Presenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its intellectually distinguishing qualities. Featuring fresh and insightful comparisons between the Austrian school and other schools of thought, this enhanced second edition includes an expanded discussion on the evolution of the Austrian school in the 21st century. The Advanced Introduction considers the field's key originators and proponents and reflects on the acceleration in interest in the last two decades. Key features include: An illustration of the key arguments that have defined heterodox economics, including the Austrian school's role in the socialist calculation debate In-depth discussions of entrepreneurship and the role of the firm in the scholarship of the Austrian school New material relating Austrian economics to other schools of thought. Undergraduate and graduate students in economics and political science will find this Advanced Introduction indispensable for understanding the revival of the Austrian school. Policymakers will also benefit from its concise and sharp overview of the school and its insights into the key features and debates.

In 1985, General Secretary Mikhail S. Gorbachev led the Soviet Union through a series of revolutionary reforms, such as Perestroika ('Restructuring') and Glasnost ('Openness'). Yet many of these changes failed, resulting in the collapse of centrally administered socialism throughout the country and most of Eastern Europe. Consistency and Viability of Socialist Economics Systems establishes a new and enlightening approach to understanding complex socialist economies. This book presents an original analytical framework to better map out the relationship between the economic, political, ideological structures, and the external environment, as well as the reform process that gives rise to certain economic systems.

This book presents a series of interviews with Hartmut Elsenhans on his wide-ranging theories and their policy implications. Serving as a compilation of his distilled thoughts, we discuss with him his unique world economic theory, his theorisation of social movements, his work on overcoming underdevelopment, and much more.

The Third Millennium presents unprecedented opportunities and challenges to capitalism as a global economic system. Technological advances, governmental policies, energy supply, ecological concerns, and a burgeoning world population are among the issues to be addressed by private enterprise in holistic and humanitarian ways. No longer can these issues be treated in isolation inasmuch as they are becoming increasingly interdependent.

As Rogers shows, in industrialized nations, with their aging and stabilizing populations, the marketplace and the working environment are changing, requiring new approaches to work and leisure. In sharp contrast, populations in the Third World are growing rapidly and represent vast potential new markets for the private sector. Simultaneously, enormous social, health, and political problems abound in many Third World countries that may be addressed by private sector and governmental initiatives. Economic expansion in Third World nations will require great expansion of electric and other energy systems, resulting in increased environmental degradation unless major preventive measures are taken. Continued growth of energy systems in industrialized nations will require the introduction of increased pollution controls in the near future. A definitive transition from dependence on fossil fuels to nonpolluting renewable energy sources should be a major global priority. Environmental protection efforts, previously confined to major industrialized nations, should become a high priority issue on a global basis. Global climate change and other air pollution, desertification, deforestation, loss of biodiversity, and water pollution are extending into formerly pristine areas, forcing international approaches to mitigation. A challenging assessment for business officers, policy analysts, and economists involved with corporate strategy and economic development.

This book uses household survey data from five Central Asian countries to analyse the important consequences of, and elements that constitute, the creation of a market economy. The countries studied - Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan - had taken minimal action towards creating a market economy before the dissolution of the USSR in late 1991. From similar initial conditions they have pursued different post-independence economic strategies, making them ideal candidates for comparative analysis. The pivotal question concerns the determination of living standards. Who gained and who lost from the transition to a market economy? Which characteristics are rewarded in a new market economy? How do national policies and other systematic factors affect these outcomes? The authors also address other important issues that have emerged during transition debates: the position of women and the role of small businesses. The book analyses the gender issue in the narrow, but significant, sense of what happened to women in the labour market and the authors also analyze the characteristics of households with non-farm businesses. This book will prove invaluable to academics and researchers of Asian studies and particularly those with an interest in economic development and labour economics within the region.

In 1995, Republicans came to power in the United States with an ambitious program proposing to embrace a degree of laissez- faire economics unknown for generations anywhere in the industrialized world. Simultaneously, politicians, entrepreneurs, and economists championed the new bastions of unregulated capitalism that sprung up in such unfamiliar precincts as Beijing and Moscow. Yet to date many free-market economic policies, be it in Prague or here in America, have not lived up to their initial promises. In fact, it has become a common joke in Russia that capitalism has succeeded in making communism look good, a feat unaccomplished by the Kremlin in its 70 year reign.

In Making Capitalism Work, Leonard and Mark Silk analyze the failures and successes of capitalism as seen most recently in the former Soviet Bloc, Japan, China, the European Community and the United States. While recognizing that capitalism has been successful in a number of countries, the authors point out that overly simplistic policies advocating an unfettered capitalism ignore too large a range of issues central to the formation of any moral economic system. Viewing capitalism as simply one of a number of economic systems, Leonard and Mark Silk address such issues as the obligation of the rich to the poor, the responsibility of the state to insulate its citizens from market fluctuations, the responsibility of present generations to provide for future ones, and whether economic systems can set the proper extent and limits of individual rights and freedoms.

An important, concise, thought-provoking book this is the last book Leonard Silk wrote before his death late last year and has been completed here by his son, Mark.

This book investigates why Austrian economists fail to apply the spontaneous order framework to cooperative relationships - such as a dynamic and evolving public sector - that might complement a thriving market. In direct response to Israel Kirzner's The Driving Force of the Market, Nell challenges traditional Austrian economics by proposing "democratic process theory" as a parallel to market process theory, highlighting the possibilities for an economic organization that harnesses the power of transparent and effective democracy. Keeping in mind the central problems experienced in socialist and capitalist countries due to self-interested political and economic actors, The Driving Force of the Collective highlights the public sector advantages of allowing culture and institutions to evolve endogenously as a spontaneous public sector order.

This volume contains country experiences explained by policy makers and studies by leading experts on causes and consequences of capital flows as well as policies to control these flows. It addresses portfolio flow issues central to open economies, especially emerging markets.

With the aim of providing a comprehensive analysis of institutions, and of the global economy more generally, this text explores systems of institutions and the effect of corruption, developments in behavioural economics, the impact of immigration, and the links between democratic progress and economic growth. Papers from the Fourteenth World Congress of the International Economic Association held in Marrakech from August 29 to September 2, 2005.

In 1989 the post-Communist countries of Eastern Europe opened their economies by establishing more open exchange rate policies and exchange controls and eliminating prohibitive tariffs and quotas. Now trying to join the integrated world economy, they are facing the challenge of finding strategic alliances and attracting foreign capital. This book analyzes economic policy in Eastern Europe with a focus on the financial arrangement of currency boards. It examines the main challenges facing East European countries, their economic policy strategies, the main challenges to the economies that adopted currency boards, and whether currency boards were a solution.

The book is organized into two parts. Part I addresses the challenges to economic policy in Eastern Europe, and Part II turns to the discussion of currency board arrangements.

This edited volume analyzes recent key developments in EU border management. In light of the refugee crises in the Mediterranean and the responses on the part of EU member states, this volume presents an in-depth reflection on European border practices and their political, social and economic consequences. Approaching borders as concepts in flux, the authors identify three main trends: the rise of security technologies such as the EUROSUR system, the continued externalization of EU security governance such as border mission training in third states, and the unfolding dynamics of accountability. The contributions show that internal security cooperation in Europe is far from consolidated, since both political oversight mechanisms and the definition of borders remain in flux. This edited volume makes a timely and interdisciplinary contribution to the ongoing academic and political debate on the future of open borders and legitimate security governance in Europe. It offers a valuable resource for scholars in the fields of international security and migration studies, as well as for practitioners dealing with border management mechanisms.

This book explores the complex history of Catalonia in relation to Spain from an economic and political perspective. It begins in the Middle Ages and ends in the present day, analysing the intricate political problems of modern day Catalonia within a context of European integration and nationalism.

The book examines the changing external environment of organizations. This book explores the contradictions within the global capitalist system and their consequences to assess and find ways in creating new knowledge for managers/leaders to reorient themselves in appropriate restructuring of organizations to better serve their stakeholders.

In China, the decade 1979-88 featured an unprecedented willingness to depart from the traditional dogmatic interpretations of socialism and to enter into a discourse aimed at promoting economic reforms and development. Robert C. Hsu systematically explores the substance and logic of the evolution of the most vital economic-reform theories prevalent in China during those years (before the recent slow-down). He also examines and assesses the delicate interaction between these theories and the practical policies of the Chinese government. Hsu's analysis covers the debates over exactly how to combine the market mechanism with socialist planning. Chinese economists argued about how to diversify the ownership system, how to implement price-wage reforms, how to invigorate state-owned enterprises and make them more efficient, and how to develop China's agriculture, industry and foreign trade. Though Hsu critically dissects the diversity of views and describes the shortcomings which will affect future economic policies and theories, his mood is primarily an affirmation of the new dynamic age of China's economics.

As a result of the financial crisis, the weaknesses of the Eurozone, including the public debt crisis, materialized in severe depressions in certain of its country members. In this monograph, the author analyzes structural weaknesses of the Eurozone and argues that they can be traced to (i) institutional differences, (ii) differences in the economic structures, (iii) the fundamental inability of European Bureaucracy to deal with crises, and (iv) the extreme rigidity of markets which prevents a general equilibrium in product and credit markets. He concludes that whether the Eurozone is sustainable, depends on future monetary and credit policies, and discusses the implications of reforming it in the best interest of the international banking and financial system. The recent policies of the ECB of "cheap" credit expansion are examined in detail. The approach of the work is along the lines of von Mises' and Hayek's Austrian tradition; additionally, substantive international empirical evidence supporting this Austrian approach is presented.

For some, Sweden is proof that a generous welfare state is fully compatible with a growing competitive economy. For others, it is a frightening example of what big government can do to a once thriving economy. Sweden and the Revival of the Capitalist Welfare State tackles a number of controversial questions regarding Sweden's economic and political development: How did Sweden become rich? How did Sweden become egalitarian? Why has Sweden since the early 90s grown faster than the US and most EU-countries despite its high taxes and generous welfare state? The author uses new research on institutions and economic reforms to explain the rise, the fall and the recent revival of the Swedish welfare state. The central argument is that a generous welfare state like that of Sweden can work well, provided that it is built on well-functioning capitalist institutions and economic openness. The book expertly explains how Sweden developed from a poor and highly unequal society to one of the richest and most egalitarian countries in the world by building a universal welfare state on a capitalist foundation. It also engages in an important discussion about the current and future challenges for the welfare state in general. The book will fit well in introductory and advanced courses on welfare state policy, social work, sociology, economic history, institutional economics and political science. In all these disciplines, the case of Sweden has always provoked interest and debate, due to Sweden's combination of prosperity, equality and extensive welfare state. The rapid pace of change in Sweden over the last 25 years, however, means that most other books are descriptively dated. Contents: 1. Introduction 2. Prosperity and equality: The golden years 1870-1970 3. The 'not quite so golden' years 1970 - 1995 4. The return of the capitalist welfare state 5. The capitalist welfare state's bloc-transcending history 6. The consequences of increasing competition 7. The resilience of labor market regulation and rent control 8. Challenges ahead: Can the capitalist welfare state survive? Appendices Bibliography Index

This interdisciplinary collection ofessays probes the impact of the market economy on art and science in the post-Berlin Wall era.

"Part One: Science for Sale," A Dollar Green Science Scene, focuses on new alliances of contemporary science and education with commercial funding, and the commodification of knowledge. Among the questions addressed here are: Does proximity to economic power eclipse freedom of knowledge? When science and education become businesses, what are the risks for a sell-out of patented knowledge, an abuse of research for business purposes or a commercialization of symbolic power?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

Part Two: Art for Sale, Buy Buy Art, elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

Part Two: Art for Sale, Buy Buy Art, elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but art costs money and artists cannot survive on their love for art alone. How do artists respond to the rise of economic strictures in modern culture in general and the art market in particular? When works of art become investments, can art still be critical of economic injustice? What role remains for the artist in a global, late-capitalist society?

"Part Two: Art for Sale, Buy Buy Art," elaborates on the multifaceted and ambiguous relationship between art and capital. Contemporary art claims to be autonomous, but

This book analyses the social and cultural status of high streets in the age of recession and austerity. High streets are shown to have long been regarded as the heart of many communities, but have declined to a state where boarded-up and vacant retail units are a familiar sight in many British cities. The book argues that the policies deemed necessary to revive the fortunes of high streets are often thinly-veiled attacks on the tastes and cultures of the working class. Policy-makers often promote boutiques, art galleries and upmarket cafes at the expense of some of the outlets frequented by less affluent populations, including betting shops, fast food takeaways, discount stores and bargain booze outlets. Highlighting the social and cultural roles that so-called 'dying' high streets continue to play in the lives of working class and disadvantaged populations, this book provides a powerful argument against retail gentrification, and a timely analysis of class conflict in austerity Britain. It will be of great interest to scholars of geography, social policy and cultural studies.

This book explores institutional change and economic behaviour through examining the transition process in the eight former socialist countries that became members of the EU in 2004, looking at the phenomenal growth that has been taking place in China in the last three decades, offering a historical perspective on the causes of economic underdevelopment in the Middle East, and discussing just how much of the neo-classical paradigm is refuted by the evidence produced by experimental economics in recent years. In addition, a conceptual framework is proposed for analyzing mechanisms of institutional change, and an evolutionary model and agent-based model are developed.

This book offers a rare glimpse into China's Korean minority, which dominates the area bordering North Korea; even as Korea is riven into capitalist and communist societies, China's Koreans register this dilemma as one internal to the society they live in, in China's postindustrial Northeast. As this research makes clear, once driven by state investment in industry, the Northeast is now struggling to define its identity as a post-industrial region; the ethnic Koreans there even more so. This monograph provides a distinctive look at a group shaped by political turmoil, economic transformation, and cultural struggle; the study may offer an idea of what the future of the Korean peninsula itself might be, disentangling the puzzling contradictions and synergies between nationality, locality and development in China.

This book presents the cooperative economy as a viable alternative to the neoliberal capitalist and authoritarian socialist models currently in use around the world. The authors contend that the cooperative model is based on principles essential to building a more just and equitable society. The democratic decision making process is indispensable for advancing towards a society that can better fulfil material and spiritual needs, helping to motivate workers and promoting solidarity. It is argued that the cooperative model would not only be of great use for the economic reform currently taking place in Cuba, but would radically transform other societies as well.

The 2008 global crisis, unemployment, lack of retirement funds, bank bailouts... today, the "economy" is on everyone's mind. But what makes this rather opaque concept work? This collection of essays seeks out the answer by exploring contemporary capitalism from a variety of theoretical perspectives and by confronting the economy as a cultural system, a theory, and a driving force of every day life in the West. The first part of the book discusses past and present representation of capitalism (from Hegel and Marx to Negri and Florida) along with their continuing impact. The second part focuses on capitalism as a locus of power and resistance, and maps possible responses to the current situation. The roles of metaphor and discourse is examined throughout to rethink the implications of power in the context of globalization and consumer culture. Each chapter features an abstract, study questions, as well as further reading suggestions, which, along with its accessible theoretical coverage, will make the book an essential study tool for students in social and political thought, globalization, and social theory.

This volume examines trends in inequality in the People's Republic of China. It contains findings on inequality nationwide, as well as within the rural and urban sectors, with an emphasis on public policy considerations. Several chapters focus on inequality of income; others analyse poverty, inequality in wealth, and the distribution of wages. Attention is given to groups such as migrants, women, and the elderly, as well as the relationship between income and health care funding and the impact of the rural tax reform. All contributors to this volume make use of a large, nationwide survey of Chinese households, the product of long-term co-operation between Chinese and international researchers that is unique in its scope and duration. Using these data, the contributors examine changes in inequality from 1988 to 2002.