`Peter van Bergeijk has written a fascinating book on the recent trade collapse, that in size can only be compared to the (trade) crises of the 1930s. There are at least two reasons to read the book. The first is to get a better understanding why the world has witnessed a dramatic decline of international trade. Peter van Bergeijk systematically analyzes the standard explanations that are given for this collapse, for example those put forward by the WTO, and concludes that most are wrong or unconvincing, and provides his own thought provoking explanation: risk and uncertainty. The second reason to read the book is that it provides all those interested in international trade with a clear and interesting introduction to understand the world of international trade and learn a great deal along the way, and not only about the recent trade collapse.' - Steven Brakman, University of Groningen, The Netherlands On the Brink of Deglobalization addresses the breakdown of international trade and capital flows in 2008/09 and challenges the mainstream narrative for the world trade collapse. Detailed chapters on international finance, fragmentation of production, protectionism and earlier episodes of collapsing trade reveal data that contradicts conventional explanations and demonstrates that the trade collapse was driven by the shock of (perceived) trade uncertainty. Peter van Bergeijk discusses why trade barriers and import substitution are seen as solutions during depressions while presenting empirical evidence demonstrating the risks of such policies. This book provides a broad, historical and statistical analysis relevant to understanding the recent world trade collapse. Being the first comprehensive analysis of the risks and drivers of deglobalization, this unique and challenging book will appeal to trade economists, trade policymakers and analysts as well as those involved in international business.

Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor. Students have a natural interest in what is happening today and what will happen in the near future. Macroeconomics capitalizes on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy. After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries.

The Post-Keynesian methodology emphasising uncertainty is indispensable to analysing and understanding the major challenges of the 21st Century. On that basis, this book focuses on the failures of the market economic system to secure stability and sustainability, and demonstrates why this is not recognised by conventional economic theory. The Post-Keynesian economics set out here aims for an understanding of the economy as a whole and as an integral part of society. Chapters analysing money, banks and finance as dynamic phenomena open the book. They are followed by chapters focusing on methodological issues such as uncertainty, longer-term aspects, sustainability and other non-monetary economic activities. This important book is a useful tool for students and researchers who wish to gain a better understanding of real world economics. In these areas where conventional macroeconomic theory may not be sufficient, this book offers viable post-Keynesian alternatives. Contributors include: A. Asensio, V. Chick, S. Dow, A. Freeman, J. Ghosh, C. Goodhart, P. Hawkins, J. Jespersen, M.O. Madsen, R. McMaster, C.J. Rodriguez-Fuentes, R. Rotheim, S. Sen, R. Studart, B. Tieben, G. Tily

Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have occasionally weathered the storm best, despite the supposed burden of 'weak institutions'. Written by leading scholars and practitioners, the authors demonstrate that a better policy framework requires reliable indicators of vulnerability to financial instability. Using empirical evidence and case studies, the twelve chapters stress the necessity of improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises. Cross-border capital flows, international reserves and foreign exchange markets are covered in depth. This timely book offers an insightful overview and policy solutions to the issues surrounding macroprudential regulation of economies in a globalized world. It is required reading for students and scholars of international finance and regulation. Contributors include: S. Cho, R. Cifuentes, S. Claessens, S.R. Ghosh, M.S. Gochoco-Bautista, J.-H. Hahm, A. Jara, D. Jeong, K.-C. Jung, D. Kang, J. Lee, J.-E. Lee, A. Mason, A. Munro, C. Nam, M. Reddell, C. Rhee, H.S. Shin, S. Suh

This book focuses on the connotation and the basic structure of smart supply chain finance and on this basis, systematically explores the elements of smart supply chain finance innovation, and further proposes a five-dimensional model for the realization of smart supply chain finance-SMART. The book also explores the risk management issues of smart supply chain finance from the perspective of industrial risk management.

This book provides an analytical and computational approach to solving and simulating the Mahalanobis model and the papers surrounding it. The book comes up, perhaps for the first time, with a holistic examination of an important growth model that emerged out of India in the 1950s. It contains detailed derivations of the Mahalanobis model and the several critiques and extensions surrounding it with an organized synthesis of the main results. Computationally, the book simulates the model and its many variants, thus making it accessible to a wider audience. Advanced undergraduates and beginning graduate students in the fields of Economics, Mathematics, and Statistics will gain immensely from understanding both the mathematical aspects as well as the computational aspects of the Mahalanobis model. In the absence of a single 'go-to' source on all aspects of the model -- analytical and computational -- this book is a definitive volume on the Mahalanobis model that has all the derivations of all the papers surrounding the model, its dissents and critiques, and extensions as in the wage goods model suggested by Vakil and Brahmananda.

This title brings together the most significant modern contributions to the literature on globalization and inequality. The editor's selection, set in context by an authoritative introduction, uses broad analyses and important case studies to illustrate the impact on levels of inequality of previous periods of globalization and of the current era of globalization. The research review further focuses on the issues of openness and inequality, and concludes with several benchmark papers that examine global levels of inequality. This timely book will be an invaluable resource for anyone concerned with this vital relationship, including teachers, doctoral students and researchers.

More than a decade after the publication of the critically acclaimed A Modern Guide to Macroeconomics, Brian Snowdon and Howard Vane have produced a worthy successor in the form of Modern Macroeconomics. Thoroughly extended, revised and updated, it will become the indispensable text for students and teachers of macroeconomics in the new millennium. The authors skilfully trace the origins, development and current state of modern macroeconomics from an historical perspective. They do so by thoroughly appraising the central tenets underlying the main competing schools of macroeconomic thought as well as their diverse policy implications. To reflect the important developments which have occurred in macroeconomics over the final decades of the twentieth century, they also survey the burgeoning literature on the 'new political macroeconomics' and 'economic growth'. The book includes insightful chapters on the Post Keynesian and Austrian schools by Paul Davidson and Roger Garrison, and is enlivened by interviews with leading economists such as Robert Skidelsky, James Tobin, Milton Friedman, Robert Lucas Jr, Edward Prescott, Gregory Mankiw, Alberto Alesina, Robert Solow and Paul Romer. The volume also contains an extensive bibliography of over 1,300 publications which highlights the key titles recommended for further student reading. Erudite, accessible and lucidly written, this book is both a stimulating introduction and excellent guide to the controversies and diversity of modern macroeconomic debates. It will prove invaluable for students on undergraduate and postgraduate courses who want to understand as well as simply learn about macroeconomics. It is also a book that many teachers and lecturers will want on their shelves.

Professor William Nordhaus was honored with a Nobel Prize in Economics for his lifetime contributions to research and policy on climate change and macroeconomics. This book contains a collection of essays written by eleven leading climate change economists describing precisely how Professor Nordhaus changed climate change economics. The essays highlight the major contributions that Professor Nordhaus has made to understanding climate change. The book also discusses the important contributions Professor Nordhaus has made to develop effective policies to manage greenhouse gases both now and far into the future. Several authors also thank Professor Nordhaus for the influence he has had on the trajectory of their own careers. Finally, the essays press forward and discuss how the entire field continues to work on perfecting both climate change economics and policy.

The Great Financial Meltdown reviews, advocates and critiques the systemic, conjunctural and policy-based explanations for the 2008 crisis. The book expertly examines the explanations for the global crisis to assess their analytical and empirical validity. Comprehensive yet accessible chapters, written by a collection of prominent authors, cover a wide range of political economy approaches to the crisis, including Marxian, Post Keynesian and other heterodox schools. This interrogation of economic policy in light of the financial crisis is essential reading for real-word economists. To those seeking to understand the current economic stagnation and failings of the system, it offers an enlightening exposition of contemporary political economy. Contributors include: E. Bakir, R. Bellofiore, A. Campbell, R. Desai, B. Fine, D. Fouskas, A. Freeman, D. Harvey, A. Kaltenbrunner, E. Karacimen, D. Kotz, S. Mavroudeas, S. Mohun, O. Orhangazi, M. Roberts, T. Subasat, J. Toporowski, J. Weeks

This book starts from the application scenarios of artificial financial intelligence regulation, commercial banking, wealth management and payments, etc., and makes a detailed study of the main scenarios of the application of China's artificial intelligence in the financial field, and also analysis specific application cases of China.With the popularization of smart phones and the rapid development of e-commerce, mobile payment, big data and other technologies are in the ascendant in China in recent years. In particular, artificial intelligence technologies in the form of facial, speech and semantic recognition are showing preliminary advantages in the field of FinTech, and the future era of Intelligent Finance has quietly come. The Chinese government has clearly put forward "China should rely on a robust cycle of domestic demand and innovation as the main driver of the economy while maintaining foreign markets and investors as a second engine of growth", science and technology innovation is the basic motivation of economic and social cycle, to implement the " dual circulation strategy ", it is necessary to understand the key role of scientific and technological innovation in financial innovation services, and improve financial services must be driven by science and technology. There is a natural relationship between artificial intelligence and financial services, because financial services are credit and information intermediaries, and data is the most critical for finance, while artificial intelligence has a super ability in dealing with complex data. At present, many Chinese Banks have applied artificial intelligence to their daily operations and management, such as accurate customer identification, enhanced process tracking, intelligent marketing, and product process transformation, so as to simplify financial service processes and shorten service cycles. In General, this book both pays attention to practical application and theoretical, which is a useful reference book in theoretical research and practical work, and also helps readers to understand the application of intelligent finance in China.

This book covers several areas of economic theory and political philosophy from the perspective of Austrian Economics and libertarianism. As such, it deals with Epistemology and Methodology, Microeconomics, Macroeconomics, Labor Economics, International Economics, Political Philosophy, Law and Public Policy, all from the Austro-libertarian perspective. Hence, this book offers an integrated view of libertarianism and Austrian economics in the light of recent debates in the areas of economic science and political philosophy. Moreover, it builds from the foundations of the Austrian approach (epistemology and methodology), while the latter material deals with its application to the individual from the microeconomic perspective, which in turn allows an exploration of subjects in macroeconomics. Additionally, this work applies Austro-libertarianism to law, politics, and public policy. Thus, it offers a unified view of the entire approach, in a logical progression, allowing the readers to judge this perspective in full. Futerman and Block say that their book is not a manual, which I suppose it is not. But it is a collection of highly pertinent essays, from which you can understand what is mistaken in the orthodoxy of economics, law, and politics. The central term of art in Austrian economics is that phrase "human action." It is the exercise of human will, not the blind bumping of one molecule against another or one organism against another, as in the physical sciences... Futerman and Block distinguish Austrian economics as a scientific enterprise based on liberty of the will from "libertarianism" as an advocacy based on policies implied by such liberty. "Although Austrian economics is positive and libertarianism is normative," they write, "this book shows how both are related; how each can support the other." Indeed they do. Deirdre N. McCloskey, PhD UIC Distinguished Professor of Economics and of History Emerita, Professor of English Emerita, Professor of Communication Emerita, University of Illinois at Chicago

This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought. The contributors bring together different perspectives from across the entire spectrum of economic opinion to examine what is likely to be the single most important economic problem of our time. The unifying feature is that all of the authors disagree with the standard mainstream neo-classical models being applied in attempting to comprehend what has gone on and then, more importantly, to devise policies to bring this recession to an end. The problems that modern macroeconomics may have caused in being the basis for economic policy are addressed, and it is concluded that the deepening problems found in economies across the developed world are not due to governments having refused to take the advice of their economic advisors but are in many respects due to their actually having taken this advice. Suggesting alternative ways of understanding how economies work so that other types of policies might be used instead, this book will prove a fascinating read not just for scholars and policy-makers concerned with our macroeconomic and financial problems but for anyone interested in deepening their understanding of our contemporary economic debate.

This book explores the role of expectations within the modern capitalist system. Through looking at how they are formed and develop, the impact of events that lead to a collapse in expectations, such as a major financial crisis, is examined to highlight the precarious and unstable nature of the economic system. With a particular focus on the UK and USA, it is also considered how public policy and institutions can shift the balance away from speculation and back towards enterprise. This book aims to conceptualise instability and highlight how economic and regulatory policy can limit it. It will be relevant to researchers and policymakers interested in economic policy and regulatory reform.

This is the first book to provide a systematic description of statistical properties of large-scale financial data. Specifically, the power-law and log-normal distributions observed at a given time and their changes using time-reversal symmetry, quasi-time-reversal symmetry, Gibrat's law, and the non-Gibrat's property observed in a short-term period are derived here. The statistical properties observed over a long-term period, such as power-law and exponential growth, are also derived. These subjects have not been thoroughly discussed in the field of economics in the past, and this book is a compilation of the author's series of studies by reconstructing the data analyses published in 15 academic journals with new data. This book provides readers with a theoretical and empirical understanding of how the statistical properties observed in firms' large-scale data are related along the time axis. It is possible to expand this discussion to understand theoretically and empirically how the statistical properties observed among differing large-scale financial data are related. This possibility provides readers with an approach to microfoundations, an important issue that has been studied in economics for many years.

The authors and editors of this book challenge traditional assumptions about economic growth, and develop the elements of a reoriented macroeconomics that takes account both of environmental impacts and social equity. Policies including carbon trading, revenue recycling, and reorientation of private and social investment are analyzed, providing insight into new paths for economic development with flat or negative carbon emissions. These issues will be crucial to macroeconomic and development policies in the twenty-first century.What are the likely economic effects of climate change? What are the costs of substantial action to avert climate change? What economic policies can be effective in responding to climate change? The debate has broad implications for public policy. However, it also raises fundamental questions about economic analysis itself, and moves issues of environmental policy from the microeconomic to the macroeconomic level. Taking global climate change seriously requires a re-examination of macroeconomic goals. Economic growth has been closely linked to expanded use of energy, primarily fossil fuels. The assumption of continuing economic growth, in turn, leads economists to discount future costs, including the generational impacts of climate change. Challenging conventional concepts of growth implies different development paths both for rich and poor nations. This volume brings together contributions from scholars around the world to address these issues. Scholars, researchers and students of economics and development studies along with policymakers and non-governmental organizations will find this insightful book of great interest.

This book offers an assessment of new opportunities available for the agricultural sector and provides technical assistance to the Greek authorities with regards to its rural development and fishery sector. Karantininis follows a value chain approach and analyzes the Greek agri-food industry, breaking it down vertically and horizontally. Vertically, the Greek agri-food chain is stripped to its main upstream and downstream components: inputs, primary production, distribution and retail. Horizontally, the agri-food value chain is analyzed in terms of size, ownership, governance and space. The author pays special attention to policy formation, policy implementation, the political and industrial structure, land and credit markets, education, extension and research. The author focuses on this through three subcategories of fruits and vegetables, aquaculture and olive oil. A number of opinions and recommendations are presented in each section, concluding with propositions for a new institutional structure for Greek agriculture.

A major book from one of the most influential and well-known economists of the 20th century, who coined the term 'creative destruction' His students include famous economists such as Robert Solow and the former Federal Reserve chairman, Alan Greenspan and The Economist magazine even had a column called 'Schumpter' for many years Schumpeter launched the idea of the 'business cycle' in this book, which has become a permanent feature of thousands of curricula in business and economics Includes a new foreword by Richard Swedberg

This book offers new insights and perspectives on the financial and banking sector in Europe with a special focus on Central and Southeastern European countries. Through quantitative and qualitative analysis of primary sources and datasets, the book examines both the financial development and performance of the real sector of the economy and the impact and involvement of the banking sector. The contributions offer new insights into current financial innovations and discuss best practices in innovative financial solutions. They also highlight new perspectives in finance and analyze characteristic problems in the real and banking sectors in various European countries. The insights and financial solutions presented in this book will be of interest to scholars of finance and financial economics as well as practitioners in the financial industry and policy makers.

This book studies China's international relations, development strategies and development path. It provides an objective and in-depth analysis of areas including international relations in the context of China's population and resource environment, ways to strengthen China's external competitiveness, strategies for economic security and China's trade currency, Sino-US relations in the 21st Century, geopolitical strategy and great renaissance of Chinese culture. The book analyzes the difficulties, challenges and unique features of China's economic and social development. Further, it examines long-term and short-term social and economic issues as well as the difficulties in dealing with the issues. It provides objective and realistic suggestions for realizing China's dream of the great rejuvenation of the nation. It is a valuable source of reference for researchers and practitioners interested in China's development.

This book approaches economic problems from a systems thinking and feedback perspective. By introducing system dynamics methods (including qualitative and quantitative techniques) and computer simulation models, the respective contributions apply feedback analysis and dynamic simulation modeling to important local, national, and global economics issues and concerns. Topics covered include: an introduction to macro modeling using a system dynamics framework; a system dynamics translation of the Phillips machine; a re-examination of classical economic theories from a feedback perspective; analyses of important social, ecological, and resource issues; the development of a biophysical economics module for global modelling; contributions to monetary and financial economics; analyses of macroeconomic growth, income distribution and alternative theories of well-being; and a re-examination of scenario macro modeling. The contributions also examine the philosophical differences between the economics and system dynamics communities in an effort to bridge existing gaps and compare methods. Many models and other supporting information are provided as online supplementary files. Consequently, the book appeals to students and scholars in economics, as well as to practitioners and policy analysts interested in using systems thinking and system dynamics modeling to understand and improve economic systems around the world. "Clearly, there is much space for more collaboration between the advocates of post-Keynesian economics and system dynamics! More generally, I would like to recommend this book to all scholars and practitioners interested in exploring the interface and synergies between economics, system dynamics, and feedback thinking." Comments in the Foreword by Marc Lavoie, Emeritus Professor, University of Ottawa and University of Sorbonne Paris Nord

Business Statistics of the United States is a comprehensive and practical collection of data from as early as 1913 that reflects the nation's economic performance. It provides several years of annual, quarterly, and monthly data in industrial and demographic detail including key indicators such as: gross domestic product, personal income, spending, saving, employment, unemployment, the capital stock, and more. Business Statistics of the United States is the best place to find historical perspectives on the U.S. economy. Of equal importance to the data are the introductory highlights, extensive notes, and figures for each chapter that help users to understand the data, use them appropriately, and, if desired, seek additional information from the source agencies. Business Statistics of the United States provides a rich and deep picture of the American economy and contains approximately 3,500 time series in all. The data are predominately from federal government sources including: Board of Governors of the Federal Reserve System Bureau of Economic Analysis Bureau of Labor Statistics Census Bureau Employment and Training Administration Energy Information Administration Federal Housing Finance Agency U.S. Department of the Treasury