In the second half of 1997 Thailand, Malaysia, Korea and Indonesia experienced a massive outflow of foreign capital - more than $100 billion. The effects of this rival the worst years of the Latin American debt crisis and the early years of the Great Depression. The Asian crisis demonstrates how interconnected the global economy has become, and this book is the first attempt, by an international group of experts, to understand the Asian financial crisis by taking into account the dynamics of private capital flows. The authors answer some of the most important questions relating to the Asian crisis, and seek to find solutions to prevent such crises occurring again, including: * what caused the crisis in Asian countries? * why did most analysts fail to anticipate the crisis? * why were the effects so severe? * what is the key to recovery in Asia and other crisis countries? * what can be done to prevent such a crisis from occurring again? * how can the international system deal with such circumstances more successfully? Private Capital Flows in the Age of Globalization will be invaluable to policymakers, investors and scholars working in the fields of money, finance and banking, Asian studies, development and international economics.

This volume provides an intensive review of the economic competitiveness of Singapore's economy. It identifies and analyses the strategies which will allow the economy to retain its competitive advantage in the years ahead in an increasingly globalised economic environment, considerably liberalised international trading and investment climate, and with regional economies challenging the country's competitive edge as a regional transportation hub, international financial centre and a primary regional centre for technology and education. Dialogues and interviews with managers and CEOs of industries in the private and public sectors are also included.

Exchange Rates and the Monetary System comprises a careful selection of Peter B. Kenen's acclaimed papers on international monetary economics written over the past thirty years. The volume includes Professor Kenen's theoretical and empirical essays on the functioning of the international monetary system, policy co-ordination and exchange rate management, the debt problem, monetary integration in Western Europe and economic reform in Eastern Europe. A detailed introduction places Professor Kenen's papers in context and outlines the development of his thought as well as his experience of international policy making and policy co-ordination, beginning with the Kennedy administration and including recent visits to institutions such as the International Monetary Fund and the Bank of England. Divided into sections which deal specifically with theory, measurement and policy prescription, this volume offers a comprehensive assessment of international monetary economics by a scholar who has made significant contributions to both theory and policy.

This is a compilation of the proceedings and papers presented at an international conference on the organization of economic institutions in a dynamic society which includes detailed comment and discussion sections following each lecture.

First published in 2000. Over the past two decades, the service sector have increased dramatically and now occupy the largest share of the economy of advanced industrial societies. Certain business services are regularly cited as evidence for the emergence of a "knowledge economy". In this pioneering book, leading researchers in the fields of service industries and innovation studies investigate the reasons for the growth of the service sectors and this emergent knowledge economy. Drawing on material as diverse as macroeconomic statistics and firm-level case studies, the contributors demonstrate that services are often important innovators in their own right, as well as contributing to innovation and economic performance in their user industries. The question of how far services are special cases, and what specific processes and trajectories characterize their innovative activity is treated systematically. Additionally, a variety of original analyses and information resources are presented. This book should be of value to the student of the modern industrial society, to those seeking to forge policies appropriate to the new context of economic development, and to researchers who are confronting the challenges of the knowledge economy.

Formerly one of Africa s most promising economies, Zimbabwe has begun a process of economic reconstruction after decades of political turmoil and economic mismanagement. The advent of a national unity government in February 2009 launched a new but still tentative era of political stability. The government has a daunting political and economic agenda. Top priorities include restoring the rule of law, demonstrating fiscal responsibility, and putting in place macroeconomic and structural reforms to win the confidence of domestic and international investors. An optimistic time frame for its socio-economic recovery is now estimated to be at least ten years. Zimbabwe: Picking Up the Pieces chronicles the steps that led to the downturn of the Zimbabwean state and economy before assessing what can be done to resuscitate a once-thriving society. Leading experts from and on the region explore the country s options on key governance issues, from strengthening institutions to addressing food security to promoting private sector development to mobilizing donor country assistance. This collection offers a unique glimpse into a fragile state and the severe costs Zimbabweans have and will have to endure if there is to be any hope of recovery.

The papers collected here were originally presented at a conference on multinational culture held at Hofstra University to explore the sociocultural impacts of the transformation to a global economy. Written by a distinguished group of contributors from Africa, Asia, Europe, Latin America, the Caribbean, and North America, the essays address such questions as: Which particular changes have already taken root? How can we assess the efficacy of interventions by nation states and transnational authorities? How are the globe's resources being managed and how should they be managed in the future? Specific topics explored include government policies and their relationship to multinational activities, the formation and regulation of international capital, labor market segmentation and protectionism, managing multinationals without sacrificing ethical standards or profits, environmental impacts, and the language, legal, gender, and race dimensions of a global economy. Following a general introduction, the volume is divided into six groups of chapters, each of which examines a specific aspect of global transition. The contributors first look at the more general issues of global movements and global policies, with articles on critical social movements and the future of the global political economy, the evolution of multinational public policy towards business, and the implications of internationalization for development and welfare in the Third World. The next section describes globalization's reach into the arenas of monetary policy, banking, financing, and debt. Subsequent chapters look at the explicit and implict prejudices and differences that can undermine or enhance our global experience, present case studies of the contradictory imperatives between indigenous culture and globalization, affirm the importance of collective action in protecting labor and the environment, and consider the controversial and multifaceted nature of technology transfer. The diversity of topics and perspectives presented make this an ideal set of supplemental readings for advanced level courses in development economics, political economy, and international economics.

This book provides a comprehensive account of APEC organization and examines the challenges APEC now faces at the beginning of the 21st century. Subjects covered include: the history of APEC; APEC and the new WTO round; and case studies of countries in the region including China, Japan, Malaysia, Korea and Taiwan; APEC's approach to competition and deregulation policy; and assessment of APEC's standing as an international institution. Featuring contributions from distinguished international academic experts, this book should be useful reading for all those interested in political and economic developments in the Asia Pacific.

This study provides a detailed examination of foreign direct investment (FDI) in Poland and explores the impact this has on foreign investment policy. It analyzes and identifies location patterns of FDI and strives to determine the supporting motives behind location choices of foreign companies.

The analysis of any monetary policy framework necessarily extends beyond the confinements of the central bank. A country's monetary framework can depend on many factors such as: its form of government; its legal system; the level of expertise in monetary policy matters that exists inside and outside the central bank; the country's financial institutions; as well as wider characteristics including the political system and level of literacy. This broad ranging collection focuses on the monetary policy frameworks used by central banks and governments in their attempt to achieve their various goals, of which price stability has become increasingly unpopular. It assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Based on data collected through a questionnaire completed by over 70 central banks in industrialized, transitional and developing economies, the analysis shows how the detailed characteristics of a monetary framework depend upon: structural differences; varying degrees of indexation and other nominal rigidities that affect the speed of transmission from monetary policy to inflation; and institutional arrangem

If there is a single message that emerges from the wonderful essays contained in this volume, it is that economics is hard. The fact that virtually all economists agree on a handful of simple truths that describe the marketplace belies the fact that, when push comes to shove, dynamic economic processes are notoriously difficult to understand and control. The Economic Crisis in Retrospect provides the reader with a window into how some of the most perceptive economic thinkers of the last two centuries have wrestled with these issues.' - Steven G. Medema, University of Colorado, US'When the financial crisis hit, Ben Bernanke defended the economics profession by arguing that economists such as Bagehot and Thornton had a complete analysis of financial crises. Unfortunately, until the crisis hit, most economics students had never heard of, let alone read, either. That's sad, and this book provides an excellent entree into past economists' insights and how they relate to the financial crisis. It is a useful read.' - David C. Colander, Middlebury College, US 'With apologies to Santayana. . . this excellent work shows that those who can remember past economic thought are condemned to repeat the insights of major economic thinkers and show their relevance by applying them to contemporary economic issues.' - Steven Pressman, Monmouth University, US As the United States continues its slow recovery from the global financial crisis of 2008, politicians, policymakers and academics are increasingly turning to the lessons of history to gain insight into how we might address both current and future economic challenges. This volume offers contributions by eminent economists and historians, each commenting on the theories of a particular 20th century economist and the ways in which those theories apply to modern economic thought. Presented in rough chronological order of the lives of the featured economists, these chapters tackle a number of major economic issues, including the role of central banks, monetary and fiscal policy, government spending, entrepreneurship and financial innovation. The contributors apply the theories of Walter Bagehot, Thorstein Veblen, John Maynard Keynes, Joseph Schumpeter and Friedrich Hayek to these and other crucial topics, offering both comprehensive historical analysis and vital insights into the modern US and world economies. Two additional chapters on the Great Depression and US monetary and fiscal history round out this critical collection. Students and professors of all economic disciplines will find much to admire in this fascinating volume, as will anyone with an interest in economics both past and present. Contributors: B. Bateman, B. Caldwell, R.N. Langlois, P. Mehrling, R. Prasch, T.J. Sargent, P. Temin, G.P. West III, R.M. Whaples

John Hicks's writing on monetary economics spans over 50 years. This book draws together the common threads of his work in a single succinct statement of the basics of monetary theory. It also outlines a theory of competitive markets which can be linked to the monetary sector; neither standard classical or neo-classical value theory can , on its own, fill the gap between monetary and non-monetary economics. In reviewing his own work, Hicks explains the way in which economic theory has been adjusted to reflect developments in the real economy. He sees these changes, sometimes quite major, as the discovery of truths which have become more appropriate, rather than the the discovery of completely new truths.

Societal grand challenges have taken a toll on humanity, which finds itself at a crossroads. The concentration of wealth and economic inequality, the dominance of Big Tech firms, the loss of privacy and free choice, and the overconsumption and abuse of natural resources have been reinforced by globalization. Regulation, legislation, international treaties, and government and corporate policies have fallen short of offering sufficient remedies. This book identifies the root cause of these problems and offers a bold solution: a new economic system, free from the design flaws that have contributed to these societal grand challenges. The proposed cooperative economy is an ethical community-driven exchange system that relies on collective action to promote societal values while accounting for resource constraints. Unlike the modern economic system that is predominantly driven by opportunistic behavior, the cooperative economy moves away from a materialistic orientation and follows a more balanced perspective that leverages prosocial behavior. The book explains how this new system adopts design principles that promote self-sufficiency of communities, sustainability and entrepreneurship while limiting overconsumption and excessive profit-making. It enhances economic equality by leveraging price subsidization and by restricting salary differences. The book describes how the system serves the interests of consumers, vendors, and employees while preventing the accumulation of power by the platform owner who operates this system. This book is invaluable reading for policymakers who have been searching for solutions to some of the grand challenges that our society faces, and to managers who have sought alternative ways to cope with platform ecosystems, resource shortages, and supply chain disruptions. It revisits long-held assumptions, offering a treatise and food for thought, as well as a plan for concrete action. The book is also highly relevant to scholars and students in the study of economics, strategy, innovation, and public policy and to all readers who are concerned about the future of our planet and society.

The migration movement, which has taken place since the beginning of the story of mankind, increasingly continues voluntarily or compulsorily for various reasons such as social challenges, technological revolutions and wars. Due to migration, many new questions emerge depending on these issues. Researchers from many different disciplines are looking for answers to these questions arising from migration movements. This book covers deep researches from different perspectives and disciplines upon migration by successful and expert researchers in their field. In this book, different and rigorous analyses of all areas influenced by migration are carried out and various dimensions of immigration studies are shown.

While offering many growth-enhancing opportunities, India's ever-increasing integration with the world economy has given rise to a host of new challenges in managing the economy. This book provides an up-to-date empirical assessment of some of India's crucial policy challenges pertaining to its monetary and external sector management.

Structure and Performance of Manufacturing in Kenya explores the factors affecting business and investment decisions by Kenya's formal and informal manufacturing firms. The analysis of panel data provides insights into the effects of the existing business environment and policy changes on enterprise performance in the context of structural adjustment. Firm structure, labor and financial markets, investment behavior, productivity, export performance, firm growth, and the impact of policy reforms and infrastructure problems are also investigated.

Critical Perspectives on International Political Economy considers and revises the progress of critical thinking within IPE and engages with issues such as finance, the practices of health and work, and the relevance of new social movements and the political economy of the Internet. In so doing it provides a possible map for the next stage of critical development in the study of International Political Economy.

The Pacific is a high growth region, comprising East Asian market economy states, North America, China, Australia and New Zealand. This book examines the area's rapidly expanding pattern of corporate competition and cooperation, which is assisting recoveries from the effects of the East Asian financial crises. The authors argue that the uneven but dynamic integration in the Pacific region which was disrupted by the financial crises is continuing in ways that promise resumptions of higher interdependent growth when fundamental adjustments have been completed. They emphasize that the regional recovery could be assisted by innovative new efforts to promote wider ranging cooperation in the Asia Pacific Economic Cooperation forum (APEC), which is committed to regional trade and investment liberalization over the next decade.

This new edition of An Economic History of Early Modern India extends the timespan of the analysis to incorporate further research. This allows for a more detailed discussion of the rise of the British Empire in South Asia and gives a fuller context for the historiography. In the years between the death of the emperor Aurangzeb (1707) and the Great Rebellion (1857), the Mughal Empire and the states that rose from its ashes declined in wealth and power, and a British Empire emerged in South Asia. This book asks three key questions about the transition. Why did it happen? What did it mean? How did it shape economic change? The book shows that during these years, a merchant-friendly regime among warlord-ruled states emerged and state structure transformed to allow taxes and military capacity to be held by one central power, the British East India Company. The author demonstrates that the fall of warlord-ruled states and the empowerment of the merchant, in consequence, shaped the course of Indian and world economic history. Reconstructing South Asia's transition, starting with the Mughal Empire's collapse and ending with the great rebellion of 1857, this book is the first systematic account of the economic history of early modern India. It is an essential reference for students and scholars of Economics and South Asian History.

This volume addresses profound issues in international economics, with contributions from leading researchers on the implications of trade. Empirical studies address preferential trading arrangements, global imbalances and exchange rates, facilitating an understanding of how the economy functions and enabling detailed policy evaluation.

The Political Economy of Globalization brings together original chapters by leading authorities to provide much-needed evidence and analysis in relation to a highly contentious phenomenon and concept. The book shows how investment patterns are being transformed, a global civil society is emerging, and governments are losing control of national currencies. However, it also makes it clear that globalization does not prohibit strong governments from maintaining a welfare state and good working conditions and how they can co-operate to manage the flow of goods, money, people, and problems across borders.

This volume analyzes the import patterns of selected countries to determine which nations are active importers and which ones import much less than expected. The majority of the work focuses on the industrialized countries, which are at the center of the international trading system, determining which are very active importers and which are not. Controls for wealth, size, and membership in customs areas are included. Countries importing at levels below predicted ones are the countries likely to be most effective at protecting domestic industries from foreign competition. For example, the results permit an evaluation of the arguments that Japan has consistently imported less than would be expected due to the presence of barriers protecting the domestic market.

Contents:
Part I. The foundations of the twentieth-century debt
1. Sinking funds, annuities and savings banks
2. An Edwardian debt
Part II. The Great War
3. Lloyd George's Loan
4. McKenna's conversion
5. The small saver and continuous borrowing
6. The beginning of overseas borrowing and the Anglo-French Loan
7. The year of drift: internal borrowing in 1916
8. The year of drift: external borrowing in 1916
9. External borrowing 1917-18: (I) the United States of America
10. External borrowing 1917-18: (II) the neutrals, Canada and silver
11. Bonar Law's Loans
12. National War Bonds and continuous borrowing
Part III. Repayment, refinancing, conversion and funding
13. Victory and funding
14. The struggle for internal control, 1919-23
15. The external market and Canada
16. The debt to the US Treasury and the Blackett-Rathbone talks
17. The Balfour Note and the Baldwin Settlement
18. The price of indebtedness, 1924-31
19. The great conversion
20. Savings Certificates, savings banks and capital advances
21. Debt repayment and the sinking funds
22. The development of market management

Contents:
1. Editorial introduction A. W. Bob Coates 2. Economics in mid-Atlantic: British economics 1945-95 Roger E. Backhouse, University of Birmingham, UK 3. The Post-1945 development of economics and economists in Sweden Bo Sandelin and Ann Veiderpass, both at University of Gothenburg, Sweden and Nikias Sarafoglou, Mid-Sweden University 4. Postwar Dutch Economics Henk W. Plasmeijer and Evert Schoorl, University of Groningen, The Netherlands 5. The post 1945 development of economics in Belgium Ivo Maes, Erik Buyst and Muriel Bouchet, National Bank of Belgium, Brussels, Belgium 6. The 1945 development of economics in Germany Harald Hagemann, Universitat Hohenheim, Stuttgart, Germany 7. Economics in France: A Manifold system Christian Schmidt, Paris, France 8. Europe, and the post-1945 internationalization of political economy - the case of Italy Pier Luigi Porta, Universite Degli Studi di Milano, Milan, Italy 9. The advent of modern economics in Portugal Carlos Bastien, ISEG, Lisbon, Portugal 10. The development of economic studies and research in Spain (1939-1995) Salvador Almenar, Universitat de Valencia, Spain 11. Institutional constraints and the internationalization of economics: the case of Greece Michael Psalidopoulos, Panteion University, Athens, Greece 12. Concluding reflections A. W. Bob Coates