities 10. Joint Production in a (Marxian) System of National Accounts 11. Actual Labor Values with Joint Production 12. Production Prices and Imperfect Competition, Part I 13. Production Prices and Imperfect Competition, Part II 14. Conclusions References Index

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Book SynopsisAcclaim for the first edition:'Free Market Economics is virtually a must read for serious economists . . . Highly recommended.'- Choice: Current Reviews for Academic Libraries'A refreshing theoretical counterattack to the established Keynesian world view that has left the West financially overpromised, disastrously broke, and vulnerable to crank ideas. Professor Kates has brilliantly resurrected Say's law of markets - Keynes's old nemesis - into a new modern framework that forms the foundation of a new sustainable economy.'- Mark Skousen, editor, Forecasts & Strategies and formerly of the Columbia Business School, US'Steven Kates has written an exciting new book on the basics of economics. He avoids the dry and unrealistic assumptions of most introductions to economics. He puts change, entrepreneurship, uncertainty, decentralized knowledge and spontaneous order at the center of his analysis. The reader will profit from this fresh approach far more than from an ordinary textbook. This is a treatment for the general reader that both respects and engages one's intelligence.'- Mario J. Rizzo, New York University, US 'Steve Kates, an academic with business experience, does away with the unrealistic abstractions that make economics inaccessible to general readers. This book is about real, enterprising people with whom we can identify, and about how ordinary economic life evolves in conditions of uncertainty. We learn why vacuous modelling only misleads us and why economic freedom and secure institutions are essential to achieving the good life.'- Wolfgang Kasper, University of New South Wales, AustraliaIn this thoroughly updated third edition of Free Market Economics, Steven Kates assesses economic principles based on classical economic theory. Rejecting mainstream Keynesian and neoclassical approaches even though they are thoroughly covered in the text, Kates instead looks at economics from the perspective of an entrepreneur making decisions in a world where the future is unknown, innovation is a continuous process and the future is being created before it can be understood. Key Features include: analysis derived from the theories of pre-Keynesian classical economists, as this is the only source available today that explains the classical pre-Keynesian theory of the business cycle a focus on the entrepreneur as the driving force in economic activity rather than on anonymous 'forces' as found in most economic theory today introduces a powerful though simplified model to explain the difference between modern theory of recession and classical theory of the business cycle great emphasis is placed on the consequences of decision making under uncertainty offers an introductory understanding, accessible to the non-specialist reader. The aim of this book is to redirect the attention of economists and policy makers towards the economic theories that prevailed in earlier times. Their problems were little different from ours but their way of understanding the operation of an economy and dealing with those problems was completely different. Free Market Economics, Third Edition will help students and general readers understand classical economic theory, written by someone who believes that this now-discarded approach to economic thought was superior to what is found in most of our textbooks today.Trade Review'This book presents the very embodiment of supply-side economics. At its very core is the entrepreneur trying to work out what to do in a world of deep uncertainty in which the future cannot be known. Crucially, the book is entirely un-Keynesian, restoring Say's Law to the centre of economic theory, with its focus on value-adding production as the source of demand. If you would like to understand how an economy actually works, this is one of the few places I know of where you can find out.' --Arthur B. Laffer, Laffer Associates, USTable of ContentsContents: Introduction 1. The axioms and underlying principles of a free market economy 2. The economics of the free market 3. Value added 4. Governments and the market 5. Factors of production, finance, innovation and the role of the entrepreneur 6. Supply and demand 7. Supply and demand: beyond equilibrium 8. Marginal analysis 9. Measuring the economy 10. An interlude on the history of economics 11. The Keynesian Revolution and Say’s Law 12. The basic Keynesian macroeconomic model 13. Aggregate demand and aggregate supply 14. The classical theory of the business cycle 15. Cyclical activity and governments 16. Savings and the financial system 17. Controlling inflation Index

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Book SynopsisAcclaim for the first edition:'Free Market Economics is virtually a must read for serious economists . . . Highly recommended.'- Choice: Current Reviews for Academic Libraries'A refreshing theoretical counterattack to the established Keynesian world view that has left the West financially overpromised, disastrously broke, and vulnerable to crank ideas. Professor Kates has brilliantly resurrected Say's law of markets - Keynes's old nemesis - into a new modern framework that forms the foundation of a new sustainable economy.'- Mark Skousen, editor, Forecasts & Strategies and formerly of the Columbia Business School, US'Steven Kates has written an exciting new book on the basics of economics. He avoids the dry and unrealistic assumptions of most introductions to economics. He puts change, entrepreneurship, uncertainty, decentralized knowledge and spontaneous order at the center of his analysis. The reader will profit from this fresh approach far more than from an ordinary textbook. This is a treatment for the general reader that both respects and engages one's intelligence.'- Mario J. Rizzo, New York University, US 'Steve Kates, an academic with business experience, does away with the unrealistic abstractions that make economics inaccessible to general readers. This book is about real, enterprising people with whom we can identify, and about how ordinary economic life evolves in conditions of uncertainty. We learn why vacuous modelling only misleads us and why economic freedom and secure institutions are essential to achieving the good life.'- Wolfgang Kasper, University of New South Wales, AustraliaIn this thoroughly updated third edition of Free Market Economics, Steven Kates assesses economic principles based on classical economic theory. Rejecting mainstream Keynesian and neoclassical approaches even though they are thoroughly covered in the text, Kates instead looks at economics from the perspective of an entrepreneur making decisions in a world where the future is unknown, innovation is a continuous process and the future is being created before it can be understood. Key Features include: analysis derived from the theories of pre-Keynesian classical economists, as this is the only source available today that explains the classical pre-Keynesian theory of the business cycle a focus on the entrepreneur as the driving force in economic activity rather than on anonymous 'forces' as found in most economic theory today introduces a powerful though simplified model to explain the difference between modern theory of recession and classical theory of the business cycle great emphasis is placed on the consequences of decision making under uncertainty offers an introductory understanding, accessible to the non-specialist reader. The aim of this book is to redirect the attention of economists and policy makers towards the economic theories that prevailed in earlier times. Their problems were little different from ours but their way of understanding the operation of an economy and dealing with those problems was completely different. Free Market Economics, Third Edition will help students and general readers understand classical economic theory, written by someone who believes that this now-discarded approach to economic thought was superior to what is found in most of our textbooks today.Trade Review'This book presents the very embodiment of supply-side economics. At its very core is the entrepreneur trying to work out what to do in a world of deep uncertainty in which the future cannot be known. Crucially, the book is entirely un-Keynesian, restoring Say's Law to the centre of economic theory, with its focus on value-adding production as the source of demand. If you would like to understand how an economy actually works, this is one of the few places I know of where you can find out.' --Arthur B. Laffer, Laffer Associates, USTable of ContentsContents: Introduction 1. The axioms and underlying principles of a free market economy 2. The economics of the free market 3. Value added 4. Governments and the market 5. Factors of production, finance, innovation and the role of the entrepreneur 6. Supply and demand 7. Supply and demand: beyond equilibrium 8. Marginal analysis 9. Measuring the economy 10. An interlude on the history of economics 11. The Keynesian Revolution and Say’s Law 12. The basic Keynesian macroeconomic model 13. Aggregate demand and aggregate supply 14. The classical theory of the business cycle 15. Cyclical activity and governments 16. Savings and the financial system 17. Controlling inflation Index

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Book SynopsisThe search for alternatives to capitalism and the problem of comparative assessment of the performance of socialist and capitalist systems have inspired one of the richest and most remarkable episodes in the history of economic thought. By the mid 20th century an entire field had emerged, conceptualizing, theorizing, monitoring, and analyzing the largest and most consequential social and economic natural experiment in human history: Real-life Socialism. This research review focuses on the fundamental literature associated with the comparative study of socialist and capitalist systems. It features both a well-rounded inquiry of the modern history of economic thought, as well as a vibrant and critical disentanglement of the role of the economic system from the role of environment and policy decisions, as determinants of economic performance. This review will be an interesting and invaluable research resource for academics and students alike.Trade Review‘This exquisite anthology covers sixty years of conceptual and empirical scholarship on comparative economic systems, zeroing in on central plan economies. Paul Dragos Aligica and Peter J. Boettke have assembled both indispensable classic papers and innovative recent contributions. The volume encompasses several types of central plan economies, including the Soviet Union, Nazi Germany, Mao’s China, and Yugoslavia. Five distinct sections organize thirty-six articles into a logical sequence, enabling the volume to achieve simultaneously two objectives: provide a multifaceted, in-depth analysis of the subject and present a history of economic ideas and debates. An exhaustive introduction by the editors summarizes this history in a lively fashion.’Table of ContentsContents: Acknowledgements Introduction Paul Dragos Aligica and Peter J. Boettke PART I COMPARATIVE FRAMEWORKS AND APPROACHES 1. David Conn (1978), ‘Economic Theory and Comparative Economic Systems: A Partial Literature Survey’, Journal of Comparative Economics, 2 (4), December, 355–81 2. Avner Ben-Ner, John Michael Montias and Egon Neuberger (1993), ’Basic Issues in Organizations: A Comparative Perspective’, Journal of Comparative Economics, 17 (2), June, 207–42 3. William Duffy and Egon Neuberger (1972), ‘Toward a Decision-Theoretic Approach to the Study of Economic Systems’, Jahrbuch der Wirtschaft Osteuropas – Yearbook of East-European Economics, 3 (1), 67–85 4. Leonid Hurwicz (1979), ‘Socialism and Incentives: Developing a Framework’, Journal of Comparative Economics, 3 (3), September, 207–16 5. Raaj Kumar Sah and Joseph E. Stiglitz (1986), ‘The Architecture of Economic Systems: Hierarchies and Polyarchies’, American Economic Review, 76 (4), September, 716–27 6. Benjamin Ward (1988), ‘LEP: An Alternative Criterion for Socio-Economic Valuation’, Journal of Economic Issues, XXII (3), September, 763–80 PART II PROBLEMS OF MEASUREMENT AND ASSESSMENT 7. Robert W. Campbell (1959), ‘Problems of United States-Soviet Economic Comparisons’, in Comparisons of the United States and Soviet Economies: Papers Submitted by Panelists Appearing Before the Subcommittee on Economic Statistics: Part I, 86th Congress: 1st Session, Washington, DC, USA: United States Government Printing Office, 13–30 8. G. Warren Nutter (1958), ‘Industrial Growth in the Soviet Union’, American Economic Review: Papers and Proceedings, 48 (2), May, 398–411 9. Evsey D. Domar (1967), ‘An Index-Number Tournament’, Quarterly Journal of Economics, LXXXI (2), May, 169–88 10. Simon Kuznets (1962), ‘Inventive Activity: Problems of Definition and Measurement’, in Universities-National Bureau Committee for Economic Research and Committee on Economic Growth of the Social Science Research Council (eds), The Rate and Direction of Inventive Activity: Economic and Social Factors, Part I, Chapter 1, Princeton, NJ, USA: Princeton University Press, 19–51 11. Abram Bergson (1987), ‘Comparative Productivity: The USSR, Eastern Europe, and the West’, American Economic Review, 77 (3), June, 342–57 12. Abram Bergson (1992), ‘Communist Economic Efficiency Revisited’, American Economic Review: Papers and Proceedings, 82 (2), May, 27–30 13. Steven Rosefielde (2003), ‘The Riddle of Post-war Russian Economic Growth: Statistics Lied and Were Misconstrued’, Europe-Asia Studies, 55 (3), May, 469–81 PART III CASES, SYSTEMS, AND INTERPRETATIONS 14. Gregory Grossman (1963), ‘Notes for a Theory of the Command Economy’, Soviet Studies, XV (2), October, 101–23 15. Eugenia Belova and Paul Gregory (2002), ‘Dictator, Loyal, and Opportunistic Agents: The Soviet Archives on Creating the Soviet Economic System’, Public Choice, 113 (3–4), December, 265–86 16. Walter Eucken (1948), ‘On the Theory of the Centrally Administered Economy: An Analysis of the German Experiment: Part I’, trans. by T. W. Hutchison, Economica, 15 (58), May, 79–100 17. Walter Eucken (1948), ‘On the Theory of the Centrally Administered Economy: An Analysis of the German Experiment: Part II’, trans. by T. W. Hutchison, Economica, 15 (59), August, 173–93 18. Frederic L. Pryor (1988), ‘Corporatism as an Economic System: A Review Essay’, Journal of Comparative Economics, 12 (3), September, 317–44 19. Audrey Donnithorne (1972), ‘China’s Cellular Economy: Some Economic Trends Since the Cultural Revolution’, China Quarterly, 52, October, 605–19 20. Steven Rosefielde and Henry Latané (1980), ‘Decentralized Economic Control in the Soviet Union and Maoist China: One-Man Rule versus Collective Self-Management’, in Steven Rosefielde (ed.), World Communism at the Crossroads: Military Ascendancy, Political Economy, and Human Welfare, Chapter 12, Boston, MA, USA: Martinus Nijhoff Publishing, 273–304 21. Benjamin Ward (1958), ‘The Firm in Illyria: Market Syndicalism’, American Economic Review, 48 (4), September, 566–89 22. Jaroslav Vanek (1969), ‘Decentralization Under Workers’ Management: A Theoretical Appraisal’, American Economic Review, 59 (5), December, 1006–14 PART IV FACETS, DYNAMICS, AND STRUCTURAL CHANGE 23. János Kornai (1986), ‘The Soft Budget Constraint’, Kyklos, 39 (1), February, 3–30 24. Gregory Grossman (1981), ‘The “Second Economy” of the USSR’, in Morris Bornstein (ed.), The Soviet Economy: Continuity and Change, Chapter 4, Boulder, CO, USA: Westview Press, 71–93 25. Morris Bornstein (1978), ‘The Administration of the Soviet Price System’, Soviet Studies, XXX (4), October, 466–90 26. Joseph S. Berliner (1978), ‘Innovation and Central Economic Planning’, Il Politico, 43 (1), March, 47–61 27. Nicolas Spulber (1959), ‘The Soviet-Bloc Foreign Trade System’, Law and Contemporary Problems, State Trading: Part II, 24 (3), Summer, 420–34 28. Jan Tinbergen (1961), ‘Do Communist and Free Economies Show a Converging Pattern?’, Soviet Studies, XII (4), April, 333–41 29. Robert C. Stuart and Paul R. Gregory (1971), ‘The Convergence of Economic Systems: An Analysis of Structural and Institutional Characteristics’, Jahrbuch der Wirtschaft Osteuropas – Yearbook of East-European Economics, 2, 425–41 30. Frederic L. Pryor (1970), ‘Barriers to Market Socialism in Eastern Europe in the Mid 1960s’, Studies in Comparative Communism, 3 (2), April, 31–64 31. Peter Murrell and Mancur Olson (1991), ‘The Devolution of Centrally Planned Economies’, Journal of Comparative Economics, 15 (2), June, 239–65 PART V COMPARATIVE ECONOMIC SYSTEMS AND THE NEW COMPARATIVE ECONOMICS 32. Simeon Djankov, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2003), ‘The New Comparative Economics’, Journal of Comparative Economics, 31 (4), December, 595–619 33. Peter J. Boettke, Christopher J. Coyne, Peter T. Leeson and Frederic Sautet (2005), ‘The New Comparative Political Economy’, Review of Austrian Economics, 18 (3–4), December, 281–304 34. Josef C. Brada (2009), ‘The New Comparative Economics versus the Old: Less Is More but Is It Enough?’, European Journal of Comparative Economics, 6 (1), 3–15 35. Bruno Dallago (2004), ‘Comparative Economic Systems and the New Comparative Economics’, European Journal of Comparative Economics, 1 (1), 59–86 36. J. Barkley Rosser Jr. and Marina V. Rosser (2008), ‘A Critique of the New Comparative Economics’, Review of Austrian Economics, 21 (1), March, 81–97 Index

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Book SynopsisThe powerful theorems of welfare economics operate under a range of assumptions. Two of the most significant are the existence of competitive markets for all goods and services - including futures markets - and the unbounded rationality of all economic agents who act independently to maximize payoffs. In the contributions discussed in this research review, economists come to grips with the consequences of markets falling short of assumptions, as well as the response of institutions to observed market characteristics. This comprehensive study will be of interest to economists and policymakers who wish to understand the strengths and limitations of the market mechanism of resource allocation. Table of ContentsContents: Volume I Introduction Stephen Martin PART I PRECURSORS 1. Jacob Viner (1927), ‘Adam Smith and Laissez Faire’, Journal of Political Economy, 35 (2), April, 198–232 2. John Stuart Mill ([1909] 1976), ‘Of the Grounds and Limits of the Laisser-Faire or Non-Interference Principle’, in Principles of Political Economy: With Some of Their Applications to Social Philosophy, edited with an Introduction by Sir William Ashley, 2nd edn, Book V, Chapter XI, Fairfield, NJ, USA: Augustus M. Kelley Publishers, 941–79, appendices 3. J. E. Cairnes (1873), ‘Political Economy and Laissez-Faire’, in Essays in Political Economy: Theoretical and Applied, Chapter VII, London, UK: Macmillan and Co., 232–64 4. Henry Sidgwick ([1901] 1969), ‘The System of Natural Liberty Considered in Relation to Production’ and ‘The Relations of Government to Industry’, in The Principles of Political Economy, 3rd edn, Book III, Chapter II and Chapter III, London, UK and New York, NY, USA: Macmillan and Co., 399–436 5. A. C. Pigou (1920), ‘Divergences between Marginal Social Net Product and Marginal Trade Net Product’, in The Economics of Welfare, Part II, Chapter VI, London, UK: Macmillan and Co., 149–79 6. John Maynard Keynes ([1931] 1972), ‘The End of Laissez-Faire’, in The Collected Writings of John Maynard Keynes: Volume IX, Essays in Persuasion, Part IV, Chapter 2, London and Basingstoke, UK: Macmillan St. Martin’s Press for the Royal Economic Society, 272–94 7. Howard S. Ellis and William Fellner (1943), ‘External Economies and Diseconomies’, American Economic Review, XXXIII (3), September, 493–511 8. Lionel Robbins ([1952] 1965), 'The Economic Functions of the State', in The Theory of Economic Policy in English Classical Political Economy, reprint edn, Lecture II, London, UK: Macmillan and Co., 34–67 9. E. J. Mishan (1971), ‘The Postwar Literature on Externalities: An Interpretive Essay’, Journal of Economic Literature, 9 (1), March, 1–28 [28] PART II IDEAL MARKETS 10. Kenneth J. Arrow (1974), ‘General Economic Equilibrium: Purpose, Analytic Techniques, Collective Choice’, American Economic Review, 64 (3), June, 253–72 11. Alan Kirman (2011), ‘Introduction’, in Complex Economics: Individual and Collective Rationality, Chapter 1, Abingdon, UK and New York, NY, USA: Routledge, 1–34, references PART III MARKET FAILURE 12. Francis M. Bator (1958), ‘The Anatomy of Market Failure’, Quarterly Journal of Economics, 72 (3), August, 351–79 13. Kenneth J. Arrow (1969), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Nonmarket Allocation’, in The Analysis and Evaluation of Public Expenditures: The PBB System: A Compendium of Papers Submitted to the Subcommittee on Economy in Government of the Joint Economic Committee, Congress of the United States, Volume I, 91st Congress: 1st Session, Washington, DC, USA: United States Government Printing Office, 47–64 14. David M. Newbery (1989), ‘Missing Markets: Consequences and Remedies’, in Frank Hahn (ed.), The Economics of Missing Markets, Information, and Games, Part III, Chapter 10, New York, NY, USA: Oxford University Press, 211–42 PART IV SOURCES OF MARKET FAILURE A. Externalities 15. R. H. Coase (1960), ‘The Problem of Social Cost’, Journal of Law and Economics, III, October, 1–44 16. Deirdre McCloskey (1998), ‘The So-Called Coase Theorem’, Eastern Economic Journal, 24 (3), Summer, 367–71 17. Robert Cooter (1982), ‘The Cost of Coase’, Journal of Legal Studies, XI (1), January, 1–33 18. James M. Buchanan (1986), ‘Rights, Efficiency, and Exchange: The Irrelevance of Transactions Cost’, in Liberty, Market and State: Political Economy in the 1980s, Part Two, Chapter 10, New York, NY, USA: New York University Press, 92–107 B. Fables – or Not: Bees 19. J. E. Meade (1952), ‘External Economies and Diseconomies in a Competitive Situation’, Economic Journal, 62 (245), March, 54–67 20. Steven N. S. Cheung (1973), ‘The Fable of the Bees: An Economic Investigation’, Journal of Law and Economics, 16 (1), April, 11–33 21. David B. Johnson (1973), ‘Meade, Bees, and Externalities’, Journal of Law and Economics, 16 (1), April, 35–52 C. Fables – or Not: Lighthouses 22. Paul A. Samuelson (1964), ‘Economic Role of Government’, ‘Social and Private Wants: Extreme Laissez Faire’, ‘Social Wants in Real Life’ and ‘Appendix: External Economies and Diseconomies’, in Economics: An Introductory Analysis, 6th edn, excerpts from Chapter 3, Chapter 8 and Chapter 22, New York, NY, USA: McGraw-Hill Book Company, 44–45, 157–60, 465–66 23. R. H. Coase (1974), ‘The Lighthouse in Economics’, Journal of Law and Economics, 17 (2), October, 357–76 24. David E. Van Zandt (1993), ‘The Lessons of the Lighthouse: “Government” or “Private” Provision of Goods’, Journal of Legal Studies, XXII (1), January, 47–72 25. Victor P. Goldberg (1981), ‘Pigou on Complex Contracts and Welfare Economics’, in Richard O. Zerbe, Jr. (ed.), Research in Law and Economics: Volume 3, Greenwich, CT, USA and London, UK: JAI Press, 39–51 Volume II Acknowledgements Introduction An introduction to all three volumes by the editor appears in Volume I PART I PUBLIC GOODS 1. Paul A. Samuelson (1954), ‘The Pure Theory of Public Expenditure’, Review of Economics and Statistics, 36 (4), November, 387–89 2. Paul A. Samuelson (1955), ‘Diagrammatic Exposition of a Theory of Public Expenditure’, Review of Economics and Statistics, 37 (4), November, 350–56 3. Kenneth J. Arrow and Robert C. Lind (1970), ‘Uncertainty and the Evaluation of Public Investment Decisions’, American Economic Review, 60 (3), June, 364–78 PART II INFORMATION 4. F. A. Hayek (1945), ‘The Use of Knowledge in Society’, American Economic Review, XXXV (4), September, 519–30 5. George A. Akerlof (1970), ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’, Quarterly Journal of Economics, 84 (3), August, 488–500 6. Kenneth J. Arrow (1974), ‘Limited Knowledge and Economic Analysis’, American Economic Review, 64 (1), March, 1–10 7. Bruce C. Greenwald and Joseph E. Stiglitz (1986), ‘Externalities in Economies with Imperfect Information and Incomplete Markets’, Quarterly Journal of Economics, 101 (2), May, 229–64 8. Joseph Farrell (1987), ‘Information and the Coase Theorem’, Journal of Economic Perspectives, 1 (2), Fall, 113–29 PART III IMPERFECT COMPETITION AND REGULATION 9. Nicholas Kaldor (1935), ‘Market Imperfection and Excess Capacity’, Economica, 2 (5), February, 33–50 10. Donald H. Wallace (1936), ‘Monopolistic Competition and Public Policy’, American Economic Review: Papers and Proceedings, 26 (1), March, 77–87 11. Michael Spence (1976), ‘Product Selection, Fixed Costs, and Monopolistic Competition’, Review of Economic Studies, 43 (2), June, 217–35 12. N. Gregory Mankiw and Michael D. Whinston (1986), ‘Free Entry and Social Inefficiency’, RAND Journal of Economics, 17 (1), Spring, 48–58 13. Tibor Scitovsky (1950), ‘Ignorance as a Source of Oligopoly Power’, American Economic Review: Papers and Proceedings, 40 (2), May, 48–53 14. Gordon Tullock (1967), ‘The Welfare Costs of Tariffs, Monopolies, and Theft’, Western Economic Journal, 5 (3), June, 224–32 15. Henry C. Simons (1936), ‘The Requisites of Free Competition’, American Economic Review: Papers and Proceedings, 26 (1), March, 68–76 16. William Mark Crain and Robert B. Ekelund, Jr. (1976), ‘Chadwick and Demsetz on Competition and Regulation’, Journal of Law and Economics, 19 (1), April, 149–62 17. Oliver E. Williamson (1976), ‘Franchise Bidding for Natural Monopolies – in General and with Respect to CATV’, Bell Journal of Economics, 7 (1), Spring, 73–104 18. Martin K. Perry (1984), ‘Scale Economies, Imperfect Competition, and Public Policy’, Journal of Industrial Economics, XXXII (3), March, 313–33 19. David E. M. Sappington and Joseph E. Stiglitz (1987), ‘Information and Regulation’, in Elizabeth E. Bailey (ed.), Public Regulation: New Perspectives on Institutions and Policies, Part I, Chapter 1, Cambridge, MA, USA and London, UK: MIT Press, 3–43 20. Joseph Stiglitz (2009), ‘Regulation and Failure’, in David Moss and John Cisternino (eds), New Perspectives on Regulation, Chapter I, Cambridge, MA, USA: The Tobin Project, 11–23 PART IV INSTANCES OF MARKET FAILURE: THE COMMONS 21. H. Scott Gordon (1954), ‘The Economic Theory of a Common-Property Resource: The Fishery’, Journal of Political Economy, 62 (2), April, 124–42 22. Mancur Olson (1965), ‘A Theory of Groups and Organizations’, in The Logic of Collective Action: Public Goods and the Theory of Groups, Chapter I, Cambridge, MA, USA and London, UK: Harvard University Press, 5–52 23. Elinor Ostrom (2000), ‘Collective Action and the Evolution of Social Norms’, Journal of Economic Perspectives, 14 (3), Summer, 137–58 PART V INSTANCES OF MARKET FAILURE: THE ENVIRONMENT 24. Allen V. Kneese and Ralph C. d’Arge (1969), ‘Pervasive External Costs and the Response of Society’, in The Analysis and Evaluation of Public Expenditures: The PPB System: A Compendium of Papers Submitted to the Subcommittee on Economy in Government of the Joint Economic Committee Congress of the United States, Volume I, 91st Congress: 1st Session, Washington, D.C., USA: United States Government Printing Office, 87–115 25. William D. Nordhaus (1973), ‘The Allocation of Energy Resources’, Brookings Papers on Economic Activity, 3, 529–76 26. Robert M. Solow (1974), ‘The Economics of Resources or the Resources of Economics’, American Economic Review: Papers and Proceedings, 64 (2), May, 1–14 27. A. Michael Spence (1974), ‘Blue Whales and Applied Control Theory’, in Hans Werner Gottinger (ed.), Systems Approaches and Environmental Problems, Göttingen, Germany: Vandenhoeck and Ruprecht, 97–127 28. Paul A. Samuelson (1976), ‘Economics of Forestry in an Evolving Society’, Economic Inquiry, XIV (4), December, 466–92 29. Martin L. Weitzman (2013), ‘Tail-Hedge Discounting and the Social Cost of Carbon’, Journal of Economic Literature, 51 (3), September, 873–82 30. Steven G. Medema (2014), ‘The Curious Treatment of the Coase Theorem in the Environmental Economics Literature, 1960–1979’, Review of Environmental Economics and Policy, 8 (1), Winter, 39–57 PART VI INSTANCES OF MARKET FAILURE: INNOVATION 31. Kenneth J. Arrow (1962), ‘Economic Welfare and the Allocation of Resources for Invention’, in Universities-National Bureau Committee for Economic Research and Committee on Economic Growth of the Social Science Research Council (eds), The Rate and Direction of Inventive Activity: Economic and Social Factors, Part VI, Princeton, NJ, USA: Princeton University Press and New York, NY, USA: National Bureau of Economic Research, 609–26 32. Robert Van Horn and Matthias Klaes (2011), ‘Chicago Neoliberalism versus Cowles Planning: Perspectives on Patents and Public Goods in Cold War Economic Thought’, Journal of the History of the Behavioral Sciences, Special Issue: The Human Sciences and Cold War America, 47 (3), Summer, 302–21 33. Stephen Martin and John T. Scott (2000), ‘The Nature of Innovation Market Failure and the Design of Public Support for Private Innovation’, Research Policy, 29 (4–5), April, 437–47 34. Bronwyn H. Hall, Albert N. Link and John T. Scott (2003), ‘Universities as Research Partners’, Review of Economics and Statistics, 85 (2), May, 485–91 PART VII INSTANCES OF MARKET FAILURE: OTHER A. Health Care 35. Kenneth J. Arrow (1963), ‘Uncertainty and the Welfare Economics of Medical Care’, American Economic Review, LIII (5), December, 941–73 B. Insurance 36. Michael Rothschild and Joseph Stiglitz (1976), ‘Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information’, Quarterly Journal of Economics, 90 (4), November, 629–49 C. Financial Markets 37. Joseph E. Stiglitz (1994), ‘The Role of the State in Financial Markets’, in Michael Bruno and Boris Pleskovic (eds), Proceedings of the World Bank Annual Conference on Development Economics 1993: Supplement to The World Bank Economic Review and The World Bank Research Observer, Washington, D.C., USA: International Bank for Reconstruction and Development and The World Bank, 19–52 38. Richard A. Posner (2009), ‘The Underlying Causes’, in A Failure of Capitalism: The Crisis of ’08 and the Descent into Depression, Chapter 3, Cambridge, MA, USA and London, UK: Harvard University Press, 75–116 Index [ILCWE: Market Failure: Volume III - Stephen Martin 29.01.2019] Contents ------------------------------------------------------------------------------------------------------------------------ Acknowledgements Introduction An introduction to all three volumes by the editor appears in Volume I PART I COPING MECHANISMS: THE FIRM [354 pp] 1. R. H. Coase (1937), ‘The Nature of the Firm’, Economica, 4 (16), November, 386–405 [20] 2. Steven N. S. Cheung (1983), ‘The Contractual Nature of the Firm’, Journal of Law and Economics, XXVI (1), April, 1–21 [21] 3. Oliver E. Williamson (1971), ‘The Vertical Integration of Production: Market Failure Considerations’, American Economic Review: Papers and Proceedings, 61 (2), May, 112–23 [12] 4. Alfred D. Chandler, Jr. (1977), ‘Introduction: The Visible Hand’, in The Visible Hand: The Managerial Revolution in American Business, Cambridge, MA, USA and London, UK: Belknap Press of Harvard University Press, 1–12, notes [12] 5. R. H. Coase (1988), ‘The Nature of the Firm: Meaning’, Journal of Law, Economics, and Organization, 4 (1), Spring, 19–32 [14] 6. Douglass C. North (1985), ‘Transaction Costs in History’, Journal of European Economic History, 14 (3), Winter, 557–76 [20] 7. Oliver E. Williamson and William G. Ouchi (1981), ‘The Markets and Hierarchies and Visible Hand Perspectives: The Markets and Hierarchies Program of Research: Origins, Implications, Prospects’, in Andrew H. Van de Ven and William F. Joyce (eds), Perspectives on Organization Design and Behavior, Part I, Chapter 8, New York, NY, USA: John Wiley and Sons, 347–70 [24] 8. John C. McManus (1975), ‘The Costs of Alternative Economic Organizations’, Canadian Journal of Economics, VIII (3), August, 334–50 [17] 9. Oliver E. Williamson (1991), ‘Comparative Economic Organization: The Analysis of Discrete Structural Alternatives’, Administrative Science Quarterly, 36 (2), June, 269–96 [28] 10. Scott E. Masten, James W. Meehan, Jr. and Edward A. Snyder (1991), ‘The Costs of Organization’, Journal of Law, Economics, and Organization, 7 (1), Spring, 1–25 [25] 11. Christos Pitelis (1995), ‘On the Nature of the Firm’, in Arjen van Witteloostuijn (ed.), Market Evolution: Competition and Cooperation, Part I, Chapter 2, Dordrecht, the Netherlands: Kluwer Academic Publishers, 11–37 [27] 12. Richard O. Zerbe, Jr. and Howard E. McCurdy (1999), ‘The Failure of Market Failure’, Journal of Policy Analysis and Management, 18 (4), Autumn, 558–78 [21] 13. Matthias Klaes (2000), ‘The History of the Concept of Transaction Costs: Neglected Aspects’, Journal of the History of Economic Thought, 22 (2), June, 191–216 [26] 14. Paul L. Joskow (1988), ‘Asset Specificity and the Structure of Vertical Relationships: Empirical Evidence’, Journal of Law, Economics, and Organization, 4 (1), Spring, 95–117 [23] 15. Steven N. S. Cheung (1969), ‘Transaction Costs, Risk Aversion, and the Choice of Contractual Arrangements’, Journal of Law and Economics, 12 (1), April, 23–42 [20] 16. G. B. Richardson (1972), ‘The Organisation of Industry’, Economic Journal, 82 (327), September, 883–96 [14] 17. Benjamin Klein, Robert G. Crawford and Armen A. Alchian (1978), ‘Vertical Integration, Appropriable Rents, and the Competitive Contracting Process’, Journal of Law and Economics, 21 (2), October, 297–326 [30] PART II COPING MECHANISMS: INSTITUTIONS [58 pp] 18. Douglass C. North and Robert Paul Thomas (1970), ‘An Economic Theory of the Growth of the Western World’, Economic History Review, XXIII (1), April, 1–17 [17] 19. Douglass C. North (1994), ‘Economic Performance Through Time’, American Economic Review, 84 (3), June, 359–68 [10] 20. Oliver E. Williamson (1975), ‘Toward a New Institutional Economics’, in Markets and Hierarchies: Analysis and Antitrust Implications: A Study in the Economics of Internal Organization, Chapter 1, New York, NY, USA: The Free Press, 1–19, references [19] 21. Oliver E. Williamson (1985), ‘Prologue’, in The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting, New York, NY, USA: The Free Press, 1–12 [12] PART III COPING MECHANISMS: PROPERTY [69 pp] 22. F. H. Knight (1924), ‘Some Fallacies in the Interpretation of Social Cost’, Quarterly Journal of Economics, 38 (4), August, 582–606 [25] 23. Armen A. Alchian (1967), ‘Pricing and Society’, Occasional Paper 17, London, UK: Institute of Economic Affairs, 5–22 [18] 24. Eirik G. Furubotn and Svetozar Pejovich (1972), ‘Property Rights and Economic Theory: A Survey of Recent Literature’, Journal of Economic Literature, 10 (4), December, 1137–62 [26] PART IV COPING MECHANISMS: THE STATE [135 pp] 25. William J. Baumol (1952), ‘Economic Theory and the Theory of the State’, in Welfare Economics and the Theory of the State, Part II, Chapter 12, Cambridge, MA, USA: Harvard University Press for the London School of Economics and Political Science, 140–56 [17] 26. George J. Stigler and Paul A. Samuelson (1968), ‘A Dialogue on the Proper Economic Role of the State’, Selected Papers No. 7, third printing, Chicago, IL, USA: University of Chicago Booth School of Business, i, 1–39 [40] 27. Joseph E. Stiglitz (1991), ‘The Economic Role of the State: Efficiency and Effectiveness’, in T. P. Hardiman and Michael Mulreany (eds), Efficiency and Effectiveness in the Public Domain, Dublin, Ireland: Institute of Public Administration, 37–59 [23] 28. Dennis C. Mueller (2003), ‘The Reason for Collective Choice – Allocative Efficiency’, in Public Choice III, Part I, Chapter 2, New York, NY, USA: Cambridge University Press, 9–43 [35] 29. Dennis C. Mueller (2003), ‘The Reason for Collective Choice – Redistribution’, in Public Choice III, Part I, Chapter 3, New York, NY, USA: Cambridge University Press, 44–63 [20] [Volume III Total: 616 pp] [Whole Collection = 92 articles = 2,019 pp]

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Book SynopsisThe modern welfare state finds itself in the middle of two major upheavals: the impact of technology and immigration. Having taken in more refugees per capita than most other countries, the pillars of the Swedish welfare state are being shaken, and digital technologies are set to strengthen already existing trends towards job and wage polarization. The development of skills to keep pace with technology will enter into a critical period for the labor market in which inadequate policy responses could result in further inequality and polarization. In this regard, a platform-based labor market could help by opening up a vast range of new work opportunities. Marten Blix examines the implications of these trends that drive change in developed economies and, in particular, the impact that they have on Sweden and other European countries with rigid labor markets and comprehensive tax-financed welfare services. Increasing costs from immigration and rising inequality could further reduce the willingness to pay high taxes and erode support for redistribution. Failure to address challenges like this one could herald much more drastic changes down the road. There are already signs of economic and political tensions and there is a risk that the social contract could crack. This new discussion on the future of work and the welfare state will be of interest not only to scholars but in policy circles and corresponding societies in sociology, labor relations, political science and public administration.Trade Review'The famous Swedish Model of the welfare state is at a turning point as the pressures of technological change, income inequality and high levels of immigration meet the constraints of the country's inflexible labour and housing markets. Marten Blix argues in this incisive book that with its sound public finances and high levels of trust, Sweden is well placed to respond to the pressures, and he describes a route through these challenges; but it will require some profound institutional changes. The Swedish Model of the future will have to look very different if it is to succeed.' --Diane Coyle, University of Manchester, UK'Using the economic and social laboratory of Sweden, Mårten Blix provides a fascinating window into the future of the welfare state with the threats and opportunities from a massive increase in immigration and rapid digitilisation of the economy. The Swedish Model's core features of collective bargaining, broad unionisation and a strong fiscal base are eroding, increasing inequality and challenging the legitimacy of the political consensus to date. His interesting observations and balanced analysis of the growing importance of platform-based jobs and life-long learning have implications much beyond Sweden.' --Erik Berglöf, London School of Economics, UK'While the treatment of a Citizen's Income is inadequate, this is a most useful book and particularly useful is its focus on Sweden.' --Citizen's IncomeTable of ContentsContents: Preface 1. A Perfect Storm 2. The Welfare State in Transition 3. The Labor Market in Transition 4. Digitalization Changing the Economy and the Labor Market 5. Fiscal Pressures from Digitalization and Immigration 6. Immigration, Inequality and Skills in the Digital Economy 7. Future Challenges for the Welfare State Index

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Book SynopsisAfter more than four decades of real income stagnation, ever-increasing inequality and household financial distress, this book explores how the very fabric of our society is under threat. It argues that although capitalism is imperfect, it can be improved, and harnessing its forces of production to more suitable social relations of production is key to that improvement.Highlighting the concept of ‘social capitalism’ and ensuring that it is consistent with our underlying theoretical vision of how capitalism works, chapters address the need for an alternative theory of economic policy-making by combining elements of Marx, Keynes, and Schumpeter (MKS). Applying their emphasis on distributive conflicts, effective demand, and innovation, the MKS system provides an in-depth description of capitalist dynamics and how they reflect observed capitalist history. Based on this approach, Capitalism, Inclusive Growth, and Social Protection suggests that an unregulated capitalistic system is inherently unstable, generates social inequality and is ultimately unviable.This comprehensive book is an excellent resource for scholars concerned with alternatives to prevailing economics who wish to examine more intensively the current problems of capitalism. The analysis will also be of great value to policy makers and representatives of civil society.Trade Review‘When this book gets published we celebrate the tricentenary of the birth of Adam Smith, who in The Wealth of Nations famously wrote: “what improves the circumstances of the greater part [of society] can never be regarded as an inconvenience to the whole. No society can‘This book is a persuasive case for social capitalism as the only path to a sustainable future of liberal democracies. Fair labor markets, shared prosperity, and balanced power between social classes are key features of the solution that Krämer, Proaño, and Setterfield propose to correct the damage done by neoliberal capitalism.’ -- Codrina Rada, University of Utah, US‘Our world is buffeted by economic, financial and political shocks. In this important book, Krämer, Proaño and Setterfield ambitiously hazard an answer. The authors draw on classic works by Marx, Keynes and Schumpeter to help us understand the interaction of structural change and macroeconomic dynamics in the 21st century. -- From the foreword by Barry Eichengreen, University of California, Berkeley, USTable of ContentsContents: Foreword Preface and Acknowledgements General Introduction Part I The Point of Departure: The Marx-Keynes-Schumpeter (MKS) System 2 The MKS System, Part II Part II Unveiling the Fault Lines in Modern Capitalism: Systemic Crises in the Making 3 Inequality in the Distribution of Income and Wealth: Trends, Drivers and Impacts 4 Financialization 5 External Macroeconomic Imbalances: Causes and Consequences 6 Increasing Inequality, Financialization and Macroeconomic Instability: A Three Act Tragedy Part III Inclusive Growth and Social Protection: Towards Social Capitalism 8 Achieving Sustainable and Inclusive Growth 9 Conclusions and Outlook References Index

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Book SynopsisFor some, Sweden is proof that a generous welfare state is fully compatible with a growing competitive economy. For others, it is a frightening example of what big government can do to a once thriving economy. Sweden and the Revival of the Capitalist Welfare State tackles a number of controversial questions regarding Sweden's economic and political development: How did Sweden become rich? How did Sweden become egalitarian? Why has Sweden since the early 90s grown faster than the US and most EU-countries despite its high taxes and generous welfare state?The author uses new research on institutions and economic reforms to explain the rise, the fall and the recent revival of the Swedish welfare state. The central argument is that a generous welfare state like that of Sweden can work well, provided that it is built on well-functioning capitalist institutions and economic openness. The book expertly explains how Sweden developed from a poor and highly unequal society to one of the richest and most egalitarian countries in the world by building a universal welfare state on a capitalist foundation. It also engages in an important discussion about the current and future challenges for the welfare state in general.The book will fit well in introductory and advanced courses on welfare state policy, social work, sociology, economic history, institutional economics and political science. In all these disciplines, the case of Sweden has always provoked interest and debate, due to Sweden's combination of prosperity, equality and extensive welfare state. The rapid pace of change in Sweden over the last 25 years, however, means that most other books are descriptively dated.Contents: 1. Introduction 2. Prosperity and equality: The golden years 1870-1970 3. The 'not quite so golden' years 1970 - 1995 4. The return of the capitalist welfare state 5. The capitalist welfare state's bloc-transcending history 6. The consequences of increasing competition 7. The resilience of labor market regulation and rent control 8. Challenges ahead: Can the capitalist welfare state survive? Appendices Bibliography IndexTrade Review'Sweden has a remarkable political culture that marries market liberalism and social democratic sensibilities. Bergh's fine book helps us get beyond a sense of paradox in that.' --Daniel Klein, George Mason UniversityTable of ContentsContents: 1. Introduction 2. Prosperity and equality: The golden years 1870-1970 3. The ‘not quite so golden’ years 1970 – 1995 4. The return of the capitalist welfare state 5. The capitalist welfare state’s bloc-transcending history 6. The consequences of increasing competition 7. The resilience of labor market regulation and rent control 8. Challenges ahead: Can the capitalist welfare state survive? Appendices Bibliography Index

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Book SynopsisThis informative research review discusses the most prominent papers within the economics of structural change and growth. This piece focuses on research that investigates the causes and consequences of structural change with either theoretical or calibrated models, mindfully referring to some of the most celebrated literature over the last two decades. The research review analyses literature covering the impact structural change has on an array of economic factors including convergence, per capita income and spatial development. Prefaced by an original introduction from the editors, this collection would be well suited to scholars and macro-development economists wishing to extend their knowledge of this compelling topic. Table of ContentsContents: Acknowledgements Introduction Kei-Mu Yi, Micheal Sposi and Jing Zhang PART I THEORIES OF STRUCTURAL CHANGE 1. Piyabha Kongsamut, Sergio Rebelo and Danyang Xie (2001), ‘Beyond Balanced Growth’, Review of Economic Studies, 68 (4), October, 869–82 2. Reto Foellmi and Josef Zweimüller (2008), ‘Structural Change, Engle’s Consumption Cycles and Kaldor’s Facts of Economic Growth’, Journal of Monetary Economics, 55 (7), December, 1317–28 3. Timo Boppart (2014), ’Structural Change and the Kaldor Facts in a Growth Model with Relative Price Effects and Non-Gorman Preferences’, Econometrica, 82 (6), November, 2167–96 4. L. Rachel Ngai and Christopher A. Pissarides (2007),’Structural Change in a Multisector Model of Growth’, American Economic Review, 97 (1), March, 429–43 5. Daron Acemoglu and Veronica Guerrieri (2008),’Capital Deepening and Nonbalanced Economic Growth’, Journal of Political Economy, 116 (3), June, 467–98 6. Kiminori Matsuyama (2009),’Structural Change in an Interdependent World: A Global View of Manufacturing Decline’, Journal of European Economic Association, 7 (2–3), May, 478–86 PART II QUANTITATIVE INVESTIGATION OF STRUCTURAL CHANGE 7. Berthold Herrendorf, Richard Rogerson and Akos Valentinyi (2013), ‘Two Perspectives on Preferences and Structural Transformation’, American Economic Review, 103 (7), December, 2752–89 8. Berthold Herrendorf, Christopher Herrington and Ákos Valentinyi (2015),’Sectoral Technology and Structural Transformation’, American Economic Journal: Macroeconomics, 7 (4), October, 104–33 9. Francisco J. Buera and Joseph P. Kaboski (2009),’Can Traditional Theories of Structural Change Fit the Data?’, Journal of The European Economic Association, 7 (2–3), April, 469–77 10. Benjamin N. Dennis and Talan B. Işcan (2009), ’Engel Versus Baumol: Accounting for Structural Change using Two Centuries of U.S. Data’, Explorations in Economics History, 46 (2), April, 186–202 11. Francisco Alvarez-Cuadrado and Markus Poschke (2011), ’Structural Change out of Agriculture: Labor Push Versus Labor Pull’, American Economic Journal: Macroeconomics, 3 (3), July, 127–58 12. Robert Dekle and Guillaume Vandenbroucke (2012), ’A Quantitative Analysis of China’s Structural Transformation’, Journal of Economic Dynamics and Control, 36 (1), January, 119–35 13. Dale W. Jorgenson and Marcel P. Timmer (2011), ‘Structural Change in Advanced Nations: A New Set of Stylised Facts’, Scandinavian Journal of Economics, 113 (1), March, 1–29 14. Francisco J. Buera and Joseph P. Kaboski (2012), ‘Scale and the Origins of Structural Change’, Journal of Economic Theory, 147 (2), March, 684–712 15. Francisco J. Buera and Joseph P. Kaboski (2012), ’The Rise of the Service Economy’, American Economic Review, 102 (6), October, 2540–69 16. Timothy Uy, Kei-Mu Yi and Jing Zhang (2013), ’Structural Change in an Open Economy’, Journal of Monetary Economics, 60 (6), September, 667–82 17. Caroline Betts, Rahul Giri and Rubina Verma (2017), ’Trade, Reform, and Structural Transformation in South Korea’, IMF Economic Review, 65 (4), November, 745–91 18. Marc Teignier (2018), ’The Role of Trade in Structural Transformation’, Journal of Developmental Economics, 130, January, 45–65 19. Tomasz Święcki (2017), ‘Determinants of Structural Change’, Review of Economic Dynamics, 24, March, 95–131 20. Timothy J. Kehoe, Kim J. Ruhl and Joseph B. Steinberg (2018), ’Global Imbalances and Structural Change in the United States’, Journal of Political Economy, 126 (2), April, 761–96 PART III STRUCTURAL CHANGE, PER CAPITA INCOME, GROWTH AND CONVERGENCE, AND SPACE 21. Diego Restuccia, Dennis Tao Yang and Xiadong Zhu (2008), ‘Agriculture and Aggregate Productivity: A Quantitative Cross-Country Analysis’, Journal of Monetary Economics, 55 (2), March, 234–50 22. David Lagakos and Michael E. Waugh (2013), ’Selection, Agriculture, and Cross-Country Productivity Differences’, American Economic Review, 103 (2), April, 948–80 23. Douglas Gollin, Stephen L. Parente, and Richard Rogerson (2007), ‘The Food Problem and the Evolution of International Income Levels’, Journal of Monetary Economics, 54 (4), May, 1230–55 24. Margarida Duarte and Diego Restuccia (2010), ‘The Role of the Structural Transformation in Aggregate Productivity’, Quarterly Journal of Economics, 125 (1), February, 129–73 25. Cristina Echevarria (1997), ‘Changes in Sectoral Composition Associated with Economic Growth, International Economic Review, 38 (2), May, 431–52 26. John Laitner (2000),’Structural Change and Economic Growth’, Review of Economic Studies, 67 (3), May, 545–61 27. Yongsung Chang and Andreas Hornstein (2015) ‘Transition Dynamics in the Neoclassical Growth Model: The Case of South Korea’, BE Journal of Macroeconomics, 15 (2), July, 649–76 28. Tasso Adamopoulos (2011), ’Transportation Cost, Agricultural Productivity, and Cross-country Income Differences’, International Economic Review, 52 (2), May, 489–521 29. Berthold Herrendorf, James A. Schmitz and Arilton Teixeira (2012), ’The Role of Transportation in the U.S. Economic Development: 1840–1860’, International Economic Review, 53 (3), August, 693–715 30. Francesco Caselli and Wilbur John Coleman II (2001), ’The U.S. Structural Transformation and Regional Convergence: A Reinterpretation’, Journal of Political Economy, 109 (3), June, 584–616 31. Guy Michaels, Ferdinand Rauch and Stephen J. Redding (2012), ‘Urbanization and Structural Transformation’, Quarterly Journal of Economics, 127 (2), May, 535–86 32. Klaus Desmet and Esteban Rossi-Hansberg (2014), ’Spatial Development’, American Economic Review, 104 (4), April, 1211–43 Index

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Book SynopsisNetwork industries such as electricity, gas, rail, local public transport, telecommunications and postal services are recognised by the EU as crucial for fostering European social and territorial cohesion. Providing an overview of key policy reforms in these industries and an empirical evaluation, this thought-provoking book offers a critical perspective on the functioning of the networks that provide vital services to EU citizens. Key features include: analysis of policy reforms and their effects on the welfare of citizens as users an innovative focus on the neglected topic of the role of state-owned or state-invested enterprises assessment of changes in policy framework reform from the consumer's point of view a comparative country analysis evaluation of cross-cutting issues related to reform including privatisation, unbundling, performance and impact. The Reform of Network Industries will appeal to academic researchers in the fields of industrial economics, policy and regulation and the economics of European integration, as well as students of business and law. Policymakers, regulators and public administrators will also find this book a stimulating read.Contributors include: P. Bance, R. Cardinale, P. Castelnovo, A. Chassy, S. Clo, A. Cosic, L. Diestelmeier, J. Doleschel, S. Drufuca, G. Esposito, M. Florio, S. Grönblom, R. Hirsch, T. Holvad, T. Kaloud, M. Lampropoulou, A. Maxim, A. Negrelli, T.A. Nguyen, N. Rosetto, A. Roukouni, R.P. Sanchez, S. Thomas, J. Urban-Kozlowska, J. WillnerTrade Review'It is high time a cross-country, multi-sector analysis of the effects of privatization, regulation and liberalization across the EU was performed, with not just costs, efficiency and performance in mind, but also, welfare, affordability, quality and other impacts on citizens. Finally, all these questions have been brought together in this excellent volume edited by Massimo Florio.' --Judith Clifton, University of Cantabria, Spain'A book on the reform of network industries is long overdue. This edited volume makes a significant contribution to our understanding of the chain reaction of consequences following such reforms. Massimo Florio continues his impressive work in applied and public economics and has assembled a first class team of authors to research this timely topic. The volume offers an enlightening perspective at the proper level of analysis. The suggested framework allows for a careful and nuanced interpretation of the various cases presented.' --Luc Bernier, University of Ottawa, CanadaTable of ContentsContents: Preface PART I: Cross-Cutting Policy Issues 1. The empirical evaluation of regulatory policy reforms in network industries: some methodological issues Massimo Florio 2. Public and private enterprises, costs and welfare performance: an overview with suggestions for further research Johan Willner and Sonja Grönblom 3. Market reforms, governance and performance: lessons learned from the experience in the EU energy industries Steve Thomas and Stefano Clò 4. Market structure and state involvement: passenger railways in Europe Torben Holvad 5. Ownership and Firm Performance: Empirical Evidence from the European Telecommunications Industry (2006-14) Paolo Castelnovo 6. National public missions, diversity of operators and competition: Postal services in the European Union Philippe Bance PART II: Empirical Evaluations 7. Does Public Ownership provide affordable and reliable electricity to household customers? Case studies of electricity sector reforms in the UK, France, Germany and Italy Ajla Cosic, Lea Diestelmeier, Alexandru Maxim, Tue Anh Nguyen and Nicolò Rossetto 8. Telecommunications policies in Europe: past, present, future and impact on citizens Serena Marianna Drufuca, Regina Maria Hirsch, Manto Lampropoulou and Rogelio Pesqueira Sánchez 9. The changing nature of railways in Europe: empirical evidence on prices, investments and quality Giovanni Esposito, Julia Doleschel, Tobias Kaloud and Jadwiga Urban-Kozlowska 10. Local Public Transport Services: the efficiency of public enterprises competing with the private sector in the EU member States Annalisa Negrelli, Anastasia Roukouni and Angélique Chassy 11. The European gas sector: political-economy implications of the transition from state-owned to mixed-owned enterprises Roberto Cardinale Index

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Book SynopsisWith the radical growth in the ubiquity of digital platforms, the sharing economy is here to stay. This Handbook explores the nature and direction of the sharing economy, interrogating its key dynamics and evolution over the past decade and critiquing its effect on society. Using an interdisciplinary perspective, this Handbook analyses labour, governance, trust and consumption in the contemporary sharing economy. It questions the apparent contradiction between its components: the moral economy of small-scale communal sharing versus the far-flung reaches of the market economy. Chapters explore ways to resolve this paradox, theorizing hybrid economic forms and considering the replacement of human trust inherent in the sharing economy with a transactional reputation economy. Featuring a variety of both conceptual explorations and empirical investigations in a variety of different cross-cultural contexts, this Handbook illustrates how and, more importantly, why the sharing economy has reshaped marketplaces, and will continue to disrupt them as it develops. Written in an accessible style, this thorough Handbook offers crucial insights for researchers across a variety of disciplines interested in the trajectories of modern consumption, as well as students studying the sharing economy. Practitioners, policy makers and public speakers working in and around the sharing economy will also benefit from this book's unique analysis of trends in consumer economics. Contributors include: A. Arvidsson, G. Avram, F. Bardhi, H. Bartling, M. Baz Radwan, R. Belk, H.H. Chang, A. Chattopadhyay, R. Corten, D. Dalli, A. DeCrop, N. Drozdova, G. Eckhardt, T. Eriksson, E. Fischer, F. Fortezza, A. Gandini, A. Gessinger, A. Graul, A. Gruen, A.J. Hawley, I. Kleppe, S. Kurtmollaiev, M. Laamanen, C. Laurell, C.X. Li, A. Light, R.J. Lutz, J. Mallargé, K. Mikolajewska-Zaj c, L. Mimoun, M. Möhlmann, O. Mont, J. Morales, A. Mukherjee, C. Oberg, L.K. Ozanne, E. Papaoikonomou, G. Patsiaouras, C. Pitt, K. Plangger, M. Rocas-Royo, A. Ryan, C. Sandstrom, M. Saren, K. Strzyczkowski, W. Suetzl, T. Teubner, C. Valor, P. van den Bussche, G. von Richthofen, Y. Voytenko Palgen, S. Wahlen, T. Widlok, P. Zidda, L. Zvolska Trade Review'This Handbook offers wide-ranging investigations and essays into the sharing economy. It takes the reader through a deep and critical look at this new way of organizing markets and society. While exposing the promise, practices, and paradoxes of these systems, the authors succeed in inspiring us to think how these platforms are changing how we consume, sell, and think about and care for the world. It offers fresh insights that I expect to influence my research and teaching in important ways for a long time.' --Christine Moorman, Duke University, US and Editor in Chief, Journal of Marketing'The sharing economy is fundamentally altering firms and markets, yet key questions about the future of the economy and society remain unanswered. Belk, Eckhardt and Bardhi provide a sweeping view of emerging thinking, spanning topics from blockchain and big data to rhetoric and risk. A must-read for any serious scholar.' --Arun Sundararajan, New York University, US and author of The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism'This is a must-read collection for anyone seeking a deeper appreciation of the sharing economy and why and how it works. Twenty-eight chapters explore the paradoxes between the moral economy of ''sharing'' the market economy of ''commerce,'' and the reputation economy on which everything is based. If you want a greater sense of the benefits and dilemmas of the sharing economy read this book.' --Susan Fournier, Boston University, USTable of ContentsContents: The paradox of the sharing economy, Introductory chapter Russell Belk, Giana Eckhardt and Fleura Bardhi The Nature of Sharing and the Sharing Economy 1. Situating the Sharing Economy: Between Markets, Commons and Capital Adam Arvidsson 2. Sharing as an Alternative Economy Activity Thomas Widlok 3. The who and what of sharing: A phenomenological view Wolfgang Suetzl 4. The Sharing Economy and Lifestyle Movements Mikko Laamanen and Stefan Wahlen Ownership, Access, and Collaborative Modalities 5. To Own or to Access: An Exploration of Sharing and Access Practices by Arab Millennials Maha Baz Radwan, Georgios Patsiaouras and Michael Saren 6 Object History Value in the Sharing Economy Claris X. Li and Richard J. Lutz 7. Guest, friend or colleague? Unpacking relationship norms in collaborative workplaces Adèle Gruen and Laetitia Mimoun 8. Designing the Economics of the Sharing Economy: Towards Sustainable Management Ann Light Exchange Practices in the Sharing Economy 9. The New Face of Bartering in Collaborative Networks: The Case of Italy’s Most Popular Bartering Website Daniele Dalli and Fulvio Fortezza 10. Sharing Economy to the Rescue? The Case of Timebanking Carmen Valor and Elani Papaoikonomou 11. Crowdfunding: Sharing the Entrepreneurial Journey Anirban Mukherjee, Hannah H. Chang, and Amitava Chattopadhyay 12. Crowdfunding the development of new products and services Natalia Drozdova, Seidali Kurtmollaiev and Ingeborg Kleppe Hybridity, Institutional Logics and Institutional Theory 13. Tracking the institutional logics of the sharing economy Andrea Gessinger, Christopher Laurell, Christina Oberg and Christian Sandstrom 14. Airbnb and Hybridized Logics of Commerce and Hospitality Georg von Richthofen and Eileen Fischer 15. The Hybrid Nature on Online Facilitated Offline Sharing Konstanty Strzyczkowski 16. Decentralization as a new framework for the sharing economy Marc Rocas-Royo Legal, Regulatory, and Public Policy Considerations 17. Urban Mobilities and Local Regulation: Transportation Challenges and Promise of the Sharing Economy Hugh Bartling 18. Should Europe Regulate Labour Platforms in the Sharing Economy? Adrian J. Hawley 19. Creating value to mitigate disaster harm: How the sharing economy can support consumers and policy makers Lucie K. Ozanne 20. How Sharing Economy Organizations and City Governments Engage in Institutional Work and How This Shapes Sustainability Oksana Mont, Yulia Voytenko Palgen, and Lucie Zvolska Trust, Satisfaction, and Reputation in the sharing economy 21. Social Dilemmas in the Sharing Economy Rense Corten 22. Leveraging trust on sharing economy platforms: Reputation systems, blockchain technology and cryptocurrencies Mareike Möhlmann, Timm Teubner, and Antje Graul 23. Revisiting Satisfaction with Collaborative Exchanges in the Sharing Economy Jérôme Mallargé, Alain DeCrop, and Pietro, Zidda 24. Customer goodwill: How perceived competence and rapport influence eWOM’s diagnosticity of Peer-to-Peer and Professional Access-Based Services Christine Pitt, Theresa Eriksson, and Kirk Plangger Critical Perspectives on the Sharing Economy 25. Constructing the Collaborative Consumer: The Role of Digital Platforms Annmarie Ryan and Gabriela Avram 26. Performing (in) the community: Accounting, biopower and the sharing economy Penelope van den Bussche and Jeremy Morales 27. The Rhetoric of Sharing: Managerial Literature on the Sharing Economy Karolina Mikołajewska-Zając 28. Reputation: the ‘fictitious commodity’ of the sharing economy? Alessandro Gandini Index

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Book SynopsisThis book presents a general theory of the economics of prosperity. Drawing upon both historic and contemporary Austrian economic thinking, it looks beyond merely identifying various isolated causes of economic growth and development to describe and explain the process of economic progress. It brings together various economic principles related to production, exchange, the market division of labor, capital, technology, entrepreneurship, and economic calculation, and a further understanding of how different institutional settings and specific policies all affect the process of economic progress. It also provides a helpful critique of modern growth theory.The author argues that economic prosperity is not monocausal. It is the happy consequence of a highly developed division of labor, taking advantage of an expanding capital structure, embodied in technically advanced capital goods, all wisely invested by entrepreneurs. All these sources of prosperity require the social institutions of private property and sound money to function well together, facilitating economic progress and human civilization.The Economics of Prosperity provides a comprehensive explanation of the myriad of factors influencing economic growth and development for scholars, policy makers and economists.Trade Review‘The Economics of Prosperity marvellously shows the way in which the main concepts of Austrian economics are connected with one another, and readers of the book will get a good sense of the power of Austrian causal-realist analysis.’> -- David Gordon, Quarterly Journal of Austrian Economics‘A brilliant synthesis of Austrian theories of markets, capital, entrepreneurship, and institutions along with an insightful critique of modern growth theory. Ritenour shows how economic development results, not from the deus ex machina of exogenous technological innovation, but from gradual improvements in productivity driven by savings, capital accumulation, and an increased division of labor. He rightly emphasizes private property, sound money, and free markets as necessary preconditions for a healthy and prosperous economy and society. Highly recommended!’ -- Peter G. Klein, Baylor University, Director, John F. Baugh Center for Entrepreneurship and Free Enterprise, US‘The Economics of Prosperity is a very important and most notable book that, based on the concept and implications of the entrepreneurially driven dynamic efficiency, opens a truly new era in the field of development economics. The book is very well written and extremely clear and should be read not only by every student of economics but also by everyone interested in how to fight poverty in the 21st century.’ -- Jesús Huerta de Soto, King Juan Carlos University, Madrid‘Professor Ritenour explains why a prosperous and growing economy requires an institutional and cultural framework that encourages entrepreneurship. Economists often emphasize investment and technological developments, insufficiently recognizing the importance of the creative activity of entrepreneurs. Ritenour clearly describes the ingredients that are necessary to produce prosperity.’ -- Randall G. Holcombe, Florida State University, USTable of ContentsContents: Introduction to The Economics of Prosperity 1. Human action and the economic order 2. The market division of labor 3. Capital 4. Technology 5. Entrepreneurship 6. Modern growth theory 7. Market institutions 8. Development policy 9. Coda: The conclusion of the matter Works cited Index

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Book SynopsisEconomic democracy is essential for creating a truly democratic political sphere. This engaging book uses Marxist theory to hypothesise that capitalism is not a democratic system, and that a modern socialist system of producer cooperatives and democratically managed enterprises is urgently needed. A New Model of Socialism focuses on the current crisis of the political Left, a result of the collapse of the Soviet model of society and the decline of statism and kingship. Bruno Jossa expands on existing theories to explore Marx?s notions on economic democracy in a modern setting. He advocates a move away from the centralised planning form of economic socialism towards a self-management system for firms that does not prioritise the interests of one class over another, in order to achieve greater economic democracy. It is argued that the establishment of such a system of democratic firms is the precondition for reducing intervention in the economy, thus enabling the State to perform its ultimate function of serving the public interest. This timely book is ideal for advanced scholars of Marxist, radical and heterodox economic theory, as well as academics with an interest in the rise of socialism in our modern world. Indeed, it will also be of value to all those seeking a viable and practical alternative to existing capitalist and socialist thinking.Trade Review'A well researched and well argued book that presents a refined analysis of some difficult issues on socialism and industrial democracy. By taking advantage of the research developed by various important economists on the labour-managed firms, and revising Marxism in the light of this literature, Bruno Jossa offers us a reasonable and appealing proposal about how to construct a post-capitalist society capable of rescuing contemporary societies from the stranglehold of globalized capitalism.' --Ernesto Screpanti, University of Siena, Italy'Deeply suggestive and intellectually challenging, Jossa's book proposes the market socialism model as a viable solution to the shortcomings of present day global capitalism. From the premise that socialism can be established by peaceful means and with non centralized planning, the author shows how by democratizing the economic sphere by means of a system of labour-managed enterprises, it is possible to enhance a vibrant political democracy. Jossa's arguments are powerful and should interest anybody seriously involved in the wealth and health of nations.' --Stefano Zamagni, University of Bologna and Johns Hopkins University, ItalyTable of ContentsContents: 1. Production Modes, Marx’s Method and the Feasible Revolution 2. The Coopererative Firm as an Alternative to the Capital-owned Business Enterprise 3. A Few Advantages of Economic Democracy 4. Marx, Marxism and the Cooperative Movement 5. Recent Criticisms of the Labour Theory off Value: The Democratic Firm and Marxism 6. Further Reflections on Links between Marxism and Producer Cooperatives 7. Some Critics of Labour Management 8. The Labour-managed Firm and Socialism 9. The Evolution of Socialism from Utopia to Scientific Producer Cooperative Economics 10. The Democratic Firm in the Estimation of Intellectuals 11. An Involuntary Antagonist of History and Progress Index

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Book SynopsisFor most economists, 'Austrian economics' refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Socialist in spirit but too diffuse to be described as a single school of thought, it shares a common conviction that the market, while possibly a good servant, is a very poor master. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, this unique book analyses the work and impact of many leading Austrian economists. Beginning with the Austro-Marxist theorists Otto Bauer and Rudolf Hilferding and moving through to the new generation of social democratic economists, most prominently Kurt Rothschild and Josef Steindl, The Alternative Austrian Economics provides insight into the history and evolution of socialist economics in Austria. Offering a previously underrepresented discussion of a century of Austrian socialist economics, this engaging book will prove to be of great value to Marxian and heterodox economists, historians of economic thought and political scientists interested in political economy.Trade Review'Economists associate the Austrian school with the free market classical liberal ideas of Ludwig von Mises and Friedrich Hayek, Professor King describes the ideas of another group of Austrian economists: Marxists who were active in Vienna in the early twentieth century, and later Austro-Marxists who built on their work. King's book is a delightful description of this intellectual community, and explains how their work was designed to be an extension and updating of Marx's ideas.' --Randall G. Holcombe, Florida State University, USTable of ContentsContents: 1. Introduction 2. ‘Red Vienna’ and the Roots of Austro-Marxism 3. The Young Rudolf Hilferding 4. Otto Bauer 1904-1914 5. The Economics of Socialism 6. Otto Bauer 1917-1938 7. Other Voices 8. The Heirs. I: Josef Steindl 9. The Heirs. II: Kurt Rothschild 10. What is Left Bibliography Index

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Book SynopsisLarge infrastructure projects often face significant cost overruns and stakeholder fragmentation. Public-Private Partnerships (PPPs) allow governments to procure long-term infrastructure services from private providers, rather than developing, financing and managing infrastructure assets themselves. Aligning public and private interests and institutional logics to create robust, decades-long service contracts subject to shifting economic and political contexts is a significant cross-sectoral governance challenge. This work summarizes over a decade of research conducted by scholars at Stanford s Global Projects Center and multiple US and International collaborators to enhance the governance of both infrastructure projects and institutional investors, whose long term, cash flow obligations align especially well with the kinds of long term inflation-adjusted returns that PPP infrastructure projects can generate. In these pages, multiple theoretical perspectives are integrated and combined with empirical evidence to examine how experiences from more mature PPP jurisdictions can help improve PPP governance approaches worldwide. The information contained here will appeal to engineering, economics, political science, public policy and finance scholars interested in the delivery of high-quality, sustainable infrastructure services to the citizens in countries with established and emerging market economies. Officials in national, state/provincial and local government agencies seeking alternative financing and service provision strategies for their civil and social infrastructure, and legislators and their staff members interested in promoting PPP legislation will find this book invaluable. It will also be of high interest to long-term investment professionals from pension funds, sovereign funds, family offices and university endowments seeking to deploy money into the infrastructure asset class, and practitioners seeking insights into methods for enhancing stakeholder incentive alignment, reducing transaction costs and improving project outcomes in PPPs. Contributors: B.G. Cameron, G. Carollo, C.B. Casady, E.F. Crawley, K. Eriksson, W. Feng, M.J. Garvin, K.E. Gasparro, R.R. Geddes, W.J. Henisz, D.R. Lessard, R.E. Levitt, T. Liu, A.H.B. Monk, D.A. Nguyen, C. Nowacki, W.R. Scott, R. Sharma, A.J. SouthTrade Review'In conclusion, the editors of the book have collected a series of chapters that provide a valuable and contemporary look into the state of practice of PPP in the United States, it offers various interesting proposals for the improved institutional design of PPPs, and it inspires and strengthens the comparative research agenda on studying the performance and design of PPPs.' --Stefan Verweij, Public Works Management & Policy'This is the book on infrastructure development that researchers and practitioners have been waiting for. It brings together some of the world's leading scholars - several based in the Global Project Center at Stanford University - to provide a rigorous analysis and critical discussion of the challenges involved in the governance, financing and management of mature and innovative new forms of PPP transportation infrastructure projects. While the work addresses a diverse range of topics concerning the risks and opportunities for PPP provision in developing and developed countries, each chapter draws upon a shared intellectual framework and is informed by ideas and concepts from organization theory and design.' --Andrew Davies, University College London, UK'This is a remarkable contribution to the growing literature on infrastructure financing and management. Ray Levitt and his colleagues provide the fundamental conceptual building blocks for understanding how public-private partnerships can transform the market for infrastructure development. They do so with a sure feel for the theoretical issues as well as the very practical concerns that come with stitching together public, private, and community interests in infrastructure investment. Each paper is important in its own right - and the combination is unbeatable. This book will make a lasting contribution to how we understand the issues and is just as important for the emerging economic powerhouse of China and the developed economies of the West.' --Gordon Clark, Oxford University, UKTable of ContentsContents: Introduction W. Richard Scott, Raymond E. Levitt and Michael J. Garvin Part I: Public-Private Partnerships: Definitions, Myths and Institutional Challenges W. Richard Scott, Raymond E. Levitt and Michael J. Garvin 1. Public-Private Partnerships for Infrastructure Delivery Ashby H. B. Monk, Raymond E. Levitt, Michael J. Garvin, Andrew J. South, and George Carollo 2. Stakeholder Network Dynamics in Public-Private Partnerships Andrew J. South 3. Toward a Unified Theory of Project Governance: Economic, Sociological and Psychological Supports for Relational Contracting Witold J. Henisz, Raymond E. Levitt, and W. Richard Scott 4. Stakeholders, Issues, and the Shaping of Large Engineering Projects Wen Feng, Donald R. Lessard, Bruce G. Cameron, and Edward F. Crawley Part II: Governance Mechanisms in PPP Planning, Delivery, Contracting and Management Introduction to Part II Raymond E. Levitt, W. Richard Scott, and Michael J. Garvin 5. Mitigating PPP Governance Challenges: Lessons from Eastern Australia Raymond E. Levitt and Kent Eriksson 6. Contractual Risk Sharing Mechanisms in US Highway PPP Projects Duc A. Nguyen and Michael J. Garvin Part III: Leveraging Institutional Capital and Governmental Fiscal Support for PPPs to Enable the “Golden Handshake” Michael J. Garvin, W. Richard Scott, and Raymond E. Levitt 7. The Role of Institutional Investors for PPP Infrastructure Investments Ashby H. B. Monk and Rajiv Sharma 8. Framework to Assess Fiscal Support Mechanisms for Mitigating Revenue Risk in Transportation Public-Private Partnerships Ting Liu and Michael J. Garvin Part IV: Evolution of Mature PPP Institutional Fields W. Richard Scott, Raymond E. Levitt, and Michael J. Garvin 9. (Re)Assessing Public-Private Partnership Governance Challenges: An Institutional Maturity Perspective Carter B. Casady, Kent Eriksson, Raymond E. Levitt, and W. Richard Scott 10. Transportation Public-Private Partnership Market in the United States: Moving Beyond Its Current State Michael J. Garvin 11. Private Participation in US Infrastructure: The Role of Regional PPP Units Carter B. Casady and R. Richard Geddes Part V: Emerging Tools for Infrastructure Project Finance and Delivery Raymond E. Levitt, W. Richard Scott and Michael J. Garvin 12. The Financier State: Infrastructure Planning and Asset Recycling in New South Wales, Australia Caroline Nowacki 13. Community Investment and Crowdfunding as Partnership Strategies for Local Infrastructure Delivery Kate E. Gasparro Bibliography Index

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Book SynopsisThe modern welfare state finds itself in the middle of two major upheavals: the impact of technology and immigration. Having taken in more refugees per capita than most other countries, the pillars of the Swedish welfare state are being shaken, and digital technologies are set to strengthen already existing trends towards job and wage polarization. The development of skills to keep pace with technology will enter into a critical period for the labor market in which inadequate policy responses could result in further inequality and polarization. In this regard, a platform-based labor market could help by opening up a vast range of new work opportunities. Marten Blix examines the implications of these trends that drive change in developed economies and, in particular, the impact that they have on Sweden and other European countries with rigid labor markets and comprehensive tax-financed welfare services. Increasing costs from immigration and rising inequality could further reduce the willingness to pay high taxes and erode support for redistribution. Failure to address challenges like this one could herald much more drastic changes down the road. There are already signs of economic and political tensions and there is a risk that the social contract could crack. This new discussion on the future of work and the welfare state will be of interest not only to scholars but in policy circles and corresponding societies in sociology, labor relations, political science and public administration.Trade Review'The famous Swedish Model of the welfare state is at a turning point as the pressures of technological change, income inequality and high levels of immigration meet the constraints of the country's inflexible labour and housing markets. Marten Blix argues in this incisive book that with its sound public finances and high levels of trust, Sweden is well placed to respond to the pressures, and he describes a route through these challenges; but it will require some profound institutional changes. The Swedish Model of the future will have to look very different if it is to succeed.' --Diane Coyle, University of Manchester, UK'Using the economic and social laboratory of Sweden, Mårten Blix provides a fascinating window into the future of the welfare state with the threats and opportunities from a massive increase in immigration and rapid digitilisation of the economy. The Swedish Model's core features of collective bargaining, broad unionisation and a strong fiscal base are eroding, increasing inequality and challenging the legitimacy of the political consensus to date. His interesting observations and balanced analysis of the growing importance of platform-based jobs and life-long learning have implications much beyond Sweden.' --Erik Berglöf, London School of Economics, UK'While the treatment of a Citizen's Income is inadequate, this is a most useful book and particularly useful is its focus on Sweden.' --Citizen's IncomeTable of ContentsContents: Preface 1. A Perfect Storm 2. The Welfare State in Transition 3. The Labor Market in Transition 4. Digitalization Changing the Economy and the Labor Market 5. Fiscal Pressures from Digitalization and Immigration 6. Immigration, Inequality and Skills in the Digital Economy 7. Future Challenges for the Welfare State Index

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Book SynopsisPresenting a profound and far-reaching analysis of economic, ecological, social, cultural and political developments of contemporary capitalism, this book draws on the work of Karl Polanyi, and re-reads it for our times. The renowned authors offer key insights to current changes in the relations between the economy, politics and society, and their ecological and social effects. They explore the commodification of land, labour, money, care and knowledge, and analyse labour and social movements, right-wing populism and religious fundamentalism. Bringing together insights from different parts of the world and from historical, theoretical and empirical research, the book sheds light on important facets of the crisis-driven transformation of contemporary capitalism. Social and political science scholars will greatly benefit from this timely analysis of contemporary capitalism. Those researching economic history and the impact of Polanyi's work on the analysis of the modern society will also find this a useful read. Contributors include: R. Atzmüller, B. Aulenbacher, R. Bärnthaler, K. Becker, D. Bohle, U. Brand, M. Brie, A. Bugra, M. Cangiani, F. Décieux, C. Deutschmann, K. Dörre, K. Fischer, C. Görg, B. Greskovits, B. Jessop, E. Langthaler, M. Leiblfinger, M. Markantonatou, A. Novy, A. Palumbo, K. Polanyi-Levitt, V. Satgar, B. Sauer, A. Scott, B. Silver, B. Stadelmann, C. Thomasberger, H.-J. Urban, B. Weicht, M. Williams, M. Wissen Trade Review'The book provides new historical and theoretical reflections on the work of Karl Polanyi and its relevance to today's movements and countermovements, including new fictitious commodities, such as knowledge and care, the rise of the populist right throughout the world and the transformation of labour markets.' --Marguerite Mendell, Director, Karl Polanyi Institute of Political Economy, Concordia University, Canada'What connects climate ecocide, soy expansion in Latin America, digital Taylorism, the commodification of care, and the rise of ''völkisch populism''? They're among the morbid symptoms of contemporary capitalism that are diagnosed in this important book.' --Gareth Dale, author of Karl Polanyi, A Life on the Left and Reconstructing Karl Polanyi: Excavation and Critique'Capitalism in Transformation is a work of cutting edge political economy that addresses, through the lens of Karl Polanyi, the fundamental issues of our times - the financial crises, austerity, climate catastrophe, social and gender inequality, and the pressing crisis of democracy. In a single provocative and essential volume, this collection reveals the analytic exhaustion of mainstream economics, and demonstrates why Karl Polanyi has become the indispensable theorist of our times.' --Margaret R. Somers and Fred Block, authors of The Power of Market Fundamentalism: Karl Polanyi's CritiqueTable of ContentsContents: Polanyian perspectives on the movements and countermovements of “our time”: an introduction Roland Atzmüller, Brigitte Aulenbacher, Ulrich Brand, Fabienne Décieux, Karin Fischer, Birgit Sauer PART I: Historical and theoretical reflections: Karl Polanyi, capitalism and society 1. A life-long search for freedom. From Budapest to America: a journey through Karl Polanyi’s life Kari Polanyi-Levitt interviewed by Michael Brie and Claus Thomasberger 2. “Plunges into utter destruction” and the limits of historical capitalism Beverly J. Silver 3. Crises and transformations: suggestions from Karl Polanyi’s works Michele Cangiani 4. Karl Polanyi as a theorist of disembedded markets Christoph Deutschmann 5. A Polanyian paradox: money and credit as fictitious commodities, financialization, finance-dominated accumulation, and financial crises Bob Jessop PART II: Contemporary developments of society and capitalism in Europe and beyond 6. Polanyian perspectives on capitalisms after socialism Dorothee Bohle and Béla Greskovits 7. Economy-society tensions in the Eurozone: the “anti-democratic virus” revived Maria Markantonatou 8. Political Islam as reactionary countermovement Ayşe Buğra 9. “Freedom’s utter frustration ...” Neoliberal social-policy reforms and the shift to the far-right through Polanyi’s theory of fascism Roland Atzmüller, Fabienne Décieux 10. Völkisch populism: a Polanyian-type movement? Karina Becker, Klaus Dörre 11. Cultural war 2.0? The relevance of gender in the radical populist-nationalist right Birgit Sauer PART III: “Fictitious commodities” and the challenges of ‘our time’ 12. Contested social-ecological transformation: shortcomings of current debates and Polanyian perspectives Ulrich Brand, Christoph Görg, Markus Wissen 13. Polanyi, nature and the international: the missing dimension of imperial ecocide Vishwas Satgar, Michelle Williams 14. Soy expansion and countermovements in the Global South: a Polanyian perspective Karin Fischer, Ernst Langthaler 15. Navigating between improvement and habitation: countermovements in housing and urban infrastructure in Vienna Andreas Novy, Richard Bärnthaler, Basil Stadelmann 16. The “fictitious commodity” care and the reciprocity of caring: a Polanyian and neo-institutionalist perspective on the brokering of 24-hour care Brigitte Aulenbacher, Michael Leiblfinger 17. The commodification of informal care: joining and resisting marketization processes Bernhard Weicht 18. Polanyi’s double movement and the making of the “knowledge economy” Antonino Palumbo, Alan Scott 19. Polanyi and the digital transformation of labour: on fictitious commodities and real conflicts Hans-Jürgen Urban Index

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Book SynopsisDegrowth in tourism is the voluntary shift to rebuild destinations and local economies in a way in which consumption, production and the exploitation of resources are minimal. It looks to ensure that the direction of institutional changes and the orientation of technological development are controlled and in harmony with the environment. Degrowth involves people whose use of personal time enhances the richness of the tourism experience through travelling less frequently, more slowly and in a low carbon way; taking time to support the environment, the local economy and to explore the local culture. Despite the significant role degrowth can play in destination development, it has rarely been examined from a tourism studies perspective. This book takes steps to address the paucity of combined research on tourism and degrowth by presenting emergent knowledge and research on this increasingly important concept. The book: Outlines the core theme of degrowth from a tourism perspective. Contains content enriched with contributions from multi-disciplinary academics from around the world. Puts theory into practice via international case studies. Due to the multidisciplinary nature of the book, the contents will appeal to researchers and postgraduates studying tourism, environmental studies, geography, planning and development and other related disciplines.Table of Contents1: Introduction - 2: (De)growth Imperative: The Importance of Destination Resilience in the Context of Overtourism 3: Community-based Tourism in a Degrowth Perspective 4: Degrowing the Commoditization Process in Community-based Tourism and Local Entrepreneurship 5: Political Discourse Analysis of the Degrowth Challenge to Dominant Tourism Narratives in Spain 6: Growing Degrowth-oriented Tourism? CSR Certified Tour Operators as Change Agents 7: The Kavatzas of Gavdos: Heterotopias Apart from Modern Societies 8: Pushed Over the Periphery: Downsides of Degrowth on a Small Island – Experiences of Tourism Degrowth on the Isle of Man 9: Freedom of Movement and Degrowth 10: Conclusion

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Book Synopsis'Hodgson's masterful review of orthodoxies and heterodoxies focuses on the absurdity of recommending planning, or scorning it, without answering the empirical question asked in the 1930s by the ''socialist calculation debate.'' How well does planning or the market work? Idealism assumes the answer without actually doing the science. - Deirdre N. McCloskey, University of Illinois at Chicago, US 'Every young heterodox scholar should read this book, as should veteran heterodox economists who are puzzled about why important heterodox contributions have not had the impact they deserved to have. The book provides a compelling account of the challenges that heterodox economists have faced, and continue to face, and it leaves the reader with a strong sense that things could have been, and could be, much better if more heterodox economists strove to integrate compatible aspects of the many diverse approaches that constitute heterodox economics.' - Peter E. Earl, University of Queensland, Australia 'Is there a future for the alternatives to mainstream economics? Dealing with this important question does not only require a deep understanding of the current economic theories and of the history of economic thought. It demands also a careful analysis of the institutional mechanisms by which scientific communities commit themselves to certain paradigms and change these commitments. In this excellent book Hodgson deals with all the dimensions of this complex issue.' - Ugo Pagano, University of Siena, Italy 'Drawing a well-balanced picture of heterodox economics with its many political shades and theoretical nuances is no easy task. Professor Hodgson's mastery in solving the task sets new standards. His compelling analysis of the state and the future of the field is a ''must read'' for everyone in the heterodox camp and an invaluable source of information for all scholars in the history, philosophy, and sociology of economics.' - Ulrich Witt, Max Planck Institute for the Science of Human History, Germany and Griffith University, Australia Over the last 50 years, and particularly since the financial crash in 2008, the community of heterodox economists has expanded, and its publications have proliferated. But its power in departments of economics has waned. Addressing this paradox, Geoffrey M. Hodgson argues that heterodox economists are defined more by a left ideology than by a shared understanding of the nature of orthodox economics and of what should replace it. Heterodox economists cannot agree on what heterodoxy means. Employing insights from the sociology and philosophy of science, the author explores the marginalization of heterodox economics in the academic community and its exclusion from positions of power. This perceptive book also shows how the weaknesses of a particular version of heterodoxy stemming from the Cambridge economics of the 1970s have been replicated globally in much of contemporary heterodox economics. The author considers how the field can adapt in order to improve and sustain its presence in academia. Social scientists and economists will find this book both enlightening and useful. In particular, it will be invaluable to student networks and others critical of mainstream economics, and to those teaching economics at undergraduate and postgraduate level.Trade Review‘ . . . all heterodox economists—both young and veteran, both left and right leaning—should read this thought-provoking book. Indeed, every economist or other social scientist interested in successful and unsuccessful academic strategies and all of those puzzled about the reasons why important heterodox contributions haven’t permeated the mainstream economic profession should read this book. . . . This book certainly offers a compelling explanation of why heterodox economics has not been successful at retaining academic power and influence within the economics profession, and it explains the challenges that the heterodox community must face in order to successfully challenge the current orthodoxy.’ -- Pablo Paniagua Preito, Cosmos + Taxis'Hodgson provides the most comprehensive examination of the foundations and direction of heterodox economics to date. This book should be required reading for all those engaged in building alternatives to mainstream economics. Strongly recommended.' -- John B. Davis, Marquette University, US and University of Amsterdam, the Netherlands'The heterodox economics project, born in the golden age of Cambridge Economics, has largely failed to develop a core consensus and build a strong and effective scientific community. Geoff Hodgson has written an engrossing explanation of what went wrong. Every heterodox economist should read this book.' -- Jason Potts, RMIT University, Australia'An excellent critical survey of a great deal of material loosely called heterodox, plus suggestions as to how that part of the subject might be developed in the future - making it, among other things, a guide for those who wish to do further work in this area. I know of nothing else like it in the literature.' --Richard G. Lipsey, Simon Fraser University,‘Hodgson's masterful review of orthodoxies and heterodoxies focuses on the absurdity of recommending planning, or scorning it, without answering the empirical question asked in the 1930s by the “socialist calculation debate.” How well does planning or the market work? Idealism assumes the answer without actually doing the science.’ -- Deirdre N. McCloskey, University of Illinois at Chicago, US‘Every young heterodox scholar should read this book, as should veteran heterodox economists who are puzzled about why important heterodox contributions have not had the impact they deserved to have. The book provides a compelling account of the challenges that heterodox economists have faced, and continue to face, and it leaves the reader with a strong sense that things could have been, and could be, much better if more heterodox economists strove to integrate compatible aspects of the many diverse approaches that constitute heterodox economics.’ -- Peter E. Earl, University of Queensland, Australia‘Is there a future for the alternatives to mainstream economics? Dealing with this important question does not only require a deep understanding of the current economic theories and of the history of economic thought. It demands also a careful analysis of the institutional mechanisms by which scientific communities commit themselves to certain paradigms and change these commitments. In this excellent book Hodgson deals with all the dimensions of this complex issue.’ -- Ugo Pagano, University of Siena, Italy‘Drawing a well-balanced picture of heterodox economics with its many political shades and theoretical nuances is no easy task. Professor Hodgson's mastery in solving the task sets new standards. His compelling analysis of the state and the future of the field is a “must read” for everyone in the heterodox camp and an invaluable source of information for all scholars in the history, philosophy, and sociology of economics.’ -- Ulrich Witt, Max Planck Institute for the Science of Human History, Germany and Griffith University, AustraliaTable of ContentsContents: Preface INTRODUCTION 1. Space exists to stop everything happening in Cambridge 2. What is heterodox economics? 3. Rumours of the death of Max U are exaggerated 4. The separate heterodoxy of evolutionary economics 5. Heterodox economics as a scientific community 6. Some possible ways forward References Index

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Book Synopsis'Hodgson's masterful review of orthodoxies and heterodoxies focuses on the absurdity of recommending planning, or scorning it, without answering the empirical question asked in the 1930s by the ''socialist calculation debate.'' How well does planning or the market work? Idealism assumes the answer without actually doing the science. - Deirdre N. McCloskey, University of Illinois at Chicago, US 'Every young heterodox scholar should read this book, as should veteran heterodox economists who are puzzled about why important heterodox contributions have not had the impact they deserved to have. The book provides a compelling account of the challenges that heterodox economists have faced, and continue to face, and it leaves the reader with a strong sense that things could have been, and could be, much better if more heterodox economists strove to integrate compatible aspects of the many diverse approaches that constitute heterodox economics.' - Peter E. Earl, University of Queensland, Australia 'Is there a future for the alternatives to mainstream economics? Dealing with this important question does not only require a deep understanding of the current economic theories and of the history of economic thought. It demands also a careful analysis of the institutional mechanisms by which scientific communities commit themselves to certain paradigms and change these commitments. In this excellent book Hodgson deals with all the dimensions of this complex issue.' - Ugo Pagano, University of Siena, Italy 'Drawing a well-balanced picture of heterodox economics with its many political shades and theoretical nuances is no easy task. Professor Hodgson's mastery in solving the task sets new standards. His compelling analysis of the state and the future of the field is a ''must read'' for everyone in the heterodox camp and an invaluable source of information for all scholars in the history, philosophy, and sociology of economics.' - Ulrich Witt, Max Planck Institute for the Science of Human History, Germany and Griffith University, Australia Over the last 50 years, and particularly since the financial crash in 2008, the community of heterodox economists has expanded, and its publications have proliferated. But its power in departments of economics has waned. Addressing this paradox, Geoffrey M. Hodgson argues that heterodox economists are defined more by a left ideology than by a shared understanding of the nature of orthodox economics and of what should replace it. Heterodox economists cannot agree on what heterodoxy means. Employing insights from the sociology and philosophy of science, the author explores the marginalization of heterodox economics in the academic community and its exclusion from positions of power. This perceptive book also shows how the weaknesses of a particular version of heterodoxy stemming from the Cambridge economics of the 1970s have been replicated globally in much of contemporary heterodox economics. The author considers how the field can adapt in order to improve and sustain its presence in academia. Social scientists and economists will find this book both enlightening and useful. In particular, it will be invaluable to student networks and others critical of mainstream economics, and to those teaching economics at undergraduate and postgraduate level.Trade Review‘ . . . all heterodox economists—both young and veteran, both left and right leaning—should read this thought-provoking book. Indeed, every economist or other social scientist interested in successful and unsuccessful academic strategies and all of those puzzled about the reasons why important heterodox contributions haven’t permeated the mainstream economic profession should read this book. . . . This book certainly offers a compelling explanation of why heterodox economics has not been successful at retaining academic power and influence within the economics profession, and it explains the challenges that the heterodox community must face in order to successfully challenge the current orthodoxy.’ -- Pablo Paniagua Preito, Cosmos + Taxis'Hodgson provides the most comprehensive examination of the foundations and direction of heterodox economics to date. This book should be required reading for all those engaged in building alternatives to mainstream economics. Strongly recommended.' -- John B. Davis, Marquette University, US and University of Amsterdam, the Netherlands'The heterodox economics project, born in the golden age of Cambridge Economics, has largely failed to develop a core consensus and build a strong and effective scientific community. Geoff Hodgson has written an engrossing explanation of what went wrong. Every heterodox economist should read this book.' -- Jason Potts, RMIT University, Australia'An excellent critical survey of a great deal of material loosely called heterodox, plus suggestions as to how that part of the subject might be developed in the future - making it, among other things, a guide for those who wish to do further work in this area. I know of nothing else like it in the literature.' --Richard G. Lipsey, Simon Fraser University,‘Hodgson's masterful review of orthodoxies and heterodoxies focuses on the absurdity of recommending planning, or scorning it, without answering the empirical question asked in the 1930s by the “socialist calculation debate.” How well does planning or the market work? Idealism assumes the answer without actually doing the science.’ -- Deirdre N. McCloskey, University of Illinois at Chicago, US‘Every young heterodox scholar should read this book, as should veteran heterodox economists who are puzzled about why important heterodox contributions have not had the impact they deserved to have. The book provides a compelling account of the challenges that heterodox economists have faced, and continue to face, and it leaves the reader with a strong sense that things could have been, and could be, much better if more heterodox economists strove to integrate compatible aspects of the many diverse approaches that constitute heterodox economics.’ -- Peter E. Earl, University of Queensland, Australia‘Is there a future for the alternatives to mainstream economics? Dealing with this important question does not only require a deep understanding of the current economic theories and of the history of economic thought. It demands also a careful analysis of the institutional mechanisms by which scientific communities commit themselves to certain paradigms and change these commitments. In this excellent book Hodgson deals with all the dimensions of this complex issue.’ -- Ugo Pagano, University of Siena, Italy‘Drawing a well-balanced picture of heterodox economics with its many political shades and theoretical nuances is no easy task. Professor Hodgson's mastery in solving the task sets new standards. His compelling analysis of the state and the future of the field is a “must read” for everyone in the heterodox camp and an invaluable source of information for all scholars in the history, philosophy, and sociology of economics.’ -- Ulrich Witt, Max Planck Institute for the Science of Human History, Germany and Griffith University, AustraliaTable of ContentsContents: Preface INTRODUCTION 1. Space exists to stop everything happening in Cambridge 2. What is heterodox economics? 3. Rumours of the death of Max U are exaggerated 4. The separate heterodoxy of evolutionary economics 5. Heterodox economics as a scientific community 6. Some possible ways forward References Index

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Book SynopsisAfter being proclaimed dead, there is now a major revival of socialist ideology in the West. But what does socialism mean? This book shows that it is irretrievably associated with common ownership. The twentieth-century experience of comprehensive national planning with state ownership has been disastrous, and in no case has democracy endured within large-scale socialism. This volume explains why. The alternative socialist option of worker-owned cooperatives must accept a major role for markets that many socialists reject. Featuring theoretical arguments and practical investigations, Geoffrey M. Hodgson interrogates the failures of socialist states, scrutinizing the impact and outcomes of a centralized politico-economic system. This timely and convincing book offers insight into the twentieth-century experience of comprehensive national planning, deploying less-well-known criticisms from Albert Schaffle and Michael Polanyi. Hodgson's nuanced approach brings together small-scale socialist praxis and principles of liberal solidarity, exploring an experimental approach to political and economic reform. Provocative, insightful and accessible, this book is of considerable interest to any reader with an appetite for the history of socialist theory, as well as those keen to explore new insights to heterodox economics. Students and academics of the social sciences and humanities will benefit from this book's rigorous empirical approach to historic and contemporary socialist states and its in-depth discussion of Austrian school theory.Trade Review'Socialism is being offered by the likes of Bernie Sanders, Jeremy Corbyn and Alexandra Ocasio-Cortez as a humane and democratic solution to pressing economic and environmental problems. Geoff Hodgson, the world's foremost scholar on institutions of economic systems, has written a vital and urgent book explaining why this utopian dream is infeasible.' --Jason Potts, RMIT University, AustraliaTable of ContentsContents: Preface Introduction Part I: Socialism, markets and democracy 1. What does socialism mean? 2. Small socialism requires frugality or markets 3. Big socialism brings stagnation and despotism 4. Knowledge, complexity and the limits to planning Part II: Towards a feasible alternative: liberal solidarity 5. Social knowledge and freedom to choose 6. The limits and indispensability of states and markets 7. Varieties of capitalism: the realms of the possible 8. The making of liberal solidarity References Index

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Book SynopsisAfter being proclaimed dead, there is now a major revival of socialist ideology in the West. But what does socialism mean? This book shows that it is irretrievably associated with common ownership. The twentieth-century experience of comprehensive national planning with state ownership has been disastrous, and in no case has democracy endured within large-scale socialism. This volume explains why. The alternative socialist option of worker-owned cooperatives must accept a major role for markets that many socialists reject. Featuring theoretical arguments and practical investigations, Geoffrey M. Hodgson interrogates the failures of socialist states, scrutinizing the impact and outcomes of a centralized politico-economic system. This timely and convincing book offers insight into the twentieth-century experience of comprehensive national planning, deploying less-well-known criticisms from Albert Schaffle and Michael Polanyi. Hodgson's nuanced approach brings together small-scale socialist praxis and principles of liberal solidarity, exploring an experimental approach to political and economic reform. Provocative, insightful and accessible, this book is of considerable interest to any reader with an appetite for the history of socialist theory, as well as those keen to explore new insights to heterodox economics. Students and academics of the social sciences and humanities will benefit from this book's rigorous empirical approach to historic and contemporary socialist states and its in-depth discussion of Austrian school theory.Trade Review'Socialism is being offered by the likes of Bernie Sanders, Jeremy Corbyn and Alexandra Ocasio-Cortez as a humane and democratic solution to pressing economic and environmental problems. Geoff Hodgson, the world's foremost scholar on institutions of economic systems, has written a vital and urgent book explaining why this utopian dream is infeasible.' --Jason Potts, RMIT University, AustraliaTable of ContentsContents: Preface Introduction Part I: Socialism, markets and democracy 1. What does socialism mean? 2. Small socialism requires frugality or markets 3. Big socialism brings stagnation and despotism 4. Knowledge, complexity and the limits to planning Part II: Towards a feasible alternative: liberal solidarity 5. Social knowledge and freedom to choose 6. The limits and indispensability of states and markets 7. Varieties of capitalism: the realms of the possible 8. The making of liberal solidarity References Index

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Book SynopsisThis Modern Guide explores central ideas, concepts, and themes in the Austrian school of economics, with a focus on how both the school and the overall theory have evolved over recent decades. Leading scholars offer their insights into potential directions of future research in the field, pointing towards contemporary debates and their potential conclusions, underdeveloped aspects and extensions of theory, and current applications of interest.Spanning theories of entrepreneurship to the theory of the business cycle, from methodology to sociology, and from cryptocurrencies to culture, this clear and concise Modern Guide provides an expert curation of the topic. Chapters offer an overview of the present state of scholarship in the field, including discussions on praxeology, the function of entrepreneurship in the market process, spontaneous orders, the Austrian theory of money, and banking.Written in an accessible style, this will be an invigorating read for economics scholars looking for an alternative to mainstream approaches. It will also be useful for scholars and practitioners seeking an introduction to Austrian economics.Table of ContentsContents Introduction to A Modern Guide to Austrian Economics 1 Per L. Bylund 1 Praxeology 6 Roderick T. Long 2 Austrian phenomenology 17 Mark D. Packard 3 Alertness: an Aristotelian approach 39 Frederic Sautet 4 Entrepreneurial judgment 64 Peter G. Klein and Matthew McCaffrey 5 Entrepreneurship and the market process 84 Per L. Bylund 6 Spontaneous order 103 Karras J. Lambert and Peter J. Boettke 7 The social and moral aspects of markets 121 Ginny Seung Choi and Virgil Henry Storr 8 Economic calculation and socialism 142 Krzysztof Turowski and Mateusz Machaj 9 Money 165 Joseph T. Salerno and Kristoffer J. M. Hansen 10 Banking 182 David Howden 11 On the origins of cryptocurrencies 200 William J. Luther and Nikhil Sridhar 12 The pure time preference theory of interest 216 Robert P. Murphy 13 Capital theory and the theory of the firm 238 Nicolás Cachanosky and Peter Lewin 14 Austrian business cycle theory: current research trends and future directions 257 Jonathan R. Newman and Arkadiusz Sieroń 15 Austrian sociology 283 Richard G. Ellefritz Index

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Book SynopsisMuch-needed in the face of present political upheavals, including the rise of populism and re-emergence of nationalism and authoritarian regimes, this book is radical in both its critique and proposals for a new economics. Taking an interdisciplinary approach, Bart Nooteboom offers insights from economics, sociology, cognitive science, social psychology and philosophy. Exploring ways in which economics is developing, the book investigates how new economics has moved away from considering individuals as autonomous and instead studies their involvement and interactions with each other. The book discusses a new relational economics: less contractual, hierarchical and controlled, and more based on trust and mutual adjustment. Nooteboom proposes a shift from utility ethics to the virtue ethics of prudence, courage, moderation and justice. A provocative read for economics students, this work is especially pertinent to those interested in rethinking the subject and expanding upon heterodox theories. It will also prove a useful read to critical economists and sociologists looking to better understand a way forward in our current economic climate. Trade Review'Based on a life-long experience as a social scientist, Bart Nooteboom explains how economics can become more relevant by importing insights from other disciplines. He brings economics back to its Aristotelian origins by linking it to virtue ethics. This is a must-read for anybody interested in the future of economics.' --Lans Bovenberg, Tilburg University, the Netherlands'Bart Nooteboom presents a bold, cogent and well written book about economics. This compact manifesto hits a nerve. The (global) economy and economics as a discipline are in a moult. By re-entering virtue ethics in economics and through sound reasoning about the structure and conduct of capitalism, markets and industries, Bart Nooteboom provides the reader with a bright perspective for a prosperous society.' --Harry Commandeur, Erasmus University Rotterdam, the NetherlandsTable of ContentsContents: Introduction 1. Crisis of capitalism 2. Economics 3. Markets 4. Industries 5. A new economics Bibliography Index

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Book SynopsisMuch-needed in the face of present political upheavals, including the rise of populism and re-emergence of nationalism and authoritarian regimes, this book is radical in both its critique and proposals for a new economics. Taking an interdisciplinary approach, Bart Nooteboom offers insights from economics, sociology, cognitive science, social psychology and philosophy. Exploring ways in which economics is developing, the book investigates how new economics has moved away from considering individuals as autonomous and instead studies their involvement and interactions with each other. The book discusses a new relational economics: less contractual, hierarchical and controlled, and more based on trust and mutual adjustment. Nooteboom proposes a shift from utility ethics to the virtue ethics of prudence, courage, moderation and justice. A provocative read for economics students, this work is especially pertinent to those interested in rethinking the subject and expanding upon heterodox theories. It will also prove a useful read to critical economists and sociologists looking to better understand a way forward in our current economic climate. Trade Review'Based on a life-long experience as a social scientist, Bart Nooteboom explains how economics can become more relevant by importing insights from other disciplines. He brings economics back to its Aristotelian origins by linking it to virtue ethics. This is a must-read for anybody interested in the future of economics.' --Lans Bovenberg, Tilburg University, the Netherlands'Bart Nooteboom presents a bold, cogent and well written book about economics. This compact manifesto hits a nerve. The (global) economy and economics as a discipline are in a moult. By re-entering virtue ethics in economics and through sound reasoning about the structure and conduct of capitalism, markets and industries, Bart Nooteboom provides the reader with a bright perspective for a prosperous society.' --Harry Commandeur, Erasmus University Rotterdam, the NetherlandsTable of ContentsContents: Introduction 1. Crisis of capitalism 2. Economics 3. Markets 4. Industries 5. A new economics Bibliography Index

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Book SynopsisPresenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its intellectually distinguishing qualities. Featuring fresh and insightful comparisons between the Austrian school and other schools of thought, this enhanced second edition includes an expanded discussion on the evolution of the Austrian school in the 21st century. The Advanced Introduction considers the field's key originators and proponents and reflects on the acceleration in interest in the last two decades. Key features include: An illustration of the key arguments that have defined heterodox economics, including the Austrian school's role in the socialist calculation debate In-depth discussions of entrepreneurship and the role of the firm in the scholarship of the Austrian school New material relating Austrian economics to other schools of thought. Undergraduate and graduate students in economics and political science will find this Advanced Introduction indispensable for understanding the revival of the Austrian school. Policymakers will also benefit from its concise and sharp overview of the school and its insights into the key features and debates. Trade Review'Randall Holcombe accomplishes a heroic feat in this book. In plain and concise language, he sets out the fundamental principles and theories of the Austrian School of Economics. The presentation is coherent and rigorous, without being tedious or pedantic. It can be read with great profit by undergraduates as well as their instructors. Indeed, this book is indispensable reading for anyone who seeks a broad-based and insightful introduction to the doctrines of the Austrian school in a compact format.' --Joseph Salerno, Pace University, US'What book should I read to understand the Austrian School of Economics? It's a question I've been asked at least a hundred times by economics students and business professionals. I've never had a good answer until now. As an introduction to Austrian ideas for those who are economically literate, Randall Holcombe's book is the new gold standard!' --Benjamin Powell, Texas Tech University, US'Economists should strive to think clearly and write clearly in presenting their work to their peers, students and the public. I would go as far as to argue that it is actually a moral responsibility on them to do so. Randall Holcombe never disappoints in this regard as he is an exemplar of a clear thinker and writer. In this revised and updated edition of his wonderful text, he clearly presents the main tenets of the Austrian School of Economics from Carl Menger to contemporary practitioners. Along the way, he explains in clear terms the ideas of others who debated with the Austrians on methodology of social sciences, the methods of analysis with regard to the study of the market process and a capital-using and money-using economic system, and the practical policy implications of these positions with respect to the debate over socialist economic calculation, the debate with Keynes and macroeconomic management, and the debates over interference in the entrepreneurial market process through regulations and various controls. It is a masterful work in clarity of thinking and writing about often complex and complicated issues in philosophy, social science and public policy.' --Peter Boettke, George Mason University, USTable of ContentsContents: Preface 1. The market process 2. Decentralized knowledge: the role of firms and markets 3. Economic calculation 4. Money, banking and business cycles 5. The resurgence of the Austrian school References Index

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Book SynopsisPresenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its intellectually distinguishing qualities. Featuring fresh and insightful comparisons between the Austrian school and other schools of thought, this enhanced second edition includes an expanded discussion on the evolution of the Austrian school in the 21st century. The Advanced Introduction considers the field's key originators and proponents and reflects on the acceleration in interest in the last two decades. Key features include: An illustration of the key arguments that have defined heterodox economics, including the Austrian school's role in the socialist calculation debate In-depth discussions of entrepreneurship and the role of the firm in the scholarship of the Austrian school New material relating Austrian economics to other schools of thought. Undergraduate and graduate students in economics and political science will find this Advanced Introduction indispensable for understanding the revival of the Austrian school. Policymakers will also benefit from its concise and sharp overview of the school and its insights into the key features and debates. Trade Review'Randall Holcombe accomplishes a heroic feat in this book. In plain and concise language, he sets out the fundamental principles and theories of the Austrian School of Economics. The presentation is coherent and rigorous, without being tedious or pedantic. It can be read with great profit by undergraduates as well as their instructors. Indeed, this book is indispensable reading for anyone who seeks a broad-based and insightful introduction to the doctrines of the Austrian school in a compact format.' --Joseph Salerno, Pace University, US'What book should I read to understand the Austrian School of Economics? It's a question I've been asked at least a hundred times by economics students and business professionals. I've never had a good answer until now. As an introduction to Austrian ideas for those who are economically literate, Randall Holcombe's book is the new gold standard!' --Benjamin Powell, Texas Tech University, US'Economists should strive to think clearly and write clearly in presenting their work to their peers, students and the public. I would go as far as to argue that it is actually a moral responsibility on them to do so. Randall Holcombe never disappoints in this regard as he is an exemplar of a clear thinker and writer. In this revised and updated edition of his wonderful text, he clearly presents the main tenets of the Austrian School of Economics from Carl Menger to contemporary practitioners. Along the way, he explains in clear terms the ideas of others who debated with the Austrians on methodology of social sciences, the methods of analysis with regard to the study of the market process and a capital-using and money-using economic system, and the practical policy implications of these positions with respect to the debate over socialist economic calculation, the debate with Keynes and macroeconomic management, and the debates over interference in the entrepreneurial market process through regulations and various controls. It is a masterful work in clarity of thinking and writing about often complex and complicated issues in philosophy, social science and public policy.' --Peter Boettke, George Mason University, USTable of ContentsContents: Preface 1. The market process 2. Decentralized knowledge: the role of firms and markets 3. Economic calculation 4. Money, banking and business cycles 5. The resurgence of the Austrian school References Index

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Book SynopsisIn a series of in-depth interviews with leading economists and policy-makers from different schools including Austrian, Monetarist, New-Keynesian, Post-Keynesian, Modern Monetary Theory, Marxist and Institutionalist, this intriguing book sheds light upon the behaviour of economists and the sociology of the economics profession by enabling economists to express their views on a wide range of issues. Exploring why the aftermath of the 2008 global financial crisis did not pave the way for an uptake in heterodox economic approaches, these key thinkers consider why mainstream economics still reigns supreme and explore whether an alternative approach can be developed to rival it. The most important issues facing the discipline are addressed, and the book offers a particular focus upon the extent to which radical economists can work together to provide a genuine alternative to orthodoxy. The analytical responses to important questions posed to each interviewee make this a critical read for practising economists both inside and outside of academia. It will also be a thought-provoking book for economics students focusing both on orthodox and heterodox viewpoints, as it offers important insights to the nuances between a vast range of different schools of thought.Trade Review‘If one is a student of this discipline, the range of views presented in full is invaluable. I cannot recommend this text more.’ -- Hannes Ingo Torbohm, The Gower Initiative for Modern Money Studies'Can Heterodox Economics Make a Difference? is a very thought provoking book; a fascinating tour with key thinkers on MMT, heterodox economics, methodology and much more. There are authentic gems in those interviews. Please read on!' --Giuseppe Fontana, University of Leeds, UK and Università del Sannio, Italy'Philip Armstrong's rich conversations with heterodox economists explore, perhaps for the first time in depth, the perceptions and misperceptions of Modern Monetary Theory as seen across the spectrum of Keynesian, Marxian, Structuralist and Austrian thought, alongside the insights and arguments of leading proponents of the MMT school. For reading and reference, a valuable and timely book.' --James K. Galbraith, The University of Texas at Austin, US‘Philip Armstrong's rich conversations with heterodox economists explore, perhaps for the first time in depth, the perceptions and misperceptions of Modern Monetary Theory as seen across the spectrum of Keynesian, Marxian, Structuralist and Austrian thought, alongside the insights and arguments of leading proponents of the MMT school. For reading and reference, a valuable and timely book.’ -- James K. Galbraith, The University of Texas at Austin, US'The reader can ''listen in'' to all these conversations where questions are addressed, and debate engaged, from different perspectives. By engaging vicariously in the exchanges we are encouraged to rethink our own positions, and consider how to strengthen or amend them. Much of the success of the interviews is down to the engaging interview style of Phil Armstrong, whose thoughtful questions, openness to different arguments (at different levels), and eagerness to engage in civil debate, are the hallmarks of pluralism. Enjoy.' --from the Foreword by Sheila Dow, University of Stirling, UK‘These interviews and records are full of illuminations and enrich our understanding of modern economics, its problems as well as its achievements. We are much in Phil’s debt for bringing the interviews together. His enthusiasm and deep thinking run beneath the text of the volume. Please read on.’ -- from the Foreword by Geoff Harcourt, University of New South Wales, AustraliaTable of ContentsContents: Preface Foreword I: Professor Geoffrey Harcourt Foreword II: Professor Sheila Dow Introduction The Biographies of the Interviewees Part 1: Round one (R1) interviews (2018) i. Professor Victoria Chick ii. Professor Tim Congdon CBE iii Professor Paul Davidson iv. Professor Kevin Dowd v. Professor Roger Farmer vi. Professor Charles Goodhart FBA vii. Professor Geoffrey Harcourt viii. Dr. James Juniper ix. Professor Andrew Kliman x. Professor Marc Lavoie xi. Professor William (Bill) Mitchell xii. Warren Mosler xiii. Dr. Thomas Palley xiv. Professor Ricardo Reis xv. Professor Malcolm Sawyer xvi. Professor Willi Semmler xvii. Professor Anwar Shaikh xviii. Professor Englebert Stockhammer xix. Professor Martin Watts xx. Professor L. Randall Wray Part 2: Round Two (R2) 2019 i. Professor David Colander ii. Professor Sheila Dow iii. Professor Scott Ferguson iv. Professor Geoff Hodgson v. Professor Jonathan Joseph vi. Professor Steve Keen vii. Professor Tony Lawson viii. Professor Jamie Morgan ix. Dr. Ioana Negru x. Professor Nick Potts xi. Professor John Smithin Conclusion Bibliography Appendix 1: R1 and R2 questions Appendix 2: MMT White Paper by Warren Mosler Index

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Book SynopsisLarge infrastructure projects often face significant cost overruns and stakeholder fragmentation. Public-Private Partnerships (PPPs) allow governments to procure long-term infrastructure services from private providers, rather than developing, financing and managing infrastructure assets themselves. Aligning public and private interests and institutional logics to create robust, decades-long service contracts subject to shifting economic and political contexts is a significant cross-sectoral governance challenge. This work summarizes over a decade of research conducted by scholars at Stanford s Global Projects Center and multiple US and International collaborators to enhance the governance of both infrastructure projects and institutional investors, whose long term, cash flow obligations align especially well with the kinds of long term inflation-adjusted returns that PPP infrastructure projects can generate. In these pages, multiple theoretical perspectives are integrated and combined with empirical evidence to examine how experiences from more mature PPP jurisdictions can help improve PPP governance approaches worldwide. The information contained here will appeal to engineering, economics, political science, public policy and finance scholars interested in the delivery of high-quality, sustainable infrastructure services to the citizens in countries with established and emerging market economies. Officials in national, state/provincial and local government agencies seeking alternative financing and service provision strategies for their civil and social infrastructure, and legislators and their staff members interested in promoting PPP legislation will find this book invaluable. It will also be of high interest to long-term investment professionals from pension funds, sovereign funds, family offices and university endowments seeking to deploy money into the infrastructure asset class, and practitioners seeking insights into methods for enhancing stakeholder incentive alignment, reducing transaction costs and improving project outcomes in PPPs. Contributors: B.G. Cameron, G. Carollo, C.B. Casady, E.F. Crawley, K. Eriksson, W. Feng, M.J. Garvin, K.E. Gasparro, R.R. Geddes, W.J. Henisz, D.R. Lessard, R.E. Levitt, T. Liu, A.H.B. Monk, D.A. Nguyen, C. Nowacki, W.R. Scott, R. Sharma, A.J. SouthTrade Review'In conclusion, the editors of the book have collected a series of chapters that provide a valuable and contemporary look into the state of practice of PPP in the United States, it offers various interesting proposals for the improved institutional design of PPPs, and it inspires and strengthens the comparative research agenda on studying the performance and design of PPPs.' --Stefan Verweij, Public Works Management & Policy'This is the book on infrastructure development that researchers and practitioners have been waiting for. It brings together some of the world's leading scholars - several based in the Global Project Center at Stanford University - to provide a rigorous analysis and critical discussion of the challenges involved in the governance, financing and management of mature and innovative new forms of PPP transportation infrastructure projects. While the work addresses a diverse range of topics concerning the risks and opportunities for PPP provision in developing and developed countries, each chapter draws upon a shared intellectual framework and is informed by ideas and concepts from organization theory and design.' --Andrew Davies, University College London, UK'This is a remarkable contribution to the growing literature on infrastructure financing and management. Ray Levitt and his colleagues provide the fundamental conceptual building blocks for understanding how public-private partnerships can transform the market for infrastructure development. They do so with a sure feel for the theoretical issues as well as the very practical concerns that come with stitching together public, private, and community interests in infrastructure investment. Each paper is important in its own right - and the combination is unbeatable. This book will make a lasting contribution to how we understand the issues and is just as important for the emerging economic powerhouse of China and the developed economies of the West.' --Gordon Clark, Oxford University, UKTable of ContentsContents: Introduction W. Richard Scott, Raymond E. Levitt and Michael J. Garvin Part I: Public-Private Partnerships: Definitions, Myths and Institutional Challenges W. Richard Scott, Raymond E. Levitt and Michael J. Garvin 1. Public-Private Partnerships for Infrastructure Delivery Ashby H. B. Monk, Raymond E. Levitt, Michael J. Garvin, Andrew J. South, and George Carollo 2. Stakeholder Network Dynamics in Public-Private Partnerships Andrew J. South 3. Toward a Unified Theory of Project Governance: Economic, Sociological and Psychological Supports for Relational Contracting Witold J. Henisz, Raymond E. Levitt, and W. Richard Scott 4. Stakeholders, Issues, and the Shaping of Large Engineering Projects Wen Feng, Donald R. Lessard, Bruce G. Cameron, and Edward F. Crawley Part II: Governance Mechanisms in PPP Planning, Delivery, Contracting and Management Introduction to Part II Raymond E. Levitt, W. Richard Scott, and Michael J. Garvin 5. Mitigating PPP Governance Challenges: Lessons from Eastern Australia Raymond E. Levitt and Kent Eriksson 6. Contractual Risk Sharing Mechanisms in US Highway PPP Projects Duc A. Nguyen and Michael J. Garvin Part III: Leveraging Institutional Capital and Governmental Fiscal Support for PPPs to Enable the “Golden Handshake” Michael J. Garvin, W. Richard Scott, and Raymond E. Levitt 7. The Role of Institutional Investors for PPP Infrastructure Investments Ashby H. B. Monk and Rajiv Sharma 8. Framework to Assess Fiscal Support Mechanisms for Mitigating Revenue Risk in Transportation Public-Private Partnerships Ting Liu and Michael J. Garvin Part IV: Evolution of Mature PPP Institutional Fields W. Richard Scott, Raymond E. Levitt, and Michael J. Garvin 9. (Re)Assessing Public-Private Partnership Governance Challenges: An Institutional Maturity Perspective Carter B. Casady, Kent Eriksson, Raymond E. Levitt, and W. Richard Scott 10. Transportation Public-Private Partnership Market in the United States: Moving Beyond Its Current State Michael J. Garvin 11. Private Participation in US Infrastructure: The Role of Regional PPP Units Carter B. Casady and R. Richard Geddes Part V: Emerging Tools for Infrastructure Project Finance and Delivery Raymond E. Levitt, W. Richard Scott and Michael J. Garvin 12. The Financier State: Infrastructure Planning and Asset Recycling in New South Wales, Australia Caroline Nowacki 13. Community Investment and Crowdfunding as Partnership Strategies for Local Infrastructure Delivery Kate E. Gasparro Bibliography Index

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Book SynopsisElgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.This thought-provoking Research Agenda examines themes within economic studies that have become active areas of commentary for economists of the Austrian School. Contributors establish their own distinctive interpretations of how an Austrian Research Agenda should appear, clearly demonstrating there is no set dogma within Austrian economics.Chapters provide state-of-the-art dialogues surrounding the many complex dimensions of Austrian economics, including the School’s responses to behavioral economics and the theory of public goods. This book portrays Austrian economics as constantly evolving and its ultimate endeavour is to prompt further contributions and discussions surrounding the Austrian School. This erudite Research Agenda will be highly beneficial for graduate students studying political economics, market processes and economic development, seeking to understand the unique dimensions of Austrian economics. It will also be of great value to academics endeavouring to conduct comparative studies of different economic schools of thought.Trade Review‘The wide-ranging chapters in this volume will be of great interest to scholars from across the social sciences. They demonstrate that Austrian economics remains a lively and progressive research program with important contributions to make to the most pressing issues in contemporary scholarship and policy.’ -- Christopher Coyne, George Mason University, US‘A Research Agenda for Austrian Economics offers an overview of the most recent contributions of modern Austrian economics to some of the most pressing issues of political economy. The chapter authors are highly regarded scholars in their area of expertise and do a remarkable job summarizing the latest research in their field. More importantly, they demonstrate how Austrian economics is usefully contributing to that literature and identify research avenues for future work in Austrian economics. This book will be particularly useful for young scholars seeking to learn how to conduct relevant and cutting-edge research in Austrian economics.’ -- Daniel J. Smith, Middle Tennessee State University, US‘Austrian economics is steeped in history. But what of its future? To find out, A Research Agenda for Austrian Economics taps some of the tradition’s most prolific young scholars. Their chapters leave no doubt that the future of Austrian economics is bright. And Louis Rouanet’s opening address to fellow Austrians is magnificent.’ -- Peter T. Leeson, George Mason University, US‘The Austrian School was most clearly distinguished from mainstream economics in the latter half of the twentieth century as a result of the socialist calculation debate. With that issue settled, this book shows that the Austrian School’s ideas remain relevant to contemporary economic issues.’ -- Randall G. Holcombe, Florida State University, USTable of ContentsContents: Introduction to A Research Agenda for Austrian Economics xi Louis Rouanet 1 An Austrian perspective on militarism 1 Abigail R. Hall 2 Monetary policy and business cycles: a post-crisis research agenda for Austrian economics 21 Bryan P. Cutsinger 3 Austrian economics and mainstream entrepreneurship: retrospect and prospect 45 David S. Lucas 4 Knowledge and incentive problems in regulatory studies: an Austrian perspective 69 Diana W. Thomas and Michael D. Thomas 5 Reasonable disagreement: Austrian responses to behavioral economics 89 Ennio E. Piano 6 EPE and the Viennese students of civilization 113 Marta Podemska-Mikluch 7 Accounting and finance: capital and cost in economics 131 Peter Lewin and Nicolas Cachanosky 8 An Austrian reassessment of the theory of “public goods”: what is left (and right)? 147 Rosolino Candela and Vincent Geloso Conclusion: Steve Horwitz (1964–2021): teacher, scholar, and public intellectual 165 Peter J. Boettke Index

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Book SynopsisWith the radical growth in the ubiquity of digital platforms, the sharing economy is here to stay. This Handbook explores the nature and direction of the sharing economy, interrogating its key dynamics and evolution over the past decade and critiquing its effect on society. Using an interdisciplinary perspective, this Handbook analyses labour, governance, trust and consumption in the contemporary sharing economy. It questions the apparent contradiction between its components: the moral economy of small-scale communal sharing versus the far-flung reaches of the market economy. Chapters explore ways to resolve this paradox, theorizing hybrid economic forms and considering the replacement of human trust inherent in the sharing economy with a transactional reputation economy. Featuring a variety of both conceptual explorations and empirical investigations in a variety of different cross-cultural contexts, this Handbook illustrates how and, more importantly, why the sharing economy has reshaped marketplaces, and will continue to disrupt them as it develops. Written in an accessible style, this thorough Handbook offers crucial insights for researchers across a variety of disciplines interested in the trajectories of modern consumption, as well as students studying the sharing economy. Practitioners, policy makers and public speakers working in and around the sharing economy will also benefit from this book's unique analysis of trends in consumer economics. Contributors include: A. Arvidsson, G. Avram, F. Bardhi, H. Bartling, M. Baz Radwan, R. Belk, H.H. Chang, A. Chattopadhyay, R. Corten, D. Dalli, A. DeCrop, N. Drozdova, G. Eckhardt, T. Eriksson, E. Fischer, F. Fortezza, A. Gandini, A. Gessinger, A. Graul, A. Gruen, A.J. Hawley, I. Kleppe, S. Kurtmollaiev, M. Laamanen, C. Laurell, C.X. Li, A. Light, R.J. Lutz, J. Mallargé, K. Mikolajewska-Zaj c, L. Mimoun, M. Möhlmann, O. Mont, J. Morales, A. Mukherjee, C. Oberg, L.K. Ozanne, E. Papaoikonomou, G. Patsiaouras, C. Pitt, K. Plangger, M. Rocas-Royo, A. Ryan, C. Sandstrom, M. Saren, K. Strzyczkowski, W. Suetzl, T. Teubner, C. Valor, P. van den Bussche, G. von Richthofen, Y. Voytenko Palgen, S. Wahlen, T. Widlok, P. Zidda, L. Zvolska Trade Review'This Handbook offers wide-ranging investigations and essays into the sharing economy. It takes the reader through a deep and critical look at this new way of organizing markets and society. While exposing the promise, practices, and paradoxes of these systems, the authors succeed in inspiring us to think how these platforms are changing how we consume, sell, and think about and care for the world. It offers fresh insights that I expect to influence my research and teaching in important ways for a long time.' --Christine Moorman, Duke University, US and Editor in Chief, Journal of Marketing'The sharing economy is fundamentally altering firms and markets, yet key questions about the future of the economy and society remain unanswered. Belk, Eckhardt and Bardhi provide a sweeping view of emerging thinking, spanning topics from blockchain and big data to rhetoric and risk. A must-read for any serious scholar.' --Arun Sundararajan, New York University, US and author of The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism'This is a must-read collection for anyone seeking a deeper appreciation of the sharing economy and why and how it works. Twenty-eight chapters explore the paradoxes between the moral economy of ''sharing'' the market economy of ''commerce,'' and the reputation economy on which everything is based. If you want a greater sense of the benefits and dilemmas of the sharing economy read this book.' --Susan Fournier, Boston University, USTable of ContentsContents: The paradox of the sharing economy, Introductory chapter Russell Belk, Giana Eckhardt and Fleura Bardhi The Nature of Sharing and the Sharing Economy 1. Situating the Sharing Economy: Between Markets, Commons and Capital Adam Arvidsson 2. Sharing as an Alternative Economy Activity Thomas Widlok 3. The who and what of sharing: A phenomenological view Wolfgang Suetzl 4. The Sharing Economy and Lifestyle Movements Mikko Laamanen and Stefan Wahlen Ownership, Access, and Collaborative Modalities 5. To Own or to Access: An Exploration of Sharing and Access Practices by Arab Millennials Maha Baz Radwan, Georgios Patsiaouras and Michael Saren 6 Object History Value in the Sharing Economy Claris X. Li and Richard J. Lutz 7. Guest, friend or colleague? Unpacking relationship norms in collaborative workplaces Adèle Gruen and Laetitia Mimoun 8. Designing the Economics of the Sharing Economy: Towards Sustainable Management Ann Light Exchange Practices in the Sharing Economy 9. The New Face of Bartering in Collaborative Networks: The Case of Italy’s Most Popular Bartering Website Daniele Dalli and Fulvio Fortezza 10. Sharing Economy to the Rescue? The Case of Timebanking Carmen Valor and Elani Papaoikonomou 11. Crowdfunding: Sharing the Entrepreneurial Journey Anirban Mukherjee, Hannah H. Chang, and Amitava Chattopadhyay 12. Crowdfunding the development of new products and services Natalia Drozdova, Seidali Kurtmollaiev and Ingeborg Kleppe Hybridity, Institutional Logics and Institutional Theory 13. Tracking the institutional logics of the sharing economy Andrea Gessinger, Christopher Laurell, Christina Oberg and Christian Sandstrom 14. Airbnb and Hybridized Logics of Commerce and Hospitality Georg von Richthofen and Eileen Fischer 15. The Hybrid Nature on Online Facilitated Offline Sharing Konstanty Strzyczkowski 16. Decentralization as a new framework for the sharing economy Marc Rocas-Royo Legal, Regulatory, and Public Policy Considerations 17. Urban Mobilities and Local Regulation: Transportation Challenges and Promise of the Sharing Economy Hugh Bartling 18. Should Europe Regulate Labour Platforms in the Sharing Economy? Adrian J. Hawley 19. Creating value to mitigate disaster harm: How the sharing economy can support consumers and policy makers Lucie K. Ozanne 20. How Sharing Economy Organizations and City Governments Engage in Institutional Work and How This Shapes Sustainability Oksana Mont, Yulia Voytenko Palgen, and Lucie Zvolska Trust, Satisfaction, and Reputation in the sharing economy 21. Social Dilemmas in the Sharing Economy Rense Corten 22. Leveraging trust on sharing economy platforms: Reputation systems, blockchain technology and cryptocurrencies Mareike Möhlmann, Timm Teubner, and Antje Graul 23. Revisiting Satisfaction with Collaborative Exchanges in the Sharing Economy Jérôme Mallargé, Alain DeCrop, and Pietro, Zidda 24. Customer goodwill: How perceived competence and rapport influence eWOM’s diagnosticity of Peer-to-Peer and Professional Access-Based Services Christine Pitt, Theresa Eriksson, and Kirk Plangger Critical Perspectives on the Sharing Economy 25. Constructing the Collaborative Consumer: The Role of Digital Platforms Annmarie Ryan and Gabriela Avram 26. Performing (in) the community: Accounting, biopower and the sharing economy Penelope van den Bussche and Jeremy Morales 27. The Rhetoric of Sharing: Managerial Literature on the Sharing Economy Karolina Mikołajewska-Zając 28. Reputation: the ‘fictitious commodity’ of the sharing economy? Alessandro Gandini Index

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Book SynopsisFor most economists, 'Austrian economics' refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Socialist in spirit but too diffuse to be described as a single school of thought, it shares a common conviction that the market, while possibly a good servant, is a very poor master. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, this unique book analyses the work and impact of many leading Austrian economists. Beginning with the Austro-Marxist theorists Otto Bauer and Rudolf Hilferding and moving through to the new generation of social democratic economists, most prominently Kurt Rothschild and Josef Steindl, The Alternative Austrian Economics provides insight into the history and evolution of socialist economics in Austria. Offering a previously underrepresented discussion of a century of Austrian socialist economics, this engaging book will prove to be of great value to Marxian and heterodox economists, historians of economic thought and political scientists interested in political economy.Trade Review'Economists associate the Austrian school with the free market classical liberal ideas of Ludwig von Mises and Friedrich Hayek, Professor King describes the ideas of another group of Austrian economists: Marxists who were active in Vienna in the early twentieth century, and later Austro-Marxists who built on their work. King's book is a delightful description of this intellectual community, and explains how their work was designed to be an extension and updating of Marx's ideas.' --Randall G. Holcombe, Florida State University, USTable of ContentsContents: 1. Introduction 2. ‘Red Vienna’ and the Roots of Austro-Marxism 3. The Young Rudolf Hilferding 4. Otto Bauer 1904-1914 5. The Economics of Socialism 6. Otto Bauer 1917-1938 7. Other Voices 8. The Heirs. I: Josef Steindl 9. The Heirs. II: Kurt Rothschild 10. What is Left Bibliography Index

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Book SynopsisAuthoritarian capitalism is rapidly evolving, intensifying and spreading across the globe. This updated second edition book demonstrates that the recent resurgence of fascism and repressive democracies are connected to and symptomatic of the fundamental authoritarianism of capitalism.Analysing how marketization is promoting political authoritarianism across the world, Peter Bloom tells a story of authoritarian progress in which capitalist sovereignty is replacing liberal and social democracy. In doing so, Bloom rethinks the structural and discursive role of sovereign power within capitalism, illustrating how the free market relies upon a range of authoritarian political fantasies not just for its growth but for its very survival. This fully updated edition reveals how this had led to an evolution from corporate globalization to a new era of ‘popular authoritarianism’, based on the political competition between far-Right ethno-capitalism and politically repressive capitalist democracy. Exploring new perspectives such as "the commons" and "degrowth development", it points to new possibilities for resisting authoritarian capitalism and reinvigorating democracy.The unique insights in this book will prove invaluable for students and scholars of political science, economics, development and organization studies, international relations and sociology. It will also be of interest to practitioners concerned with globalization, political authoritarianism, and the expansion of the free market.Trade Review‘This insightful book addresses a burning question: the relationship between capitalism and democracy in our crisis-ridden world. Bloom elegantly shows that the spread of capitalism worldwide has driven political systems towards increasingly authoritarian forms – and what we can do to reverse course, and build more tolerant and democratic societies. An essential read for troubled times.’ -- Alfredo Saad Filho, King’s College London, UKTable of ContentsContents: Preface to the Second Edition 1. The rise of authoritarian capitalism in the twenty-first century 2. Fantasizing authoritarian capitalism: a brief history 3. Globalization and the desire for authoritarianism 4. The market despots: the global capitalist fantasy of authoritarian nationalism 5. Developing authoritarian capitalism: the global capitalist fantasy of authoritarian modernization 6. The tyranny of (neo)liberal democracy: a global capitalist fantasy of authoritarian freedom 7. A responsible global hegemony: the capitalist fantasy of authoritarian “good governance” 8. Fighting for oppression: the battle between popular authoritarianism and repressive democracy 9. Conclusion: breaking free from authoritarian capitalism References Index

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Book SynopsisFew international organizations embody the idea of historical progress as strongly as the European Union (EU). This book addresses the main shortcoming of treating EU as a vehicle of progress and political unity between European countries: the disregard of such an approach for the underlying diversity of the European continent.Critically examining the meta-ideology underpinning European integration, the author studies the implications of Europe’s heterogeneity, disagreements over European policies, and of pluralism of values for the EU’s governance. The book revisits legacies of post-communist transitions and the role played by international economic and political integration in Eastern Europe – as well as the implications of the EU’s enlargements for the EU’s governance. The result is a novel, polycentric perspective on the EU’s governance.Policy practitioners, commentators, and other opinion leaders as well as academics and students interested in applied political economy and European studies will value this extensive exploration of Governing the EU in an Age of Division.Trade Review‘I highly recommend this book to anyone interested in the fate of the European Union or generally how to govern in an age of division. Dalibor Rohac reminds us that the sovereign borders across Europe may be faint, but they are still very real. Ignore them at your peril. He also reminds us that the original plan for the EU—a single market cooperating on foreign defense policy and trade—was a good one. The EU should stick with the original plan. Some of his messages are subtle and yet also extraordinarily important in today’s age of division. The book crystallizes the challenges in governing the EU. Given Russia’s invasion of Ukraine, geopolitical tensions in the Taiwan Strait, global trade tensions and the weakening of our international institutions, this book is more important than ever. To survive this age of division, leaders across the EU may have to readjust their expectations for their great union, or else risk losing it.’ -- Christine McDaniel, Discourse Magazine‘Books about the European Union tend to be dry and academic. In this bracing addition to the literature, Dalibor Rohac breaks the mold. Neither an uncritical cheerleader of the EU nor a knee-jerk critic, he provides a rigorous examination of its short-comings and a measured appraisal of its successes. With engaging prose that manages both to inform and entertain, Rohac explains why everyone concerned about the fate of liberal democracy should care about the future of this much-maligned institution.’ -- James Kirchick, author, The End of Europe: Dictators, Demagogues, and the Coming Dark Age‘For too long, the European debate has been dominated by a conflict between centralisers and nationalists. They are seen as opposites, but share a neglect of Europe’s real strength – its openness and pluralism. Dalibor Rohac’s new book offers a sensible and desirable alternative, which makes it a necessary read for everyone interested in a liberal international order.’ -- Johan Norberg, Cato Institute, Washington D.C., US‘Dalibor Rohac isn't all misty-eyed when people talk about the European Union. Nor is he scornful, though, of the EU's real accomplishments and possibilities. This is a rare, hard-headed, and balanced look at an important part of the current geopolitical landscape. Read and learn.’ -- William Kristol, The Bulwark‘Dalibor Rohac‘s new book on Europe and the future of the European Union is elegant in style and thought-provoking in substance. Amidst Russia’s war on Ukraine and challenge to the European security order, Rohac asks penetrating and important questions about Europe’s political personality. With a robust defence of the West and constitutional liberalism, Rohac argues for European pluralism – a James Madison-style approach to European cooperation and power. It should be read by both scholars and political leaders!’ -- Fredrik Erixon, European Centre for International Political Economy (ECIPE), Brussels‘Dalibor Rohac takes a close look here at the European Union. Unlike most conservative scholars who question the usefulness of multilateral institutions, he offers a very well-documented perspective on why the EU is here to stay – despite deep divisions among its members, despite frequent bureaucratic stalemate, and despite a nationalist momentum exemplified by Brexit. This is a book that should be read widely by policymakers and college students alike. For students, the extensive footnotes alone offer important guidance to the EU's often obscure decision-making processes and policies.’ -- – Charles Gati, Johns Hopkins University, US‘Dalibor presents a future vision of the EU which does not go as far as the United States of Europe or Federal Republic of Europe that many EUphiles wish to see. Instead, he calls for a more flexible arrangement recognising both the strength of the pluralism of Europe and the common interests of member states. This book deserves to be read by those who take an interest in EU affairs whether a believer in the project of political integration or a sceptic.’ -- Lord Syed Kamall, St Mary’s University, Twickenham, UKTable of ContentsContents: Preface 1. A glass half full or half empty? 2. The light that did not fail 3. The enlargement hangovers 4. What is European integration for? 5. Out of the Euro trap 6. Shared challenges, divergent interests, decentralized solutions 7. The superpower that wasn’t References Index

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