Since opening to foreign investment in 1979, China has emerged as the leading investment site for multinational corporations. Remade in China looks beyond the macroeconomic effects of China's investment boom to analyze how foreign investors from the US, Japan, and other nations are shaping China's legal, labor, and business reforms. Wilson draws on interviews with nearly 100 foreign and local managers, attorneys, workers, and members of the business community to explain why Chinese laborers and firms have gravitated toward foreign models, especially US businesses and their institutions.
Wilson uses the term "state-guided globalization" to describe how China has used foreign engagement to advance its domestic reform objectives and to enhance its role in international society. Rather than undermining state power, globalization actually has allowed China's state to push through difficult labor and legal reforms. Wilson concludes that Chinese policy makers drew lessons from foreign investors and foreign legal experts on how to introduce difficult labor market reforms in its state-owned enterprises and how to promote rule of law.
Remade in China examines globalization and foreign investment in a different light, showing how these developments have helped to chart China's entry into international society. China's WTO accession agreement and international norms have established parameters by which to judge Chinese legal and business reforms. Although China's rise is a grave concern to the world, Remade in China asserts that Chinese leaders now see compliance with international rules as a means to secure more investment and to enhance their international legitimacy. Wilson provides a lucid and insightful analysis of how foreign and domestic actors, from political leaders to average laborers, have contributed to remaking China's institutions.

Can the experience of the 1980s in Latin America be analyzed and evaluated to shed light on prospects for the 1990s? The central objective of this volume is to survey the development experience of the Latin American region in the 1980s and explore prospects for the coming decade. In this context, themes of crucial importance for the region are examined, including democratic consolidation, income distribution, the environment, hyperinflation, and the debt problem. Although socioeconomic and political aspects are emphasized, issues of equity and the environment are of special importance. Case studies of Peru, Chile, Mexico, Argentina, and Cuba provide fresh information on these issues in specific countries. The book focuses on the problem of development at a critical juncture in the evolution of the region. Not surprisingly, the contributors express differing points of view, but have in common the sense of the urgency of development problems that face Latin America.

Central issues concerning the region's economy are the focus in the first part of the book. In the second part, key issue areas for the future are discussed. Of central concern in an exploration of the prospects for Latin America is the sustainability and improvement of democratization which proceeded in the 1980s. On the whole, the authors are not optimistic. The immense economic difficulties faced by the region--the debt overhang, the large and continuing overflow of financial and real resources, hyperinflation in some countries--will not be easy to manage. Although there are no guarantees that income distribution will be improved, among the positive developments foreseen for the 1990s are improved economic management, the addressing of environmental issues, and greater attention to issues of women's rights. This book should serve as a useful and timely guide to a complex region for both students and policymakers.

The rising importance of China and its impact on the world economy has attracted massive interest worldwide. This book examines a wide range of issues related to China and its relationship with the world economy, focusing on its succesful development experiences and how its rise may affect the rest of the world in the coming decades.

Quantum Macroeconomics presents a new paradigm in macroeconomic analysis initiated by Bernard Schmitt. It explains the historical origin, the analytical contents, and the actual relevance of this new paradigm, with respect to current major economic issues at national and international level. These issues concern both advanced and emerging market economies, referring to inflation, unemployment, financial instability, and economic crises. In the first part of this volume, leading scholars explain the historical origin and analytical content of quantum macroeconomics. The second part explores its relevance with respect to the current major economic issues such as the sovereign debt crisis and European monetary union. The volume also features two previously unpublished papers by Bernard Schmitt. The main findings of this book concern the need to go beyond agents' behaviour to understand the structural origin of a variety of macroeconomic problems, notably, inflation, unemployment, financial instability, and economic crises. The originality that pervades all contributions is plain, when one considers the lack of any structural explanation of national and international economic disorders in the literature within the mainstream approach to economics. This edited volume is of great interest to those who study macroeconomics, monetary economics and money and banking.

This modern day rags-to-riches story tells how one of the poorest nations in the world evolved into one of the most technologically advanced. How did South Korea do it? The miracle' that occurred in South Korea was produced, in essence, by military men, many of whom had undergone extensive managerial training in the United States in the preceding decade, who gave marching orders' to a responsive populace. "Marching Orders," a historically factual, yet fast-paced and dramatic page turner, ' chronicles, in five parts, the history and events that led to General Park Chung Hee's 1961 coup d'etat and the transformations in Korean society that followed it during the next decade. Part One surveys Korea prior to 1961--a deprived colony during the Japanese occupation, then a war-devastated, barely industrialized nation whose existence depended heavily on U.S. economic aid. Part Two analyzes the military establishment--a crucial factor in Korea's economic prosperity even today. The military takeover of 1961 and the subsequent establishment of the Supreme Council for National Reconstruction (SCNR) were the turning points for this politically and economically bankrupt nation. These events led to the massive changes which are detailed in Parts Three and Four along with the rationalization' of the political sphere and the various aspects of economic rationalization, ' including the now-famous New Village Movement, a model of agricultural development for other emerging nations. In Part Five, the role and potential of the military in national development are explained and South Korea is presented as a success story. Indeed, Marching Orders could well serve as a How To' book for emerging countries.

Highly readable, "Marching Orders" has been written for the generalist without sacrificing scholarship. It will also prove useful to specialists in sociology, political science, economics, and Southeast Asia; to entrepreneurs engaged in trade with South Korea; and to those interested in Third World Development. An excellent addition to the reading lists of courses in development, comparative history, and military-civil cooperation.

Each chapter of Macroeconometrics is written by respected econometricians in order to provide useful information and perspectives for those who wish to apply econometrics in macroeconomics. The chapters are all written with clear methodological perspectives, making the virtues and limitations of particular econometric approaches accessible to a general readership familiar with applied macroeconomics. The real tensions in macroeconometrics are revealed by the critical comments from different econometricians, having an alternative perspective, which follow each chapter.

In this volume the authors provide a survey and an examination of the roots of Swiss banking in order to explain the phenomenal success of Switzerland's banks. Contrary to the conventional wisdom, Swiss banking did not originate with the exiled Hugenot bankers of Geneva. Centuries before Louis XIV, Basle had become a principal banking centre although it was not yet part of the Swiss Confederation. From historical beginnings to contemporary comparative analysis, the book offers an authoritative explanation and analysis of the success of the Swiss banks.

This volume includes a selection of the contributions presented at the Wroclaw conference in Finance, covering a wide range of topics in the area of finance. The articles reflect the extent, diversity and richness of research areas in the field. Discussing both fundamental and applied finance, it offers a detailed analysis of current financial-market problems including specifics of Polish and Central European markets. It also examines the results of advanced financial modeling. These proceedings are a valuable resource for researchers in universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in both private and government institutions.

The advent of the digital economy has the potential to dramatically change the conventional interrelationships among individuals, enterprises and society. There can be little doubt that to achieve vigorous socioeconomic developments in the 21st century, people will have to aggressively use information technology to boost innovation and to organically link the results of that innovation to solutions to global environmental issues and social challenges such as the opportunity divide. We are responsible for taking advantage of the opportunities opened up by the digital economy and for turning those opportunities into things that reflect our values and goals. The book examines the overall impact of the digital economy and the development of a practical institutional design.

The Austrian economic school famously predicted and explained the problems of calculation in a socialist society. With their concept of spontaneous order, they challenged mainstream economists to look beyond simplified static models and consider the dynamic and evolutionary characteristics of social orders. However, many feel that Austrians took their victory too far and became ideologically devoted to laissez-faire. Austrian Theory and Economic Organization is a collection of essays on problems and possibilities in economic organization, written by economists and political scientists with an interest in the dynamic and evolutionary nature of market economies. Each chapter explores areas of potential agreement between Austrian theory, market socialist economics, and other heterodox schools of economic and political science. The collection aims to bridge cultural and political divisions between free market advocates who stress individual rights and left-leaning thinkers who stress social justice and a culture of solidarity.

Consumerism is increasingly recognized as a key factor in the modern world. The global economy, it has been said, is driven as much by taste as technology. Yet consumerism has seldom been studied as a global overlay or incipient world institution. Adshead argues that consumerism began in an interaction between Europe and China during the Great Discoveries. A comparison of its subsequent development in both west and east highlights both the unity and the diversity of consumerism. What are presented here are less the details of consumption than the patterns of it, and the reasons, conscious and unconscious, for them.

This book contains a set of essays by eminent international scholars from Australia, New Zealand, the U.K. and the U.S. It addresses the issues of globalisation and international competitiveness and includes discussions of market power, competition policy and the effects of foreign trade, globalisation and the labour market. The contributors also examine economic integration and regional policy cooperation, trade and communications, economic growth, including export led growth and foreign direct investment in developing countries, and the diffusion of technology.

The aim of this book is to analyse specific sets of macro and structural policies in selected Eastern European countries. The book includes studies on the major Western CIS countries, Belarus, Russia and Ukraine, plus a set of cross-country and regional studies. The analysis in this book contributes importantly to the discussion about the economic prospects of the CIS countries.

In the 1970s, the large size of enterprises was one of the symbols of the mass production system's rigidity. The second symbol was state interventionism--blamed for the economic difficulties of the period: growing unemployment and upsurge of inflation. Globalisation is characterised by the predominance of deregulated finance ("big finance") over economic activities. Between free enterprise capitalism and monopoly capitalism stands finance-based capitalism. The financial sphere is mobilised to promote variety and reinforce selection.
This book presents in its first part the financial determinants of innovation processes considered in a macro-economic perspective, which are limited by short-term constraints and studies in its second part the linkages existing between the necessity to innovate in order to survive and the constant attention given to financial results.

The Eastern Enlargement of the EU will not be complete until the new member states join the EMU. Economic and political economy arguments point to fast EMU accession of new member states. Failure to do so will create a two speed Europe, a fundamental change in the economic and political architecture of the EU, adding to the strains already evident between core and peripheral countries. Current high level of trade and business cycle integration of new member states with the Eurozone, decreases the probability of asymmetric shocks. Lower transaction costs, elimination of exchange rate risk and the danger of currency crises, further trade and investment creation, lower interest rates and large fiscal gains, should outweigh the loss of the exchange rate as adjustment tool. The Eastern Enlargement of the Eurozone provides comprehensive economic analysis of theoretical, empirical and political issues that will determine whether EMU enlargement is a success, which has implications for all common currency systems.

This book studies the redistribution impact of social security schemes on income distribution. A detailed model is derived from the particular example of the Netherlands, but the findings have significant implications for all those concerned with social security systems and their political and economic role.

This book analyzes Africa's unprecedented economic growth, the state of its financial sector, and the varied opportunities for Islamic finance investors. It considers the role - potential and realized - of Islamic finance in fostering financial inclusion in areas such as banking, microfinance, capital market development, insurance, and private equity business. The book stresses that investing in Africa through Islamic finance will open new markets, ensure higher profit margins, diversify risk, and create business competition; and that these changes that will provide financial products that can satisfying the desires and beliefs of all consumers and unlock the real potential of the continent's financial system. The book also looks into the rise of international interest in Africa and concludes by scrutinizing the challenges impeding further economic growth, as well as the specific barriers that need to be addressed in order to promote the implementation of Islamic finance. Investors, policymakers, and academics ready to confront these challenges will find much of value in this book.

Socialist economies in Eastern Europe have collapsed and em- barked upon market-oriented reforms. The causes of the demise of centrally planned economies are analyzed and the basic challenges of systemic tranformation discussed. Negative income and wealth effects as well as distribution issues make adjustment extremely difficult. The fundamental roles of privatization and foreign investment are adressed. Foreign economic liberalization is considered to be of centralimportance for a growth-oriented adjustment path in a stage of conflict-prone policy and options. Politico-economic aspects of the new European developments in addition to North-South issues are analyzed. Difficult choices await decison-makers in economic policy and the business community in Eastern Europe and in leading market economies.

This book provides a comprehensive overview for various segments of the global credit default swap (CDS) markets, touching upon how they were affected by the recent financial turmoil. The book uses empirical analysis on credit default swap markets, applying advanced econometric methodologies to the time series data. It covers not only well-studied sovereign credit default swap markets but also sector credit default swap indices (i.e., CDS index for the banking sector) and corporate credit default swap indices (i.e., Markit iTraxx Japan CDS index), which have not been fully examined by the previous literature. The book also investigates causality and co-movement among several credit default swap markets, or between CDS and other financial markets.

"Economics, Econometrics and The LINK" is a collection of scholarly contributions by leading scholars from the U.S., Europe, and Asia dealing with issues of economics and econometrics. The book contains a learned and erudite exposition of macroeconomics and macroeconomic modeling including national, sectoral, issues exchange rate, environment, international price competitiveness and international linkages. It presents a comprehensive perspective of econometric modeling - country-specific, sector-specific and issue-specific. The volume is a tribute to the work of Lawrence R. Klein from all his friends who share a common agenda, viz. to relate the study of economics to the studies of mankind.

This text presents a timely reminder of the more fundamental determinants of capital accumulation and innovation. It provides a mixture of conceptual, empirical, historical and methodological approaches to the relationship between institutions, institutional change and economic development.

Convergence, Cohesion and Integration in the European Union tackles the fundamental theoretical and empirical issues underlying the process of European integration. Two basic arguments underlie the book. The first is that economic convergence in postwar Europe has reduced the disparities between regions and that this has been an important accelerator of the drive for integration. The second is that, in contrast to the situation before 1985 when nation states dominated the move to integration, grass roots pressure has been the dominant force since the Single European Act and the preparation for the single market.

While income redistribution is one of the most important functions of modern governments, the world has changed greatly since this first edition of Economics of Income Redistribution was published in 1983. Pension systems and medical programs are in a state of crisis in many parts of the world and the general political mood is shifting away from income redistribution. Economics of Income Redistribution (2nd edition) brings this work up to date by discussing the economic and political aspects of income redistribution. It examines the classical moral objective of redistribution to assist the poor, as well as income transfer for pensions, education and intra-family gift giving.

Economic progress requires technological development, which in turn depends on a country's social capacity to acquire, assimilate, and develop new technologies. Focusing on the evolution of Japan's economy from the Meiji Restoration to the present day, this volume provides an authoritative account, firmly grounded in theoretical and empirical analysis, of the country's attempts to generate the necessary social capacity for technological innovation and absorption. Successive chapters address the specific experiences of a number of key Japanese industries during this process. Each industrial case study is written by an acknowledged expert in the field and presents material of significant interest to specialists in economic development in a form that is also accessible to the nonspecialist. The book concludes with a summary of useful lessons, variously applicable to countries at all the different stages of industrialization.

Macroeconomic Policy in the Canadian Economy investigates developments in Canada over the last forty years, using recent advances in the field of applied econometrics. In particular, the book analyzes the theoretical foundations of public sector activities and evaluates the several theories of government growth. Issues of convergence are also investigated as they manifest themselves in per capita income across Canadian provinces, and as to how successful government income equalization policies have been in furthering such convergence. Moreover, the openness of the Canadian economy is investigated in terms of the importance of exports on GDP growth and of its participation in the world of an internationally integrated capital market.

The book also analyzes monetary policy issues and investigates the role of monetary aggregates and the effectiveness of monetary policy. Finally, it addresses the issue of the existence or not of electoral and partisan cycles in Canada, by incorporating both fiscal and monetary principles and applying them to the lively world of Canadian politics.