The first comprehensive history of America's attempts to promote international development by exporting private enterprise, a story marked by frequent failure and occasional success. Foreign aid is a primary tool of US foreign policy, but direct financial support and ventures like the Peace Corps constitute just a sliver of the American global development pie. Since the 1940s, the United States has relied on the private sector to carry out its ambitions in the developing world. This is the first full account of what has worked and, more often, what has failed in efforts to export American-style capitalism. Ethan Kapstein draws on archival sources and his wide-ranging experience in international development to provide penetrating case studies from Latin America and East Asia to the former Soviet Union, Afghanistan, and Iraq. After WWII the Truman and Eisenhower administrations urged US companies to expand across the developing world. But corporations preferred advanced countries, and many developing nations, including Taiwan and South Korea, were cool to foreign investment. The Cold War made exporting capitalism more important than ever, even if that meant overthrowing foreign governments. The fall of the Soviet Union brought new opportunities as the United States promoted privatization and the bankrolling of local oligarchs. Following the invasions of Afghanistan and Iraq, the United States believed it had blank slates for building these economies, but ongoing conflict eroded such hopes. Kapstein's sobering history shows that private enterprise is no substitute for foreign aid. Investors are often unwilling to put capital at risk in unstable countries. Only in settings with stable governments and diverse economic elites can private enterprise take root. These lessons are crucial as the United States challenges China for global influence.

Examines the nature and the mode of operation of the centrally planned economy, assessing its strengths and the weaknesses that eventually led to its demise.

The reasons, methods, and outcomes of system change in general, and in Russia and Eastern Europe in particular are analyzed, using the analytical apparatus developed in the monograph.

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

This comprehensive analysis deals with the range of issues raised by the rise of transnational corporations from emerging markets. This insightful book shows that foreign direct investment (FDI) from emerging markets has grown from negligible amounts in the early 1980s to $210 billion in 2007, with the stock of investment now being well over $1 trillion. This reflects the rise of firms from these economies to become important players in the world FDI market. The contributors to this book comprehensively analyze the rise of emerging market TNCs, the salient features of the transnational activities of these firms, the relationship of outward FDI and the competitiveness of the firms involved, their impact on host and home countries and implications for the international law and policy system. The subject of this study is both topical and important and poses a number of challenges that will require considerable policy attention in the future. It will appeal to academics interested in FDI as well as emerging markets. Karl P. Sauvant has gathered together a group of leading academics that makes this an informative and valuable read for anyone interested in the subject, including academics, students at all levels and private sector entities, as well as government officials dealing with outward FDI.

Good Capitalism, Bad Capitalism? The role of business in South Africa offers an insightful and balanced account of how the business sector - and particularly organised business - has influenced South Africa's political and socio-economic trajectory over the years, and what it will take for the key actors - politicians and business and labour leaders - to find a new sense of (common) purpose in the post-Zuma era. Recent years have seen organised business in South Africa (represented by organisations such as Business Unity South Africa (BUSA), Business Leadership South Africa (BLSA) and the Black Business Council (BBC)) become fragmented and unnecessarily competitive, with national, provincial and/or local multi-sectoral bodies often having overlapping or conflicting interests and mandates. In the process, the once powerful 'voice of business' has become considerably weaker. What has gone wrong, and can order be re-established?

Analyses the behaviour of not-for-profit organizations under a variety of conditions and contrasts them with profit maximizing firms, other types of profit-constrained firms and with public bureaucracies.

Banks take very large risks by consistently herding in the same perilous directions while believing they are safe and unique. This book presents a risk management framework to understand conformity and deviance within investment banks and other large organizations. It suggests that some groups understand the dynamics of this conformity to their advantage. This requires a deeper understanding of the risk in risk management. Fraudsters can game the system to their advantage legally and illegally; therefore risk managers must understand the interplay of multiple logics in order to govern and manage risk. Featuring short illustrative cases of massive risk mismanagement, this book walks the reader through four risk management perspectives (economic, institutional, evolutionary and contrarian) that explain why and how economic rationality is overridden by social forces. By understanding conformity and deviance, groups within organizations will be better equipped to manage risk and go against the tides of conformity to their advantage.

Architecture and Capitalism tells a story of the relationship between the economy and architectural design. Eleven historians each discuss in brand new essays the time period they know best, looking at cultural and economic issues, which in light of current economic crises you will find have dealt with diverse but surprisingly familiar economic issues. Told through case studies, the narrative begins in the mid-nineteenth century and ends with 2011, with introductions by Editor Peggy Deamer to pull the main themes together so that you can see how other architects in different times and in different countries have dealt with similar economic conditions. By focussing on what previous architects experienced, you have the opportunity to avoid repeating the past. With new essays by Pier Vittorio Aureli, Ellen Dunham-Jones, Keller Easterling, Lauren Kogod, Robert Hewison, Joanna Merwood-Salisbury, Robin Schuldenfrei, Deborah Gans, Simon Sadler, Nathan Rich, and Micahel Sorkin.

Economics is too important to be left to the economists. This book provides the information you need to understand how capitalism works (and how it doesn't). Through clear bite-sized chapters interspersed with illuminating illustrations, this is an antidote to the abstract and ideological way that economics is normally taught and reported on in in media. Key concepts such as finance, competition and wages are explored, and their importance to everyday life is revealed. It answers questions such as 'Do workers need capitalists?', 'Why does capitalism harm the environment?', and 'What really happens on the stock market?'. The book is supported with a comprehensive set of web-based course materials including videos for popular economics courses.

A wonderful blend of “politics and economics, micro and macro, past and present in an accessible narrative” (The Washington Post), Global Capitalism presents an authoritative history of the twentieth-century global economy. Jeffry A. Frieden’s discussion of the financial crisis of 2008 explores its causes, the many warning signals for policymakers and its repercussions: a protracted recovery with accumulating levels of inequality and political turmoil in the European Union and the United States. Frieden also highlights China’s dramatic rise as the world’s largest manufacturer and trading nation, perhaps the most far-reaching development of the new millennium. Drawing parallels between the current period and the decades before the First World War, when the first era of global economic integration gave way to nationalist rivalry, Frieden’s history clearly shows that globalisation is neither inevitable nor irreversible but a political choice. • With a new chapter on the great financial crisis and the retreat from global integration.

Southeast Asia: A Region in Transition, first published in 1991, is a contemporary human geography of the 'market' economies of the region usually defined by membership of the Association of Southeast Asian Nations (ASEAN). Organized thematically, the chapters deal with the environment and development, plural societies, agrarian change and urbanization. This thematic approach provides a comprehensive picture of the ASEAN countries and gives a depth of coverage often lacking in other regional geographies. With a detailed introduction dealing with the physical environment and history of the region, this work will be of great value to students studying the human geography of Southeast Asia, as well as those with a more general interest in the issues and developments affecting the ASEAN region.

The Social Costs approach to the globalised capitalist market economy has gained new relevance in recent years. The present situation is one of widespread and increasing deterioration of the social, cultural, democratic, and environmental frameworks of advanced capitalist market societies. This deterioration is indicated by the threats of unemployment, precarious working conditions and increasing income/status inequality, uneven geographical developments, and the exploitation and undermining of the institutional fabric of the society. It is aggravated by the rapid extension - at local, national, regional and global scales - of ecological disruption. So the global capitalist market economy is characterised by a great deal of instability and so-called true uncertainty, which largely undermine its coordinating and welfare-enhancing capacity. The view suggested by Karl William Kapp's seminal evolutionary open-systems approach is that these processes and problems are the outcome of a widening gap between private individualist economic, and societal values or, to use Karl Polanyi's terms, of the ever increasing disembeddedness of the economy from society and of the subjugation of society to the economy. The key actor in this process is business or, more specifically, it is the increasingly dominant, globalised, deregulated and disembedded hierarchical and power system of business enterprise. Current analyses of the global capitalist market economy are overdue to be undertaken making use of the powerful analytic frame of Karl William Kapp's open systems economics. 'Social Costs and Public Action in Modern Capitalism' examines this approach from a theoretical, conceptual, empirical, policy and case study level.

This book focuses on the legal systems of the late-developing countries of ASEAN (Cambodia, Laos, Myanmar, and Vietnam, often referred to as the CLMV countries). These nations are apt to be placed in an economically disadvantageous situation within the opportunity of communalization of legal systems being advanced by the ASEAN Economic Community (AEC) launched in 2015, and the book clarifies the dynamics of the changes within these legal systems. Concurrently, there is an intention to analyze the "legal system development support" that has continued to be provided to these countries since the mid-1990s via international development support from international organizations and developed countries including Japan. In particular, the emphasis has been on the area of civil law, where the main subject of Japan's support has been centered on the civil code and civil procedure code. The legal system of the recipient country is complicated by the crisscrossing of the remnants of previous eras, from the inherent laws that have existed since before colonization, the laws of the colonial powers that were introduced during the colonial era (French law in Cambodia, Laos, and Vietnam; English law in Myanmar), the influence of socialist law after independence from colonization, and the path of modern industrialization and development, such that one country's legal system is the combination of all of these influences. For the reader to understand the dynamics of these changing laws, each chapter of the book combines two methodological perspectives. The first is to ascertain the spatial range as to how far the civil law extends across social phenomena. The second is a historical perspective in which the trends in legal changes will be understood on a time axis.

Researchers have recently reinvigorated the idea that key features associated with a capitalist organization of the economy render nation states internally and externally more peaceful. According to this adage, the contract intensity of capitalist societies and the openness of the economy are among the main attributes that drive these empirical relationships. Studies on the Capitalist Peace supplement the broadly received examinations on the role that economic integration in the form of trade and foreign direct investment play in the pacification of states. Some proponents of the peace-through-capitalism thesis controversially contend that this relationship supersedes prominent explanations like Democratic Peace according to which democratic pairs of states face a reduced risk of conflict. This volume takes stock of this debate. Authors also evaluate the theoretical underpinnings of the relationship and offer an up-to-date idea history and classification of current research. Leading scholars comment on these theoretical propositions and empirical findings. This book is an extended and revised version of a special issue of International Interactions.

'Market failure' is a term widely used by politicians, journalists and university and A-level economics students and teachers. However, those who use the term often lack any sense of proportion about the ability of government to correct market failures. This arises partly from the lack of general knowledge -- and lack of coverage in economics syllabuses -- of Public Choice economics. Public Choice economics applies realistic insights about human behaviour to the process of government, and it is extremely helpful for all those who have an interest in -- or work in -- public policy to understand this discipline. If we assume that at least some of those involved in the political process -- whether elected representatives, bureaucrats, regulators, public sector workers or electors -- will act in their own self-interest rather than in the general public interest, it should give us much less confidence that government can 'correct' market failure. This complex area of economics has been summarised in a very clear primer by Eamonn Butler. The author helps the reader to understand the limits of the government's ability to correct market failure and also explains the implications of public choice economics for the design of systems of government -- a topic that is highly relevant in contemporary political debate. This text is an important contribution for all who seek to understand better the role that government should play in economic life.

First Published in 1968. This is a study of the impact of the First WorId War on the role of government in the economy of a country which was the prototype of modern industrial society and focuses on the economic control and social response during 1914 to 1919.

The 2008 financial crisis presented the opportunity to overturn and rethink much of the stale or misguided parts of economic theory and, in so doing, build a rich and empirically meaningful social science. This never happened. By reconsidering the classical-Marxian tradition using modern tools of economic analysis, this book offers an alternative to the mainstream understanding of notions of value, price, and competition, concepts which serve as the foundation for a theoretically and empirically robust economic theory. Providing a unique synthesis of modern input-output analysis and classical political economics, this book combines current economic theory with historical economic thought. In this way, Value, Competition and Exploitation offers a deeper and more nuanced understanding of today's economic problems than can be gained through mainstream approaches. With a rigorous and empirically informed approach to classical theories of value and price, this book demonstrates that Marx's labor theory of value remains a valuable tool in understanding the structure and dynamics of capitalist economies. Written in an accessible style and presented with a clear structure, this book will be invaluable to economics students of all levels. The topics analyzed will also be of interest to scholars of classical and Marxian economics, as well as scholars of economics more widely.

'The definitive account of the history of poverty finance' - Susanne Soederberg Finance, mobile and digital technologies - or 'fintech' - are being heralded in the world of development by the likes of the IMF and World Bank as a silver bullet in the fight against poverty. But should we believe the hype? A Critical History of Poverty Finance demonstrates how newfangled 'digital financial inclusion' efforts suffer from the same essential flaws as earlier iterations of neoliberal 'financial inclusion'. Relying on artificially created markets that simply aren't there among the world's most disadvantaged economic actors, they also reinforce existing patterns of inequality and uneven development, many of which date back to the colonial era. Bernards offers an astute analysis of the current fintech fad, contextualised through a detailed colonial history of development finance, that ultimately reveals the neoliberal vision of poverty alleviation for the pipe dream it is.

This book offers historical and comparative analyses of changes in agrarian society forced by the globalization of capitalism, and the implications of these changes for human welfare globally. The book gives special attention to recent economic development and urbanization in the People 's Republic of China which have had a major impact on contemporary transformations globally. Case studies from South and Southeast Asia, Africa and Latin America in turn place these transformations in a comparative global perspective. The contributors include distinguished scholars from the UN, PRC, India, Zimbabwe, and Latin America who are also active in policy issues.

What is the economic order of state capitalism? Furthermore,how can its significant performance differences be explained? The firstquestion is tackled with the help of New Institutional Economics by developinga model of state capitalism. This topic is furthermore dealt with in Chapter 3 wherea taxonomy of state capitalism is presented. This chapter already explains someof the performance differences. In the last chapter with the help ofsemi-structured interviews and literature surveys - in four case studies -propositions are forwarded as to why state capitalist orders vary so widely intheir performances. Two points stick out: the quality of the bureaucracy aswell as a varying degree of commitment of the political leadership to adevelopmental course.

After a meteoric rise, China's once inexorable growth has come to a screeching halt. With it ends China's dream of establishing a new tianxia ('harmonious order') in Asia with China at its centre. Salvatore Babones provides an up-to-date assessment of China's economic problems and how they are undermining China's challenge to the Western-dominated world order. As China's neighbours and many of its own most talented people look to the United States to ensure their security and prosperity, global power is slowly but surely consolidating in a twenty-first century American Tianxia. A closely argued antidote to defeatist accounts of Western decline, this book tells the story of how liberal individualism has become the leitmotif of the American Tianxia, an emerging world-system in which people of all nationalities seek a share in the economic, cultural, and political system that is America writ large.

We live in a society surrounded by stuff and bombarded with advertisements that try to convince us that shopping will improve our lives. Sometimes our lives do improve, yet our purchases are more often motivated by an impulse to satisfy immediate desires rather than reflective deliberation about how our purchasing choices enable us to live the lives we want. Christian moral reflection often criticizes this conundrum as "mindless consumerism," arguing that it pulls Christians away from loving God above all things. While such critiques often encourage Christians to focus their desire on God rather than material goods, we might still wonder how we can exercise such control over our desires. By attending to desire itself how it arises, how it is shaped by social context, and its role in cultivating a virtuous life we can learn how to desire and then act in ways that are more consonant with our conception of what it means to live well. Within the Christian tradition, Thomas Aquinas offers a compelling model of human desire that, when juxtaposed with Pierre Bourdieu's theory of social practices, can help us make more considered judgments about how to navigate the consumer society in which we live.

Labour markets are a central element of any transition from planned economy to market-oriented system. This groundbreaking book examines the plight of Russian workers and employers during the first decade of post-Soviet reforms. The authors argue that higher-than-expected labour market flexibility early in the transition provided an important cushion for workers who would have been displaced with little recourse to social protection. However, over time, this flexibility reduced pressure for enterprise restructuring and accommodated policy drift. Although many workers were quite mobile, often this translated into a loss of human capital for older enterprises_even potentially viable ones_and to OchurningO in the labour market, accompanied by only limited restructuring. There was little job creation, labour hoarding persisted, and many workers saw their wages eroded by inflation and late payment of wages. The authors show this situation was largely the result of insufficient structural reforms, poor institutional development, and misplaced incentives. First providing an overview of the economic situation, key labour market trends, and the institutional situation during the 1990s, the book then reviews labour market dynamics. The authors assess changes in OoldO jobs at former state enterprises and evaluate OnewO job creation, mostly in private businesses. They examine the evolution of wages and the availability of social protection to workers. A special thematic section considers the political economy of labour market policy that brought the ORussian approachO to labour market adjustment to life. The conclusion presents an integrated picture of the Russian labour market in the aftermath of the early transition period and highlights the implications of the experience for current policy.

This groundbreaking principles of economics text is devoted to explaining basic economics with an issues and policy focus to undergraduates in survey and other introductory economics courses. It offers the optimal blend of theory, issues, and policy analysis, and covers micro-, macro, and international aspects of America's economy.