This book chronicles the way Keynes's generous philosophy of practice evolved in consonance with the needs of his epoch. From a youngster reflecting on ethics and the classics, to becoming a leading voice in both wars in terms of political philosophy and international relations, to playing the role of innovator in both probability and economics, to taking a stance as an art appreciator, Keynes's life and multidisciplinary contributions to humankind were permeated by his philosophical milieu. However, only a flexible, dynamic, and broad philosophy could have reflected and led the economic and political events in the world of the first part of the 20th Century, which is what Keynes managed to accomplish, and that is what the book suggests. This book captures the gist of Keynes' evolutionary philosophy for our times. The book adds an evolutionary perspective to the existing literature on Keynes. As a case in point, the theoretical foundations of both macroeconomics and laissez faire are dissected. But the book also tells the story of how Keynes's philosophy is adapted to a convulsed world, which is akin to ours, his legacy being gifted with multiple human considerations. The book offers an outline of Keynes's philosophical stance-also compared with those of other European thinkers-at a moment when new ethical, epistemological, economic, and political perspectives are required, especially after the crisis of 2020. The conclusion is that Keyness theoretical and practical insights were far ahead of his time.

The Struggle for World Markets examines the pattern of deepening integration and imbalances across the Atlantic as the European Union and North America are increasingly linked through high volume trade and expanding transnational production. Distinguished authors examine in detail structural policy issues, foreign direct investment flows, free trade options and the evolution of collaborative arangements between firms, especially in high technology sectors. The volume explores the possibility of promoting greater links between the European Union and North America. It offers assessments of potentials for the formation of new alliances that would strengthen Atlantic economic ties.The Struggle for World Markets will be invaluable to policymakers and scholars with an interest in international business, international political economy, commerce and political science.

The soft budget constraint - today a popular metaphor - is a paradox. In socialist economies, it implies that the state tends to bail out state-owned firms in financial trouble, in spite of the tremendous performance problems of the entire system that result. When the socialist system broke down, the soft budget constraint was expected to disappear. However, it seems to persist, and its persistence appears to hamper the transition process itself. The Soft Budget Constraint The Emergence, Persistence and Logic of an Institution seeks an answer to this paradox. It aims at increasing our understanding of why the soft budget constraint exists. By investigating state-owned enterprises in Tanzania before, during and after socialism, the prevalence of the soft budget constraint is examined and an explanation of its existence is suggested. The approach is institutional. The soft budget constraint is defined as an informal institution and an invisible-hand explanation of its emergence, persistence and logic is applied. The book shows that the soft budget constraint emerged as an unintended consequence of the establishment of the Tanzania socialist system in the 1970s. A behavioral solution to recurrent systemic problems was offered, and thus the soft budget constraint performed several functions. Once established, its very existence set off a cumulative process of self-generation. Four reinforcement mechanisms that accounted for its maintenance during Tanzanian socialism are identified. Its character as an informal rule helps to explain why it persisted during market-oriented reform, initiated in the mid-1980s. The soft budget constraint was part of the socialist heritage, was adapted tosystemic change, and influenced the direction and character of this change.

For years, China’s rapid economic transformation was hailed as a successful project that lifted hundreds of millions of people out of poverty. However, in recent times, the Chinese narrative has taken a more negative turn in the eyes of the West. Much of this has to do with the US perception about the role of the Chinese state in its economy and its military build-up, especially in the South China Sea. There’s no question, China’s complex economy can be difficult to understand. Information is often unclear and incomplete, and its data are not always reliable. However, this book presents the reader with a clear picture of China’s economy and how it compares to other advanced economies, mainly the United States. The book unwraps the key features and structures of China’s economy. Moreover, it examines and shows the similarities and differences in comparison with other like economies. In that effort, it underscores the differences by evaluating their benefits as well as their disadvantages, against the backdrop of China’s incomplete transition to a market economy. This along with its governance structure becomes the crucial components shaping the way key stakeholders will act and react to opportunities and incentives as that economy evolves. The book supplements the definition of globalization for the academic, the student, the professional and anyone else interested in its positive and negative effects. It is also a good fit for anyone who wants to understand China’s three elements of political economy: global trade, political power and its image on the global stage.

This report is a partial result of the China's Quarterly Macroeconometric Model (CQMM), a project developed and maintained by the Center for Macroeconomic Research (CMR) at Xiamen University. The CMR is one of the Key Research Institutes of Humanities and Social Sciences sponsored by the Ministry of Education of China, focusing on China's economic forecast and macroeconomic policy analysis. The CMR started to develop the CQMM for purpose of short-term forecasting, policy analysis, and simulation in 2005. Based on the CQMM, the CMR and its partners hold press conferences to release forecasts for China' major macroeconomic variables. Since July, 2006, twenty-two quarterly reports on China's macroeconomic outlook have been presented and eleventh annual reports have been published. This 23rd quarterly report is to be presented at the Forum on China's Macroeconomic Outlook and Press Conference of CQMM on October 27, 2017. This conference is jointly held at Oxford University by Oxford Prospects and Global Development Centre, University of Oxford, Center for Macroeconomic Research at Xiamen University, and Economic Information Daily at Xinhua News Agency.

Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.

This book seeks to identify the forces which explain how and why some parts of the world have grown rich and others have lagged behind. Encompassing 2000 years of history, part 1 begins with the Roman Empire and explores the key factors that have influenced economic development in Africa, Asia, the Americas and Europe. Part 2 covers the development of macroeconomic tools of analysis from the 17th century to the present. Part 3 looks to the future and considers what the shape of the world economy might be in 2030. Combining both the close quantitative analysis for which Professor Maddison is famous with a more qualitative approach that takes into account the complexity of the forces at work, this book provides students and all interested readers with a totally fascinating overview of world economic history. Professor Maddison has the unique ability to synthesise vast amounts of information into a clear narrative flow that entertains as well as informs, making this text an invaluable resource for all students and scholars, and anyone interested in trying to understand why some parts of the World are so much richer than others.

This book focuses on the Chinese context to investigate how informal institutions (Confucian culture and its dimensions, religion, political connections) in China affect accounting behaviors. This book tries to show that cultural influence and religious impacts in China are not trivial and increasingly important, and specifically, informal institutions have its bright and dark sides with regard to its effects on accounting behaviors. This book aims to investigate whether and how informal institutions (Confucian culture and its dimensions, religion, political connections) affect micro-level accounting behaviors, including but not limited to audit quality, financial misstatement, R&D, corporate misconducts, corporate philanthropy and corporate environmental responsibility. This book provides graduate students, scholars and practitioners in the fields of accounting, business administration and religion with an in-depth understanding about how informal institutions as a set of social norms affect micro-level accounting behaviors. First, this book is the first to focus on the Chinese context and investigate the effects of informal institutions on accounting behavior. Second, this book documents systematic evidence to show the bright and dark sides with regard to the relation between informal institutions and accounting behavior in China. Lastly, this book reveals informal institutions can serve as an important mechanism to affect accounting behaviors.

This book focuses on one of the two G20 tracks, the finance track. It examines the evolution of the finance track in G20, the organizational structure of the finance track, and the role of international organizations in reforming the financial architecture. It discusses how the agenda is formed and driven by the political economy of the host country as well as the imperative of the time. It also documents the finance track themes taken up by different G20 presidencies over the years. Some of the common threads between the G20 emerging economies' presidencies in terms of the finance track themes that the G20 leaders have considered include financial sector regulation and reform, reform of international financial institutions, global growth and macroeconomic policies, international taxation, and financial inclusion. The book is an excellent resource for the researchers of international economics as well as for policymakers.

The start of intense rivalry between industry, trade unions and the financial sector, to influence policy in postwar Britain, increased in the late 1950s. Macmillan's government succeeded briefly in restoring some of the original wartime consensus after 1961, only to see hopes for Conservative planning wither. Competition among interest groups to settle how the national interest should be defined made Wilson's attempt to create a Labour planned economy almost impossible. Despite the spur of relative decline, modernisation always fell far short of politicians' aims, putting in doubt the ability of even a modern state to achieve its ambitions. A series of crises exposed promises of breakthrough into growth, which governments blamed on the self-interest of institutions - without whose co-operation they still believed they could not govern. Search for an elusive tripartism, though justified in terms of the political ethos and organisations in which they almost all believed, led industrial politics to a messy conclusion in the late 1970s. The fall of the Heath government is described in detail. In the process, the postwar settlement's already-insecure foundations were eroded, and the ab

This book offers an assessment of theories of distribution and growth after Keynes. It presents an overview of the main contributions with a particular focus on the development of post-Keynesian/Kaleckian models.In the first part of the book, Eckhard Hein presents a comprehensive overview of the main approaches towards distribution and growth including the contributions of Harrod and Domar, old and new neoclassical theories including the fundamental capital controversy critique, the post-Keynesian contributions of Kaldor, Pasinetti, Thirlwall and Robinson, and finally the approaches by Kalecki and Steindl. In the second part of the book neo- and post-Kaleckian models are gradually developed, introducing saving from wages, international trade, technological progress, interest and credit. Issues of ?financialisation? are also explored and empirical results related to the different models are presented. This unique book is designed for courses in distribution and growth in graduate programmes or at the advanced undergraduate level. It can also be used as supplementary reading for classes in macroeconomics. The book should also be of value for researchers interested in issues of distribution and growth.

For courses in Intermediate Macroeconomics. Macroeconomics traces the history, evolution, and challenges of Keynesian economics, presenting a comprehensive, detailed, and unbiased view of modern macroeconomic theory. This book narrates the evolution of economic theory, presenting the most recent and modern developments, without glossing over the fundamental disagreements among macroeconomists on both theory and policy. Major theories are presented and compared. Important agreements and differences are discussed. Demonstrations of the controversies are presented, which centre on well-defined theoretical differences. Many of the post-1970 developments in macroeconomics have been the result of dissatisfaction with the Keynesian theory and the policy prescriptions that follow from it. In order for students to understand the evolution of macroeconomics, the author presents the history of Keynesian thought by: Providing an up-to-date summary of the Keynesian position, including research that has come to be called the new Keynesian economics. Offering a detailed analysis of challenges to the Keynesian position.

This textbook examines corruption through a macroeconomic lens, exploring the relationship between corruption, fiscal policy, and political economy. It merges macroeconomic growth models with elements of political economic theory to address important applied topics such as income inequality within and across countries, growth slowdowns, and fiscal crises. Revised and updated to include new research findings and recent policy discussions, the second edition contains 15 new sections and 2 new chapters on topics such as public defaults, the wage elasticity of work and the interest elasticity of saving, and the economic and fiscal impact of the 2020 pandemic. Most of the basic ideas are illustrated using a two-period model of government investment that captures the future cost of policies that favor the present. The more subtle and advanced issues are illustrated and, in some cases, quantified, using the overlapping-generations model of economic growth. The models used to illustrate the mechanisms of economic growth are extended to incorporate politics and the behavior of public official. The text concludes with a thorough discussion of policy reforms designed to address the issues discussed in earlier chapters. Intended for students familiar with intermediate-level economics, the second edition contains a technical appendix, expanded end-of-chapter questions and problems, and a complete solutions manual. The second edition also offers updated resources for instructors, including sample syllabi and over 550 multiple choice questions. Offering a unified explanation for the causes and consequences of government failure, fiscal crisis, and needed policy reforms, this text is appropriate for advanced undergraduate and beginning graduate courses in macroeconomics, political economy, and public policy.

This book, the first of two volumes, explores the legacy of Trevor Winchester Swan, often described as Australia's greatest ever economist. An insightful biography is accompanied with Swan's most prominent articles to provide a broad view of his life and work. Particular attention is given to the famous Swan Diagram, known among macroeconomists worldwide, Swan's four zones of economic unhappiness, his view of how economies grew based on capital deepening and technical progress, and the Solow-Swan model of economic growth. This book aims to shed light on the enigmatic and influential life of Trevor Winchester Swan. It will be relevant to students and researchers interested in the history of economic thought.

This open access handbook, Ten Crises systematically traces the economic historyof China from 1949 to 2020, unravelling the complex domestic and global factorsleading to the cyclical crises identified by WEN and his research team, andexamining the corresponding counteracting policies and measures by thegovernment to resolve or defer the crises. The book offers profound insights intoChina's endeavours and predicaments on the path of modernization, andcontemplates opportunities and lessons for the forging of alternative trajectoriesnot only for China but also for the global south: to reconstruct rural communitiesfor integrated cooperation and governance, and to revitalize ecological civilization.

Hardbound. This special issue, sponsored by the Middle East Economic Association is the first thematic volume offered in this series. Devoted to the thorny topic of the economic dimensions of peace in the Middle East, it is hoped that this book will clarify some of the main issues confronting different Middle Eastern actors in a post-Oslo world and provide a basis for further inquiry and exploration.

This valuable text provides a comprehensive introduction to VAR modelling and how it can be applied. In particular, the author focuses on the properties of the Cointegrated VAR model and its implications for macroeconomic inference when data are non-stationary. The text provides a number of insights into the links between statistical econometric modelling and economic theory and gives a thorough treatment of identification of the long-run and short-run structure as well as of the common stochastic trends and the impulse response functions, providing in each case illustrations of applicability. This book presents the main ingredients of the Copenhagen School of Time-Series Econometrics in a transparent and coherent framework. The distinguishing feature of this school is that econometric theory and applications have been developed in close cooperation. The guiding principle is that good econometric work should take econometrics, institutions, and economics seriously. The author uses a single data set throughout most of the book to guide the reader through the econometric theory while also revealing the full implications for the underlying economic model. To test ensure full understanding the book concludes with the introduction of two new data sets to combine readers understanding of econometric theory and economic models, with economic reality.

The book explains strategic issues, trends, challenges, and future scenario of global economy in the light of Fourth Industrial Revolution. It consists of insightful scientific essays authored by scholars and practitioners from business, technology, and economics area. The book contributes to business education by means of research, critical and theoretical reviews of issues in Fourth Industrial Revolution.

This book analyzes of the surplus of production capacity in China. According to a government statement, there is a serious surplus of productive capacity in the steel, cement, glass, aluminum, and shipbuilding industries. There was no surplus of productive capacity in above industries between 2002 and 2012, and the current surplus is due to poor government policies on real estate prices after 2012. The book argues that if the Chinese government invested more in social welfare housing over the next few years the surplus of productive capacity would very soon disappear.

This book discusses ideas for stakeholders to develop strategies to access and use financial products and services such as deposits, loans, and fund transfer mechanism, insurance, payment services, and intermediaries, distribution channels at economical prices in order to cater to the needs of the poor and underprivileged people. Financial inclusion ensures ease of access, availability, and usage of the financial products and services to all the sections of the society. The book will help in recognizing the role of financial inclusion as one of the main drivers in reducing income inequality and thus supporting sustainable economic growth of the countries, especially of an emerging economy. The book provides conceptual and practical ideas from the practitioners, best practices from the experts, and empirical views from the researchers on the best practices and how to mitigate the challenges and issues plaguing the development of the financial inclusion.

Toseef Azid, Murniati Mukhlisin, Nashr Akbar, and Muhammad Tahir bring together leading researchers to provide a state-of-the-art overview of the monetary policy, corporate governance, their legal and regulatory issues and procedures that structure Islamic banks (IBs) and other Islamic financial institutions (IFIs). Monetary policy and corporate governance are integral to macroeconomics and microeconomics while interest rates are a key part of monetary policy. Given negativity associated with interest rates, Islamic economists have sought alternative instruments. Focusing on the populous Muslim countries such as Pakistan, Malaysia, Turkey, Bangladesh and Indonesia this book explains how corporate and shari'ah governance structures work together under the umbrella of Islamic monetary policy, and in the process, provides guidelines that how such structures improve corporate social responsibility in order to serve the best interests of all stakeholders. The chapters included here cover various features of IBs and IFIs, corporate performance and strategic analysis of microfinance shari'ah based non-banking institutions, in order to investigate the role that these processes play in shaping broader global financial systems. For instance, it portrays different governance models of central bank of a country like Iran having a shari'ah based financial system. In conclusion, Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International overview explores the interrelationships between corporate governance from the perspective of shari'ah, banking industry and Islamic monetary policy. This is a must-read for the corporate sector, banking experts and monetary authorities including academics and postgraduate students.

40 or 50 families control the economies of Hong Kong, Singapore, Thailand, the Philippines and Indonesia. Their interests range from banking to property, from shipping to sugar, from vice to gambling. 13 of the 50 richest families in the world are in South East Asia yet they are largely unknown outside confined business circles. Often this is because they control the press and television as well as everything else. How do they do it? What are their secrets? And is it good news or bad for the places where they operate? Joe Studwell explosively lifts the lid on a world of staggering secrecy and shows that the little most people know is almost entirely wrong.

This book contends that central bank policy pits the Federal Reserve against consumers, creating business cycles and inflation. As the cycle proceeds, the velocity of money starts to rise, complicating the central bank's problems. Ultimately, either a depression or a runaway inflation develops. The gold standard would not alter patterns of supply and demand and would prevent business cycles and inflation.

Central bank policies inevitably alter patterns of supply and demand from what they would be, based on consumer sovereignty. This changes the mix of human and physical capital available to produce a mixture of consumer goods. The economy struggles to right itself against these imbalances. Ultimately, the monetary velocity and price inflation start to rise, worsening the government's problems. In time, either a traditional depression or a runaway inflation results. The gold standard would prevent the twin evils of recession and price inflation. Investment professionals, corporate economists and others in strategic and financial planning capacities will find Mr. Marquard's book both challenging and provocative.

The role of human capital has diversified considerably in the last 100 years. Today, the prevailing perception seeks a sustainable, integrated development which is based on the triptych of environment, economy, and society. In this mode of development, human capital has a positive effect on the economy, on social cohesion and optimal governance, as well as on the ecological footprint. This book studies the critical role of human capital in the Greek economy and its production structure. In doing so, this book analyzes the Greek labor market, employment, and structural changes, among other facets of this vibrant economy.

Since the financial crisis of 2008/09, the world's major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.