In language that is understandable to non-economists, this work introduces readers to the interrelationship of politics and economics in America - how economics influences public policy and how public policy can impact the economy. Readers learn how the U.S. economy works (domestically and in its global connectedness), how to measure economic performance, how government intervenes in the market to influence economic performance and redistribute resources, and how policymakers act to protect the public interest in an economic system based on private interests. The author provides historical background for contemporary problems. He explains basic economic and policymaking concepts in an issue-relevant context, with concrete examples inspired by ongoing policy debates in Washington regarding production and employment, commodity prices, Social Security and Medicare, budget deficits, national debt, trade deficits, and more.

Has Japan developed its own unique economic model? For years, Americans concerned about the Japanese economic challenge have heatedly debated this question. Now, a senior Japanese government official weighs in with a resounding 'Yes.' In this work, Eisuke Sakakibara of the powerful Japanese Finance Ministry describes the fundamental, structural differences between the American and Japanese economies, defends the Japanese approach, and warns that U.S. policies seeking to Americanize our strongest competitor are doomed to fail. This ground-breaking study is vital reading for anyone concerned about the world's two economic superpowers and the global economy being shaped by their rivalry. Co-published with the Economic Strategy Institute.

When first published, Capitalism as if the World Matters, by one of the leading 'eco-warriors' of our time, shocked a generation of both environmentalists and business people. Jonathon Porritt brushed aside their artificial battle lines with a powerful argument that the only way to save the world from environmental catastrophe is to embrace a new type of capitalism, and to do it quickly. In this substantially revised and updated edition, Porritt extends his powerful and controversial argument by providing fresh evidence and suggesting new actions. New content includes in-depth coverage of the USA, with case studies examining the role of huge American corporations such as Wal-Mart and General Electric, plus a close look at China and the global impact this economic giant may have in the twenty-first century. This is a must-read for everyone who has a stake in the future of the world, from business executives to environmental activists, from community leaders to the politicians with their hands on the levers of power. Published with Forum for the Future

There are many misconceptions and concerns regarding Islamic societies and how Muslim countries have failed to come up with their own localised solutions to socio-economic problems in dealing with poverty alleviation and societal development. This book explores why there is so much disconnect between spirituality and enterprise development in the world today, and how a part of the Islamic world, in fact located in Pakistan, can be part of the solution rather than being central to the problem. This book builds upon Ronnie Lessem and Alexander Schieffer's theory of 'integral dynamics' which works through a fourfold rhythm of the GENE. Set against a mono-cultural perspective, the authors highlight the ever-increasing and deepening divide between Western and Islamic cultures. Through the course of the book, the authors use the transformational GENE (Grounding, Emergence, Navigation, Effect) rhythm developed by Lessem and Schieffer to take readers through the 4C (Call, Context, Co-creation and Contribution) process, articulated to CAREing-4-Society. They ground their call in Akhuwat's community of Akhuwateers (donors, beneficiaries, borrowers, volunteers and replicators), to explore alternative models of spiritually based finance through an emerging SOUL-idarity paradigm. Furthermore, through these models and Akhuwat's CARE (Community, Awareness, Research, Embodiment) process, they put forward that encouraging community activism, raising awareness around Islamic practices of Qard-e-Hasan, institutionalising their innovative research, and finally transforming and educating the community, will provide an alternative to microfinance for poverty alleviation. Showcasing an unconventional spiritual-financial solution, deeply immersed in spirituality and infused with local moral values and traditions, this book demonstrates how poverty can be alleviated in countries around the world, specifically, in developing Muslim countries.

This book explores the underbelly of globalisation - the illicit networks of money, drugs, people and arms that make up a multi-billion dollar illegal economy. This is the dangerous world of trafficking, identified by developed countries as the major threat to international order. In their eyes, it brings unwanted and undocumented people into the hidden crevices of affluent societies; guns and drugs are exchanged for access to the global market through the backdoor. As a result, trafficking is scrutinised, vilified, outlawed, even as free trade is celebrated. Gargi Bhattacharyya argues that trafficking is the unacknowledged underside of globalisation. The official economy relies on this illegal economy. Without it, globalisation cannot access cheap labour, it cannot reach vulnerable new markets, and it cannot finance expansion into the places most ravaged by human suffering. Traffick has become the secret basis of global expansion.

A classic work in political philosophy, intellectual history and economics, The Road to Serfdom has inspired and infuriated politicians and scholars for half a century. Originally published in 1944, it was seen as heretical for its passionate warning against the dangers of state control over the means of production. For Hayek, the collectivist idea of empowering government with increasing economic control would lead not to a utopia but to the horrors of Nazi Germany and Fascist Italy. This new edition includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought. Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes. Supplemented with an appendix of related materials and forewords to earlier editions by the likes of Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Friedrich Hayek's enduring masterwork.

This book examines the failure of economic reform in Russia since 1991, when Boris Yeltsin proclaimed his commitment to economic stabilization, privatization, and price liberalization. Optimism over Russias market reforms vanished with the crash of August 1998, when the ruble lost over 70 percent of its value and banks defaulted on their debts and forward currency contracts. Contrary to Yeltsins reform promises, the Russian economy of the 1990s more closely resembled a Soviet model than a market-driven one. The Logic of Economic Reform in Russia illuminates the general problems of establishing market economies in settings where the institutional system to support the market has not had decades to develop. Suggesting that corruption may be associated with growth in the early stages of capitalism, Jerry F. Hough argues that the disappointing results of Yeltsins reform efforts were not the product of Russian culture or history, but the logical consequences of rational men responding to the incentive system created by economic reform.

The entry of foreign capital and the adoption of free trade provoked fierce conflicts in many countries of South America during the twenty-first century. In Colombia and Peru, people engaged in clashes, sometimes violent, to defend their livelihood against the encroachments of the free market and the impositions of Wall Street. Farmers organized to save their lands from foreign mining corporations, and cities fought to save their water from toxic contamination. Indian tribes blocked highways to preserve their ancestral lands, and students paralyzed universities to save higher education. In Venezuela the shift toward socialism mobilized those groups previously enjoying privileges. The lightning rod for the clashes in Venezuela was President Hugo Chavez, whose political career spanned most of the period covered in this book. Governments in the three countries tried to quell the turmoil through a combination of corruption, repression, political maneuvering, and propaganda campaigns. Clear and brief chapters offer dramatic accounts of the struggles raging in these three countries. Both thought-provoking and exciting, the text exposes the worst characteristics of the political systems and the growing income inequality in Colombia, Peru, and Venezuela.

The dot-com boom of the late 1990s marked the coming of age of the much-heralded New Economy, an economic, technological, and social transformation that was decades in the making. A highly mobile, and in many cases highly compensated, workforce faces a multitude of new risks: Jobs are no longer secure nor insulated from global competition, employer-provided health benefits are drying up, and retirement planning is almost entirely the responsibility of employees themselves.This timely book examines the challenges facing high-tech workers and other professionals and the relevance of these struggles for the future of the economy. Written by leading experts, Surviving the New Economy shows how people working in technology industries are addressing their concerns via both traditional collective bargaining and through innovative actions. Using case studies from the United States and abroad, the authors in this collection examine how highly skilled workers are surviving in a global economy in which the rules have changed-and how they are reshaping their workplaces in the process.

Contemporary problems of economic and social change have obliged social scientists from different fields to learn much about each others' work as well as about the specific problems they are together seeking to solve. The bearing of economic conditions on the character of a social system has become more apparent to anthropologists, and, similarly, economists have become more aware of the relevance of social factors to economic decisions. This pioneering book is at the point of contact between these two disciplines, presenting detailed studies from many societies of the interaction between social and economic relationships.

The studies in this volume--all by social anthropologists --focus on the formation and management of capital, since this process is central to the economic functioning and growth of all societies. With this central theme, the essays cover a very wide geographic range and an equally wide range of social and economic structures. The book begins with an essay by Firth, who provides an extended outline discussion of the main problems and issues to be covered, and ends with an essay by Yamey, who provides summarizing comments and queries.

The volume will be especially useful to those concerned with the problems and prospects of economic and social change in underdeveloped areas, in addition to economists and anthropologists concerned with what each can learn from the other.

"Raymond Firth" (1901-2002) was professor at the London School of Economics. His best-known research was on people of the Southeastern most part of Asia as well as Oceania. He was an honorary fellow at the Association for Social Anthropology in Oceania.

"B.S. Yamey" is professor emeritus in the department of economics at the London School of Economics and Political Science. He is also an honorary fellow at the university.

The re-emergence of private enterprises is one of the most important factors in China's recent economic development. They will play a key role in maintaining China's high growth rate and honouring its commitments to the WTO. Despite this, they face obstacles to growth, including borrowing restrictions, high taxes, ineffective legal protection and lack of technical and information support. The authors in this book discuss these obstacles and propose measures for improving private enterprise development. They consider how private enterprises can help China mitigate its macroeconomic problems, such as unemployment, income inequality, financial disintermediation and cyclical boom and bust. Finally, they examine the lessons to be learnt from other countries in promoting privatisation.

In this collection of his latest essays, John H. Dunning - renowned authority in international business - elaborates his theories on the current situation of foreign direct investment and multinational enterprises. Global Capitalism at Bay considers the unique characteristics of contemporary capitalism, and what must be done if it is to survive and prosper in the twenty first century.

In this book, Kalyan Sanyal reviews the traditional notion of capitalism and propounds an original theory of capitalist development in the post-colonial context.

In order to substantiate his theory, concepts such as primitive accumulation, governmentality and post-colonial capitalist formation are discussed in detail. Analyzing critical questions from a third world perspective such as: Will the integration into the global capitalist network bring to the third world new economic opportunities? Will this capitalist network make the third world countries an easy prey for predatory multinational corporations? The end result is a discourse, drawing on Marx and Foucault, which envisages the post-colonial capitalist formation, albeit in an entirely different light, in the era of globalization.

This book presents an analysis of the transition process with particular emphasis on the agricultural sector in Vietnam. Focusing on the ethnic minority of the Black Thai in the mountainous regions of Northern Vietnam, the impact of the rural reform process on their livelihood is examined. The analytical tool used in this work is a stochastic frontier analysis model, whose parameters are estimated by a regression analysis. Although the transition process in general has had a positive impact on the livelihood of the population, the gap between the rich and the poor has widened during the last ten years. Imperative measures are the introduction of technical innovations in the agricultural sector and their promotion through governmental as well as national and international non-governmental organisations.

Co-winner of the 2006 Schumpeter Prize of the International Joseph A. Schumpeter Society.

This book explains the shift of the organizational landscape away from vertically integrated firms and towards more specialized entities connected by markets and networks. In doing so, it places in a larger theoretical framework the work of Joseph Schumpeter and Alfred Chandler, two of the twentieth century's most important analysts of the modern corporation.

Weaving together business history, economic theory and the history of ideas, Langlois - who won the Newcomen Award in 1992 - sorts through the competing understanding of the rise and (relative) eclipse of the multi-unit enterprise. Rather than rejecting the accounts of Schumpeter and Chandler, he offers his own nuanced and historically grounded account of the rise and success of the corporation and its subsequent unbundling.

Topical and timely, Dynamics of Industrial Capitalism is a useful resource for postgraduates and academics interested in the economics of organization, business history, economic sociology, and the history of economic thought, as well as to the general reader interested in the place of the corporation in the new economy.

The current dynamics of world economy show remarkable changes in the socio-economics of credit provision and entrepreneurship. If the emergence of the sharing economy is fostering innovative models of collaborative agency, networking and venture business, economic actors are also looking for a more sustainable development, able to foster profitability as well as community welfare. This book investigates Islamic social finance as a paramount example of this economy under change, where the balance between economic efficiency and social impact is contributing to the transformation of the market from an exchange- to a community-oriented institution. The collected essays analyse the social dimension of entrepreneurship from an Islamic perspective, highlighting the extent to which the rationales of "sharing," distribution and cooperation, affect the conceptualization of the market in Islam as a place of "shared prosperity." Moving from the conceptual "roots" of this paradigm to its operative "branches," the contributing authors also connect the most recent trends in the financial market to Shari'ah-based strategies for community welfare, hence exploring the applications of Islamic social finance from the sharing economy, FinTech and crowdfunding to microcredit, waqf, zakat, sukuk and green investments. An illuminating reference for researchers, practitioners and policy-makers dealing with the challenges of a global market where not only is diversity being perceived as a value to be fostered, but also as an important opportunity for a more inclusive economy for everybody.

The COVID-19 pandemic is a Rorschach test for society: everyone sees something different in it, and the range of political and economic responses to the crisis can leave us feeling overwhelmed. This book cuts through the confusion, dissecting the new post-coronavirus capitalism into several policy areas and spheres of action to inform academic, policy and public discourse. Covering all the major aspects of contemporary capitalism that have been affected by the pandemic, Andreas Noelke deftly analyses the impacts of the crisis on our socio-economic and political systems. Signposting a new era for global capitalism, he offers alternatives for future economic development in the wake of COVID-19.

From Afghanistan to Zimbabwe, this comprehensive reference work covers the monetary systems of 203 countries and four confederations. It provides historical and orthographical information for all monetary systems according to country. Chronologies show the evolution of each monetary unit. Orthographies summarize the commonly accepted English spelling of the unit names (singular and plural) as well as known abbreviations and symbols. There is a glossary that lists all the monetary units alphabetically, identifies their countries, and reveals the etymologies of the unit names.

China is indisputably one of the most dynamic economic regions in the world; however the character, nature and extent of its market economy status remains in question. This book provides an empirical analysis of many aspects of the developing market economy including: government reform; the marketization of enterprises; land transactions; capital transactions and finance; the market determination of wage rates; the development of intermediary organizations; and the improvement in the economy's legal framework. China's economic growth has also brought conflict with both the EU and the US. This book examines the contentious debates such as: the extent of renminbi convertibility; the independence of the financial sector; the freedom of labour in wage-rate bargaining; the extent of foreign investment; the extent of government ownership of enterprises; the protection of property rights; and the development of company law and of corporate governance.

A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debts-about the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergencies-from wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governments-now more heavily indebted than before-finally emerge from the crisis.

This insightful book examines the necessary conditions for the successful initiation and consolidation of unpopular economic reforms. Drawing on the burgeoning literature in the area of policy reform, it features a comparative analysis of fiscal reform in Hungary, Poland and the Czech Republic at different stages of the post-communist transformation. This analysis demonstrates that a significant number of the national differences in fiscal reform can be attributed to differences in political constraints. It also reveals that these very constraints change in the course of transformation and have become increasingly similar to the 'standard' restrictions which exist in the traditional EU and OECD countries. This in-depth analysis of the changing role of political determinants in post-communist fiscal reform will strongly appeal to economists and political scientists interested in the political economy of policy reform, post-communist economic transformation and the role of international organizations (IMF, EU) in shaping domestic policy-making. Policy analysts interested in fiscal reform in Hungary, Poland and the Czech Republic will also find much to interest them in this book.

Analysing the relationship between economic thought and capitalism from 1750 to the present, Douglas Dowd examines the dynamic interaction of two processes: the historical realities of capitalism and the evolution of economic theory. He demonstrates that the study of economics celebrates capitalism in ways that make it necessary to classify economic science as pure ideology. A thoroughly modern history, this book shows how economics has become ideology. A radical critic of capitalism, Dowd surveys its detrimental impact across the globe and throughout history. The book includes biographical sketches and brief analyses of the major proponents and critics of capitalism throughout history, including Adam Smith, Thomas Malthus, Jeremy Bentham, John Stuart Mill, Karl Marx, Thorstein Veblen, Rosa Luxemburg, John Maynard Keynes, Paul Samuelson, Milton Friedman, and Eric Hobsbawm. This new edition includes a new preface and an additional chapter by the author.

The dot-com boom of the late 1990s marked the coming of age of the much-heralded New Economy, an economic, technological, and social transformation that was decades in the making. A highly mobile, and in many cases highly compensated, workforce faces a multitude of new risks: Jobs are no longer secure nor insulated from global competition, employer-provided health benefits are drying up, and retirement planning is almost entirely the responsibility of employees themselves.This timely book examines the challenges facing high-tech workers and other professionals and the relevance of these struggles for the future of the economy. Written by leading experts, Surviving the New Economy shows how people working in technology industries are addressing their concerns via both traditional collective bargaining and through innovative actions. Using case studies from the United States and abroad, the authors in this collection examine how highly skilled workers are surviving in a global economy in which the rules have changed-and how they are reshaping their workplaces in the process.

The global ubiquity of informal economic activities has turned informality into a key policy question, not least in international peace- and state-building. This book explores a core aspect of economic informality: its resilience despite comprehensive international anti-informality operations. Using Kosovo as an illustrative case, Danielsson suggests that to understand the resilience of informality, two distinct areas of practice need to be studied in conjunction rather than separately. The first concerns the professional practices enacted by international organisations in their attempts to formalise the informal economy in Kosovo. The second area of practice concerns the everyday informal economic practices of social agents in Kosovo. To study these areas of practice at their junction, Danielsson uses Pierre Bourdieu's concept of symbolic power and argues that in post-conflict Kosovo, the distinct practices have become interwoven and co-constitutive of a novel ordering and meaning of informality. The resilience of the informal thus plays out through - while undermining and reinforcing the need of - the international anti-informality operations. Including scholarship from global governance, global political economy and social theory, this book's original perspective on informal economies and power will appeal to scholars and professionals located in peace studies, development studies, and the field of international relations.

Economic theory and a growing body of empirical research support the idea that economic freedom is an important ingredient to long-run economic prosperity. However, the determinants of economic freedom are much less understood than the benefits that freedom provides. Economic Freedom and Prosperity addresses this major gap in our knowledge. If private property and economic freedom are essential for achieving and maintaining a high standard of living, it is crucial to understand how improvements in these areas have been achieved and whether there are lessons that can be replicated in less free areas of the world today. In this edited collection, contributors investigate this research question through multiple methodologies. Beginning with three chapters that theoretically explore ways in which economic freedom might be better achieved, it then moves on to a series of empirical chapters that examine questions including the speed and permanence of reform, the deep long-run determinants of economic freedom, the relationship between voice and exit in impacting freedom, the role of crises in generating change, and immigration. Finally, the book considers the evolution of freedom in China, development economics, and international trade, and it concludes with a consideration of what is necessary to promote a humane liberalism consistent with economic freedom. Economic Freedom and Prosperity will be of great interest to all social scientists concerned with issues of institutional change. It will particularly appeal to those concerned with economic development and the determinants of an environment of economic freedom.