This book is an introduction to the history of - and current measurement practice of - inflation for the United Kingdom. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people's lives - through pension uprating, train tickets, interest rates and the work of economists - few people understand how it is created. O'Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.

"Stabilization and Privatization: An Economic Evaluation of the Shock Therapy Program" is an account of Poland's economic transition since mid-1989. Monetary stabilization, trade liberalization (including convertibility) and privatization of state capital assets are discussed. Sources of economic recession which have accompanied the post-1989 transition are analyzed. The role of demand-side factors (i.e. monetary contraction) is weighed against that of supply-side factors (i.e. credit availability). The prevailing view is that the recession has been supply-type rather than demand-type. Economic performance has been impacted by the lack of a proper institutional framework (e.g. a segmented banking sector, diluted property rights). Arguments in favour of evolutionary reforms and market enhancing measures are presented. "Stabilization and Privatization" examines the main components of Poland's shock therapy program implemented in 1990. Post-shock recession, lasting at least through 1992, is examined to establish whether a sharp decline in output was caused by excessive demand contraction or lack of accommodating credit policies. The merits of an evolutionary approach and a more proactive state are debated.

The book examines the expansion of investment and trade between China and New Zealand, and its changing composition within the political framework, especially the 2008 Free Trade Agreement. Particular attention is paid to China's volatile agrifood market, where New Zealand dairy products play an important role for both countries. The New Zealand-China economic relationship - asymmetrical and complementary, but with increasing competition from domestic production - is a case study of the complexities of globalization and the interplay of economic imperatives, political pressures and cultural factors. China is now New Zealand's main economic partner and a major source of migrants, tourists and students. This proposed study on how New Zealand and China manage their grave dissimilarities and disparities in growing, ever close economic ties will be of interest to academics, policy analysts, economic/trade decision makers, and business practitioners.

In the Community-building process, citizens are the most invoked and feared, but at the same time the least known subject. This lack of knowledge nourishes the citizens' detachment from the European Union and itself emerged in well known cases such as the French and Dutch referenda on the Constitutional Treaty or the public concern towards the EU policy on immigration. This gap is true especially for active citizenship organizations operating in the European policy making, not only in Brussels, but also and above all at national and local levels, and this book is aimed at filling this knowledge gap. The book is divided into two parts. The first part of the book focuses on the way in which the literature on EU governance and citizenship and on participatory democracy deals with citizen activism in public policy making. The second part discusses a number of empirical research projects on civic activism in Europe. This book aims, on the one hand, to bridge the academic debate to more policy oriented debates in which active citizenship organizations and policy makers are involved; and, on the other hand, to bridge theoretical discussion of the nature of the EU with the empirical literature based on the study of civic activism in Europe and at the national level. The distinctiveness of the book is that it tries to overcome both the "methodological nationalism" that affects the research and public debate on the EU, the normative attitude of most part of European studies in favor of an approach aimed at describing phenomena, and the habit of dealing with civic associations in Europe by referring only to the "Brussels Civil Society," making it of interest to both policy makers as well as students and scholars in European Studies, Political Science, Sociology and International Relations.

This book is a wide-ranging and timely overview of the contemporary Chinese banking system. It charts the vast changes in Chinese banking from before China's admission to the WTO in 2001 to more recent regulatory reform and developments in the shadow banking sector. The book begins with an economic history of the mono-banking system, and a critical discussion of reforms taken by the government in preparation for China's entry to the WTO. The second part of the book discusses banking regulation and government policy during and after the global financial crisis in 2008-2009 and their impact on banking, including recent developments. Finally, the book concludes an empirical analysis of the impact of banking reforms on a number of important issues, including bank efficiency, capital structure, competition and financial stability, and risk taking behaviour, and a review of the relevance of shadow banking and internet banking.

'It is a serious piece of scholarship. Integrating economic history, economic thought, patent-hoarding, venture capital and the changing global economy, Kingston asks if modern capitalism might be an internally inconsistent system. Like Schumpeter, he is concerned that creative innovation might be stagnating into institutional ossification. It is an interesting argument, well presented, cross-disciplinary and thought-provoking.' - David Reisman, University of Surrey, UK and Nanyang Technological University, Singapore Capitalism has been sustained by inherited moral values that are now all but exhausted. A unique combination of a new belief in individualism and a long tradition of property rights had traditionally ensured that self-interested action also produced public benefit. However, these rights, including the laws underwriting economic and financial innovation and parliamentary democracy, were gradually captured and shaped by those who could benefit most from them. This fascinating book shows that the outcome is a reduced ability to generate real wealth combined with exceptional inequality, as well as a worldwide breach of the vital trust between voters and their representatives. Capitalism's injuries are both self-inflicted and fatal. William Kingston uniquely deals with capitalism from a property rights standpoint, providing the first convincing explanation of economic cycles in terms of changes to these rights. The lucid exploration of the historical evolution of property includes a remarkable precursor of modern capitalism in medieval culture and pays particular attention to intellectual property. The book also calls attention to the harm that inaccurate measurement of economic activity can cause, both at the micro-level (auditing of corporations) and macro-level (the Kuznets GDP/GNP system). In conclusion, it argues that the exceptional levels of inequality today have been caused primarily by allowing financiers to escape from the laws that traditionally prevented them from 'generating money from nothing'. Challenging the orthodox thinking, this is an essential book for economists and political scientists in academia, the public sector and industry. It offers an imperative warning that capitalism's next crash is coming sooner rather than later.

Offering a diverse set of contributions to current social contracting research, The Social Institutions of Capitalism illustrates how social contracts necessarily underlie and facilitate all forms of capitalist production and exchange. The editors bring together novel contributions from fields as diverse as economics, evolutionary game theory, contract law, business ethics, moral philosophy and anthropology to offer multifaceted but subtly intertwined perspectives on fundamental questions concerning human cooperation. This interdisciplinary book, with articles written by academics who are widely known and respected in their respective fields, will be of great value to those interested in political theory, moral philosophy and business ethics.

This book focuses on building regional resilience by comprehensively improving regional assets. Regional vulnerability depends on the availability of regional assets for the population, as well as the population's ability to access those assets. Such assets include the environment, population size, community, and human capital, as well as traditional physical infrastructure. Identifying and improving these regional assets, which provide resource flows to help cope with regional disruptions-natural disasters, economic crises, or demographic changes- serves to mitigate vulnerability and build resiliency. The book pursues an interdisciplinary approach to investigating regional resilience, bringing together welfare and environmental economics, public administration, risk and disaster management, policy studies, development studies, and landscape architecture. Up-to-date case studies are provided, including recovery from the Great East Japan Earthquake in Japan, regional development for depopulation areas, and urban policy for smart cities. These studies reflect and share the latest findings on key issues, policymaking and implementation processes, and implications for evaluation methodologies-all of which are indispensable to the building of resilient regions. This book is highly recommended for researchers and practitioners seeking a fresh, interdisciplinary approach to regional and urban development. It provides a valuable reference guide to building resiliency and mitigating vulnerability, both of which are imperative to achieving sustainable regions.

The Japanese economy has been in the post-bubble recession for the last decade. This is in contrast to the resilient and secular growth Japan had enjoyed since World War II to the 1980s. How Japan copes with the massive restructuring of its business and economic system that appears to be needed for Japan to get back to its growth path is of interest to its global trading partners. In this book, leading Japan specialists from North America, Japan, and the UK provide detailed discussions of the representative issues the Japanese business and economic system currently faces and explore the directions Japan will be following in the 21st century.

The Services Directive is one of the cornerstones for the realization of the EU internal market and is fundamental to economic and legal experts, as well as to the general public. This book analyses in detail the different steps taken by each of the 27 EU Member States in the implementation process of the Services Directive. It provides not only detailed information about the changes in national law adopted by the Member States, but also facilitates a comparison of the different implementation strategies. It gives an insight in the heterogeneity or homogeneity of implementation concepts and shows how European legislation affects legislation that were originally nationally dominated, such as the law of national administration. Valuable for academics interested in European and administrative law and the transposition of European lawmaking into domestic law, as well as for civil servants in ministries, chambers of commerce, local governments and other comparable institutions having to implement the Directive.

International financial markets play an increasing role in the mind of the general public, much more than they did a few decades ago. There can be no doubt that the size of financial markets has grown at a faster pace than the markets for goods and services in the past ten or twenty years. However, it is still unclear whether this is a desirable development, or whether it indicates looming risks. The book documents and classifies the debate about the potential decoupling of the financial sector from the real economy, and then to introduce it into the context of established scientific lines of research. We try to provide a logical structuring of the heterogeneous arguments by postulating a decoupling hypothesis (phenomena, causes, consequences). Various models are presented in this structure and stylized facts can be isolated.

The Open Economy Macromodel: Past, Present And Future has two main objectives. The first is to assess the state of play of the Open Economy Macromodel by bringing together those who developed it with those who apply it today. The second is to assess possible directions for its future development.

The volume is divided into three parts. Part one focuses on the models, men, and institutions involved in the development of the international macroeconomic model. In this section, the contributors examine the two monetary approaches to the balance of payments, as well as the relationship between long-term fluctuations in real exchange rates and inflation. Part two deals with the present state of the models by looking at Robert Mundell's theory of optimum currency areas (OCAs) and its relationship with key currencies. The chapters in this section also consider the impact of exchange rate variability on labor markets, as well as the interactions between theoretical developments and real-world behavior in the open economy macromodel. The third and last part of this volume provides a perspective on the future by looking at alternate models and institutional perspectives. Several contributors examine the relationship between asset prices, the real exchange rate, and unemployment in a small economy via what they call "a medium-run structuralist perspective." The future of institutional structures necessary to conduct international economic policy is the subject of the last chapters in part three of the volume.

The European economy is still in recession, even though there are some weak indications of stabilization. This book examines important aspects of the crisis in selected countries of Southern Europe, the Balkans and Eastern Europe. The intensity of the crisis and its economic and social repercussions have varied from country to country, generally impacting the core countries less than those on the periphery. The countries in the latter group currently face significant structural challenges with regard to improving productivity and competitiveness, including the areas of investment, climate, the labour market, and the public sector. The book not only illustrates the scope of the problem, but also informs readers on the policies implemented to address it, and discusses the progress some of the economies have already made. Special topics include the convergence hypothesis, agriculture and growth, Public-Private Partnership in Infrastructure (PPPI), and the labour market.

The phenomenon of state-led development has been persistent throughout modern history and remains significant today. Latecomers in the world's development, from Russia in the 19th century to contemporary China, persistently resorted to the state as a developmental instrument in economic catch-up. Why did relatively 'backward'economies tend to take the state-led approach rather than following the free market model? Why did those latecomers that used the state as the main coordinator and had the bureaucratic capacity to do so modernize faster than other 'backward' economies? Finally, do the successful state-led developers have the potentials to take the lead in world's developments? Or under what conditions could they do so? These are the questions the book intends to answer. This book looks into the state-led development in the post-war period, offering a new perspective for interpreting the choice of the state-led approach by latecomers and the consequences of such choices.

Sung-Hee Jwa offers analyses of a wide range of past and current reform efforts in Korea. The policy lessons are designed to understand Korea's transformation from the government-led development model to a market system. Jwa argues that Korea's economic future depends entirely upon the successful integration of market-oriented systems.

The Law of Accumulation and Breakdown of the Capitalist System, Being also a Theory of Crisis was Henryk Grossman's most important, influential, and also most denounced work. As official Communist economic thought was petrifying, to comply with the needs of the Stalinist state in Russia, Grossman's book challenged the developing dogma. Combining Marx's method and insights with a comprehensive assessment of the very substantial literature on crisis theory, Grossman demonstrated how the capitalist system, even under supposedly ideal conditions, will break down economically. Grossman's recovery of Marx's explanations for capitalism's crises and tendency to break down is as timely as ever, and thanks to Jairus Banaji and Rick Kuhn, this wonderful, first full English translation is now available. The Law of Accumulation is the third of four volumes of Grossman's works.

This book offers an in-depth analysis of the roles and strategies of subsidiaries of American multinational companies (MNCs) in Taiwan's IT industry. Based on semi-structured interviews with 16 managing directors of the different foreign-owned subsidiaries and 100 functional unit managers, the authors investigate (1) the roles of functional units in evaluating strategy formulation and change in foreign subsidiaries; (2) the factors that determine strategy formulation and change in foreign subsidiaries and their functional units; and (3) the linkages between cross-functional units. The research underscores the view that MNCs' strategies are composed of assorted heterogeneous elements.

The emergence of China since 1979 has been a hallmark in the global economy, not only in the past but also in this century. This comprehensive book provides an analytical view of the remarkable economic development of the most exciting economy in the world. China's impressive economic growth has propelled it from being one of the poorest countries in the world to becoming its third largest economy. It is a complex economy with a mix of characteristics resulting from being both a transition economy and a developing country, which also points to the challenges that it still faces. This book explains China's remarkable transformation from a centrally planned to a more market-oriented economy through examination of the institutional reforms necessary to support such marketisation and eventual global integration. Although no book will be able to be completely comprehensive given the scale of the economy and the remarkable pace of transformation over three decades, this study highlights the key areas giving an overview of the major developments in China's economy, enabling its prospects of continuing growth to be assessed. With topical discussion incorporating recent data and developments, this book will be a stimulating read for academic researchers, postgraduate students in economics, international business, Chinese and area studies, as well as anyone interested in understanding the Chinese economy.

American things, American material culture, and American archaeology are the themes of this book. The authors use goods used or made in America to illuminate issues such as tenancy, racism, sexism, and regional bias. Contributors utilize data about everyday objects - from tin cans and bottles to namebrand items, from fish bones to machinery - to analyze the way American capitalism works. Their cogent analyses take us literally from broken dishes to the international economy. Especially notable chapters examine how an archaeologist formulates questions about exploitation under capitalism, and how the study of artifacts reveals African-American middle class culture and its response to racism.