Search results for ""edward elgar publishing ltd""

This book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss important but neglected issues on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.This book will be of interest to practitioners, researchers and policymakers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.

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Nancy and Richard Ruggles's seminal work on prices has a contemporary relevance for modern-day theorists and practitioners. These carefully selected essays provide a core analysis of pricing systems and the behavior and measurement of prices.Initially, the authors examine pricing systems and the role of prices in the theories of value and income distribution. They examine the theory of marginal cost pricing and the welfare basis of the marginal cost pricing principle before focusing on the problems of measuring price changes over time and space. They also examine the reliability of domestic price statistics and price indices and offer an evaluation of the wholesale price index. They expand this analysis to examine the behavior of prices, costs, wage rates and earnings in the United States economy, placing particular emphasis on inflation between 1950 and 1973 and on price stability and economic growth.This book will be invaluable to academics, statisticians and policymakers with an interest in micreoconomics and pricing.

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This innovative book analyses the geographical patterns in foreign direct investment flows by combining elements from the theory of international production and the theory of economic geography. It develops a model for explaining why foreign direct investment is attracted to certain locations.The book examines foreign direct investment from a spatial perspective and considers how knowledge, regional synergies, economic integration, corporate strategies and networking affect patterns of investment. Using a model, Robert Morsink derives sets of determinants for different foreign direct investment patterns of multinationals and evaluates the corporate strategy behind these flows. First, he analyses investment flows within the European Union. Then, he goes into investments originating from the United States, Japan, Germany and the Netherlands and destined for Western Europe, South and Southeast Asia and North and South America. These analyses enable him to make suggestions for government policy at both the national and international level to attract foreign investment.Foreign Direct Investment and Corporate Networking will be of interest to economists working in the areas of international trade and investment, economic geographers and corporate strategy advisors as well as to policymakers from government and non-governmental organizations.

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Globalization is a largely ungoverned process of deepening integration, in which American firms are the most active agents of structural change. There are general benefits, in terms of growth and employment, but there are also costs which can generate pressures for protection of the US home market. The book discusses that prospect while reviewing the expansion of interdependencies between the USA and the rest of the world.The authors address questions in current business and policy literature regarding the structural linkages evolving in the globalization process. The authors conclude that the US administration and American firms have to be more responsive to the interests of the international community that are being vitally affected by the integrating effects of transnational production and world trade.Globalizing America will be important reading for international business and international political economy scholars, and for planners in multinational firms.

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Using strategic game theory, this innovative book carefully reviews the detailed negotiations between industry, regulating agencies and third parties in environmental policy implementation. The analysis is underpinned by an institutional comparison of German and US administrative and environmental law. After presenting an alternative model to address real-world bargaining, Markus Lehmann provides an economic rationale for the use of case-to-case regulation, a policy instrument traditionally neglected if not rejected by environmental economists. He discusses how and to what extent the shortcomings of this instrument can be overcome by a specific institutional design. He presents a clear-cut policy conclusion which is shown to be quite robust under different model structures and varying sets of assumptions. This pathbreaking study will be essential reading for economists studying environmental economics and political economy, political scientists working on policy implementation and design, as well as lawyers interested in administrative law and standing, and the economic theory of the law.

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This book demonstrates alternatives to the lecture and chalkboard approach that dominates the teaching of economics, providing a range of innovative teaching techniques and examples aimed at engaging undergraduates in the learning of economics.The editors provide a brief history of the teaching of economics in higher education, as well as a review of current undergraduate teaching practices. Some of the field's leading educators then demonstrate alternative practices in three main sections: 'Active and Cooperative Learning', 'Writing, the Internet, and Discovery Through Sampling', and 'Examples from the World Around Us'. The topics in the twelve chapters of the book have been carefully selected based on their high potential for adoption by other instructors. Detailed, 'hands-on' examples are included within each chapter, illustrating how suggested approaches can be used in different courses and classroom situations at the undergraduate level. Also included are lists of 'Dos' and 'Dont's' to guide instructors through the successful implementation of activities.This book will be of great practical value to teachers of economics as well as administrators responsible for undergraduate instruction.

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This seminal work offers a carefully edited collection of Ryuzo Sato's pioneering contributions to the analysis of the theories of production, preference, stability and dynamic symmetry in economics.The author examines production functions and preference functions containing both goods and money and studies the stability of general equilibrium systems and economic conservation laws. The book also includes Professor Sato's groundbreaking work on the application of Lie group theory to the estimation of technical progress.This important book will be welcomed by scholars interested in technical change and progress.

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This unique book - informed by ten years' research - focuses on intellectual property and charts the global transition towards intellectual capitalism with technology-based corporations as prime movers. The book gives a comprehensive overview of the history and fundamentals of intellectual property as well as a textbook introduction to the field.The book sheds new light on the economics and management of intellectual property in large corporations in Europe, Japan and the US. Special emphasis is given to strategies for the acquisition and commercialization of new technologies, patent strategies and strategies for secrecy and trademark, technology intelligence and corporate management of intellectual property. It includes an in-depth study of leading large corporations in Japan - including Canon, Hitachi, Toshiba and Sony. In conclusion, it explores the possible evolution of intellectual property management towards a distributed intellectual capital management in the context of a wider transition to intellectual capitalism, fueled by new technologies in general and new infocom technologies in particular.The book will have particular appeal to practitioners such as managers, economists, engineers and lawyers as well as students and scholars of industrial organization, economics of innovation and technical change, and management of technology.

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This unique book deals with the most serious macroeconomic failure experienced in the US in the post-war period and the great inflation of the late 1960s and 1970s. It is the first detailed analysis, using Federal Reserve documents, of the thinking behind the inflationary monetary policy during this period.The book examines documentary evidence, including minutes, memos and reports and interviews with people who were closely involved in making policy decisions, to explain the monetary policy that led to this inflation. Thomas Mayer considers forecasting errors and wage and price controls in his attempt to explain why the inflation occurred and places some of the blame on ineffective operating procedures, institutional inefficiencies, and political pressures on the Federal Reserve. The author concludes that much of the responsibility for the mistaken policies lies with academic economists who underestimated the dangers of inflation and encouraged the Federal Reserve to focus on an unattainable employment goal.Monetary Policy and the Great Inflation in the United States will be welcomed by economists, political scientists and economic historians interested in monetary policy

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In an attempt to make sense of changes that have taken place in the workplace worldwide, especially since the last quarter of the twentieth century, the two concepts of Fordism and Post-Fordism are often invoked. These volumes perform a valuable service to social scientists in bringing together important previously published contributions which explore this field. In their selection of articles, the editors range from the Fordism of Henry Ford to its oft-touted modern management successors - Japanisation and Toyotaism, flexible specialisation, lean production and McDonaldisation. They also provide useful criticisms of each of these developments. The editors have written an authoritative introduction which offers an informative discussion of the issues.

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This book explores an evolutionary theory of scientific knowledge, and provides the basis for a new linguistic approach to methodology.Including an original essay by the late Thomas Kuhn, this volume takes inspiration from his work in history and the philosophy of sciences. The authors highlight the critical importance of the relationship between the process of learning a language and translation, and use this to examine scientific language and interpretation. They also analyse the relationship between grammatical structure and theoretical communication in science and apply their findings to the rhetoric of Smith and Keynes. They assess the pragmatical dimension of language in the construction of knowledge, and examine its role in explaining economic behaviour and in interpreting the relationship between economics and philosophy. Finally, the authors analyse the relationship between incommensurable standards and translation from the point of view of the logical structure of lexicon, and examine the traditional theme of the 'unity of science' across the whole spectrum of humanities and the social sciences.

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This important book provides fascinating insights into the origins, development and current state of modern macroeconomics. The reader's imagination is instantly captured, and the subject matter brought alive, through conversations with fourteen leading economists including five Nobel Laureates. These interviews shed new light on the controversies witnessed in the field of macroeconomic theory and policy, the way macroeconomics is taught and the history and methodology of macroeconomic research. Their illuminating and contrasting discussions provide students and scholars alike with a unique, highly accessible and enjoyable way to explore the ever-changing landscape of modern macroeconomics.The major economists featured in this book are:Alberto Alesina Olivier Blanchard Mark Blaug Robert W. Clower David C. Colander Milton Friedman Robert E. Lucas, Jr. Gregory Mankiw Franco Modigliani Edward N. Prescott Paul C. Romer Robert M. Solow John B. Taylor James Tobin

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This comprehensive new collection provides a careful selection of the major writings to have appeared in the field of foreign direct investment (FDI) and technological change since 1966.It has been prepared by one of the leading contributors and pioneers in this field, and is an area of research that has attracted a steady growth in interest over the last thirty years.After a new introduction which critically surveys the literature, the collection provides a comprehensive coverage that incorporates the early analysis of FDI and technology; the theoretical foundations of the analysis of technological change in multinational firms; theoretical models and empirical studies of technology transfer; the internationalization of technology creation; technology-based inter-company alliances; the co-evolution of FDI and technological development at country level; the geographical localization of the technological efforts of foreign-owned affiliates and technology spillovers between firms.

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The people of the Middle East face puzzling political realities as they enter the new millennium. Robust Western-style democracies have not yet emerged in the Middle East, yet at the same time, many Middle Eastern countries have experienced an important increase in political liberties in the last two decades.Economic Development and Political Reform addresses critical trends in the Middle Eastern political economy in the 1980s and 1990s and builds upon the cross-regional political science literature concerning political and economic reforms in the developing world. The book argues that external capital has had a decisive impact on economic and political development in the region.The author focuses mainly on Turkey, Morocco, Egypt and Kuwait and also considers important developments in other Middle Eastern countries. He demonstrates that Middle Eastern states lacking substantial exogenous revenues - including oil and foreign aid - have experienced severe fiscal crises and have been forced to pursue neo-liberal economic strategies. By contrast, those states with greater exogenous resources have undergone milder economic crises and developed more populist economic models.Providing new theoretical perspectives on Third World political and economic reform, this innovative volume will be of particular interest to political economists, international governmental and developmental organizations, international financial institutions and non-governmental organizations in this region.

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Since the celebration of the bicentenary of The Wealth of Nations, the last twenty years have seen a burgeoning interest in Adam Smith's contribution to economics. Jan Peil's book aims to provide a new model for interpreting Smith's contribution to economic science. This model elucidates Smith's vision of the free market economy by placing it in the historical circumstances of the time. In the first part of the book the author discusses how we should read Smith and outlines the new hermeneutical model of interpretation of his economic thought. For example, in reviewing The Wealth of Nations, the author places Smith's work firmly in the context of moral philosophy and the debate on the sense and meaning of the emerging commercial society which was taking place in the 18th century. In discussing Smith's economics, the author clearly focuses on the question: why should we re-read Smith and according to which model of interpretation? Finally, he discusses the relevance of reinterpreting Smith's economics as part of moral philosophy for today's debate on the principles of economics.This innovative book will be of great interest to historians of economic thought and political economy, scholars and students of the philosophy and methodology of economics and all those interested in Adam Smith and his relevance for economics today.

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Beyond the New Public Management is an important book which provides a comprehensive analysis of current conceptual debates in public management and governance; and critically reviews attempts made over the last two decades to apply the 'new public management' model in developed and developing countries.The book brings together a number of outstanding specialists who examine the range of ideas and concepts of the new models of reform, paying particular attention to the 'new public management' model and to strategies of good governance. It evaluates progress made by governments and aid donors in putting these ideas into practice. Using case studies from both the developed and developing world, it emphasises the extent to which public management and governance reforms are being applied throughout the international arena. The examples used focus on the problems of policy and institutional transfers between the industrialised world and developing countries. Multidisciplinary in its approach, the book draws on literature and research from management studies, political science, sociology, economics and development studies; and points to issues likely to dominate the future research agenda.This thoughtful and wide-ranging book will be essential reading for academics, students and practitioners of public management, public policy, governance and development.

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This important book provides a systematic and quantitative analysis of the development of the software industry: the major growth industry in advanced economies of the world. It presents the results of a comprehensive set of industry surveys to shed light on the differences in specialization and performance of US and European software firms.Salvatore Torrisi analyses the development of the software industry within the context of theories of technical change. He interprets exhaustive surveys of firms participating in software industries conducted between 1990 and 1997. These reveal the main characteristics of innovation activities in software, including the characteristics of product and process innovations, the sources of technological change within firms, the instruments for the protection of innovation and the nature of innovative skills. The author also compares the historical evolution of software activities in Europe and in the United States and explains the differences in specialization and performance in terms of the geographical proximity to leading hardware manufacturers, the size of the domestic market, regulation and public policies, including property rights and anti-trust.This unparalleled book will be required reading for academics interested in industrial organisation and the economics of innovation.

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Emissions taxes, tradeable emission permits and voluntary compliance policies are becoming the instruments of choice in controlling environmental problems at the national and international level. Careful design of these policies in second-best environments is a very important factor for their success. This book uses cutting-edge research in order to appraise their efficiency in varying market conditions.This book evaluates the impact that market power could have on the implementation of market-based environmental policies within static, dynamic and open economy frameworks. It explores the potential negative impacts that market-based instruments could have on competitiveness and examines the effects that time inconsistency in the implementation of emission taxes and emission permits could have on environmental innovation. Utilizing open economy frameworks, the contributors also analyse the impact of market imperfections on the structure of environmental polices across countries. They advocate co-operation across countries as a means to maximise the benefits from these policies.Environmental Regulation and Market Power will prove invaluable to scholars and policymakers in the area of environmental studies.

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Economic growth in Northeast Asia during the last 50 years has, by any standards, been remarkable. This major four-volume set draws together some of the most influential papers published on the growth and industrial transformation of the economies of Japan, Korea, Taiwan and Hong Kong.Volume I outlines the factors behind Northeast Asia's development which includes a discussion on the impact of the financial crisis on each of these economies. Volume II discusses the macroeconomic settings and policy regimes under which growth has occurred, with a particular focus on monetary policy, fiscal policy and financial sector development. Volume III examines the external sector and human capital formation as the key catalysts for Northeast Asia's growth, and includes discussions of labour markets and income distribution. Volume IV outlines industrial structures and the debate over the role of public policy.This important collection will be welcomed by all those with an interest in Asian studies - scholars, students and policymakers alike.

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This two-volume set offers an authoritative collection of significant papers by leading scholars in the field of international finance. Topics covered include the competitiveness of national currencies and the workings of foreign exchanges, the problems and advantages of foreign investment, the balance of trade and the balance of payments including the effects of exchange rates, and the arrangements of international payments and currency exchanges.The book presents an extensive overview of the subject and is a valuable guide to students and scholars with an interest in the workings of international exchanges and international investment.

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The Impact of Keynes on Economics in the 20th Century reconsiders the nature and significance of Keynes's theories and economic policies. It provides important contrasting interpretations of Keynesian thought, and illustrates the diversity of Keynesianism in different European countries throughout the century.The book provides a blend of theoretical and historical discussions to evaluate the contents and implications of Keynesianism. It includes reappraisals of modern interpretations of Keynes's thought, the extent to which Keynesian ideas were anticipated in different European countries and the reactions to the Keynesian revolution. In addition the authors consider the impact of Keynesian thought on institutions which embraced, rejected or developed alternatives to this school of thought. The book is divided into three main parts. The first addresses Keynesian theory. The second part presents an overall picture of Keynesian-type policies and theories throughout Europe; many of these were not necessarily stimulated by Keynes but were the outcome of national traditions and on-going debates. The third part is devoted to how Keynesian policy has been used by government and non-governmental organizations in an attempt to deal with unemployment and deflation during the twentieth century.The Impact of Keynes on Economics in the 20th Century will be welcomed by historians of economic thought, economic historians and those interested in Keynesian and post-Keynesian developments in Europe during this century.

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The prospect of simultaneously achieving a 'greener' environment, increased tax revenues and lower levels of unemployment has made ecological taxes an increasingly popular proposition. This volume examines the possibility of ecological tax reform in the Nordic countries of Denmark, Norway and Sweden. The potential for ecological tax reform is investigated on a theoretical and an empirical level. The social costs associated with environmental taxes are analysed and the impacts of a Swedish carbon tax are calculated by means of a static numerical model. Taxes on carbon, nitrogen and fertilisers are also examined. The authors find that the level of unemployment cannot be decreased by revenue neutral environmental taxes without any social costs and conclude that there are no easy ways to achieve full employment, a budget surplus and environmental sustainability. They conclude that further understanding of the functioning of the labour market, household decisions and the link between change in pollutant emissions and environmental damage is needed in order to make more concrete suggestions concerning ecological tax reforms.Green Taxes will be of immense use to academics and practitioners in the field of environmental economics.

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This book provides new insights into the performance of key economies in the Asia-Pacific region during the last three decades. It critically examines productivity growth, factor accumulation and economic efficiency at both the macro and micro levels.The authors use a variety of empirical techniques to measure the sources of economic growth in Hong Kong, Singapore, Taiwan, Korea, Japan, Malaysia, Thailand and China. The techniques employed range from traditional growth accounting to econometric frontier estimation and data envelopment analysis. As a comparison to the Asia-Pacific region, the growth experiences of G7 and 18 OECD countries are analyzed. The authors consider, among other issues, the influential role of trade in the region, macroeconomic management, income, capital, labor productivity, technology and investment. This innovative new book will be of interest to students and scholars of growth economics, public policy and Asian studies.

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This innovative book sheds new light on the various transfer processes of economic knowledge from the academic environment to the outside world. The internationally acclaimed group of authors considers the transfer of knowledge in the teaching of economics, through public policy advice, and the spread of ideas across disciplinary boundaries.The economics profession is mainly concerned with the production of economic knowledge rather than the transfer of this knowledge outside the academic economics environment. The process of the production of knowledge and its final use has not been thoroughly investigated, and so relatively little is known about how this knowledge benefits public policy, private sector decisionmaking and the transfer of ideas across the social sciences. The leading contributors, including James M. Buchanan, Bob Coates, Bruno S. Frey, Heinz Konig, Anne Krueger and Charles Wyplosz, examine the transfer of knowledge from an interdisciplinary perspective addressing psychological, sociological and cultural issues. They also look at the theoretical analysis of the transfer of economic knowledge, focusing on public choice and political economy interpretations of economic policy advice, as well as institutional and management issues of policy advice. Finally they consider the challenges of teaching economics and explore the possibility of applying the new media for transferring economic knowledge.

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In Not Just for the Money Professor Frey challenges traditional economic theory and argues that people do not act in expectation of monetary gain alone, nor do they work solely because they are paid. Furthermore, the author claims that higher monetary compensation as well as regulations crowd-out motivation in important circumstances. Offering higher pay may make people less committed to their work and may reduce their performance. They thus behave in exactly the opposite way the fundamental price-effect of economics predicts.The first part of the book considers the Crowding-Out Effect and the Motivational Spill-Over Effect. The second part explores a large number of applications to constitutional questions, various policy issues and the organization of firms. The final part discusses the substantial consequences for policy making and economic theory.This path breaking book is bound to create controversy and debate. It will appeal not only to economists but to a wide range of social scientists who want to go beyond the traditional assumption of economic man.

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This major annual publication is an authoritative state-of-the-art survey of current issues in environmental and resource economics written by the leading academics in the field.The discipline of environmental and resource economics has undergone a rapid evolution over the past three decades with the early literature focusing mainly on valuation and the design of policy instruments to correct externalities and encourage optimal resource exploitation. In the past few years, the field has broadened its scope by making numerous links with other disciplines in economics as well as the natural and physical sciences. As a result there has been an explosion in the literature which has made it increasingly difficult to keep up with developments in the field.The aim of the Yearbook is to provide economists working in environmental and resource economics, as well as those who are interested in knowing more about the field, with a comprehensive overview of the main issues written by the leading international scholars.

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This major new reference book provides an authoritative and thorough analysis of the political changes which have occurred in Eastern Europe since the demise of communism. It offers an historical, comparative perspective of the region and focuses on the social consequences of the transition, historical legacies, and variations between countries in the sequences of the changes. This comprehensive handbook includes detailed examinations of elections, the formation of governments, electoral systems, and constitutional arrangements. It features country case studies on Estonia, Latvia, Lithuania, Poland, the Czech and Slovak Republics, Hungary, Slovenia, Romania, and Bulgaria. These are supplemented by several chapters drawing conclusions on the transition to democracy in the region as a whole, and the consolidation of democracy in a post-communist setting.The Handbook of Political Change in Eastern Europe provides a state-of-the art companion which will be indispensable for students and scholars in the social sciences including transitional economics, comparative economic systems and political science, as well as for policymakers and practitioners.

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This timely book examines the effects of financial liberalization in the more advanced economies of Southeast Asia. The book also analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example. The weakness of the banking sector is examined in order to explain the reasons behind the currency crisis and to prescribe policies to avoid a similar episode in the future.Further, the book documents the individual steps taken to liberalize the economies over a period of about 20-30 years in each country. The analyses reveal that liberalization led to high growth in economies undertaking such reforms while unwillingness to take such reforms appear to have led to poor growth and hence low social development. This finding contradicts the common belief that liberalization led to the financial crisis and then to growth collapse.An efficient and liberalized financial sector is an essential precondition for promoting and accelerating economic growth and welfare. Arguments supporting this policy are based on the experience of Southeast Asian economies, particularly the pioneers such as Malaysia, Singapore, Indonesia and Thailand. This has led some less developed countries in East and South Asia to initiate the process of financial sector reforms and to realize the potential benefits of such reforms. The authors analyse the reform process and the lessons to be drawn from the experiences of these economies in their quest for sustained development in East and South Asia.

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The twin processes of integration and fragmentation have been the distinguishing features of contemporary globalization. Nowhere is this more strikingly evident than in the Asia Pacific. This first volume of a two-volume study concentrates on the geopolitical and economic transformation of Asia Pacific. It focuses on the complex relationship between the decline of ideological bipolarity, the rapid industrialization of East Asia and the tensions generated by the shifting balance of regional and global economic interests.Particular attention is devoted to the three major powers (the United States, China and Japan) and to a number of small and middle powers in particular Indonesia, Malaysia, South Korea, Australia and Canada. Underpinning the entire analysis is the complex interplay of geopolitics, economy and culture.States, Markets and Civil Society in Asia Pacific is essential reading for scholars and researchers of Asia Pacific politics and economy. The coherent analysis will also ensure the books appeal to those in NGOs and government agencies affected by, or working in, the region.

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This path-breaking book examines the effects of multinationals on the competitiveness of industry in the UK. The in-depth investigation analyses how these firms gain access to technology and questions whether or not multinationals, in their support of local technologies, improve the potential and competitiveness of local industry.The book discusses the evolution of multinationals in the late twentieth century, the role of the UK in this evolution and the theories of multinationals. It examines what these theories imply for efficiency and welfare, and the policies which affect multinational enterprises (MNEs). The authors consider the strategic positioning of subsidiaries in the UK in relation to the firm's overall global investment strategy. Using detailed empirical surveys, they also look at the role of technology in multinationals and how these firms' strategies are developing in regard to this. The authors examine whether MNEs UK operations are dependent on existing technology or whether they play a more positive role in its local creation and use. Finally the role of decentralized R&D in multinationals, and the status of this in the UK, is considered.Multinationals, Technology and National Competitiveness will be welcomed by those interested in international investment, business strategy, technology and innovation and public policy.

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This volume offers a thorough empirical analysis of the experiences of the left-wing parties in post-communist states and assesses their prospects for the future.The volume examines the fortunes of the political left in selected post-communist countries: Russia, Lithuania, Hungary, Poland, Slovenia and Romania. Regardless of their individual experiences, they all face similar challenges relating to their authoritarian past. These challenges include building a civil society and combating an under-developed party system and a mercurial electorate, combined with the political and social pressures associated with the transformation to a market economy. Six country studies all address how the left-wing parties have returned to the political stage and discuss their prospects for the future. The volume finds that the left has been a resilient, and generally underestimated, force in post-communist states aided by a unique combination of history, geography, commerce and social/cultural values.This book will be of interest to students and scholars as well as policy practitioners with responsibility for post-communist regions.

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The structures of the world's national and international, political and economic institutions have largely resulted from intuitive and ad hoc organization with reforms taking place on a costly trial-and-error basis. This book offers a comprehensive evaluation of the tools which can be used for a more rational and formal approach to institutional design.As new institutions and, indeed, new national governments are being formed and developed all the time, there is a considerable need for formal models that can facilitate their design. This book offers conceptual approaches and theories that shed new light on how various social and political institutions can emerge as the outcome of goal-directed rational behaviour. The author provides tools for evaluating existing institutions and for setting up new ones, demonstrating the applicability of decision and game theoretic tools, social choice theory and mechanism design to the construction of political and economic institutions. Using these approaches he particularly discusses the practical implications for the design of institutions in the European Union.This important book will be welcomed by students and scholars interested in government and political science, rational choice theory, methodology in the social sciences, and the microeconomics of rational behaviour.

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Population ageing is an important trend which will be experienced in industrialized countries in the early years of the next century. This significant book examines aspects of population ageing and pensions, with an emphasis on the design and use of simple economic models to focus on particular aspects of a very broad problem. The analysis of pensions presents many complex problems. A major aim of this book is to demonstrate how reasonably simple economic models can be designed and used to shed some light on the issues involved in population growth and pension provision. The basic analytics of population growth and pension structure are first explored. Projections for Australia are examined and used to model ageing and social expenditure and to estimate the 'burden' of aged care on future workers. The author goes on to investigate pensions and pension finance, and examines several types of economic model before turning to the analysis of alternative pension arrangements using a lifetime simulation model. The results of the study suggest that both lower contribution rates and a universal pension encourage a later retirement age.This book will prove invaluable to students and scholars of public sector economics, welfare economics, social economics and public finance.

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Flying into the Future explores the organization of air transport in the European Union. It analyses the nature of the industries supplying air transport services, the institutional structure of air transport services, and impediments to increased efficiency in the provision of air transport.The reduction in institutional barriers and regulations has led to a more efficient provision of air transport services in the EU. This book assesses the improvements in the efficiency of air transport services, and highlights institutional and physical problems impeding further efficiency gains. The authors examine airline operations, and the ability of two or more transport systems to operate effectively in tandem. They also consider how to make the boundaries between different transport networks invisible, as well as discussing issues of national organization and the juridical structures which impede operations. The analysis examines both the internal European Union market for air transport services and the links between it and the rest of the world. Other key issues discussed include: EU air transport developments in the context of global markets comparisons of recent developments in aviation policy between the EU and the United States the problems of congestion in the air transport industry in Europe the growth and significance of airline alliances. The authors not only consider the economics of European air transport but also legal, political, technical and geographical issues. They explore the problems of providing air transport in the context of inadequate information, institutional constraints, inherent market imperfections and imprecise objectives.Flying into the Future will be essential reading for industrialists, policymakers and academics interested in transport economics and transport policy.

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The Makers of Modern Economics, Volume IV builds on the three previous volumes in presenting the intellectual development of some of the twentieth century's leading figures in modern economic theory. The first volume in this series was acclaimed by Professor David Audretsch as 'a unique insight into the thoughts and lives of prominent economists'.In this fourth volume, Richard H. Day, Geoffrey C. Harcourt, Duncan K. Foley, Ken Binmore and Hirofumi Uzawa offer intimate insights into their careers and their research to date as well as taking a broader view of economics as a discipline and considering future directions. They reflect on their development, the problems and issues that interested them and the individuals who guided and influenced them.The Makers of Modern Economics, volume IV provides the academic, student and researcher with a fascinating insight into the life and work of some of today's most inspiring economists.

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Recent crises in emerging markets have raised doubts about the desirability of relaxing controls on capital mobility. George Fane, however, uses evidence from the crises in Asia and Latin America to reassert the traditional case that such controls are an excessively blunt instrument for achieving financial stability.This book argues that recent official proposals for reforming the 'international financial architecture' are also unlikely to reduce the frequency of currency and financial crises to an acceptable level. The author proposes an alternative plan to achieve greater financial stability: banks should have to double the currently accepted percentage of capital to risk-weighted assets from 8 to 16 percent and the risk-weights for loans to emerging markets should also be raised substantially the financial sectors in emerging markets should be fully opened to foreign competition bankruptcy procedures in emerging markets should be greatly strengthened central banks should adopt flexible exchange rates, backed by credible targets for inflation or monetary growth. If flexible exchange rates are not adopted, central banks should at least avoid the widespread practice of trying to sterilise the monetary effects of capital flows The author argues that the implementation of this plan will be a far more effective way of enhancing financial stability than controlling international capital flows, or trying to force private lenders to make new loans to countries that suffer crises.This book will be required reading for scholars and policymakers in the areas of international financial economics, financial regulation, development economics and Asian studies.

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A complex relationship exists between democratic politics and the management of the environment. Democracy and the Environment presents major new work on the challenges and dilemmas which environmental problems pose for the processes of democratic politics. The relationship between environmental values and goals and democratic theory and practice is explored through original essays by established scholars whose conclusions are then integrated by the editors into a concluding essay. This major book illustrates and analyses the many ways in which environmental problems pose difficulties for democratic decision-makers. Environmental problems impact across established regional and national boundaries, and involve complex social processes, intricate patterns of loss and gain, and time scales which do not synchronise with electoral political systems. The essays in Democracy and the Environment reflect critically upon the experience of democratic states, explore the contradiction between popular participation and environmental management, and consider the kind of reforms needed to enhance the capacity of democratic systems to handle environmental problems.Focusing on the democratic process and combining theoretical and empirical analysis with discussion of the pragmatic implications, the authors present constructive criticism and analysis which seeks to encourage more effective environmental decision making and the promotion of global sustainable development.

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This book provides an up-to-date analysis of some of the key issues facing the European Union on the (potentially rocky) road towards monetary union and enlargement. A wide range of topics is covered from a diverse and critical perspective.After addressing general questions concerning the deepening and widening of European integration, the authors include theoretical and empirical analyses of the implementation of EMU and its feasibility. They also consider convergence and development within the European Union, and the lessons to be learnt from the Nordic enlargement, as well as the experience of the Southern periphery. While the economic dimension is pervasive, the development of European Monetary Union will also be highly dependent on internal political developments and inter-member bargaining.

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Alternative Theories of the Firm provides a range of fundamental readings embracing the economics of firm behaviour from a non-neoclassical perspective. The collection covers several basic topics including: the importance of transaction costs and agency theory for the analysis of firm behaviour; capabilities and resource-based theories of the firm; the economics of firm strategy; behavioural theories; Austrian theories; evolutionary theories; and the historical development of firms. The readings include selections from traditional masters as well as writings by more recent authors. This collection will be of great value both to scholars who want a summary of developments in the field and to students of industrial economics and corporate strategy.

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This volume - the summary of a five-year research programme - describes and assesses the Scandinavian approach to local public finance. A key role of local finance in Scandinavia is redistribution in the form of a wide array of social services that are largely financed at the central level.

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>Biotechnology and Competitive Advantage investigates the development of biotechnology in Europe and the United States. It examines why Europe has fallen behind in applying biotechnology, when its scientific capabilities are largely comparable to those in the US. In addition it sheds new light on the wider context of the theory of growth of new technologies.This innovative book brings together a wide range of material concerning socio-economic aspects of the development of biotechnology in Europe and the US. Issues discussed include: European policy for biotechnology, in individual countries and at the European Union level risk regulation and the ways in which industry, regulators and non-government organizations manage risk regulation and the perception of risk the formation and roles of biotechnology firms in Europe and the US and their relative capabilities gene therapy development in Europe and the US the impact on Europe of overseas biotechnology research by European multinationals. This book argues in favour of developing an integrated research and development system which will strengthen the research and development capabilities of all the actors involved.This book will be of great interest to science policymakers; businesses and academics studying the development of biotechnology and students of economics and business studies throughout Europe and the US.

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This in-depth analysis of direct investment in transition economies provides not only original insights for economic policy in Central and Eastern Europe, but challenges some of the theoretical foundations of the multinational firm.Foreign investment is important in promoting economic growth and development, and this book examines the determinants of foreign direct investment under the unique conditions of the transition from central planning to market economies. It begins by reviewing the business environment and the conditions facing foreign investors, and assessing the existing statistical and qualitative evidence. Dr Meyer then analyses the theoretical literature and extends this in an empirical analysis investigating the investment decision of firms entering Central and Eastern Europe. The book also critically examines transaction cost theory and the theory of the multinational firm under the special conditions of economic transition. It points to a reorientation of international business research which will need to focus on firms as organizations rather than firms as substitutes for imperfect markets. Direct Investment in Economies in Transition will be essential reading for students and scholars of international business and transition economics. It will provide valuable insights for policymakers within the region about the forces driving foreign investment.

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This important book highlights the conflicts between economic growth and the conservation of nature in the context of sustainable development. It places particular emphasis on biological diversity and examines possible policies for resolving conflicts which arise from the contrasting goals of conserving the natural environment and economic growth. The book opens with an overview of the challenges of economics, nature conservation and sustainable development and goes on to discuss general principles and broad policies. Case studies from China and north-east India help illustrate important economic and social principles involved in nature conservation. General issues examined include: the value of environmental and resource economics in planning sustainable development the importance of biodiversity conservation for sustainable development and for the stability and sustainability of ecological systems the impact of economic globalization and market systems on the conservation of nature priorities for the financial support of protected areas the extent to which ecotourism can be harnessed to reconcile economic utilisation of an area with nature conservation the costs and benefits of conservation financing the management of nature reserves This book will be essential reading for economists interested in the environment, ecology and development.

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This timely book provides an innovative examination of financial integration in the European Union - an issue that has become of paramount importance in view of the commencement of European Economic and Monetary Union.The author begins by assessing three different methods of financial integration in the European Union: interest parity conditions, savings-investment correlations and consumption correlations. He goes on to examine the fundamental determinants of financial integration and analyses the factors likely to influence the movement of capital within the European Union. The blend of empirical and theoretical research provides the reader with a comprehensive account of the progress made in integrating financial markets in the European Union.Integrating Financial Markets in the European Union will be essential reading for students and scholars of monetary economics, international finance and European integration. It will also prove useful to practitioners and policymakers working in central banking and government.

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This is the first of two books in honour of Brian Loasby which simultaneously pay tribute to the contributions he has made to economics and extend the realm of Loasby-inspired economics.The book includes new contributions from an internationally acclaimed group of authors including Israel Kirzner, Peter Swann, Giovanni Dosi, Peter Groenewegen, Richard Langlois and Don Lamberton. Together, they draw on and extend Brian Loasby's work in developing and applying theories of organization and knowledge. The book opens with an introduction to Brian Loasby's career, influences and research. This is followed by an examination of issues raised by the analysis of markets and entrepreneurial behaviour, focusing on Marshallian and Austrian approaches. In the middle of the volume the human action theme is maintained but the focus is shifted onto the dynamics of consumer demand. The final group of chapters apply a history of economic thought perspective to problems of information and knowledge, and aspects of scale and internal organization.Economic Organization and Economic Knowledge will be welcomed by those economists working in the areas of microeconomics particularly markets, innovation, the theory of the firm, consumption, information and knowledge and competition.

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The siting of locally obnoxious but nationally relevant and necessary facilities such as sewage treatment plants, landfills, dams and nuclear power stations is an important issue in public policy planning. In view of the negative externalities such as declining property prices, health threats, and air, water and noise pollution imposed on the local communities that house them, the location of these facilities generates a consensus among the general public aptly termed 'not-in-my-backyard' or NIMBY syndrome.Drawing on the experiences of North America, Europe, Oceania and Asia, this book offers a comprehensive review of existing conflict-resolution instruments used in the siting of these facilities. The authors highlight in particular legal and command instruments such as zoning and compulsory acquisition of land, and economic incentives such as compensation and mitigation.Using elements from areas such as game theory and risk analysis and the use of compensation auction mechanisms, the authors present a series of decision steps to provide a credible alternative methodology designed to minimise such conflicts. This innovative study will be welcomed by all those with an interest in environmental and public policy planning.

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This major Handbook offers a comprehensive analysis of the key issues surrounding the rapid expansion of Latin America's manufacturing sector. It systematically examines the most important factors influencing the comparative advantages and the globalization of manufacturing industries in the region.The Handbook of Latin American Trade in Manufactures provides a detailed account of trade and investment policies, international technology transfers, macroeconomic stabilization and structural adjustment policies and industry-specific initiatives affecting the export competitiveness of Latin America's manufactures. The four major parts of the Handbook contain detailed assessments of regional and country-specific developments in manufacturing trade, and the statistical appendix provides essential information on the countries of the region.This Handbook will be welcomed by a wide range of economists in the fields of international trade and investment, industrial organization, development economics and Latin American Trade. It will also be of interest to business analysts and policymakers concerned with the formation of trade strategies.

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This important two volume collection of previously published journal articles and book excerpts provides an extensive array of readings in the economics and politics of international trade and investment policy.Volume One focuses on the globalization of business and links policy issues to economic and political theory and to the strategies of corporations. Volume Two concentrates on multilateral institutions and agreements, regional arrangements and linkages among trade, investment, labour and environmental policy issues.The articles included in this collection have been drawn from diverse sources and represent analyses by scholars of many persuasions and nationalities.

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