Offering a comprehensive guide to financial shocks and crises, this book explores their increasing occurrence in current market economies, as well as their power to wrench the macroeconomy. It discusses three critical questions: what causes financial shocks; which channels may exacerbate their impact; and what policies could help avoid them or limit their negative effect on the economy and society at large. Drawing together contributions from top scholars in the field, this Modern Guide addresses both the causes and consequences of financial instability after the Global Financial Crisis (GFC) at both micro and macro levels. Chapters conceptualise financial crises, highlight their main channels of transmission, and explore the role of public policies, looking at how to learn from past financial crises to prevent future ones. The book further examines why financial shocks will be a permanent trait in the future, and the potential impacts of market economics continuing to expand financialisation as they have done over recent decades. This Modern Guide will be a timely resource for economics students and scholars, particularly as it compares the impacts of the GFC and Covid-19 and explores why these are so different. It will also be an important read for policy makers seeking advice on how to manage and avoid financial crises.

This book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region. As a result, large corporations and financial markets became central institutions in developing economies. In this context, Latin American countries globalized their economies, modifying their productive and financial structures and strengthening large corporation and non- financial structures. This economic order was a failure, as it was unable to achieve development in Latin America; large capital corporations either re-primarized their productive activity or developed an organization based on assembly manufacture, and, as such, financial markets remained underdeveloped because large corporations did not operate through domestic financial markets. In this book, the effects of these trends are analyzed in regional and country studies, while the impact of the 2008 Great Financial Crisis on Latin American economies are also considered. Researchers and students, especially those interested in a Post-Keynesian or heterodox view of the region, will find these studies illuminating.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. Presenting state-of-the-art reviews on classical and novel research fields in economic psychology, this Research Agenda studies the fundamentals, perceptions and understanding of economic phenomena and behaviour. Internationally renowned experts as well as the next generation of researchers summarize the field and outline promising avenues of future research. Research topics are addressed from an interdisciplinary perspective, providing a broad spectrum of thought on economic psychology. Exploring important gaps in research, chapters include theoretical as well as applied themes and cover novel research fields, to keep the reader abreast of contemporary developments. These include the psychology of money, product design, financial capabilities, sustainable consumption, diet, ethical conduct, gender inequality, the sharing economy, basic income, happiness, and tax psychology. Researchers and advanced students of economics and psychology looking to update their knowledge and refresh their thinking on future research will greatly benefit from this timely book. Contributors include: S. Asbach, J.M. Bauer, J. Bosak, S. Diefenbach, K. Gangl, A. Gasiorowska, B. Hartl, M. Hassenzahl, D. Hilton, E. Hofmann, J. Khan, E. Kirchler, C. Kulich, C. Loibl, T.L. Milfont, K. Patel, L.A. Reisch, G. Rivers, D. Schwartz, M. Sommer, D. Stimmler, O. Stravrova, C. Tanner, I. Vlaev

This Modern Guide presents a comprehensive synthesis of contemporary thought on the informal economy, which, far from being a peripheral feature of the global economy, the author demonstrates, is a system in which the majority of the global workforce are employed and which has pervasive detrimental effects; formalising it is therefore a priority for most governments. Employing theoretical and empirical methodologies, Colin C. Williams explores the latest research on methods of understanding and measuring the informal economy in its various forms, and discusses the rationale behind its participants. Its rigorous discussion of the need to shift away from solely using tools that punish the practice and towards aligning social norms with the regulations of formal institutions is complemented by a rich analysis of how jobs and enterprises across the world can be encouraged to make the transition towards formalism. Incentives, education and reform are among the strategies advocated in this Modern Guide's compelling and lucid roadmap for the transition to formality. An invaluable resource for policymakers involved in tax, social security and labour policies, belonging to both governments and supra-national institutions, the book will also be valuable for academics and researchers in sociology, economics and business studies, especially those with an interest in taxation, industrial relations, entrepreneurship and labour economics.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. In this thoroughly revised and updated second edition, Mariana Mota Prado and Michael J. Trebilcock offer a succinct and readable introduction to the main concepts and debates in the field of law and development. They examine the role of legal systems and institutions, investigate perceptions around what laws and legal arrangements encourage and facilitate development, and probe the issues arising in both private law and public law as well as in international economic relations. Key features of the second edition include: Discussion of the role of technology in promoting development Analysis of the potential impact of the Covid-19 pandemic on developing countries A brand new chapter investigating the role of health and education in development Written with the insight of two top experts in the field, this Advanced Introduction covers the most recent trends in law and development research and highlights areas that remain underexplored. It will be essential reading for students, practitioners and policy-makers looking to gain a clear understanding of the core principles of this multifaceted topic.

Providing original insights into the factors causing early job insecurity in European countries, this book examines the short- and long-term consequences. It assesses public policies seeking to diminish the risks to young people facing prolonged job insecurity and reduce the severity of these impacts. Based on the findings of a major study of nine European countries, this book examines the diverse strategies that countries across the continent use to help young people overcome employment barriers. The authors present recommendations for governments to improve the job market environment and to support young people in finding suitable and stable employment. A vital tool for European policymakers, this book provides new knowledge that will help improve existing policies, at both national and European levels. The detailed analysis of original data collected through innovative methods will prove highly useful to public policy and European studies scholars. Contributors include: M.-L. Assmann, P. Boyadjieva, M. Bussi, I. Dingeldey, O. Hora, M. Horakova, B. Hvinden, C. Hyggen, P. Ilieva-Trichkova, C. Imdorf, M. Karamessini, P. Michon, J. O'Reilly, D. Parsanoglou, S. Sacchi, R. Samuel, M.A. Schoyen, L.P. Shi, T. Sirovatka, G. Stamatopoulou, L. Steinberg, R. Stoilova, M. Symeonaki, A. Yfanti, G. Yordanova

Responding to global events, including the international financial crisis (IFC) and the COVID-19 pandemic, central banks and the monetary regimes in many Latin American countries responded with actions to mitigate the worst impacts. The authors in this book focus on the recent trends of monetary policy in Latin America and analyze how the actions that were taken have affected the economic performance of these countries. The book is composed of 11 chapters that analyze, theoretically and empirically, the central banks' actions and the monetary regimes of the following countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay. As most of these countries implemented inflation-targeting regimes in the 1990s and 2000s, a special focus will be given on these experiences and how central banks dealt with the IFC and COVID-19 crises. Academic researchers and students of economics will find a wealth of knowledge contained in these chapters, as will anyone looking for a better understanding of the economy of this important region.

This book addresses the different kinds of businesses launched by entrepreneurs and explains why their differences are so critical for our understanding of entrepreneurship. While entrepreneurs create a wide variety of businesses, overwhelming emphasis has been placed on explosive growth firms such as Facebook, Google, Amazon, Uber and Airbnb. Although important, these businesses represent less than one percent of start-ups. The book distinguishes four types of new ventures: survival, lifestyle, managed growth and aggressive growth. Underlying characteristics of each type are investigated, together with the resources, skills and capabilities necessary for their success. Issues that arise based on this typology are explored, including reasons why ventures of one type rarely change to become another, and how entrepreneurs determine which they should pursue. In addition, the authors introduce the 'portfolio' concept, where the need to develop a balanced mix of venture types is emphasized. The principal audiences for What Do Entrepreneurs Create? include entrepreneurship educators, scholarly researchers, public policy developers, economic development professionals, and community organizations striving to foster entrepreneurial activity.

Presenting a truly comprehensive history of Basic Income, Malcolm Torry explores the evolution of the concept of a regular unconditional income for every individual, as well as examining other types of income as they relate to its history. Examining the beginnings of the modern debate at the end of the eighteenth century right up to the current global discussion, this book draws on a vast array of original historical sources and serves as both an in-depth study of, and introduction to, Basic Income and its history. Commencing with Thomas Paine's advocacy for Basic Capital and Thomas Spence's for a Basic Income, Torry analyses thought from a variety of authors during the nineteenth and twentieth centuries and explores the widespread debate across Europe from the 1980s to the present day. Chapters further investigate a terminologically diverse debate in Canada and the USA and highlight the significance of recent research on feasibility in the UK. Concluding with a study of the anatomy of what is now a single global debate about Basic Income, this book will be of value to policy makers, students and scholars of Basic Income, social and economic history, and the economics of social policy.

This wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do. Topics include but are not limited to: methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well structural causes of the current global financial crisis how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism the influence of class conflict on economic policy, including in the current ''austerity'' regimes. The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press.

This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties. Chapters outline how politicians, regulators and market players are linked in various political and administrative accountability mechanisms. Providing analysis of how the accountability channels are linked to policy content, contributors ask whether specific regulatory objectives and results give rise to the mobilising of accountability mechanisms. Regulating Finance in Europe critically examines the implementation of major EU legislative packages in financial regulation (MiFID II and CMU), offering a unique empirical insight into how different modes of accountability in financial market regulation are linked with different policy effects. This comprehensive yet accessible book will be an invaluable read for politicians and practitioners working in finance as well as academics in EU politics and policies. It will also provide a useful resource for undergraduate and postgraduate students of political science, law and economics.

Tom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation. The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global "race to the bottom" competition. It also explains how Europe's economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a "war of ideas", the outcome of which will determine our future political economic trajectory. Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.

Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging. International contributors comparatively analyze government approaches to population aging, illustrating the similar challenges faced across nations. Chapters draw attention to those particular issues that public policy plans must surmount, including funding pressures on retirement plans and the effects of an aging labor force on economic growth and productivity. They offer evidence on the scale of these challenges in Korea and the US and empirically evaluate how governments, employers, and individuals may respond to these issues in the years to come. Addressing fiscal sustainability and key social security programs, including the implications of the 2015 Korean pension reform and the economic difficulties entailed by the future of Medicare, this book investigates the implications of managing and sustaining welfare for an aging population. This cutting-edge book will be ideal reading for economists focusing on public policy and welfare programs, benefiting from the comparative approach to fiscal accountability and sustainability. It will also appeal to practitioners and policymakers seeking insights into the consequences of an aging population and hoping to develop innovative methods and approaches to welfare.

A unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector. The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.

Crisis management has become one of the core challenges facing governments, but successful crisis response depends on effective public leadership. Building on insights from Pragmatist philosophy, this deeply nuanced book provides guidance and direction for public leaders tackling the most challenging tasks of the twenty-first century. This timely and insightful book demonstrates how Pragmatism enables leaders to strategically address the fog of uncertainty that characterizes crises. Illuminating the power of practical rationality in crisis situations, Christopher Ansell and Martin Bartenberger develop a model of Pragmatist political crisis management and contrast this with crisis decision making and meaning making guided by principle. Examining the interplay of practical rationality and principle during the US financial crisis of 2008, the authors develop empirical indicators to evaluate when and why crisis leaders may adopt Pragmatist or principle-guided strategies. Flawlessly blending theory with practice, Ansell and Bartenberger offer key insights to those active in the crisis management community. Crisis management and public administration scholars will benefit from the detailed overview of Pragmatism and its applications to concrete issues of governance, while practitioners will profit from the book's insight into crisis leadership and decision making.

'Monetary policy is not just a matter of optimal stabilization policy; it is also fundamentally a matter of politics. But while this observation is commonplace, it is not adequately incorporated into economists' reasoning and analysis. Gerald Epstein's work represents perhaps the most prominent exception to this last rule. Reading him provides a salutary reminder that we need to pay closer attention to this political aspect when thinking about central banks and what they do.' - Barry Eichengreen, University of California, Berkeley, US Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society. Written over several decades by Gerald Epstein and co-authors, these works explore why central banks do what they do, and how they could better operate. Epstein shows that central banks are a contested terrain over which major economic and political groups fight for control; and demonstrates that though in the US and most other countries, private bankers have the upper-hand in this political struggle, they don t always win. Graduate students, faculty and advanced undergraduates in economics, political science and sociology who are interested in central banking and finance as well as specialists who focus on central banking will find greater understanding of central banks through The Political Economy of Central Banking.

This timely and provocative book challenges the conventional wisdom that neoliberal capitalism is incompatible with social justice. Employing public choice and market process theory, Nick Cowen systematically compares and contrasts capitalism with socialist alternatives, illustrating how proponents of social justice have decisive reasons to opt for a capitalism guided by neoliberal ideas. Cowen shows how general rules of property and voluntary exchange facilitate widespread cooperation. Revisiting the works of John Rawls, he offers an interdisciplinary reconciliation of Rawlsian principles with liberal democracy by introducing 'robust property-owning democracy', a new form of governance that aims to achieve social justice via practical, liberal means. Chapters address the knowledge problem and the incentive problem that emerge when aiming for a fair distribution of social resources and demonstrate how everyday political bargaining can help achieve just outcomes for all. Utilising insights from philosophy, politics and economics to show the role of market institutions and constitutional government in producing social justice, this book is crucial reading for academics, researchers and students of PPE and the political sciences. Its practical policy proposals will further benefit policymakers interested in mechanisms that spread the benefits of economic growth equitably.

Employment relations, traditionally known as industrial or labour relations, forms an integral part of the activities of labour, employers and the government in business. It centres on balancing, integrating and reconciling the partly common and partly divergent interests of these parties. South African employment relations has reached the milestone of having been available for more than a quarter of a century and is the longest running book in this field in South Africa. This 8th edition of South African employment relations redefines the various role players in employment relations management and broadens the field to incorporate them. It brings the direction the labour market is going in terms of collective bargaining into sharper focus and proposes ways in which fair workplace relations can be established. It furthermore deals with the latest legislative developments, union activities and other contemporary issues. Besides the case studies and a comprehensive glossary, this edition now includes short inserts entitled "ER in practice" to highlight the challenges posed by industry and the business community, and to empower readers and practitioners to utilise the insights gained from these examples with confidence in their daily business activities. Lecturer support material is also available. South African employment relations is aimed at both students and practitioners in this field.

This defining and original book explores the history of monopoly power and of its relation to competition, focusing on the innovative contributions of the Italian Marginalists ? Pareto, Pantaleoni, De Viti de Marco and Barone. Manuela Mosca analyses their articulate vision of competition, and the structural and strategic entry barriers considered in their works to enrich existing literature on the history of the sources of market power. The book is not limited to the reconstruction of the elaboration of pure theory, it also highlights its policy implications and how this group applied their theories as cutting-edge experiments in analysing the labour market, socialism, the Great War and gender issues, against the background of the political situation of the period. Monopoly Power and Competition is a vital resource for historians of economic thought, as it explores a relatively untouched area of microeconomics in historical perspective, and reveals the theories surrounding monopoly power and competition. Microeconomists and industrial organisation scholars would similarly benefit from the knowledge of the origins of many microeconomic tools and notions.

Empower your students to solve today's important business problems with the basic tools of economics and without overwhelming calculus. Ideal for MBA courses, Brickley focus on data-driven decision-making and managerial applications within the structure of an organization. Using multidisciplinary examples, students leverage the underlying economic framework to analyze a variety of problems managers face today. It also provides an in-depth analysis of the firm and corporate governance topics. Brickley paired with Connect Economics provides assignable,auto-gradable versions of test bank content. Assignable content is fully integrated with the eBook. Students are also able to search, highlight, and take notes within the ReadAnywhere eBook and complete adaptive reading assignments offline. Connect provides instructors with powerful reporting tools allowing them to plan, track, and analyze student performance across learning outcomes.

This Research Handbook on Entrepreneurship in Emerging Economies provides a range of contextualized perspectives on entrepreneurship in emerging economies. Featuring contributions from leading experts, it explores the various social and institutional contexts that produce and affect entrepreneurship. This Research Handbook portrays the theories, processes and practices of entrepreneurship in emerging economies as being markedly different from those in developed, post-industrial economies, emphasizing how national context shapes incentives for entrepreneurial efforts. Exploring multiple theories of entrepreneurship, chapters dissect the opportunities - and barriers - emerging from various institutions and social practices from the Middle East, North Africa, Sub-Saharan Africa, Asia and Latin America. Comprehensive and incisive, this Research Handbook is an ideal guide for researchers and both undergraduate and postgraduate students working on emerging economies, particularly those with an interest in global entrepreneurship. It will also benefit policy-makers seeking to develop entrepreneurial activity in developing economies. Contributors include: M. Akoorie, A. Al Mulla, G. Anggadwita, N. Birdthistle, L.-P. Dana, B. Dye, K. Dye, A. Egbetokun, E. Elkaroui, B. Fang, H. Febriansyah, A. Flynn, A. Forouharfar, L. Galloway, J. Gibb, A. Gkikas, J.G. Hussain, A. Icha-Ituma, P.A. Igwe, O. Kolade, K.T.Z. Lwin, A. Mohsen, H. Mustafa, H. Nyugen, R. Palali , S. Pattinson, I. Peiris, T.S.H. Pham, D. Rae, V. Ramadani, L. Sarfaraz, J.M. Scott, M. Sherif, P. Sinha, M.N. Tunio, R. Wanjiru, C.W. Watson, H. Zarrouk