Higher education, especially that which is publicly funded, is under increasing scrutiny from politicians and the public as competition in this sector increases. Susanne Warning provides a comprehensive analysis of the strategic positioning of public universities as service providers in a competitive sector. The author develops two distinct theoretical approaches to the analysis of public universities. The first is the concept of strategic groups, originating in management theory. It implies that due to different returns on investment in teaching quality and research quality, heterogeneity will exist in the university sector. The second approach involves a three-stage duopoly game of competition between universities, and is underpinned by the industrial economics literature. Universities in this formal equilibrium model of differentiation position themselves in terms of teaching and research quality in order to attract students. Although the analysis is based on data for German publicly funded universities, however, the author's conclusions offer important insights for all countries where publicly funded universities play a role, particularly in the current climate of shifts towards more competitive university systems. With an exclusive combination of economic analysis and institutional data, this book will prove invaluable for anyone with a particular interest in the economics of higher education.

How Nations Innovate compares how affluent capitalist economies differ in their patterns of technological innovation. Building on the 'varieties of capitalism' literature, this book goes beyond the traditional focus on 'radical versus incremental innovation' in existing scholarship, and takes the comparison of capitalism to an entirely new set of questions around technological innovation. For example, which type of capitalism engages in job-threatening innovation? Whose innovation widens income inequality? Whose innovation raises productivity? Which type of capitalism has more effective financial markets for innovation? Whose innovators emphasize 'control' rather than 'flexibility' during innovation? By addressing these questions, the author demonstrates that the way nations innovate often has deep, and sometimes counter-intuitive, implications for how they compare in many areas of socio-economic performance. For example, although venture capital is most active in Anglo-Saxon economies, it seems that venture-capital performance in stimulating innovation is also poorest in precisely these countries. On the issue of employment, the author argues that, whilst technological innovation in Anglo-Saxon economies creates jobs, innovation in European economies destroys jobs. Nations also differ in the nature of income inequality driven by innovation. While innovation pushes top earners further ahead of median earners in Anglo-Saxon economies, it drags bottom earners further behind the median in European economies. Finally, varieties of capitalism also differ in their ability to cope with the volatilities of innovation. While Anglo-Saxon economies face a trade-off between low volatility and high innovation output, these two goals seem jointly achievable in European economies.

Mario Amendola and Jean-Luc Gaffard argue that all too often, markets and technology are treated as two magic words that will open the door to a wealth of riches. An increasing number of governments appear to be aiming for a pure market economy in order to reap the benefits of a benevolent technology that promises the most spectacular advances. Both markets and technology can certainly be considered essential economic factors, but which market and what technology? Is the current prevailing view of competition without restraints and privatisation at all costs actually the essence of the market? This book maintains that the dominant view mistakes the relationship between growth and technical change and, as a consequence, the role of the market in this context. The authors argue that once the issue is analysed in the proper light, the usual ingredients of the dominant policy recipe - zero inflation, balanced budgets, privatisations, deregulation of all markets, extreme flexibility - may not actually be the appropriate ones.The Market Way to Riches will appeal to academics from many branches of economics including heterodox, evolutionary and macroeconomics and those with an interest in economic growth generally. Policy makers influencing economic growth will also find much to engage them.

The United Nations declared 2012 the year of cooperatives, emphasizing that there is an alternative to privately owned firms. While greed and mismanagement have caused world financial and economic crises, co-ops offer another type of business for economic activities that is less exposed to aggressive capitalism. This book provides a problem-oriented overview of the development of cooperatives over the last fifty years. The global study addresses the major challenges cooperatives face, such as the organizational innovations introduced to acquire necessary risk-capital and implement growth-related strategies, the wave of demutualization in developed nations and their ability to construct an original consumer politics. The contributors to this volume discuss the successes and failures of the cooperatives and ask whether they are an outdated model of enterprise. They document a wave of foundations of new co-ops, new forms of collaboration between them and a growing trend toward globalization.

Social enterprises boost the economic landscape and benefit causes that are important to society in general. Examining the role of public policy within these small initiatives will produce more effective methods for these two avenues to work together. Influence of Public Policy on Small Social Enterprises: Emerging Research and Opportunities is a pivotal scholarly resource that provides in-depth discussion on how social enterprises are reshaping global economies. Highlighting relevant topics that include legal funding, government policies, third-sector enterprises, and procurement procedures, this reference publication is ideal for academicians, students, government officials, business managers, and researchers that are interested in staying current on the latest advances in the field of social enterprises.

CLASSIC STUDY OF AMERICAN LABOR ECONOMICS "This book outlines an evolutionary and behavioral theory of value based on data drawn from court decisions. Analyzing the meaning of reasonable value as defined by the courts, Commons finds that the answer is based on a notion of reasonable conduct. Expanding this point to encompass the habits and customs of social life, he shows that court decisions are based on customs that are powerful forces shaping the economic system. John R. Commons has contributed in one way or another to practically every piece of social and labor legislation that has been enacted in the 20th century." --JACK BARBASH, Monthly Labor Review, May 1989, Vol. 112, No. 5 " An] . . . analysis further along his chosen line than any of his predecessors. Into our knowledge of capitalism he has incorporated a great body of new materials which no one else has used adequately."-- WESLEY MITCHELL, American Economic Review, XIV (1924) 253 John R. Commons 1862-1945] was a Professor of Economics at the University of Wisconsin. He was the author and editor of numerous works, and established his reputation with his editorial contributions to A Documentary History of American Industrial Society (1910-1911). He was the author of The Distribution of Wealth (1893), Institutional Economics (1934) and co-author of the History of Labor in the United States (1918-1935). Commons drafted much of the nationally influential labor legislation for the state of Wisconsin that gave unions legal privileges, offered compulsory unemployment insurance to workers and established the first system of workers' compensation in the United States. Due to these path-breaking reforms, he is considered to be the spiritual father of the Social Security Act.

Challenges the mainstream understanding of BRICS and US dominance to situate the new global rivalries engulfing capitalism.

BRICS is a grouping of the five major emerging economies of Brazil, Russia, India, China and South Africa. Volume five in the Democratic Marxism series, BRICS and the New American Imperialism challenges the mainstream understanding of BRICS and US dominance to situate the new global rivalries engulfing capitalism. It offers novel analyses of BRICS in the context of increasing US induced imperial chaos, deepening environmental crisis tendencies (such as climate change and water scarcity), contradictory dynamics inside BRICS countries and growing subaltern resistance.

The authors revisit contemporary thinking on imperialism and anti-imperialism, drawing on the work of Rosa Luxemburg, one of the leading theorists after Marx, who attempted to understand the expansionary nature of capitalism from the heartlands to the peripheries. The richness of Luxemburg’s pioneering work inspires most of the volume’s contributors in their analyses of the dangerous contradictions of the contemporary world as well as forms of democratic agency advancing resistance.

While various forms of resistance are highlighted, among them water protests, mass worker strikes, anti-corporate campaigning and forms of cultural critique, this volume grapples with the challenge of renewing anti-imperialism beyond the NGO-driven World Social Forum and considers the prospects of a new horizontal political vessel to build global convergence. It also explores the prospects of a Fifth International of Peoples and Workers.

Since the popularization of Internet access and use, businesses have moved to create and include electronic markets to reach a larger customer base. These electronic markets can exacerbate already existing socioeconomic problems as well as limit the effect of regulation from national states. Regulation and Structure in Economic Virtualization: Emerging Research and Opportunities is a critical academic publication that discusses and explores the relationship between the Internet and business networks, especially the development of web markets and their relation to regulation in global societies. Covering a wide range of topics, such as business virtualization, global outsourcing, and innovations in public governance, this book is geared toward academicians, researchers, and students seeking relevant and research on the interaction between the internet and business as well as the development of internet markets.

In the 1990s, institutional and evolutionary economics emerged as one of the most creative and successful approaches in the modern social sciences. This timely reader gathers together seminal contributions from leading international authors in the field of institutional and evolutionary economics including Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskali Maki, Bart Nooteboom and Marc R. Tool. The emphasis is on key concepts such as learning, trust, power, pricing and markets, with some essays devoted to methodology and others to the comparison of different forms of capitalism. An extensive introduction places the contributions in the context of the historical and theoretical background of recent developments in economics and the social sciences.Essential reading for lecturers, researchers, graduates and advanced undergraduates in economics, business studies and sociology, this diverse yet complementary collection of essays will also find a broad readership amongst those wanting to understand the manifest changes apparent within modern socio-economic systems.

Social economy organizations such as cooperatives, non-profits, mutual benefit groups, foundations, and non-governmental organizations are uniquely positioned to respond not only to emerging social and economic needs, but also to new collective aspirations. In Quebec, for instance, a pioneering social economy system has been developed that is recognized worldwide for its ability to foster innovative solutions to economic disparity and sustainability issues. In the wake of a global crisis that has emphasized the growing gap between economic and social concerns, what can other regions gain from this model? Through robust theoretical and in-depth empirical studies, this book offers the first opportunity to English-language readers to learn about the Quebec experience of a social economy system. It takes stock of recent developments in the province relating to policy planning, governance, financing, local development, and legal frameworks. Innovation and the Social Economy also emphasizes this system's potential for exploring alternative practices of production, consumption, and distribution that can foster social transformation.

This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics. Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.

The OECD includes the richest nations in the world. It issues recommendations on economic and social policies. Is its counsel on welfare state policies coherent? And is it followed by member states in Western Europe? These are the guiding questions of this book, which is a first to deal with such issues. The OECD and European Welfare States comprises 14 country studies considering OECD recommendations and their implementation in Western European welfare states, an analysis of the internal processes in the OECD, a theoretical introduction and a concluding comparative chapter. The overall results show a large degree of consistency in OECD analyses and recommendations, though little efficacy is revealed. The authors of this book have compiled a major contribution to the analysis of the impact of international organisations on national welfare states, widening the scope of traditional analyses of national welfare state development. This edited book will be of special interest to those researchers and graduate students in the fields of international business, welfare state policy and comparative politics. It will also appeal to policy makers concerned with the OECD or welfare state development.

The essays contained herein span over a decade and reflect David Prychitko's thinking about the role of the market system, and its relation to planning and democratic processes. The collection consists of previously published and unpublished articles written not only for economists but also for an interdisciplinary audience. Prychitko extends the Austrian School's criticism of central planning to include the decentralized, self-managed and democratic models of socialism - those that were supposed to distinguish Yugoslav-style socialism from Soviet socialism. He critically evaluates the socialist and market-socialist proposals of contemporary advocates including Michael Albert and Robin Hahnel, Ted Burczak, Branko Horvat, and Joseph Stiglitz. A younger Austrian economist, Prychitko has also emerged as an internal critic within that tradition. He questions the Austrian School's claims that the unhampered market maximizes social welfare, that any actions of the state necessarily reduce welfare, and that anarcho-capitalism is viable and desirable. At the same time, he carefully discusses the viability of worker-managed enterprise from a market-process perspective, and offers a qualified defense. Scholars, particularly those with an interest in Austrian economic thought, comparative political economy and free market libertarianism will find this collection a valuable resource.

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Tackling innovation as an endogenous process, this groundbreaking new book builds upon the Schumpeterian creative response by implementing the tools of complexity economics. This reappraisal of the Schumpeterian legacy allows the author to apply complexity economics to endogenous knowledge externalities and consequently move away from the Darwinistic and biological accounts of evolutionary economics. This approach proves that firms, in out-of-equilibrium conditions, try and react by means of introducing innovations. The success of this reaction is contingent upon access conditions to knowledge externalities. Cristiano Antonelli demonstrates that the consequent introduction of innovations may, in turn, knock firms further out of equilibrium and cause positive changes in the system's properties that feed the introduction of further innovations. In addition, this can also engender the decline of the system's properties and push firms to adaptive response that drive the system towards an equilibrium without growth and change. This path dependent loop of interactions between the system properties and the individual actions of firms is central to this book. Paving the way to a new phase of evolutionary economics, the book's prime readership will be students and scholars who study and teach evolutionary economics, the economics of innovation and/or the economics of growth.

This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize. The book first deals with the critical issues concerning liberalization, including sequencing and financial market development. The authors move on to present an overview of the early liberalization experiences of advanced economies and East-Asian countries. This provides the context for a series of chapters reviewing liberalization progress in transition economies, in which international experts and senior officials analyze their own countries' experiences. The authors also emphasise the importance of financial market reform and the construction of a sound institutional framework if countries are to attract and productively use capital inflows. A stable financial system, whilst not infallible, is also crucial for minimizing the risk of financial crises of the type experienced by a number of countries during the 1980s and 1990s. The comprehensive scope of the subject matter and international contributions from a range of different perspectives will ensure this book is warmly received by academics and researchers with an interest in EU accession, transition economics and financial market reform. It will also serve as a useful guide to governments involved in capital liberalization in other parts of the world such as Latin America and Asia.

This substantial book examines key economic, political and social aspects of Malaysia at the turn of the new century. It covers the years of rapid growth and dramatic structural change leading up to the 1997 financial crisis, and the subsequent adjustments which enabled the economy to resume its vigorous advance. The authors critically address affirmative action policies aiming to help Malays enter the modern economy and make income distribution more equitable while reducing poverty. They look at case studies of persisting poverty amidst economic progress, and also scrutinize the development of East Malaysia with its special problems away from the centre of power in Kuala Lumpur. The authors review the direction of politics after Prime Minister Mahathir, as well as exploring Malaysia's foreign, education, and labour policies. They canvass the idea of a 'new Malay' better adapted to modern society, investigate the position of the Chinese, examine the struggle for women's rights within the religious framework of Islam, and discuss the contributions of Malaysian NGOs to ongoing changes. They finally draw together crucial issues facing Malaysia in the 21st century. The contributors, who are leading scholars in their spheres, have produced a wide ranging and comprehensive guide to the economy and society of Malaysia. This book will be of great value and interest to students and scholars of Asian economics, development and social studies.

Challenging conventional wisdom, Shienbaum argues that the U.S. federal government, not the private sector, created the dynamic New Economy. Declining economic competitiveness and relative global underperformance during the 1970s and early 1980s threatened America's post-war global leadership position, a role Washington was loath to relinquish, especially during the Cold War. Citing these threats to American leadership and security, government officials set out to make the U.S. economy more competitive by creating innovative technology policies combined with policies providing strong incentives to new entrants while removing regulatory protections from more established companies. The federal government, in other words, nurtured fragile high-tech start-ups while forcing larger companies to compete in the marketplace, in the process transforming regulatory capitalism into an entrepreneurial capitalism marked by innovation, entrepreneurship, and competition.

ShienbauM's book will be of interest to political scientists, policy makers, economists, and lay readers wanting to discover the causal factors that created the conditions for the unprecedented economic boom of the 1990s. Furthermore, by explicitly connecting government policy-making to economic change, Shienbaum reminds us of the basic but often-ignored truth that politics and economics are inescapably linked together. She concludes with a clear-eyed discussion of the limits of entrepreneurial capitalism and the forces lining up to oppose the New Economy.

Market dominance - encompassing single firm dominance, overt and tacit collusion, mergers and vertical restraints - raises many complex analytical and policy issues, all of which continue to be the subject of theoretical research and policy reform. This second edition of a popular and comprehensive text extends the arguments and combines an analysis of the issues with a discussion of actual policy and case studies. This new edition addresses the recent fundamental changes in antitrust law, especially in the UK and the EU, and reviews some high profile and controversial cases such as the Boeing-McDonnell Douglas merger and the Microsoft monopoly. The author moves on to deal with several unresolved questions including the conflicts between trade and antitrust policy, the foreign take-over of domestic assets and extra-territorial claims made by certain countries. Market Dominance and Antitrust Policy will be of considerable value to students and scholars of economics, law and business, as well as researchers, policymakers and practitioners with an interest in competition policy and international trade.