This volume, originally published in 1979, examines systematically the nature of control in both capitalist and socialist economies, develops a theoretical and applied framework which can embrace both macroeconomics and plannng and demonstates the essential unity of all forms of macroeconomic planning by the consistent application of basic economic principles. Firstly, the authors establish why societies feel a need for government control and examine the mechanisms by which such social decisions are reached. Next they examine the nature of economic data, the modelling of economic systems nad a review of practical policy goals and instruments. The book then reviews the basic theory of optimisation and elaborates it in the context of planning for growth, for stabilisation and under uncertainty. It closes with an analysis of practical planning based on French and Soviet experience.

This book, originally published in 1978, makes use of and extends first-year macroeconomic theory to examine how governments attempt to use the instruments of macroeconomic policy in order to acheive their objectives. It begins with a discussion of the meaning and desirability of policy objectives, moves on to examine the workings of the main policy instruments and concludes with a chapter which outlines Tinbergen's 'fixed' targets' and Theil's 'flexible targets' approaches to policy. A chapter on debt management considers the main theories of the term strcutyure of interet rates and their implications for debt management as an instrument of policy.

This volume, originally published in 1964, is intended for students of macroeconomic theory and mathematical programming. Part 1 includes critical discussion of debates from the 1950s and 60s in the related fields of income-employment , trade cycles and general prices, with an ultimate view to extending macroeconomic analysis and policy beyond the conventional purview; Part 2 suggests various possible macro applications of mathematical programming techniques to optimization problems, with a secondary view to forwwarding the synthesis of aggregative economic theory and multisectoral input-output analysis.

The European economy is still in recession, even though there are some weak indications of stabilization. This book examines important aspects of the crisis in selected countries of Southern Europe, the Balkans and Eastern Europe. The intensity of the crisis and its economic and social repercussions have varied from country to country, generally impacting the core countries less than those on the periphery. The countries in the latter group currently face significant structural challenges with regard to improving productivity and competitiveness, including the areas of investment, climate, the labour market, and the public sector. The book not only illustrates the scope of the problem, but also informs readers on the policies implemented to address it, and discusses the progress some of the economies have already made. Special topics include the convergence hypothesis, agriculture and growth, Public-Private Partnership in Infrastructure (PPPI), and the labour market.

During the 1980s the Mexican regime faced a series of economic, social, and political disasters that led many to question its survival. Yet by 1992 the economy was again growing, with inflation under control and the confidence of international investors restored. Mexico was now touted as an example for regimes in Eastern Europe to emulate.

How did Carlos Salinas and his team of technocrats manage to gain political power sufficient to impose their economic model? How did they sustain their revolution from above despite the hardships these changes brought for many Mexicans? How did they stage their remarkable political comeback and create their "democracy within reason"? Why did Salinas succeed in keeping control of his revolution while Mikhail Gorbachev failed to do so in his similar effort at radical reform?

Miguel Centeno addresses these questions by analyzing three critical developments in the Mexican state: the centralization of power within the bureaucracy; the rise of a new generation of technocrats and their use of a complex system of political networks; and the dominance of a neoliberal ideology and technocratic vision that guided policy decisions and limited democratic participation. In his conclusion the author proposes some alternative scenarios for Mexico's future, including the role of NAFTA, and suggests lessons for the study of regimes undertaking similar transitions.

Of obvious interest to students of contemporary Mexico and Latin America, the book will also be very useful for those analyzing the transition to the market in other countries, the role of knowledge in public policy, and the nature of the modern state in general.

Written by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.

After an introduction to the general issues and problems in market microstructure, the book examines the main theoretical models developed to address inventory-based issues. There is then an extensive examination and discussion of the information-based models, with particular attention paid to the linkage with rational expectations model and learning models. The concluding chapters are concerned with price dynamics and with applications of the various models to specific microstructure problems including:

Liquidity.
Multi-market trading.
Market structure.
Market Design "Market Microstructure Theory" includes extensive appendices developing Bayesian learning and the rational expectations framework.

Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.

Free market capitalism has created a divided American society. Conservative economic and social policy thinking drove the Right's Project from 1980 to its collapse in 2008, leaving the world in ruins and fascism on the march. The Vision of a Real Free Market Society challenges the Left to create new forms of the market economy that promote efficiency and equality while permanently thwarting concentrated power. Many recent commentators have offered policy recommendations based on existing economic institutions. By contrast, this book calls for root-and-branch changes to the inherent structure of American capitalism. The Vision of a Real Free Market Society: Re-Imagining American Freedom presents a Left-egalitarian case for limited government that overcomes the failures of conservatism while rescuing economic justice from the weaknesses of tax and transfer liberalism. The book explains why the system fails so many Americans in so many different ways, and outlines how we can build a better economy that simultaneously promotes freedom and social justice while crippling the powers of America's oligarchs. Exploring the idea of a left-wing case for strong but small government, the book makes the case for fundamental reforms that will lead to a truly free and fair society. This provocative book will be of great relevance to anyone with an interest in politics, philosophy or economics, and will challenge readers to rethink their assumptions concerning the prospects for combining justice with fairness in the modern world.

Liu Shucheng is a famous Chinese economist who has a major impact on the study of China's macroeconomics and quantitative economics. Selecting some of Liu's representative studies on Chinese macroeconomy, this book will be a valuable reference for understanding and studying Chinese economy. The first five papers appear in the author's collected works for the first time. They mainly study the overall balance of Chinese macroeconomic operation and the relative economic mathematical models. The commodity-currency balance sheet improved the earliest input-output model introduced to China in the 1980s, and the author's frontier research is of great importance for Chinese economic study. In attempting to solve the problems caused by incontrollable fixed assets investment, the author examines the periodicity of fixed assets investment in China, including the characteristics, causes, and the impact of investment periodic fluctuation on economic periodic fluctuation. Besides, the author studies Phillips curves in China in a comprehensive and intensive way. These in-depth analysis provide original insights based on the author's extensive research.

The 1997-8 Asian financial crisis exposed weaknesses in the region's national financial systems, but since then East Asia has become the world's most dynamic economic region. Domestic financial systems have developed, cross-border financial flows within the region are growing apace as demand from governments and large firms increases and as the capabilities of financial institutions develop, and governments have initiated regional cooperation aimed at preventing future crises and managing them if they occur. This book examines the economies of Asia and the Pacific with reference to financial reform and liberalization, monetary policy frameworks, banking and capital markets, regulation and supervision and macroeconomic policies. Further, it asks what lessons have been learned from both the Asian financial crisis and the recent financial crisis, how to engender financial stability in the region, and how to ensure that the benefits of economic growth and financial development reach all members of society. Across four key sections, the chapters examine the future implications of historical studies of the relationships between financial development and growth; financial development including banks, non-bank financial institutions and capital markets; how financial stability is being sought in the region; and China's plans for capital account opening and renminbi internationalization and subsequent the policy implications for China's neighbours. This book draws on papers originally presented to the 36th Pacific Trade and Development Conference held in Hong Kong in 2013, and features contributions from leading academics and economists from around the world. As such, it will be of great interest to students and scholars of Asian economics, Asia Pacific studies, international economics and international finance.

Rapid and sustained growth in the twenty-first-century global economy of large developing economies including Brazil, Russia, India, China, and South Africa, has captivated policy-makers and popular business press pundits alike. The coining of the new acronym BRICS and widespread adoption in international economics discourse of the designation "emerging markets" is symptomatic of that interest. The Political Economy of Emerging Markets situates the BRICS phenomena in the global economic context of advanced economies continuing to languish in recession and hovering over a deflationary abyss several years after the meltdown. A key question this volume seeks to answer is whether the BRICS and so-called "emerging market" phenomenon is really the new miracle it is presented as, offering new or modified varieties of reloaded capitalist development to the world, or yet another mirage. Written by ten leading global experts, this book answers the tough questions over BRICS and emerging markets potentially realizing new varieties of reloaded capitalism. It is not only international and interdisciplinary but uniquely multiperspectival. Theories framing chapters are not of one genre, but generate theoretical debate at the frontier of knowledge in political economy along with nuanced empirical analysis which flows from it. This book is of great importance to those who study political economy, development economics and international political economy.

In the wake of the global financial crisis, Asia is leading the global recovery with strong economic growth. However, this book argues that, in the coming years, the region will need to play a much more active role in shaping the future global financial system and, in turn, suggests policy strategies for doing so. Asian Financial Integration explores the lessons we can learn from Asia's experience during the global financial crisis in terms of the future direction of the region's economic policy and the challenges posed by the opening and deepening of its financial markets. The contributors deal with a number of crucial questions, including what Asia should learn from the crisis, especially with regards to financial innovation and regulation; whether global imbalances are a result of policy distortions or a natural outcome of global division of labour; what are the lessons and implications from the financial market reform and liberalization experiences of some of the region's major economies; and what should Asia do to promote regional financial integration, particularly with regards to currency integration. This book will be welcomed by students and scholars interested in Asian economics and international economics, as well as by policy-makers working in the field.

Lee brings together the discourses of political economy and cultural studies in order to shed light on our social situations. Lee sees the commodity as the vital touchstone behind both analysis of the economy and culture.

Key metaphors in world-system analysis are profoundly spatial, but there have been few attempts to understand how space, location, and topography affect world-system organization and process. To fill this gap, this book examines case studies of the restructuring of space and transport in core, semiperipheral, and peripheral economies. It addresses such topics as the role of ocean transport in linking terrestrially based units of the capitalist world economy, the role of land transport systems in the construction and restructuring of relationships between raw materials peripheries and core economies, and the role of the airplane in transforming and representing changing spatial, economic, and social relations in the capitalist world economy. World-systems theory and many other perspectives on the world economy, including international political economy and analysis of globalization, typically pay only limited attention to issues of space, location, and the role of transportation in the world economy. This book identifies key theoretical and empirical issues and provides the basis for formulating research strategies to address this gap in our understanding.

The impacts of the two variables of population and income growth on resources and the environment are transmitted through their effects on the demands for goods and services. To enrich our understanding of the impacts of population and income on consumer demand, Philip Musgrove, with the assistance of Adele Shapanka, undertook the research in this volume, which was first published in 1982. This book will be of interest to students of economics and environmental studies.

Business Cycles in Economic Thought underlines how, over the time span of two centuries, economic thought interacted with cycles in a continuous renewal of theories and rethinking of policies, whilst economic actions embedded themselves into past economic thought. This book argues that studying crises and periods of growth in different European countries will help to understand how different national, political and cultural traditions influenced the complex interaction of economic cycles and economic theorizing. The editors of this great volume bring together expert contributors consisting of economists, historians of economic thought and historians of economics, to analyse crises and theories of the nineteenth and the twentieth century. This is alongside a comprehensive outlook on the most relevant advances of economic theory in France, Germany and Italy, as well as coverage of non-European countries, such as the United States. Several of the highly prestigious Villa Vigoni Trilateral Conferences formed the background for the discussions in this book. This volume is of great interest to students and academics who study history of economic thought, political economy and macroeconomics.

Tax practitioners are unfamiliar with tax theory. Tax economists remain unfamiliar with tax law and tax administration. Most textbooks relate mainly to the US, UK or European experiences. Students in emerging economies remain unfamiliar with their own taxation history. This textbook fills those gaps. It covers the concept of taxes in regards to their rationale, principles, design, and common errors. It addresses distortions in consumer choices and production decisions caused by tax and redressals. The main principles of taxation-efficiency, equity, stabilization, revenue productivity, administrative feasibility, international neutrality-are presented and discussed. The efficiency principle requires the minimisation of distortions in the market caused by tax. Equity in taxation is another principle that is maintained through progressivity in the tax structure. Similarly, other principles have their own ramifications that are also addressed. A country's constitutional specification of tax assignment to different levels of government-central, state, municipal-are elaborated. The UK is more centralised than the US and India. India has amended its constitution to introduce a goods and services tax (GST) covering both central and state governments. Drafting of tax law is crucial for clarity and this aspect is addressed. Furthermore, the author illustrates different types of taxes such as individual income tax, corporate income tax, wealth tax, retail sales/value added/goods and services tax, selective excises, property tax, minimum taxes such as the minimum alternate tax (MAT), cash-flow tax, financial transactions tax, fringe benefits tax, customs duties and export taxes, environment tax and global carbon tax, and user charges. An emerging concern regarding the inadequacy of international taxation of multinational corporations is covered in some detail. Structural aspects of tax administration are given particular attention.

In the curricula of highly ranked MBA programs, two areas of discussion are conspicuously absent: International Trade, and Global Macroeconomic Policy. In this post-financial crisis environment, as the US and other advanced economies continue to experience sluggish growth, persistently high unemployment, and political agitation for increasingly protectionist policies, discussions pertaining to trade, currencies, and international capital flows are often fraught with emotion, tension, and hysteria. This book cuts through the emotions and superficial "solutions" and provides the reader with a thorough understanding of the hard-hitting theoretical models that drive the global flow of goods, services, and capital in the real world. A key feature of this volume is the presentation of the theoretical models, and the discussion of their implications in the context of real-world applications. This text is uniquely designed for current and future business leaders who are, or will be, engaged in the global economy. Armed with an understanding of the theoretical underpinnings driving goods, capital and ideas across national boundaries, readers will learn to anticipate the effects of trade and macroeconomic policy changes, and will have the tools to make sound, informed decisions for themselves and their global organizations.

We live in an era of globalization: ever increasing international integration of goods, capital, and labor markets. The benefits and costs of increased trade and financial integration in the world today continue to be hotly debated. The reason globalization is controversial is that the impact of globalization is often nuanced, and theory reveals many possibilities. The impact of globalization on macroeconomic outcomes thus remains an empirical and quantitative question.Levchenko collects, in one volume, the results of a multi-year research program to build heterogeneous firm and sector models for the quantitative evaluation of globalization. The volume explores the impact of globalization on both welfare and macroeconomic fluctuations using these micro-founded quantitative models.Recent advances in international trade have built tractable theoretical models that can be implemented numerically and used to evaluate quantitatively the impact of a variety of phenomena. These models are global in scale - encompassing as many as 80 countries as well as multiple sectors - and at the same time feature rich micro-foundations of firm and technological heterogeneity. This combination means it is now possible to dramatically expand the set of questions that can be answered, in particular regarding the consequences of real-world heterogeneity present in the global economy, both at the firm and sector level.The book uses these frameworks to address the central questions about globalization around the world: the impacts of reductions in trade costs, long-run changes in comparative advantage, and migration of labor, among others. The book aims to provide a unifying perspective that merges traditional theory, econometric evaluation, and quantitative modeling. The running theme of this research program is that in order to understand the macroeconomic impact of globalization, it is essential to measure, and model, the microeconomic heterogeneity in the economy.

The essays in this Festschrift have been chosen to honour Harald Hagemann and his scientific work. They reflect his main contributions to economic research and his major fields of interest. The essays in the first part deal with various aspects within the history of economic thought. The second part is about the current state of macroeconomics. The essays in the third part of the book cover topics on economic growth and structural dynamics.

Any economics that does not deal forthrightly with economic inequality is no longer suitable for the twenty-first century. Similarly, any economics which does not provide a coherent way to integrate environmental sustainability into economic analysis will fail to command allegiance in the century ahead. This book demonstrates how the Sraffian framework provides important advantages in both areas. Divided into three chapters, Income Distribution and Environmental Sustainability provides a rigorous exposition of Sraffian theory emphasizing what it means for the economy to be productive, extends Sraffian theory to address environmental sustainability, and adds a normative theory of income distribution to Sraffa's positive theory. In Chapter 1, a rigorous version of the basic Sraffa model is presented which focuses on what it means for the economy to be capable of producing a physical surplus, explains the origin of profits, and shows how to measure changes in overall labor productivity resulting from any technical change. In Chapter 2, the basic model is extended to incorporate primary inputs from the natural environment, rigorously measure changes in environmental throughput efficiency, and establish sufficient conditions for environmental sustainability. In Chapter 3, an explicit "normative" theory of economic justice is elaborated which is a natural extension of Sraffa's "positive" theory of income determination and consistent with modern egalitarian literature on distributive justice. This book is of interest to academics and students who study political economy, economic theory, and philosophy, as well as those interested in the work of Piero Sraffa.

By 2050 the world will be faced with the enormous challenge of feeding 9 billion people despite being affected by climate change, rising energy costs and pressure on food growing land and other major resources. How will the world produce 70% more food by 2050 to feed a projected extra 2.3 billion people? What will be the impact of food shortages and high prices on areas in crisis such as sub-Sahara Africa? Where will future production growth come from? And how do we balance the need for environmental protection with sustainable agricultural production methods? This is the first text to present a scholarly, balanced approach to the contentious area of food production and supply up to 2050 - offering a readable and well-informed account which tackles the global food situation in all its totality, from agricultural production, technological advance, dietary concerns, population changes, income trends, environmental issues, government food and agriculture policy, trade, financial markets, macroeconomics and food security. Highly accessible and written by a specialist author with experience as an agricultural analyst, policy advisor and researcher, "Global Food Futures" synthesises the key issues in one volume.

During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.

China's economy, which continues to grow rapidly, is having an ever greater impact on the rest of the world. This impact is likely to be felt increasingly in the financial sector where China's foreign currency reserves, fuelled by the huge trade surplus, are a very significant factor in world financial markets. This book, based on extensive original research by a range of leading experts, examines many key aspects of current reforms in China's financial sector and China's increasing integration into the international economy. Subjects covered amongst many others include: the derivatives market in China; stock market liberalisation; the internationalization of accounting standards in China; the impact of international foreign direct investment by Chinese firms; and a discussion of the likely long-term economic effects of the Beijing Olympic Games.

The Creation of Wealth and Poverty is a study of the means and ways by which wealth and poverty are created in both developed and developing countries. It puts a particular emphasis on the role played by economic policy in shaping the stratification of modern societies through specific programmes dealing with issues of job creation, poverty and environmental degradation. This book is concerned with the social effects of the ongoing crisis in finance, development and the environment. By focusing on the political, legal and financial institutions that govern society and the economy, the book provides an analysis of wealth and poverty from a historical perspective. It shows how economic and social policies of the neoliberal model have led to a rise in unemployment, poverty and inequality and, therefore, made societies more polarized. This volume will be of great interest to policymakers, academics and students who study political economy, development economics and macroeconomics.