Focusing upon the rich interplay between ongoing institutional and technological changes, the dynamics of national industrial systems and the modifications in policy instruments of the new economic framework of the common market and the single currency, European Economies in Transition addresses key issues for growth and convergence. A set of methodologies highlighting the structural aspects and discontinuities in such dynamics reveals new features of transition processes experienced by some of the most advanced Western economies.

What major long-term factors will shape the European Community post-1992? Who are the central actors, how will they exert influence on Europe's future, and what are their expectations and intentions?In seeking to answer these questions, The European Challenges Post-1992 offers a multidisciplinary, qualitative approach, throwing new light on the aspirations and preoccupations aroused by the promise of the Community. Centring on socio-political and cultural concerns and their interplay with economic phenomena, this important book combines expert opinion from 12 large European research institutes - each of which provides an analysis of the major factors shaping the future of their own country - with the views of leading industrialists and business leaders. The editors bring together these different views and interpretations to offer a comprehensive assessment of the Community's future. The European Challenge Post-1992 includes contributions by the former Commissaire du Plan (Brussels), the Institute of International Economics and Management (Copenhagen), Commissariat General du Plan (Paris), Kiel Institute of World Economics (Kiel), Foundation of Economic and Industrial Research (Athens), Economic and Social Research Institute (Dublin), Centro Studi Investimenti Sociali (Rome), Institut Universitaire International (Luxembourg), Scientific Council for Government Policy (The Hague), Instituto de Prospectiva (Lisbon), Fundacion Empresa Publica (Madrid), McKinsey & Co. and the Policy Studies Institute (London). The product of a major research project, this distinguished book is an invaluable reference point for all those concerned with the future of the European Community.

This book explores the drivers of technological upgrading and catch-up in the emerging economies, paying specific attention to technology and innovation policies, national innovation systems, the role of foreign direct investment and small and medium enterprises. It provides practical implications for other developing countries

Today's international development financing system is not much of a system. It is rather a collection of disjointed entities that lack coherence, often work at cross purposes and are not up to the task of mobilising enough finance to assist developing countries in their efforts to reduce poverty and improve living standards. This book brings together the vast array of new initiatives in financing mechanisms as well as recent attempts to transform the development finance architecture. Based on four different senarios for the next ten-year period, proposals are made for how to reach an effective system. It is argued that the early years of the 21st century have brought about an unprecedented window of opportunity for reforms. But in order to use this opportunity leadership and strategic action is needed.

This book, with an overview introduction by Kenneth J.Arrow, is the first volume of the proceedings of the World Economic Congress held in Athens, Greece, in August/September 1989 under the auspices of the International Economic Association. It contains in Part 1 lectures from the plenary session by distinguished world economists. Part 2 contains surveys and reflections on various aspects of markets in equilibrium. Part 3 is concerned with normative criteria for economic policy within the framework of welfare and social choice theory.

Development assistance, long seen as a giveaway to developing countries, is, according to Berrios' assessment, actually a giveaway to large for-profit U.S. contractors. Berrios shows that a small but influential number of contractors continue to be awarded most of the contracts, both in value and number, despite their average or substandard performance.

Berrios documents the commercial considerations that drive U.S. development assistance. The increasing delivery of development aid in the form of contracts has led contractors to increase their weight and influence on USAID's programs. As Berrios contends, the reasons for giving aid often have little to do with helping other countries, because, instead, it ends up mainly helping U.S. firms.

Little is known about contracting for development. The contracting process is often neither open nor competitive. Despite the talk of restructuring, USAID continues to award contracts that are unfavorable to the agency. Berrios documents the practices of private sector contracting, how they compete for USAID contracts, how they fit into the stated aims and needs of the agency, and what their performance evaluations say upon completion of contracts. Berrios also provides a sweeping review of U.S. development assistance policies, the trend toward privatization, the rhetoric about reinventing government, and the issue of past performance. A controversial assessment, this will be of interest to scholars, researchers, and policy makers involved with U.S. developmental strategies.

Independently commissioned by IAI, the three studies comprising this book examine inter-Arab industrial and economic cooperation. The first chapter analyses the industrial strategies, economic policies and attempts at harmonisation and cooperation of the Arab countries, providing a detailed picture of the convergences and divergences, the potential and the difficulties faced by the region. The second chapter examines the importance of coordinating economic polices if economic integration is to be sustained, and considers the implications to the world economy. Lastly, the third chapter examines Arab labour flows, a key factor in the development of the Arab countries. First published in 1979.

This volume brings together a group of authors who share a common concern with the effects of globalization on the South. Included among these effects is the accelerating erosion of the social, economic and political significance of the territorial distinction on which the terms South and North are founded. The authors' aim is explicit: to offer a unique perspective on globalization which places the transformation of the South and the renewed global organization of inequality at the heart of our understanding of the global order.

At the beginning of the twenty-first century, the world financial markets, and institutions have new features, and are working in different environments and conditions. These are increasing the role of the financial sector in the world economy, integration of the financial markets and institutions, liberalization of related laws and regulations, increasing linkages between sub-segments of financial markets, computerizing of financial markets and institutions, and introducing new instruments and innovative derivatives. The majority of the above changes are considered positive developments in the world economy. However, some of the negative aspects are associated along with the above new conditions. One of the most critical changes is the increased linkage, which may lead to the transmission of high price volatility of stocks, currencies, and inflation, from one economy to another, and in turn may lead to financial crises at certain events and conditions similar to those which occured in 1987, 1989 and 1997. The financial crises are not confined to a financial market or a financial institution, or a country or a region. There are at present, no generally accepted arguments or explanations for the financial crises that occurred in the last century. The financial crises moved from one market to another, across geographical locations, as well as across segments of financial systems, including both developed and emerging markets.

The above features and conditions are creating new challenges; there is an urgent need, therefore, to examine various aspects of financial markets related to stability, risk, and activity, in order to find the most relevant environment and market mechanism that maymeet the conditions of stability, liquidity, and efficiency. This volume is devoted to exploring various aspects of this issue.

The financial crisis that hit a number of economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economic systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing liquidity and volatility, and calls for a more cautious approach to financial liberalization, and reform of the international financial architecture.

In the last decade, regionalism appears to have emerged as a major new force in the world. This book puts it in its historical context. Regions have emerged before; few are old because they either evolve into federal systems or break up. The current regions are less dominant than their critics fear, but imply more integration than a simple view that they are about liberalizing trade. All go beyond trade to other linkages, and all enduring ones have political as well as economic agendas.

Agriculture is at the centre of the economies of many developing countries, and its stagnation and poor performance across large parts of Africa is a major cause for concern. First published in 1990, this book focuses on the nature and role of incentives in agricultural organization and production in East Africa, looking in particular at the political and ideological determinants of that role. Mats Lundahl analyses ways of improving agricultural performance, and considers the African socialism of Julius Nyerere in contrast with the market-led approaches, which he favours. A detailed title, this volume will of interest to all those concerned with the issues of rural development, including students of development studies, economics, and African studies. "

"Territorial cohesion" strives for a more balanced spatial development and seeks to improve integration throughout the EU. The scientific articles in this volume examine the interpretations of this term, the challenges of European spatial development policy, and the problems and concepts involved in achieving territorial cohesion. Two short reports illustrate the implementation of territorial cohesion on the basis of two research projects.

European integration has come a long way since the fIrst steps in the aftermath of the Second World War. At that time, the neutral European countries chose to stay outside the European Economic Community. Those countries that wanted less ambitious cooperation formed the European Free Trade Association. Increasing trade dependence between the two groupings was institutionalised when they signed free-trade agreements with each other, creating thus a wider European free-trade area in manufactures. The strong push towards deepening integration among EC countries, manifested in the Single European Act in 1985, and the dismantling of non-tariff barriers to trade and factor flows in the EC by 1993, made it necessary for EFTA countries to secure access on equal conditions to their most important export market and thus prevent trade diversion. The ensuing agreement on the European Economic Area responded to these demands, but did not resolve the apparent asymmetry in EEA decision-making. This emanated from the supremacy ofEC legislation over EEA rules, thus making EFTA countries passively adjust to EC norms. Consequently, Finland applied for membership in the EC in March 1992, with effect from 1995. The latest phase in the integration process, the Treaty on European Union, has an aim to further deepening, e. g. the formation of the economic and monetary union by 1999.

Countries in Latin America have only recently begun to liberalize their economies and move towards free trade. However, non-traditional barriers to trade threaten this new direction of development. This collection of papers uses the point of view of a developing country to analyze the effects of new forms of protection. Four cases examine the global effects on Latin American trade, specifically: environmental standards, labor standards, consumer protection, and the problems facing Latin American cross-border investment.

The processes of globalisation and increased economic regionalism have had profound, often destabilising, effects on modern economic and financial systems. In recognition of this fact, the editors of this fine book have collected together a diverse range of heterodox ideas surrounding the complex relationships and interactions between globalisation, regionalism and economic activity.The book promotes real-world economic issues and explores them without adopting any particular methodological, ideological or theoretical agenda. A number of influential economists explore the inter-relationships between globalisation, regionalism, finance, economic growth and development from a global perspective. Amongst other topics, the book includes comprehensive discussions on fixed versus flexible exchange rates; international liquidity; the WTO dispute settlement system; the eastward expansion of the European Union; crowding-out in export led growth; demand and supply in the New Economy; the national origin of financial liberalisation in the US; and the relationship between savings and investment. The range and depth of analysis makes this book a timely and useful contribution to current policy debates. Academics, students and scholars with an interest in globalisation, international economics and macroeconomics will do well to read this eclectic and stimulating volume.

At no period since the creation of the International Monetary Fund (IMF), World Bank and World Trade Organisation (WTO) has it been a more opportune time to examine the work, reform and future of the international monetary and trading systems. In this comprehensive examination, the authors provide original, independent assessments of these institutions from both an American and European perspective and offer proposals for reform and improvement. The seemingly endless problems encountered by the IMF, WTO and World Bank provide major reasons for seeking reform. However, an additional impetus is the changing balance of economic power in the world. The volume begins with an overview of the Bretton Woods and international trading systems. Following this are discrete, in-depth discussions of the three institutions from American and European points of view. The authors emphasise the need for making the IMF and World Bank more regional in structure and, like the European Bank, more frugal in the lifestyles of their officials. Similarly, they call for a narrower focus in the mission of the World Bank and the IMF. In the case of the WTO, they call for a democratic reform of the organisation comprising participation by experts and, above all, better representation and support for Third World countries. Scholars and students of political economy, as well as those interested in the history and reform of international institutions, will find this an enlightening and necessary addition to their library.

The term 'structural adjustment' has been associated with rioting as angry and hungry masses protest food price increases due to subsidy cuts or due to other structural adjustment conditions prescribed by the IMF and the World Bank. Structural adjustment, and the neo-liberal paradigm that underlies it, is now the dominant economics paradigm practised by developing countries. The main purpose of the book is to rely on evidence and to go beyond rhetoric, ideology and anecdotes in assessing structural adjustment in Pakistan and the developing world more generally to examine how reform can be combined with pragmatism and social justice.

In recent years, economic prognosticators have pondered whether the U.S. economy has entered a new era. This "new economy" is generally characterized as having technological innovations that have raised productivity and, accordingly, removed pricing power from the world's producers on a more lasting basis. Although the 2001 recession quelled the discussion about whether the United States, and perhaps even the world, had entered a period characterized by sustained high levels of economic growth, researchers continue to investigate the effects of technological change on the economy. This volume examines the underpinnings of the new economy - technology and its effects on macroeconomic growth and the labor market.
Technology, Growth, and the Labor Market brings together research by economists from academia and the Federal Reserve System. The first section of the volume includes discussions by monetary policymakers with firsthand experience in determining how technology affects productivity, inequality, and macroeconomic growth. Papers in the second section discuss the sources of the surge in labor productivity growth during the latter half of the 1990s and present forecasts of labor productivity growth rates during the next few years. In the third section, the papers focus on the role of technological advances in changes in earnings inequality in the labor market. The authors examine whether inequality should be viewed as a causal result of skill-biased technological change or whether there is a missing link - or perhaps no link - between changes in technology and changes in wage inequality. The final section explores the relationships between computer investment, worker skills, human resource practices, and productivity at the industry and firm levels.

Peter T. Chinloy and Ernst W. Stromsdorfer I. Background to Adjustments in Labor Markets The book examines the process of adjustment in labor markets across countries arising from external shocks and shifts in international competi tiveness. The examination of specific countries and their data permits a comparison of alternative institutions for compensating and redeploying labor. Four countries are involved, whose labor markets are both competi tive and complementary: Canada, Japan, Mexico, and the United States. Both public labor market institutions, such as direct government com pensation of displaced workers and the effect of unemployment insurance, and private market arrangements, such as em loyer-employee agreements on layoffs, the work contract, and severance pay, are considered. Compara tive examination across countries of labor market and related insitutions is thus possible. The book has a common theme, namely the adjustment of labor markets to exogenous shocks, particularly those externally induced. The unifying focus in on workers whose specific skills in an industry or firm render them relatively immobile."

The pursuit of economic growth is at the top of every nation's policy agenda at the end of the 20th century. This authoritative and comprehensive book goes beyond the narrowly-based convergence model of economic growth by considering global, national and regional patterns of growth from a comparative perspective. Issues examined include: * the evolution of the firm and the role of R&D * long-term implications of the loss of national sovereignty * international 'openness' * social and political institutions * patterns of regional harmonization in the United States, particularly income and earnings trends across states and the reasons for convergence * persistent regional disparities in Europe including the roles of sectoral transformation, regional spillovers, human capital formation and the allocation of structural funds * the experience of convergence in individual countries including Italy, the UK, Spain and Germany

More than half the world's sovereign states are small economies. The majority are developing countries in sub-Saharan Africa and the Caribbean Basin. The globalization process poses special challenges for small economies because of their vulnerability and lack of diversification. How should they overcome the limitations of smallness and become better integrated into the world economy? How should they take advantage of the opportunities resulting from globalization while avoiding the pitfalls? Opening the economy is widely recommended, but there are important risks for which policy-makers need to define a balanced response. This book discusses the main strategies or options for small developing economies towards better integration into the world economy. They include membership of the World Trade Organization and unilateral economic liberalization. Another important strategy is regional integration among developing countries. Many small states also continue to rely heavily on special trade arrange-ments with industrial countries. Recently a lot of attention has been paid to quite a different strategy: North-South integration with reciprocal obligations. In practice, the strategies are not mutually exclusive, but must be combined into a coherent policy package for maximum advantage.

This book provides new insights into the performance of key economies in the Asia-Pacific region during the last three decades. It critically examines productivity growth, factor accumulation and economic efficiency at both the macro and micro levels. The authors use a variety of empirical techniques to measure the sources of economic growth in Hong Kong, Singapore, Taiwan, Korea, Japan, Malaysia, Thailand and China. The techniques employed range from traditional growth accounting to econometric frontier estimation and data envelopment analysis. As a comparison to the Asia-Pacific region, the growth experiences of G7 and 18 OECD countries are analyzed. The authors consider, among other issues, the influential role of trade in the region, macroeconomic management, income, capital, labor productivity, technology and investment. This innovative new book will be of interest to students and scholars of growth economics, public policy and Asian studies.

International Monetary Cooperation among the United States, Japan, and Germany offers a first - and overdue - book- length study of counterproductive cooperation. It takes to task the critical importance of conducting systematic theory-guided empirical research to examine the validity of arguments that international monetary cooperation could be highly counterproductive. This book combines various methods - formal, quantitative, and qualitative - to study the theories of counterproductive monetary cooperation by focusing on the cooperative episodes among the major industrial countries - the United States, Japan, and Germany. For the first time, this book presents all theories of counterproductive cooperation in one place, subjects them to systematic, empirical scrutiny in the light of the experience of G-3 (U.S., Germany, and Japanese) cooperation since the 1970s, and suggests policy recommendations in the light of the findings.