In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved, responding both to external forces and to one another. Utilising a vast scope of primary material, the work provides insight into how officials fashioned the instruments, facilities, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. Students and scholars of macroeconomics, financial regulation, and the history of central banking and the Federal Reserve will find this volume a welcome addition to Garbade's earlier studies of Treasury debt operations during World War I, the 1920s, and the Great Depression and since 1983.

Ukraine may have taken a "gradualist" approach to economic reform, but the results have been no better than in Russia. The editors have assembled the leading specialists on the Ukrainian economy, including officials from major Ukrainian and international economic institutions, to outline the major problems of the economy, analyze the initial phases of economic reform in Ukraine, assess their outcomes, and chart the way forward.

"Property and Prophets" is a concise history of the rise and subsequent triumph of capitalism. Focused primarily on England until 1800 and the United States since 1800, the book's economic history is interspersed with the history of ideas that evolved along with the capitalist system.

This timely collection brings together many well-known scholars to systematically explore China's current government and assess it's transition toward democracy. The contributors provide a comprehensive overview of China's domestic history, economy, and public political ideologies. The contributors show that there are many reasons to be skeptical about the short-term prospects for democracy in China, including historical failures, the underdevelopment of civil society, political apathy, and competing social values. Though China's political culture is essentially neither anti-democratic nor pro-democratic, it must still overcome many obstacles in order to achieve democracy.

Drawing on comparative politics and social network analysis, this book examines how the domestic institutional and organizational settings, as well as the network governance patterns, determine variation in administrative responses to EU's Common Agricultural Policy (CAP) in two European Union (EU) member states, Denmark and Greece. These two small member states represent the North and South dimensions of the EU. The north-south dimension in relation to administrative structures, respond differently to EU common policies and to Common Agricultural Policy, specifically which has not been studied in the Europeanization literature. Even though, the study of administrative responses to EU common policies is important as it has been especially noticeable during the current financial crisis. Europeanisation studies concentrate on either large Western European states (France, Germany and UK) or small Western Northern states. These studies produced detailed knowledge on specific countries and policy areas but they ignored the agricultural policy area and the importance of small Southern member states. By comparing a small Southern with a small Northern state since the accession to the EU, this book aims to fill this gap in the literature. Moreover, by linking the findings of the two cases to the member states that joined the EU in the 2004 fifth enlargement, and in other policy areas, it allows a better understanding of similar responses, either adaptation or inertia."This book represents an important contribution to the theoretical and empirical literature on Europeanisation and the Common Agricultural Policy (CAP). It systematically tackles an under studied question: does Europeanisation of policies lead to administrative change and convergence among the member states? The domestic administration of the EU CAP has remained domestically designed and monitored, resulting in divergence among the member states and gaps and imbalances in the performance of EU CAP decisions. The CAP is of more general interest because it combines regulatory and market intervention policy instruments. The analysis proceeds through in depth comparative historical case studies of Denmark and Greece which uses a sophisticated combination of quantitative and qualitative methodologies. The authoritative and informative analysis is structured by a focus on three key domestic factors. There is differentiated administration of common policies and while administration succeeds and adapts in one state, it does not necessarily do so in others, leading to differences in implementation performance. This book should provide a stimulus for further research." Wyn Grant, University of Warwick The last 40 years have been crucial for the European agriculture. The Common Agricultural Policy fulfilled its primary objective, which led Europeans to shift its objectives and cope with the shortcomings created by the success of the Policy itself manage surpluses and narrow the gap between farmers, due to price mechanism as well as, adapt the policy following the successive enlargements and follow the developments in the global economy, in which we live nowadays. Dr. Chatzopoulou gives us a very accurate image on how differently actors of the agricultural economy, farmers, cooperatives and the administrations both in Greece and Denmark, behave. But also, how different is the structure of the sector in these two countries: in Denmark, almost everything is based upon a consensus, where there does not exist a law on cooperatives, and where the administration and the sector work together to adapt or to influence the decisions to take at European level. On the other hand, in Greece, farmers struggle to make their voice heard in the absence of professional organizations, the cooperatives are bound to work in the framework of a specific and strict law and the administration was not shown very cooperative with the sector. These two realities are very well illustrated by the author and many lessons are to be learnt through this study. But, above all, the author gives us a fair idea of how complex is the process of Europeanisation in a Europe Union composed of sovereign member-States with different history, culture, social organization and different legal systems. Vaggelis Divaris, Former European Commission principal administrator (DG Agriculture and Rural Development)

The expansion and transformation of Asian economies is producing class structures, roles and identities that could not easily be predicted from other times and places. The industrialisation of the countryside, in particular, generates new, rural middle classes which straddle the worlds of agriculture and industry in complex ways. Their class position is improvised on the basis of numerous influences and opportunities, and is in constant evolution. Enormous though its total population is, meanwhile, the rural middle class remains invisible to most scholars and policymakers. Contested Capital is the first major work to shed light on an emerging transnational class comprised of many hundreds of millions of people. In India, the 'middle class' has become one of the key categories of economic analysis and developmental forecasting. The discussion suffers from one major oversight: it assumes that the middle class resides uniquely in the cities. As this book demonstrates, however, more than a third of India's middle class is rural, and 17 per cent of rural households belong to the middle class. The book brings this vast and dynamic population into view, so confronting some of the most crucial neglected questions of the contemporary global economy.

Brazil features regularly in global comparisons of large developing economies. Yet since the 1980s, the country has been caught in a low-level equilibrium, marked by lackluster growth and destructive inequality. One cause is the country's enduring commitment to a set of ideas and institutions labelled developmentalism. This book argues that developmentalism has endured, despite hyperactive reform, because institutional complementarities across economic and political spheres sustain and drive key actors and strategies that are individually advantageous, but collectively suboptimal. Although there has been incremental evolution in some institutions, complementarities across institutions sustain a pattern of 'decadent developmentalism' that swamps systemic change. Breaking new ground, Taylor shows how macroeconomic and microeconomic institutions are tightly interwoven with patterns of executive-legislative relations, bureaucratic autonomy, and oversight. His analysis of institutional complementarities across these five dimensions is relevant not only to Brazil but also to the broader study of comparative political economy.

At a time of rising global economic precarity and social inequality, the field of economic anthropology offers solutions through the study of local and contextualized economic practices. This book is made up of an exciting collection of succinct essays authored by leading scholars primarily from the field of economic anthropology, but also featuring contributions from sociology and history. The chapters engage with debates at the cutting edge of research on the topics of Eurasia, the anthropology of postsocialism and the embeddedness of economic practices.

In their fight against the debt crisis, the European Union and its member states took measures that have profoundly changed the euro. It now differs fundamentally from when it was introduced by the Treaty of Maastricht. Surprisingly, this change has come about with hardly any formal amendment to the Union's 'basic constitutional charter', the Treaties. How, then, to understand it? This book argues that the constitution of the EU has transformed, which occurs when constitutions change without amendment. The transformation is characterized by a broadening of the currency union's stability conception from price stability to also financial stability. Using solidarity as a lens, the book conceptualises the unity of the member states and analyses how this was preserved during the crisis. Subsequently, it explains how that changed the currency union's set-up and why the European Court of Justice could not turn against the change in Pringle and Gauweiler.

This book examines empirical and theoretical research on economic inequality from the perspective of dynamic models. By using advanced mathematical tools, it reveals fundamental market dynamics and underlines the role of subsistence constraints and competition in economic distribution.

Economic activities that degrade the environment do not simply pit humans against nature. They also pit some humans against others. Some benefit from these activities; others bear net costs from pollution and resource depletion. In a provocative and original analysis, James K. Boyce examines the dynamics of environmental degradation in terms of the balances of power between the winners and the losers. He provides evidence that inequalities of power and wealth affect not only the distribution of environmental costs, but also their overall magnitude: greater inequalities result in more environmental degradation. Democratization - movement toward a more equitable distribution of power - therefore is not only a worthwhile objective in its own right, but also an important means toward the social goals of environmental protection and sustainable development. Combining theoretical analysis with empirical evidence from around the world, James K. Boyce demonstrates that changes in our relationship with nature ultimately require changes in our relationships with each other. He maintains that a more democratic and environmentally sustainable future is possible, but warns that it is not inevitable. This book will appeal to students, scholars, policymakers and other readers interested in the environment, economics and public policy.

Is Capitalism Working? is a highly relevant question today - not least to a generation coming of age in a world still experiencing aftershocks from the near-meltdown of the world economy in 2008. Economic theory can be complex, but Jacob Field's wellstructured and thought-provoking text lays out the debate in a clear, accessible and engaging manner. Infographics and timelines ensure that readers grasp the basic tenets, history and context of capitalism, without distracting from the compelling arguments. Jacob Field presents a measured conclusion that reviews the evidence on each side, allowing room for the reader to draw his or her own conclusions.

The purpose of this book is to discuss the relationship between information and distribution, with special reference to the role of the merchant in a market economy under conditions of risk and uncertainty. By working with simple models of the market economy and conducting a sequence of comparative analyses, the authors shed new light on an important yet rather neglected area in economics. In a historical perspective, the merchants of Ohmi, the former name of Shiga Prefecture in western Japan, are known to have put great faith in the principles of Sampo Yoshi or the all-around advantages of trading. It is hoped that the results presented in this book will provide some solid ground for such an old principle that can be seen in a new light. Applications to regional and many related problems are also discussed here. A distribution system is broadly defined as the systematic mechanisms and structures that regulate business operations, and its function is to maximize corporate value. Some of the following functions have previously been identified as distinguishing features of the Japanese distribution system compared with distribution systems in Europe and the United States: not only transactions, transportation, and storage, but also information, risk-bearing functions, and other characteristics. This book provides an overview of the distribution system in Japan, including changes that its practice have undergone and its current state; identifies current problems; and considers how these problems should be addressed.

This collection includes ten classic texts of 20th-century British political economy. The texts deal with managed capitalism, the welfare state and the middle ground, and should promote readers' understanding of British politics and economic ideology in the years since the Great Depression called into question the automacity of the laissez-faire market. The issues themselves are relevant to all countries and these texts have been influential throughout the world.

Richard Mattessich's Accounting and Analytical Methods (1964) and Yuji Ijiri's Theory of Accounting Measurement (1975) are two classic works of American accounting literature written by eminent scholars. Mattessich's work contributed to the debate around the role of accountants in designing systems, and it made a sweeping case for accounting as a management science within an emerging interdisciplinary movement. Ijiri focused on proposing a theory of conventional accounting as an accounting system, which has facilitated accountability among interested parties during five centuries. Understanding Mattessich and Ijiri takes a 21st-century view of these authors and their work, which was well ahead of its time in the challenges it offered to formidable institutional arrangements. This volume revivifies Mattessich's and Ijiri's emphases on processes and circumstances irreducible to rigorous study, which since the 1960s has been the primary focus of accounting literature, and it re-examines important axiomatic views as foundations for accounting research, views to which both scholars dedicated their early careers. Ultimately, this work examines how their ideas fit with emerging economic theories and technologies which neither could have foreseen, and which now compete for attention when it comes to understanding the intricacy of capital and income measurement.

Drawing from a 2014 Hoover Institution Conference on Inequality in honor of Gary Becker, a group of distinguished contributors explore various measures of inequality in America and address the issue of whether or not it is increasing. In looking at this question and examining policy implications, the authors draw on research on human capital and intergenerational mobility. The authors suggest that the emphasis on inequality and redistribution, while not wrong, is nevertheless misplaced, for it may lead us to adopt policies that will disrupt the progress we have made while doing nothing to promote the kind of growth that is essential to national progress.

This unique work combines an authoritative account of Veblen's life with a thoughtful appraisal of his interdisciplinary analysis of the origins, nature, and persistence of industrial capitalism. The book goes beyond the myth of Veblen's alleged marginality, and advances an original interpretation of his life's work, with special reference to his ethnicity and to evolutionism. In the process, the author considers the intellectual sources and impact of Veblen's critical social thought, and its continued relevance to understanding the economic and cultural dimensions of global capitalism.

The Treasury is one of Britain's oldest, most powerful and secretive institutions, one that has played a central role in shaping the country's economic system. But all too often it has escaped public scrutiny when it comes to investigating the ups and downs of the UK economy. When portrayed, it is usually as a bedrock of government stability in times of crisis, repeatedly rescuing the nation's finances from the hands of posturing politicians and the combustions of world financial markets. However, there is another side to the story. In between the highs there have been many lows, from botched privatizations to dubious private finance initiatives, from failing to spot the great financial crisis to facilitating ever-growing inequalities. Davis's book goes behind the scenes to offer an inside history of the Treasury, in the words of the chancellors, advisors and civil servants themselves. It shows the shortcomings as well as the successes, the personalities and the thinking which have shaped Britain's economy since the mid-1970s. Based on interviews with over fifty key figures, it offers a fascinating, alternative insight on how and why the UK economy came to function as it does today, and why reform is long overdue. -- .

In the light of Brexit, the migration crisis, and growing scepticism regarding the European integration process, this book offers a comprehensive overview of the most pressing problems facing the European Union in the 21st century. Written by experts from various disciplines, the contributions cover a wide range of economic, legal, social and political challenges, including populism, migration, Brexit, and EU defence, foreign policy and enlargements. Each paper includes a historical account, insights into the problems and challenges confronting the EU, and an assessment of the institutions and policy instruments applied by the EU in response. Discussing each of the problems as part of a process - including the historical roots, current situation and potential solutions - the book allows readers to gain an understanding of the European Union as a living project.

This book presents a biographical history of the field of systems thinking, by examining the life and work of thirty of its major thinkers. It discusses each thinker's key contributions, the way this contribution was expressed in practice and the relationship between their life and ideas. This discussion is supported by an extract from the thinker's own writing, to give a flavour of their work and to give readers a sense of which thinkers are most relevant to their own interests.

The EMU debt crisis that emerged in 2010 has identified a group of Southern countries, especially Greece, Portugal, Spain and Italy, as low performers exhibiting several serious macroeconomic imbalances, and it has also highlighted that EU integration experienced by Eastern European countries (especially the latter-comers to EU) was not accompanied by a rapid process of real convergence. Since then, the research about the effects of peripherality have regained a renewed interest to ultimately ground better regional policy recommendations aimed at achieving a sustained reduction of income per capita disparities across EU regions. In this new work, Pascariu and Duarte, along with an international group of acclaimed scholars, delve into key challenges currently facing the European Union. They investigate this central question: does the domestic market system lead to the development of a center-periphery model, by highlight gaps, or does it support the convergence process? Analyzing the effects of peripherality across the EU regions, a two-fold approach is used to deliver policy recommendations grounded in economic theory, and of interest to other countries and regions facing a process of integration.

Volume 33 contains articles on the economic history of Europe, America and Asia and brings new analysis, and newly created datasets to address issues of interest. Two papers focus on the US and contribute to our understanding of the Great Depression. In "Reexamining the Origins of the Smoot-Hawley Tariff Act", Beaudreau argues industrialists used the plight of farmers to raise tariffs on manufactured goods. And Jalil and Rua show in "Inflation Expectations in the U.S. in Fall 1933" that shifts in inflationary expectations could be responsible for the patterns in output witnessed in 1933: an expansion in the early part of the year which stalled by the Fall. Two papers present new data. "First Cabin Fares from New York to the British Isles, 1826-1914" by Dupont, Keeling and Weiss extends their work on understanding early tourism by creating a new series to examine the time path of first class travel over the 19th century. "Reforms and Supervisory Organizations: Lessons from the History of the Istanbul Bourse, 1873-1883" by Hanedar, Hanedar, Torun and Celikay data newly collected from the Istanbul Bourse to better understand how investors respond to different types of reforms. And finally, Field in "The Savings and Loan Insolvencies and the Costs of Financial Crisis" gives a reinterpretation of the Savings and Loan Crises of the late 1980s and early 1990s in light of the subsequent, much more severe crisis of 2007/08.