The essays contained herein span over a decade and reflect David Prychitko's thinking about the role of the market system, and its relation to planning and democratic processes. The collection consists of previously published and unpublished articles written not only for economists but also for an interdisciplinary audience. Prychitko extends the Austrian School's criticism of central planning to include the decentralized, self-managed and democratic models of socialism - those that were supposed to distinguish Yugoslav-style socialism from Soviet socialism. He critically evaluates the socialist and market-socialist proposals of contemporary advocates including Michael Albert and Robin Hahnel, Ted Burczak, Branko Horvat, and Joseph Stiglitz. A younger Austrian economist, Prychitko has also emerged as an internal critic within that tradition. He questions the Austrian School's claims that the unhampered market maximizes social welfare, that any actions of the state necessarily reduce welfare, and that anarcho-capitalism is viable and desirable. At the same time, he carefully discusses the viability of worker-managed enterprise from a market-process perspective, and offers a qualified defense. Scholars, particularly those with an interest in Austrian economic thought, comparative political economy and free market libertarianism will find this collection a valuable resource.

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During the last decade of the twentieth century, the Korean peninsula was the stage for non-stop, dramatic political and economic events. This volume brings together an unusually broad range of perspectives on US policy towards North Korea, the North Korean economy, and North-South economic co-operation and unification. The year 2000 opened a new chapter on the Korean peninsula; the North-South summit in June was no doubt a historical milestone that could lead to major changes on the peninsula. But the fundamental issues herein addressed are still relevant and important. No overnight solutions or magic bullets exist. Essential ingredients for North-South economic co-operation, ranging from regional security matters to policy nuts and bolts, remain little changed. Assembled in this volume are a diverse group of economists and analysts from academia, government and think tanks in the US and South Korea. Topics range from philosophical to practical policy matters. Students, researchers and policymakers interested in Korea and in the broader issues of economic and political integration will find this volume fresh and insightful.

This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics. Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.

Globalization and the Small Open Economy investigates the specific role of small open countries in a globalizing economic system and assesses the unique pressures and opportunities afforded them by globalization. Traditionally, in contrast to large countries, small open economies (SOEs) have relied on international economic policy rather than domestic policy as a means to foster national economic development. Their firms also have a far greater reliance on host countries to gain competitive advantage than those of larger nations. This would suggest that globalization has potentially a far greater impact on SOEs than on large countries. The contributors to this volume concur with this view and seek to outline the challenges and opportunities faced by policymakers and managers of multinational enterprises from SOEs. They examine the role of government, environmental policy, inward and outward foreign direct investment and multinational management and conclude that, on balance, globalization provides more of an opportunity than a threat to economic growth in these countries. An innovative collection with fascinating new insights on the present and future role of small, open countries in the global economy, this will be an important new reference source for academics and students, public policy research institutes, international business scholars and trade economists.

Market dominance - encompassing single firm dominance, overt and tacit collusion, mergers and vertical restraints - raises many complex analytical and policy issues, all of which continue to be the subject of theoretical research and policy reform. This second edition of a popular and comprehensive text extends the arguments and combines an analysis of the issues with a discussion of actual policy and case studies. This new edition addresses the recent fundamental changes in antitrust law, especially in the UK and the EU, and reviews some high profile and controversial cases such as the Boeing-McDonnell Douglas merger and the Microsoft monopoly. The author moves on to deal with several unresolved questions including the conflicts between trade and antitrust policy, the foreign take-over of domestic assets and extra-territorial claims made by certain countries. Market Dominance and Antitrust Policy will be of considerable value to students and scholars of economics, law and business, as well as researchers, policymakers and practitioners with an interest in competition policy and international trade.

The Open Economy and its Financial Constraints explores the role of money and finance in an open economy. The existence of money and global financial flows compound the likelihood of financial constraints, in particular, financial vulnerability, financial exclusion and financial fragility, and create the possibility of unemployment. Penelope Hawkins focuses on financial openness and contends that while vulnerable economies can benefit from long-term international capital, greater financial exposure makes them increasingly susceptible to the crises associated with financial withdrawals. The author explores in detail the experiences of South Africa, Brazil and Thailand and finds that the consequences of financial liberalisation remain uncertain. She examines the rationale behind the distribution of credit within and between countries, and goes on to construct a financial vulnerability index as an empirical mechanism to rank nations according to their vulnerability to the withdrawal of international financial flows. This book offers an innovative conceptual approach to constraints in economic theory which will appeal to students and scholars of financial economics, particularly those who embrace non-orthodox monetary theory. It will also prove an enlightening read for development economists who can draw important lessons from the book's examination of the consequences of financial liberalisation.

Ten years after the collapse of communism in Poland, the debate continues over the impact of the transition to a market economy. Whilst few actually say the socialist system could - or should - have been preserved, the path of change has been far from smooth, and has produced both winners and losers in the race to reform. This book assesses the prevailing attitudes of both support and disenchantment among Poles towards transition, in the light of their own experiences. In particular Janice Bell uses statistical indicators on economic well-being, regional voting results and public opinion survey data to analyse the socio-economic influences on patterns of voting behaviour, and finds unemployment to be a crucial denominator. Groundbreaking in its perspective, this study will appeal to all those concerned with the social implications of reform programmes in former communist countries.

In the 1990s, institutional and evolutionary economics emerged as one of the most creative and successful approaches in the modern social sciences. This timely reader gathers together seminal contributions from leading international authors in the field of institutional and evolutionary economics including Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskali Maki, Bart Nooteboom and Marc R. Tool. The emphasis is on key concepts such as learning, trust, power, pricing and markets, with some essays devoted to methodology and others to the comparison of different forms of capitalism. An extensive introduction places the contributions in the context of the historical and theoretical background of recent developments in economics and the social sciences.Essential reading for lecturers, researchers, graduates and advanced undergraduates in economics, business studies and sociology, this diverse yet complementary collection of essays will also find a broad readership amongst those wanting to understand the manifest changes apparent within modern socio-economic systems.

The essays in this volume describe, analyse and compare the achievements and the failures of societies that adopted market-based economies within a democratic polity after a long period of communist rule (Russia and Eastern Europe) or military authoritarianism (Latin America). Together, they also trace the rocky course of liberal economic policies over the whole twentieth century. Area experts from various disciplines seek to establish the extent to which the historical experience of the several countries explains successful transitions as well as the less successful efforts to adapt institutions to the needs of a market economy. The papers further show the dilemmas faced in both Eastern Europe and Latin America in reconciling the efficiency benefits of market economies and the need to achieve or maintain socially acceptable patterns of income distribution among the strata of income receivers. In addition to the essays themselves, comments are provided to further explore specific issues. Researchers and students in economics, economic history, political science and regional studies, and others interested in the economics of transition to a market system will find this comprehensive collection an invaluable resource.

Ten years ago the former Soviet Union was pictured in the West as a monolithic unit governed from Moscow with a firm hand. Today, the geographical area which once constituted the USSR no longer exists and the disparities between regions are increasing all the time. This is the first book to provide an overview of Russia's regional development during the entire Soviet period as well as presenting a penetrating analysis of the array of regional problems facing Russia as we move into the twenty-first century. It analyses factors contributing to cohesion and disintegration in Russia today, stressing the importance of ethnicity, religion and Russian nationalism. In examining regional developments and spatial policy during the Soviet period, the authors reveal a remarkable paradox that the development of heavy industry actually reduced regional inequalities, but as the economy diversified disparities widened. The book is also a document from 'the people who were there' - that is, those trying in the circumstances then prevailing to develop regional science which never achieved practical application under central planning. The authors conclude that the development of Russia is increasingly becoming an issue of the development of its regions. This book will be useful for academics working in the areas of transitional economics, economic geography, particularly those interested in long term regional divergence and convergence, and economic history.

It is a widely held belief that the Polish experience of system transformation following the final collapse of 'real socialism' in 1989 is one of the 'best'. Poland into the New Millennium surveys the country's post-communist transformation as it prepares for the challenges of the early years of the new century. The contributors describe key aspects of system transformation in order to promote better understanding of the nature of the processes introduced to the economy and society since 1989. The book seeks to illustrate what has been achieved - and what has not - and tentatively explores likely future developments in relation to the problems that may lie ahead. Entry into the European Union figures as a major issue, but the volume contains sometimes controversial and divergent interpretations of the underlying dynamic shaping Polish society in the new millennium. This comprehensive and multidisciplinary book will be invaluable to researchers, lecturers and students concerned with post-communist transformation across the social sciences and will be of great importance to members of international organisations, consultancies, and financial institutions with a particular interest in Poland.

The implementation of a democratic order embedded in a market economy environment has proved immensely difficult. Furthermore, this process is subject to tremendous variety within Central and Eastern Europe. Ten years after the collapse of communism it was apparent that only Poland and Slovenia surpassed their 1989 levels of GDP. This book scrutinises the arrangements to enforce good governance in this area both by means of external help and domestic political leadership. From the popular assumption that transformation is a collective good, it follows that the problem of free-riding has to be faced. Consequently there is a danger that transformation may never be completed. This book empirically tests the relationship between economic performance and good governance focusing upon voluntary coercion as a means to prevent free-riding behaviour. The author examines the role of international organisations and discusses elite formation as an important element of good governance - something often ignored in the economic analysis of economic performance. Scholars and researchers of political and economic transformation in Central and Eastern Europe as well as those from the fields of political economy, international relations and political science will find this book enlightening.

This insightful book focuses on the economic consequences of structural reform policies in the economies at the cutting edge of reform: Denmark, The Netherlands, New Zealand and Norway. The contributors examine policies aimed at improving the underlying path of growth, employment and saving-investment balances of the economy and apply state of the art methods to measure and model structural reforms. They examine the areas of competition policy, regulation of entry barriers, non-tariff trade barriers and employment protection rules as well as the quality of education and training, the efficiency of various public sector agencies and labour supply effects of care for children and the elderly. Special attention is paid to two 'success stories': New Zealand's 'Kiwi-model' and the Dutch 'Polder-model'. The book provides a welcome addition to the scarce evidence on both the costs and the benefits of structural reform and identifies the policy problems and the analytical issues at stake. This book will be indispensable to policymakers and academics with an interest in structural reform and macroeconomic policy.

The euphoria evidenced in the aftermath of the collapse of communist regimes in the late 1980s and early 1990s sometimes conveyed the impression that the process of democratization would be achieved without difficulty or tribulation. This book sets out to provide a thorough comparative analysis of the challenges which face the emerging democracies of Central and Eastern Europe and considers the impact of political change. Drawing heavily on available survey data, the book provides an in-depth account of how the new democracies of Central and Eastern Europe have coped with four major challenges: political fragmentation, nationalism, lack of respect for human rights, and poorly developed civil service systems. The book demonstrates that although the first few years of the 1990s were marked by increasing disenchantment with the new regimes, the change of governments as a direct result of the electoral process and the prospects for European integration have served to reverse this negative trend. Indeed, the authors find that the new political systems have managed to cope with the challenges so effectively that striking similarities with Western democracies are now apparent. Offering new insights into democratic transition, Challenges to Democracy will appeal to political scientists, diplomats and policymakers, and economists with an interest in European and comparative politics.

Recent political developments on the Korean peninsula suggest both the possibility and desirability for the neighboring powers to establish a new framework for regional peace. The US and North Korea have managed to reach an agreement to reduce mutually hostile threats on a reciprocal basis, and to normalize diplomatic relations by removing economic sanctions. They have thus created conditions potentially favorable for the expansion of trade and the inflow of economic assistance and foreign direct investment to North Korea. A crucial question, however, is will North Korea choose to transform its internal system and adopt an open-door policy in an effort to revive its stagnant economy? The distinguished contributors to this volume address the central issue of the development potential of the North Korean economy and the potential compatibility of economic reform with the maintenance of internal political stability. They examine what will be needed in the way of reform for North Korea to build its social infrastructure and manage its industrial transition to become part of the global market economy. Lessons are drawn from the experiences of China's economic reform since 1979 and German reunification and some sharp insights are provided into the economic forces that will play a major role in shaping the future course of North Korea. This timely book will be of great interest to policymakers, scholars, and students of Asian and transition economies.

Aesthetic Capitalism debates the social aesthetics of contemporary economic processes. The book connects modern cultural dynamics with the workings of contemporary capitalism. It explores art and the new spirit of capitalism; visual culture and the experience economy; aesthetics and organisations; the art of fiscal management; capitalism without myth; and architecture in the age of aesthetic capitalism. Contributors include: Peter Murphy, Eduardo de la Fuente, Antonio Strati, Ken Friedman, Dominique Bouchet, Anders Michelsen, David Roberts, Carlo Tognato

This volume of new, original essays reflects the lifelong concerns and writings of the person they honor, Professor Howard Sherman. Sherman wrote on a wide range of topics - the causes of recessions, depressions and mass unemployment under capitalism; the difficulties and challenges of establishing viable democratic planning systems under socialism; the down-to-earth realities of economic life in the United States, the Soviet Union and elsewhere; and the theoretical traditions he drew upon to inform these empirical studies, i.e. Keynesianism, institutionalism and, most especially, Marxism. The contributors follow in Sherman's tradition through their careful analysis of topics such as the long-term trends in contemporary global capitalism; the relationship between Marxism and institutionalism; debates over the usefulness of class analysis; the political economy of financial liberalization; lessons from the demise of socialism in the Soviet Union and China; and the possibilities for advancing a workable egalitarian economic agenda. This book demonstrates the continued vibrancy and relevance of radical political economy as a mode of social scientific analysis. Scholars and students in economics, sociology, history, philosophy and political science will find the essays thought-provoking and informative.

In 1990 Mongolia, the second oldest communist state in the world, initiated a fundamental transformation of its economy and moved rapidly to a multi-party democracy. Unlike any other Asian economy it adopted the shock-therapy approach to transition. This book is the first attempt to provide a detailed examination of transition in Mongolia since 1990. It includes analyses of macroeconomic performance, the agriculture and industry sectors, the labour market and the emerging financial sector. It also focuses on poverty, gender, privatisation and the environment. The contributors to this volume argue that policymakers have exacerbated the painful transition process by underestimating its complexity and by pursuing inappropriate or, at best, overly optimistic policy reforms.