The theory and applications of random dynamical systems (RDS) are at the cutting edge of research in mathematics and economics, particularly in modeling the long-run evolution of economic systems subject to exogenous random shocks. Despite this interest, there are no books available that solely focus on RDS in finance and economics. Exploring this emerging area, Random Dynamical Systems in Finance shows how to model RDS in financial applications. Through numerous examples, the book explains how the theory of RDS can describe the asymptotic and qualitative behavior of systems of random and stochastic differential/difference equations in terms of stability, invariant manifolds, and attractors. The authors present many models of RDS and develop techniques for implementing RDS as approximations to financial models and option pricing formulas. For example, they approximate geometric Markov renewal processes in ergodic, merged, double-averaged, diffusion, normal deviation, and Poisson cases and apply the obtained results to option pricing formulas. With references at the end of each chapter, this book provides a variety of RDS for approximating financial models, presents numerous option pricing formulas for these models, and studies the stability and optimal control of RDS. The book is useful for researchers, academics, and graduate students in RDS and mathematical finance as well as practitioners working in the financial industry.

SHORTLISTED FOR THE FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEAR AWARD 2019 From one of the most important economic thinkers of our time, a brilliant and far-seeing analysis of the current populist backlash against globalization and how revitalising community can save liberal market democracy. Raghuram Rajan, author of the 2010 FT & Goldman-Sachs Book of the Year Fault Lines, has an unparalleled vantage point onto the social and economic consequences of globalization and their ultimate effect on politics and society. In The Third Pillar he offers up a magnificent big-picture framework for understanding how three key forces - the economy, society, and the state - interact, why things begin to break down, and how we can find our way back to a more secure and stable plane. The 'third pillar' of the title is society. Economists all too often understand their field as the relationship between the market and government, and leave social issues for other people. That's not just myopic, Rajan argues; it's dangerous. All economics is actually socioeconomics - all markets are embedded in a web of human relations, values and norms. As he shows, throughout history, technological innovations have ripped the market out of old webs and led to violent backlashes, and to what we now call populism. Eventually, a new equilibrium is reached, but it can be ugly and messy, especially if done wrong. Right now, we're doing it wrong. As markets scale up, government scales up with it, concentrating economic and political power in flourishing central hubs and leaving the periphery to decompose, figuratively and even literally. Instead, Rajan offers a way to rethink the relationship between the market and civil society and argues for a return to strengthening and empowering local communities as an antidote to growing despair and unrest. The Third Pillar is a masterpiece of explication, a book that will be a classic of its kind for its offering of a wise, authoritative and humane explanation of the forces that have wrought such a sea change in our lives. His ultimate argument that decision-making has to be watered at the grass roots or our democracy will continue to wither is sure to be both provocative and agenda-setting across the world.

Using the Regenerative economic model - also known as Doughnut Economics - Susan Hayward offers a thought-provoking sketch for a renewed, tentatively revolutionary approach to both film theory and film practice. This book attempts to answer the questions posed by T.J. Demos (in Against the Anthropocene, 2017): how do we find a way to address planetary harm and the issues it raises within the field of Film Studies? How do we construct a theoretical model that allows us to visualize the ecological transgressions brought about by the growth-model of capitalism which is heavily endorsed by mainstream narrative cinema? By turning to the model set out in Kate Raworth's book Doughnut Economics (2017) and adapting its fundamental principles to a study of narrative cinema, Film Ecology proposes to show how, by using this model, we can usefully plot and investigate films according to criteria that are not genre/star/auteur-led, nor indeed embedded in anthropocentric theoretical models, but principles which are ecologically based. These arguments are brought to life with examples from mainstream narrative films such as The Giant (1956), Mildred Pierce (1945), Erin Brockovich (2000), Wall Street (1987), Hotel Rwanda (2004), and Missing Figures (2016). This approach will inspire film practitioners, film theorists, critics and analysts, film students and film lovers alike to consider how they might integrate this Doughnut model into their thinking or work as part of their process.

After being proclaimed dead, there is now a major revival of socialist ideology in the West. But what does socialism mean? This book shows that it is irretrievably associated with common ownership. The twentieth-century experience of comprehensive national planning with state ownership has been disastrous, and in no case has democracy endured within large-scale socialism. This volume explains why. The alternative socialist option of worker-owned cooperatives must accept a major role for markets that many socialists reject. Featuring theoretical arguments and practical investigations, Geoffrey M. Hodgson interrogates the failures of socialist states, scrutinizing the impact and outcomes of a centralized politico-economic system. This timely and convincing book offers insight into the twentieth-century experience of comprehensive national planning, deploying less-well-known criticisms from Albert Schaffle and Michael Polanyi. Hodgson's nuanced approach brings together small-scale socialist praxis and principles of liberal solidarity, exploring an experimental approach to political and economic reform. Provocative, insightful and accessible, this book is of considerable interest to any reader with an appetite for the history of socialist theory, as well as those keen to explore new insights to heterodox economics. Students and academics of the social sciences and humanities will benefit from this book's rigorous empirical approach to historic and contemporary socialist states and its in-depth discussion of Austrian school theory.

Privatization is now a universal practice and is the result of a set of interrelated factors, all of which are explored in this collection. Privatization has also become an academic industry, generating a vast outpouring of books and articles. This authoritative two volume collection, which includes a new introduction by the editors, concentrates on the public policy of privatization, and explores its dimensions by presenting key theoretical and empirical articles. The volumes are also clearly interdisciplinary, bringing together for the first time articles informed by political science, economics and sociology. The collection will be invaluable for both practitioners and academics, especially those involved in the study of applied economics, public policy and political science.

Most economists believe capitalism is a compromise with selfish human nature. As Adam Smith put it, "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest." Capitalism works better than socialism, according to this thinking, only because we are not kind and generous enough to make socialism work. If we were saints, we would be socialists. In Why Not Capitalism?, Jason Brennan attacks this widely held belief, arguing that capitalism would remain the best system even if we were morally perfect. Even in an ideal world, private property and free markets would be the best way to promote mutual cooperation, social justice, harmony, and prosperity. Socialists seek to capture the moral high ground by showing that ideal socialism is morally superior to realistic capitalism. But, Brennan responds, ideal capitalism is superior to ideal socialism, and so capitalism beats socialism at every level. Clearly, engagingly, and at times provocatively written, Why Not Capitalism? will cause readers of all political persuasions to re-evaluate where they stand vis-a-vis economic priorities and systems-as they exist now and as they might be improved in the future.

This book provides a very broad and representative selection of the scholarly literature found in learned journals on the subject of government-business relations in the age of industry, the period since 1870. It covers all the arenas of business-government interaction.

The aim of this book, first published in 1939, is to provide a comprehensive description of the protectionist system that had been in force in Britain since 1931. It explains the principles and difficulties involved in framing and administering a customs and excise tariff, which has both revenue and political purposes. The problems of tariff negotiating are discussed, and trade agreements made are summarized.

Featured on NPR and PBS's SciTech Now, and in Fast Company, Forbes, and the Wall Street Journal The inside story of the new race to conquer space For the outsize personalities staking their fortunes on spaceships, the new race to explore space could be a dead end, a lucrative opportunity--or the key to humanity's survival. Elon Musk and Jeff Bezos take center stage in this fast-paced narrative as they attempt to disrupt the space economy and feed their own egos. We meet a supporting cast of equally fascinating entrepreneurs, from the irrepressible British mogul Richard Branson to the satellite internet visionary Greg Wyler. Tim Fernholz's fly-on-the-wall reporting captures an industry in the midst of disruption. NASA seeks to preserve its ambitious space program, traditional aerospace firms like Boeing and Lockheed Martin scramble to adapt to new competitors, lobbyists tussle over public funds, and lawmakers try to prevent this new space race from sparking global conflict. Fernholz spins this high-stakes marathon into a riveting tale of rivalry and survival.

This book demonstrates the theoretical value and practical significance of systems science and its logic of thinking by presenting a rigorously developed foundation-a tool for intuitive reasoning, which is supported by both theory and empirical evidence, as well as practical applications in business decision making. Following a foundation of general systems theory, the book presents an applied method to intuitively learn system-sciences fundamentals. The third and final part examines applications of the yoyo model and the theoretical results developed earlier within the context of problems facing business decision makers by organically combining methods of traditional science, the first dimension of science, with those of systems science, the second dimension, as argued by George Klir in the 1990s. This text would benefit graduate students, researchers, or practitioners in the areas of mathematics, systems science or engineering, economics, and business decision science.

With regions and nations having formally fulfilled the ex ante conditionality, this book provides a first overall review of RIS3 policy processes, aiming to assess the consistency of the concept of smart specialization from an applied, policy-oriented perspective. Moving from the theory of design to the practice of implementation, the reflections and case studies in this volume reveal strengths and weaknesses in the way concrete strategies have been conceived and implemented, enabling reflections on the future of the concept in a more general sense. In many cases, smart specialization strategies turn out to be new variants of regional development policies, embracing the importance of a place-based approach. However, the approach's potential to add distinctive value will stem from its capacity to turn innovation and knowledge into tools for local development by harnessing them for wider territorial development goals. By helping regions to identify and leverage untapped resources through new processes, smart specialization-based policies may help to reconcile cohesion and competitiveness objective. Consequently, new approaches appear most promising where institutional, administrative and political conditions allow the setup of genuinely new processes and where their focus is on territorial assets in a comprehensive manner rather than mere industrial renewal. This book was originally published as a special issue of European Planning Studies.

What is the nature and role of competition in markets and politics? This book examines the institutional dimension of markets and the rules and institutions that condition the operation of market economies. Particular attention is paid to the the role of the state, specifically the role of governments in shaping and maintaining the economic constitution of their societies.

Developmental Macroeconomics: Access to Demand, the Exchange Rate and Growth offers a new approach to development economics and macroeconomics. It is a Keynesian-structuralist approach to economics applied to middle income countries that emphasizes the strategic role of demand in creating investment opportunities that are essential to economic development. It also explores crucial links between short-term full employment and financial stability with medium term growth. While this book emphasizes the central role played by the exchange rate it does not ignore other macroeconomic prices (the interest rate, the inflation rate and the profit rate). It develops a group of concepts and models and blends them together in the model of the tendency to the cyclical overvaluation of the exchange rate in developing countries. According to this model, the exchange rate tends to be chronically overvalued. In so far that this is true the exchange rate ceases to be just a short-term problem to be treated by macroeconomics and becomes central to development economics and should be crucially oriented to manage the exchange rate and keep it competitive at the industrial equilibrium level. The book closes with the presentation of new developmentalism - a national development strategy based on the system of models previously discussed that is both an alternative to old national-developmentalism and to liberal orthodoxy or the Washington consensus.

Winner of the first Paul A. Baran-Paul M. Sweezy Memorial Award for an original monograph concerned with the political economy of imperialism, John Smith's Imperialism in the TwentyFirst Century is a seminal examination of the relationship between the core capitalist countries and the rest of the world in the age of neoliberal globalization.Deploying a sophisticated Marxist methodology, Smith begins by tracing the production of certain iconic commodities-the Tshirt, the cup of coffee, and the iPhone-and demonstrates how these generate enormous outflows of money from the countries of the Global South to transnational corporations headquartered in the core capitalist nations of the Global North. From there, Smith draws on his empirical findings to powerfully theorize the current shape of imperialism. He argues that the core capitalist countries need no longer rely on military force and colonialism (although these still occur) but increasingly are able to extract profits from workers in the Global South through market mechanisms and, by aggressively favoring places with lower wages, the phenomenon of labor arbitrage. Meticulously researched and forcefully argued, Imperialism in the TwentyFirst Century is a major contribution to the theorization and critique of global capitalism.

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.

Mutant Ecologies traces the spinning of new synthetic threads into the web of life. It is a critical cartography of the shifting landscapes of capital accumulation conjured by recent developments in genomic science, genome editing and the biotech industry. CRISPR crops, fast-growing salmons, heat-resistant Slick (TM) cows, Friendly (TM) Mosquitoes, humanised mice, pigs growing human organs - these are but a few of the dazzling new life-forms that have recently emerged from corporate and university laboratories around the world, all promising to lubricate the circuits of capital accumulation in distinct ways. The deliberate induction of genetic mutations is increasingly central to business operations in a number of sectors, from agriculture to pharmaceuticals. While the Nobel Committee recently proclaimed the life sciences to have entered 'a new epoch', the authors show how these technological innovations continue to operate within a socio-historical context defined by the iron rules of capitalist competition and exploitation. Capital no longer contents itself with simply appropriating the living bodies of plants and animals. It purposefully designs their internal metabolism, and in that way it redesigns the countless living vectors that constitute the global biosphere. It is driving a biological revolution, which will ripple through the everyday lives of people everywhere.

Agricultural politics and policy retains a central place in the politics of advanced industrial societies. Governments in most countries continue to subsidize agricultural production and regulate markets for farm commodities. The growth of concern about the environmental impact of agriculture has added a new dimension to the sector's politics. Tensions between the US and the EU over the protection of agriculture remain a major feature. New Zealand offers an interesting example of an experiment with deregulated and liberalized agriculture, while Japanese agriculture continues to be highly protected. All these topics are covered in this two volume set, which brings together the best writing on the subject from leading agricultural economists, political scientists and rural sociologists from across the world.

This is an innovative collection of papers written by a panel of highly respected academics and financial experts. Whilst providing an insight into the phenomenology of the financial crises of the 1990s in Asia and Latin America, the book also explores possibilities for their solution.

As China's government manages a transition away from the socialist plan, how does it build the regulatory institutions it needs to manage the new market economy? Without the correct institutions, laws and agencies that implement the laws in place, the remarkable growth witnessed in China over the last two decades will falter. Financial sector reform lies at the heart of China's economic transition and China's stock market has become critical to the reform of state-owned industry, the supply of fiscal revenues and in building a modern pension system. The Development of China's Stockmarket takes a close look at the policy-making and regulatory institutions the government has created to manage equity development and shows how, in contrast to neo-institutional and economic theories of regulatory development, public actors have controlled institutional development. Based on extensive field research in Shanghai, Shenzhen and Beijing and over forty interviews with regulators and market players, The Development of China's Stockmarket provides the first detailed academic analysis of the country's stockmarket. With a comprehensive review of Chinese language literature available on the subject, this book is essential reading for all scholars with an interest in Asian Business and China's transition from socialism.

With a large and growing economy and a leadership dedicated both to domestic reform and the further integration into international society and the world economy, China is facing and posing important challenges at the local, national, regional and wider international level. This book analyses the developmental trajectories of China up to and into the new millennium. Focusing on the substance and underlying forces of change, it considers issues and developments in monetary policy, foreign exchange policy, the trade regime, state-owned enterprise reform, regional economic development as well as social changes, particularly those related to social welfare reform and the Internet. The book also covers economic and political developments in 'Greater China', particularly the prospects of reunification after Taiwan's presidential elections, and analyses the core issues and challenges in China's contemporary relations with the USA, Japan, South-East Asia and Europe.

Based on a mixture of primary historical research and secondary sources, this book explores the reasons for the failure of the state in England during the twentieth century to regulate, tax, and control the market in land for the common or public good. It is maintained that this created the circumstances in which private property relationships had triumphed by the end of the century. Explaining a complex field of legislation and policy in accessible terms, the book concludes by asking what type of land reform might be relevant in the twenty-first century to address the current housing crisis, which seen in its widest context, has become the new land question of the modern era.

This is the story of how a small island on the edge of Europe became one of the world's major tax havens. From global corporations such as Apple and Google, to investment bankers and mainstream politicians, those taking advantage of Ireland's pro-business tax laws and shadow banking system have amassed untold riches at enormous social cost to ordinary people at home and abroad. Tax Haven Ireland uncovers the central players in this process and exposes the coverups employed by the Irish state, with the help of accountants, lawyers and financial services companies. From the lucrative internet porn industry to corruption in the property market, this issue distorts the economy across the state and in the wider international system, and its history runs deep, going back the country's origins as a British colonial outpost. Today, in the wake of Brexit and in the shadow of yet another economic crash, what can be done to prevent such dangerous behaviour and reorganise our economies to invest in the people? Can Ireland - and all of us - build an alternative economy based on fairness and democratic values?

In Third Wave Capitalism, John Ehrenreich documents the emergence of a new stage in the history of American capitalism. Just as the industrial capitalism of the nineteenth century gave way to corporate capitalism in the twentieth, recent decades have witnessed corporate capitalism evolving into a new phase, which Ehrenreich calls "Third Wave Capitalism."Third Wave Capitalism is marked by apparent contradictions: Rapid growth in productivity and lagging wages; fabulous wealth for the 1 percent and the persistence of high levels of poverty; increases in the standard of living and increases in mental illness, personal misery, and political rage; the apotheosis of the individual and the deterioration of democracy; increases in life expectancy and out-of-control medical costs; an African American president and the incarceration of a large percentage of the black population.Ehrenreich asserts that these phenomena are evidence that a virulent, individualist, winner-take-all ideology and a virtual fusion of government and business have subverted the American dream. Greed and economic inequality reinforce the sense that each of us is "on our own." The result is widespread lack of faith in collective responses to our common problems. The collapse of any organized opposition to business demands makes political solutions ever more difficult to imagine. Ehrenreich traces the impact of these changes on American health care, school reform, income distribution, racial inequities, and personal emotional distress. Not simply a lament, Ehrenreich's book seeks clues for breaking out of our current stalemate and proposes a strategy to create a new narrative in which change becomes possible.

A Foreign Affairs Best Book of the Year From the front lines of economics and policymaking, a compelling case that economic growth is a force for good and a blueprint for enrolling it in the fight against climate change. Economic growth is wrecking the planet. It's the engine driving climate change, pollution, and the shrinking of natural spaces. To save the environment, will we have to shrink the economy? Might this even lead to a better society, especially in rich nations, helping us break free from a pointless obsession with material wealth that only benefits the few? Alessio Terzi takes these legitimate questions as a starting point for a riveting journey into the socioeconomic, evolutionary, and cultural origins of our need for growth. It's an imperative, he argues, that we abandon at our own risk. Terzi ranges across centuries and diverse civilizations to show that focus on economic expansion is deeply interwoven with the human quest for happiness, well-being, and self-determination. Growth, he argues, is underpinned by core principles and dynamics behind the West's rise to affluence. These include the positivism of the Enlightenment, the acceleration of science and technology and, ultimately, progress itself. Today growth contributes to the stability of liberal democracy, the peaceful conduct of international relations, and the very way our society is organized through capitalism. Abandoning growth would not only prove impractical, but would also sow chaos, exacerbating conflict within and among societies. This does not mean we have to choose between chaos and environmental destruction. Growth for Good presents a credible agenda to enroll capitalism in the fight against climate catastrophe. With the right policies and the help of engaged citizens, pioneering nations can set in motion a global decarbonization wave and in parallel create good jobs and a better, greener, healthier world.