`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.

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

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

How should national security concerns alter our perception of what constitutes good economic policy? Survival: The Economic Underpinnings of American National Security introduces principles of national security thinking relevant to public policy, then illustrates application of these principles in a number of policy areas including fiscal policy, healthcare, education, immigration, welfare and poverty abatement, energy, and the environment.

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.

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 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.

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

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 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.

In his 'New Guide' to The General Theory, Mark G. Hayes presents Keynes's illustrious work as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. This unique book takes full account of the nature of time and money and illustrates that The General Theory remains highly relevant to the teacher and advanced student of modern macroeconomics. The Economics of Keynes introduces several interpretative innovations to resolve many puzzles presented in the literature of the last 70 years. It is designed to be read in parallel with The General Theory and will allow modern readers to find their bearings before plunging into an in-depth analysis of major themes contained in The General Theory. The key areas in which this 'New Guide' differs from the familiar exposition of current macroeconomics textbooks are also explicitly identified. The author reaches positive and hopeful conclusions for the development of economic theory and policy. Promoting a thorough understanding of the legitimate domain of equilibrium analysis and a renewed commitment to the possibility of genuinely full employment, this book will provide an illuminating and fascinating read for anyone wishing to appreciate fully the value of The General Theory. More specifically, academics and advanced students of macroeconomics across the board - classical, orthodox, Post Keynesian and heterodox - interested in a fresh attempt to connect The General Theory with modern macroeconomics will find this book to be the ideal tool.

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 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 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.

This book is a critical review of current fiscal and monetary policy in Europe and presents results of both empirical research and a discussion of the theoretical framework behind the policy of the European Central Bank and the Stability and Growth Pact.Macroeconomic policy is often hotly debated within the EU. However, the majority of policy discussions have started from a shared view of how the economy works. This shared neo-classical view is also known as the 'Brussels-Frankfurt consensus'. According to that consensus, European labour markets are too rigid in comparison to the US labour market. Hence, the prevalent view is that the European unemployment problem can be solved by increasing incentives; improving the returns on schooling and redefining the role and the necessity of labour market institutions. In this volume the authors argue that it is not at all clear which institutions cause labour market rigidities and to what extent. They note that the problem of unemployment requires a much broader set of solutions, including active labour market policies, policies concerning schooling and the development of skills. Growth and Cohesion in the European Union also highlights that these microeconomic policies will not in themselves provide the solution to what is essentially a macroeconomic problem. First and foremost the role of aggregate demand in the determination of unemployment has to be placed at the forefront of the debate. The extensive discussion of a broad variety of topics in the field of macroeconomic policy will ensure this book finds a welcome readership amongst researchers and academics of European studies and macroeconomics. Policy advisors will also find much to engage them as the book provides a critical view on the Brussels-Frankfurt consensus, currently so dominant amongst European policymakers.

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.

Mario Amendola and Jean-Luc Gaffard argue that all too often, markets and technology are treated as two magic words that will open the door to a wealth of riches. An increasing number of governments appear to be aiming for a pure market economy in order to reap the benefits of a benevolent technology that promises the most spectacular advances. Both markets and technology can certainly be considered essential economic factors, but which market and what technology? Is the current prevailing view of competition without restraints and privatisation at all costs actually the essence of the market? This book maintains that the dominant view mistakes the relationship between growth and technical change and, as a consequence, the role of the market in this context. The authors argue that once the issue is analysed in the proper light, the usual ingredients of the dominant policy recipe - zero inflation, balanced budgets, privatisations, deregulation of all markets, extreme flexibility - may not actually be the appropriate ones.The Market Way to Riches will appeal to academics from many branches of economics including heterodox, evolutionary and macroeconomics and those with an interest in economic growth generally. Policy makers influencing economic growth will also find much to engage them.

The original essays in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences. The authors explore public debt along two distinct but complementary analytical paths. One path concerns microeconomic aspects of public debt as it emerges through budgetary processes where individuals respond to the costs and gains of different courses of action. The other concerns the systemic properties of rational individual acting within a democratic system of political economy. Within this scheme of thought, the two levels of analysis are integrated by recognition that efforts to control macro-level outcomes must address the micro-level circumstances and conditions that promote public debt as systemic budgetary outcomes. Scholars and students, as well as policy makers in public debt and political economy, will find this critical resource invaluable to understanding this vital issue. Contributors include: A. Alupoaiei, F. Balassone, G. Brennan, S. Cecchetti, M. Cecioni, M. Cioffi, W. Cornacchia, F. Corneli, F. Dragu, G. Eusepi, E. Longobardi, K. Mause, F. Neagu, A. Pedone, A. Rieck, L. Schuknecht, G. Semeraro, L. Voinea, R.E. Wagner

Macroeconomic policies have come under justifiable scrutiny because of their powerful and pervasive impacts throughout the economy. This book examines the sustainability of growth-oriented macroeconomic strategies, starting from early ideas linking macroeconomic policies, growth and sustainability. A comprehensive and up-to-date literature review and theoretical framework are presented, including both macroeconomic and microeconomic analyses of the linkages between the economy and the environment. Brazil and Chile are used as case studies to illuminate and analyse the impacts and effects of differing macroeconomic policies. A variety of analytical models are used to assess these two very different countries. One important conclusion reached is that the combination of growth and economic imperfections that lead to unsustainable outcomes is characterized by not only economic, but also environmental and >social problems. A variety of policy remedies are discussed to make development more sustainable by reshaping the structure of growth. Macroeconomists, environmental and development economists as well as policy analysts and project managers in the international development community will find much to engage them within this book. Development agencies, NGOs and graduate students interested in both the theory and applications of economic growth and sustainable development issues will also find the book of great interest.