This book provides evolutionary and institutional perspectives on the reform of infrastructure industries, tracing the development of this process in a number of sectors and countries.The contributors contend that infrastructure based industries such as telecommunications, public transport, water management and energy have been increasingly exposed to the dynamism of the market since becoming privatized, and have therefore been stimulated into short-term efficiency and long-term innovation. Drawing on institutional economic theory backed up with case studies such as the California energy crisis, the Dutch gas industry, oil and electricity companies in Spain and the privatization of Schipol airport in Amsterdam, the book focuses on process, driving forces, and actors' roles to explain how new balances are established between competing institutions. The degree to which the processes of institutional change are predictable and the effects of deliberate strategic interventions of governments or private actors are explored. Specific technical and sector aspects and their influence on institutional change in various infrastructures are also discussed. This book will strongly appeal to academics and practitioners in politics or industry with an interest in industrial, evolutionary institutional or public sector economics.

This enlightening and significant new volume focuses on the nature, causes and features of economic growth across a wide range of countries and regions. Covering a variety of growth related topics - from theoretical analyses of economic growth in general to empirical analyses of growth in the OECD, transition economies and developing economies - the distinguished cast of contributors address some of the most important contemporary issues and developments in the field. These include, amongst others: endogenous growth theory, Keynesian theories of the business cycle and growth, unemployment and growth, FDI and productivity spillovers, and knowledge externalities and growth. This useful analysis of the many facets of economic growth will be an essential read for those interested in economic theory and economic policy-making, as well as students and scholars of macroeconomics and finance.

The book explains the impact of bank business models on company business models by discussing the relationship among banks decision-making processes, sustainable values creation in company business models, and ESG risk. The monograph provides a combination of financial and management-related activities, in the context of bank business models, taking into account the concept of sustainability, and will be of particular interest to both in-house practitioners, giving them innovative knowledge about the models presented and used, and to students and young researchers. The project is financed within the framework of the program of the Minister of Science and Higher Education under the name "Regional Excellence Initiative" in the years 2019 - 2022; project number 001/RID/2018/19; the amount of financing PLN 10,684,000.00.

Though the history of hikes in petroleum prices began in 1973 when the military government of Gen. Yakubu Gowon increased the price of petrol to 9 kobo per litre from the equivalent of 8.8 kobo that had prevailed before then, the politics and economics of removal of subsidies on premium petroleum products entered into the national lexicon in 1986 when the military administration of General Ibrahim Babangida announced that due to the devaluation of the Naira, the domestic price of fuel had become unsustainable cheap and was becoming a burden on the national purse. Ever since, most regimes in the country have toyed with the idea of removing the subsidies, with organised labour and the civil society usually vehemently opposed to the idea. In late 2011 the Jonathan administration announced plans to completely remove the subsidies but gave no timeline amid threats by organised labour, students and civil society groups to stoutly resist the move. On January 1 2012, the regime announced the removal of the subsidies and subsequently reiterated that its decision on the issue was irreversible. It however announced some measures, including the provision of buses, to help cushion the impact of the move. This volume takes a critical look at the politics and economics of the pro- and anti-subsidisation lobbies. It also examines the likely economic and social impacts of the move and its implications for the poor, the overall economy and the country's democratic project. _____________________________ Jideofor Adibe has been a Guest research fellow in a number of institutions across the world including the Centre for Development Research, Copenhagen, Denmark; the Nordic Institute for African Studies, Uppsala, Sweden, the Centre for Developing Area Studies, McGill University, Montreal, Canada and the Institute for Commonwealth Studies, University of London, UK. He currently teaches political science at Nasarawa State University, Keffi and also writes a weekly column for the Nigerian newspaper Daily Trust. He is equally a member of the paper's Editorial Board. _________

Terutomo Ozawa examines Japan's once celebrated post-war economic success from a new perspective. He applies a 'flying geese' model of industrial upgrading in a country that is still catching-up, to explore the rise, fall and rebound of Japanese industry with its evolving institutions and policies. The book brings together and expands upon theories developed in the author's work over many years, using them as building blocks for his flying geese model. Concepts explored include: * economics of hierarchical concatenation, increasing factor incongruity, comparative advantage (or market) recycling * the Ricardo-Hicksian trap of industrial production, Smithian growth elan, triumvirate pro-trade structural transformation * knowledge creation versus knowledge diversion, the price-knowledge/industry-flow mechanism 'a la David Hume' * the syndrome of institutional incongruity, and socially justifiable moral hazard versus degenerative moral hazard. The dynamic process of industrial upgrading is analysed in detail, and important lessons for both developing and transition economies are highlighted. This fascinating book will attract a wide-ranging readership, encompassing practitioners and academics interested in international business, economic development, trade, and political science. In addition, sociologists focussing on business and industry, and researchers on, and policymakers in, developing and transition economies will also find this book of immense interest.

The evergreen debate over government's involvement in business continues in earnest. Participants straddle all stakeholder groups, from the state itself to the private sector to the public at large. Add to that debate increasing globalisation, and now de-globalisation, and the advent of technological advances. Criticism is often levelled at a government that is slow to act or one that belatedly introduces damning regulations. Many governments are already saddled with demands spanning mega infrastructural development to bulging fiscal deficits to evening out growth across the population. The politics of the day are however synonymous with short-termism. The Covid-19 pandemic has increased the bailout burden even more. The author attempts to provide a fair assessment of the potentially complementary roles that the public and private sectors can play in a fast-changing global economy, amidst the shifting expectations of society.Related Link(s)

The authors of this unique volume provide a timely and valuable perspective on how technology and the Internet revolution are changing business and spurring development across the world, especially in emerging countries. Utilizing a framework grounded in rigorous theory, they provide a fine-grained understanding of electronic commerce adoption processes by public and private sector entities in developing countries. In so doing, they consider how each exchange encounter is shaped by, and in turn shapes, relational characteristics that form the basis for growth and development. Using a resource-based view of economies, the authors hypothesize that differences in the adoption of electronic commerce technologies in developing economies can be attributed to a sense-and-respond capability of governments with respect to new technologies, which they term 'technological opportunism'. One of their main objectives is to establish the distinctiveness of technology opportunities from related constructs, such as innovativeness, and show that it offers a significantly better explanation of technology adoption and diffusion than do existing constructs. The book examines a number of developing countries' experiences with electronic government, bringing real life experience to the adoption of an e-government model by looking at the issue from strategic as well as operational perspectives. The volume's ground-breaking research and conclusions will be of great interest to professionals, researchers and students in the areas of e-commerce and economic development; government officials of developing and newly industrialized countries contemplating e-government initiatives; and information technology managers.

'Development Financing' tackles the complicated subject of how to aid and finance the development of LEDCs. The problem, according to the writers, has not been whether or not to negotiate, but rather where and what should be negotiated when it came to tackling third world debt. As the debate reaches a stand-off between the more economically developed and less economically developed countries, this book offers several sets of perspectives (in a selection of essays) on how to appropriately manage the thorny issues of development financing.

Macroeconomic policies have come under justifiable scrutiny because of their powerful and pervasive impacts throughout the economy. This book examines the sustainability of growth-oriented macroeconomic strategies, starting from early ideas linking macroeconomic policies, growth and sustainability. A comprehensive and up-to-date literature review and theoretical framework are presented, including both macroeconomic and microeconomic analyses of the linkages between the economy and the environment. Brazil and Chile are used as case studies to illuminate and analyse the impacts and effects of differing macroeconomic policies. A variety of analytical models are used to assess these two very different countries. One important conclusion reached is that the combination of growth and economic imperfections that lead to unsustainable outcomes is characterized by not only economic, but also environmental and >social problems. A variety of policy remedies are discussed to make development more sustainable by reshaping the structure of growth. Macroeconomists, environmental and development economists as well as policy analysts and project managers in the international development community will find much to engage them within this book. Development agencies, NGOs and graduate students interested in both the theory and applications of economic growth and sustainable development issues will also find the book of great interest.

East Asia has been an area of high economic growth for several decades. The East Asian High-Tech Drive argues that to maintain the growth momentum, the more advanced East Asian economies need to pay particular attention to policies designed to upgrade their industrial capabilities. The authors argue that effectively functioning institutions, predictable commercial policies, investments in human capital and infrastructure, openness and macroeconomic stability are essential for growth and technological development. Regarding the two lower income economies in the sample, Indonesia is found to have the smallest improvement in the skill intensity of its exports, while the Philippines has registered the slowest economic growth. For both countries, industrial upgrading issues are not as imperative as achieving or regaining rapid, labour-intensive growth as both recently experienced major political instabilities.Yun-Peng Chu and Hal Hill have gathered together a strong and cohesive collection of papers written by country experts on the issue of high-tech industrialization in East Asia. They present case studies of Singapore, Korea, Taiwan, Malaysia, the Philippines, Thailand, the PRC and Indonesia. The book uses a new measure of the skill intensity of exports that, it is argued, deepens our understanding of industrialization trajectories in this important and dynamic region. There are also detailed examinations and assessments of government policies in each economy. The editors have prepared an overview chapter that summarizes and integrates the main results of cross-country comparisons in a coherent manner. Academics, scholars and researchers of economic development, industrial and technology studies and Asian studies will all find much to engage them within this book.

The early twenty-first century witnessed remarkable attempts by Africa's political leadership to promote regional integration as a means of fast-tracking economic progress, facilitating peace and security, consolidating democratic gains, and promoting the general welfare of the African people. The transition of the Organization of Unity (OAU) to the African Union (AU), as well as the foisting of a new economic blueprint for the continent-the New Partnership for Africa's Development (NEPAD), combined with the growing role of the regional economic communities (RECs) in harmonizing and creating subregional norms and standards in the political and economic arena suggests a new trend towards regionalism in Africa. Indeed, in the new regional integration architecture, the RECs are considered to be the building blocks of the integration process led by the African Union. This new impetus of a regional development strategy was largely prompted by the slow pace of economic progress on the continent, the increasing marginalization of Africa in the global economy, and the need to create regional resources and standards that would benefit the continent in all spheres of social life. A painful realization became obvious that small micro-states in Africa sticking to their political independence and sovereignty would hardly make much progress in an increasingly globalised world. A macro-states' approach of regional integration has assumed Africa's new strategy to intervene in and integrate with a globalizing world. The current regional trend in Africa has received very little scholarly attention especially in a systematic and comprehensive way. This is due partly to the fact that the processes arecurrently unfolding and there is still uncertainty in the outcomes. Poor documentation and the dearth of primary materials (especially from the regional institutions) also contribute to the lack of scholarly work in this area. This study assembles the voices of some of the most seasoned African and Africanist scholars who have constantly, in one way or another, interacted with the integration process in Africa and kept abreast of the developments therein, and seeks to capture those developments in a nuanced manner in the economic, political and social spheres. The essence of this book is to analyze those processes--teasing out the issues, problems, challenges and major policy recommendations, with tentative conclusions on Africa's regional development trajectory. The book therefore fills major knowledge and policy gaps in Africa's regional development agenda. This book is a landmark contribution in a systematic attempt to comprehend Africa's regional development strategy led by the African Union. It examines the background, nuances, and dimensions of the process, which include the basis and historiography of pan-Africanism, the transition of the OAU to the AU, the issue of popular participation in development, the NEPAD and APRM initiatives, the evolving regional peace and security architecture, and the efforts of regional institutions to facilitate democracy, human rights, rule of law and good governance on the continent. The book underscores the fact that formidable obstacles and challenges abound in the trajectory, politics, and processes of this regional development paradigm, especially as Africa navigates an uncertain future in a deeply divided and unequal yet globalised World. Thebook constitutes a major reference material and compendium for a wide range of readers--students and scholars of African affairs and African development, policy makers both in Africa and the western countries, regional and international institutions and organizations, and all those interested in the past, present and future of Africa's development process.

Since the late 1980s and early 1990s, national governments have introduced a range of policy measures designed to steer their economies along a more sustainable path. Yet how are we to know how successful these have been? This significant new book discusses the ways in which sustainable development indicators can be improved in order to both assess the impact of past policies and avoid the repetition of previous failings. Covering a broad range of indicators relating to national accounts, aggregate welfare, natural capital, ecosystem health and human-environment interactions, this volume provides an important assessment of the strengths and weaknesses of each. With contributions from some of the most eminent scholars in the field, the book competently analyses the various methods of measuring the sustainable development performance of nations, and suggests many ways in which these can be developed and improved. While the contributors might offer conflicting views, the message they convey is universal - the quest for appropriate sustainable development indicators is critically important if we are ever to bring about a fairer, sustainable and more efficient world.

This book explores the vital role of merchants within early modern China. Unlike European merchants, their Sino-colleagues have long been regarded as certain social pariahs after pre-Qin period, despite the fortune they made. The key mission of this monograph is to investigate whether the standing of merchants in the Ming Empire has been improved compared with their predecessors. Generally, their status is reflected in state-merchant relationship and their role in the market, which can be found in miscellaneous economic activities such as market monopoly, commercial taxation, international trade, and consumption. This book aims to be of relevance to students and researchers interested in early modern history, eastern commerce, Ming merchants, and contemporary global affairs.

This book studies China's international relations, development strategies and development path. It provides an objective and in-depth analysis of areas including international relations in the context of China's population and resource environment, ways to strengthen China's external competitiveness, strategies for economic security and China's trade currency, Sino-US relations in the 21st Century, geopolitical strategy and great renaissance of Chinese culture. The book analyzes the difficulties, challenges and unique features of China's economic and social development. Further, it examines long-term and short-term social and economic issues as well as the difficulties in dealing with the issues. It provides objective and realistic suggestions for realizing China's dream of the great rejuvenation of the nation. It is a valuable source of reference for researchers and practitioners interested in China's development.

Amidst mounting global policy attention directed toward international migration, this book offers an exhaustive review of the issues and evidence linking economic development in low-income countries with their migration experiences. The diversity of outcomes is explored in the context of; migration from East Europe and from the Maghreb to the EU; contract labor from South Asia in the Persian Gulf; highly skilled migrants moving to North America; and labor circulation within East Asia. Labor market responses at home, the brain drain, remittances, the roles of a diaspora, and return migration are each addressed, as well as an exploration of the effects of economic development upon migration and the implications of long-term dependence on a migration nexus. Robert Lucas concludes with an assessment of the winners and losers in the migration process, both at home and in the destination regions, before summarizing the main policy options open to both. This accessible and topical book offers invaluable insights to policy makers in both industrialized and developing countries as well as to scholars and researchers of economics, development, international relations and to specialists in migration.

Throughout American history, periodic cycles of economic change have fundamentally reordered the way we work, the organization of business and markets, the role of government, and even the nature of politics. If we are to control our future, we must understand this process of change. These economic transformations are powered by the emergence of waves of new technologies. In the 1890s, the development of electricity and cheap steel led to a new, factory-based economy. In the 1940s and 1950s, automation and advances in electronics and chemicals created a new national corporate, mass-production economy. Since the 1990s, an information technology revolution has again created a robust New Economy. Robert Atkinson examines this process of change over the past 150 years and explores the responses of people and institutions. The book then analyzes today's New Economy, including the new information technology system, and effects on markets, organizations, workers, and governance. Taking into account the historical record, the book discusses the shortcomings of prevailing liberal and conservative economic doctrines and lays out a new growth economics agenda aimed at maximizing the productivity-enhancing forces of the New Economy. Anyone interested in American history as well as the future contours of our economy will find Dr Atkinson's insightful analyses a fascinating guide to the past and a provocative challenge for the future. Economists, business leaders, scholars, and economic policymakers will find it a necessary addition to the literature on economic cycles and growth economics.

This book reveals significant lessons on how economic prosperity was secured for people over three decades in eight Asian countries. It focusses on the careful way in which these nations designed and implemented pro-growth, liberal economic and financial policies. A new phenomenon - namely financial fragility - in the more liberalised fast growth Asian economies is also examined. The authors explore why only some of the early reformers among China, India, Indonesia, Korea, Malaysia, Pakistan, Singapore, and Thailand succumbed to a serious financial crisis in 1997 whilst others did not. They also analyse the impact of policies implemented by the crisis-hit economies, either under the IMF restructuring programs or independent pursuit of capital and currency controls. The book goes on to identify the weaknesses of the banking sector in order to explain the reasons behind the financial crisis. The book concludes with lessons for other emerging economies undertaking economic and financial development through liberalization. These examples reveal policies that could be prescribed in order to prevent future problems. Focusing on post-crisis reforms and their policy impacts, and on post-crisis evaluation of restructuring implemented in the financial sector, this book will appeal to academics and those with specific interests in Asian studies and/or banking and finance. Policymakers - in particular those at central banks and treasuries, along with professionals in financial institutions and multinational firms, will find the book to be a fascinating read.

China's Economic Development, 1950-2014: Fundamental Changes and Long-Term Prospects is a comprehensive and up-to-date analysis of Chinese economic development from 1950-2014 focusing on current world-wide attention to the economic reform. Chu-yuan Cheng covers a wide range of topics, including the cultural effects and ideological influences on China's economic development; the process of China's transition from a planned to a market economy, leadership changes and the root of the Cultural Revolution; the machine-building industry and scientific and engineering manpower in China; China's new development plans in the twenty-first century and the process and consequence of the "Quiet Revolution"; the international economic relations including the U.S.-China, Sino-Japanese economic relations and access to WTO; economic relations across the Taiwan Strait and the formation of the Greater China Economic Sphere; and the long-term development prospect of the Chinese economy in the twenty-first century and beyond.

In spite of massive flows over the past 50 years, aid has failed to have any significant impact on development. Marginalization from the world economy and increases in absolute poverty are causing countries to degenerate into failed, oppressive and, in some cases, dangerous states. To address this malaise, Ashok Chakravarti argues that there should be more recognition of the role economic and political governance can play in achieving positive and sustainable development outcomes. Using the latest empirical findings on aid and growth, this book reveals how good governance can be achieved by radically restructuring the international aid architecture. This can be realised if the governments of donor nations and international financial institutions refocus their aid programs away from the transfer of resources and so-called poverty reduction measures, and instead play a more forceful role in the developing world to achieve the necessary political and institutional reform. Only in this way can aid become an effective instrument of growth and poverty reduction in the 21st century. Aid, Institutions and Development presents a new, thoroughly critical and holistic perspective on this topical and problematic subject. Academics and researchers in development economics, policymakers, NGOs, aid managers and informed readers will all find much to challenge and engage them within this book.

This book, the first of two volumes, examines ancient civilizations to explore the ethical foundations of modern economic systems. The origin of ethical values is analyzed from a historical context and, through investigating the spread of the Aryan civilization from India into the rest of the world, the links between ancient Russia, India, Japan, and Greece are highlighted. By examining the business management in these societies, the development of an ethical system is explained. This book aims to highlight how trust is fundamental to transactions within an exchange economy. It will be relevant to those interested in economics, development studies, international relations, and global politics.

Following China's accession to the WTO in 2001, reform of its science and technology system has deepened. This book provides an in-depth analysis of the high-tech sector, examining Chinese high-tech industry policy, the emergence of industrial clusters, the R&D activities of multinational corporations operating in China, and the prospect of commercialization of high-tech achievements. The authors argue that since commercialization has become the ultimate objective of innovation activity, the relationship between R&D facilities, the local economy and local enterprises has become closer, thereby boosting the technology innovation capability of the corporate sector. They go on to explore regions with the greatest scale and depth of high-tech industry development: Beijing, Shenzhen, Shanghai and Shaanxi; which now serve as models for other regions. The book concludes that although high-tech exports have become an important contributing factor to China's economic growth, the country still has no effective mechanism for high-risk investment, therefore Chinese high-tech enterprises still find it difficult to secure financing. This book will strongly appeal to those affiliated to multinational enterprises: managers, brokers, dealers and investors, as well as academics and researchers specialising in business economics and Asian studies.

The World Bank remains one of the most prominent actors in the field of global development, and one of the foremost international organisations in contemporary global politics. Over its history, its lending for housing has developed by prioritising financial sector expansion over the needs of low-income groups. Through this book, Liam Clegg explores the factors influencing change in the World Bank's operational practices, and the contribution of these operations to state transformations across the global South. The author outlines three main operational phases, in which the Bank prioritised: improving informal settlements, strengthening governments' housing finance programs, and expanding mortgage markets. Constrained experimentalism is identified as the driver of this changing focus, with trial and error-based learning interacting with personnel shifts and borrowers' reform trajectories to shape outcomes. In addition to reviewing relevant institutional dynamics at the World Bank, particular attention is paid to the impact of projects on housing system transformations in Mexico, China, and Tanzania. Overall, the declining focus on the housing needs of lower-income populations leads Clegg to label World Bank lending in this area as an exercise in mortgaging development. This valuable study of the field will be an important resource for researchers, postgraduate and advanced undergraduate students from across the fields of political science and international studies.