This book examines the life and work of Ajit Singh (1940-2015), a leading radical post-Keynesian applied economist who made major contributions to the policy-oriented study of both developed and developing economies, and was a key figure in the life and evolution of the Cambridge Faculty of Economics. Unorthodox, outspoken, and invariably rigorous, Ajit Singh made highly significant contributions to industrial economics, corporate governance and finance, and stock markets - developing empirically sound refutations of neoclassical tenets. He was much respected for his challenges both to orthodox economics, and to the one-size-fits-all free-market policy prescriptions of the Bretton Woods institutions in relation to late-industrialising developing economies. Throughout his career, Ajit remained an analyst and apostle of State-enabled accelerated industrialisation as the key to transformative development in the post-colonial Global South. The author traces Ajit Singh's radical perspectives to their roots in the early post-colonial nationalist societal aspirations for self-determination and autonomous and rapid egalitarian development - whether in his native Punjab, India, or the third world - and further explores the nuanced interface between Ajit's simultaneous affinity, seemingly paradoxical, both with socialism and Sikhism. This intellectual biography will appeal to students and researchers in Development Economics, History of Economic Thought, Development Studies, and Post-Keynesian Economics, as well as to policy makers and development practitioners in the fields of industrialisation, development and finance within the strategic framework of contemporary globalisation.

This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject. The volume consists of four sections: Electricity Markets; Real Options; Trading in Commodity Markets; and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of exhaustible resource management and analysis of commodity ETFs. The volume also includes two survey articles that provide a source for new researchers interested in getting into these topics.

The aim of this book, first published in 1939, is to provide a comprehensive description of the protectionist system that had been in force in Britain since 1931. It explains the principles and difficulties involved in framing and administering a customs and excise tariff, which has both revenue and political purposes. The problems of tariff negotiating are discussed, and trade agreements made are summarized.

The US is facing enormous challenges as it enters the second decade of the twenty-first century. Some of these major issues are environmentalism and its claim of global warming; the danger from terrorism generated by Islamic fundamentalism; and affordable, quality health care. Additionally, education in America remains an unresolved dilemma contributing to America's lack of economic competitiveness. Andrew Bernstein argues that the US government is pushing the nation toward socialism in its attempt to resolve America's problems. The government's increasing control of the banking industry, its massive bailouts of auto makers, and its proposal of emissions legislation are also examples of the expansion of government's power. Bernstein argues that whatever the intentions of the government, or its illusions about the workability of its proposals, morally upright and practical solutions can only come from moving to the opposite end of the political-economic spectrum: the establishment of laissez-faire capitalism. In Atlas Shrugged, and in her non-fiction works, Ayn Rand developed a systematic body of thought, a comprehensive philosophy she dubbed "Objectivism." This philosophy has been neglected by most professional intellectuals, but it is now beginning to be seriously studied in academic philosophy departments. Objectivism provides the moral and philosophic validation of the political-economic principles of individual rights and free markets. Analysis of today's gravest social and political issues within this philosophic framework, as undertaken by Bernstein in this volume, constitutes a unique way of identifying rational solutions to these pressing issues.

This highly original new book examines the scientific status of economics from the perspective of practising economists. It studies how they evaluate their theories, the relationship between those theories and the phenomena they are intended to represent, and the philosophy, methodology and scientific credentials of economics. It examines the tension between economics as the logic of rational choice and as a predictive science, that is reason and reality respectively. It surveys the five most influential schools of thought in the methodology of economics, with special emphasis on theory appraisal: logical positivism, instrumentalism, a priorism, scientific realism and rhetorical analysis. Professor Fox assesses the extent to which economists have followed the precepts and consequences of their methodological position. He extends the discussion to consider the purpose of such economic inquiry, the scope of application and the appropriate structure of economic theory, as the legitimate sources of economic knowledge. In conclusion he argues that a resolution of existing and emerging methodological controversies in economics must begin with a better understanding of the various voices within the discipline. Intended as an introduction to the major schools of thought in economics, this book will be of interest to students and scholars of economics, philosophy and economic methodology.

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 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.

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.

For most economists, 'Austrian economics' refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Socialist in spirit but too diffuse to be described as a single school of thought, it shares a common conviction that the market, while possibly a good servant, is a very poor master. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, this unique book analyses the work and impact of many leading Austrian economists. Beginning with the Austro-Marxist theorists Otto Bauer and Rudolf Hilferding and moving through to the new generation of social democratic economists, most prominently Kurt Rothschild and Josef Steindl, The Alternative Austrian Economics provides insight into the history and evolution of socialist economics in Austria. Offering a previously underrepresented discussion of a century of Austrian socialist economics, this engaging book will prove to be of great value to Marxian and heterodox economists, historians of economic thought and political scientists interested in political economy.

Almost 15 years ago, in The World is Flat, Thomas Friedman popularized the latest wave of globalization as a world of giant corporate supply chains that tripled world trade between 1990 and 2010. Major corporations such as Apple, Dell, and GE offshored manufacturing to low-cost economies; China became the world's factory, mass-producing and exporting computers and gadgets to Western shoppers. This paradigm of globalization has dominated global trade policy-making and guided hundreds of billions of dollars in business investments and development spending for almost three decades. But we are now on the cusp of a new era. Revolutionizing World Trade argues that technologies such as ecommerce, 3D printing, 5G, the Cloud, blockchain, and artificial intelligence are revolutionizing the economics of trade and global production, empowering businesses of all sizes to make, move, and market products and services worldwide and with greater ease than ever before. The twin forces of digitization and trade are changing the patterns, players, politics, and possibilities of world trade, and can reinvigorate global productivity growth. However, new policy challenges and old regulatory frameworks are stifling the promise of this most dynamic, prosperous, and inclusive wave of globalization yet. This book uses new empirical evidence and policy experiences to examine the clash between emerging possibilities in world trade and outdated policies and institutions, offering several policy recommendations for navigating these obstacles to catalyze growth and development around the world.

Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi

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.

Recently, the issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular among rich countries, and an increasing interest in this issue by researchers and politicians. In the last three decades, income inequality among rich countries increased. This period also witnessed the growth of "financial capitalism", characterised by the strong dependency of economies on the financial sector, by the globalisation and intensification of international trade and capital mobility, and by the "flexibilisation" of labour markets and the reduction of wage shares. From the 1980s to the present day, this book considers the theoretical aspects of inequality (its foundations, definitions, approaches and origins) and examines empirical evidence of income inequality in a wide range of advanced economies. The key arguments in this volume are that income inequality increased during this period because labour and welfare became seen as costs to be compressed in "financial capitalism" rather than as a fundamental part of aggregate demand to be expanded. However, the welfare state is not a drain on economic performance and competitiveness, nor is it a barrier to economic efficiency. Instead, it is demonstrated that in countries that adopt "welfare capitalism", welfare state expenditure not only contributes to a reduction in inequality but also fosters economic growth. Inequality in Financial Capitalism is of great importance to those who study economics, political economy, labour economics and globalisation.

First Published in 1968. This is a study of the impact of the First WorId War on the role of government in the economy of a country which was the prototype of modern industrial society and focuses on the economic control and social response during 1914 to 1919.

This comprehensive and lucid study, first published in 1985, reconstructs the history of Western Marxist theories of the breakdown of capitalism. It provides a critical reading of theories of breakdown, with their conflicting interpretations of a single text, their invulnerability to empirical defeat, and their retreat from class analysis, as events in the history of ideas. This study traces the sources of theoretical conflict in a series of historical and epistemological issues that shift over time and generate new conditions for speculations concerning the fate of the system. In seeking to understand that durability of the concept of breakdown, the author raises important questions about the social conditions and consequences of theoretical work and the status of critical thought in society. This title will be of interest to students of history and economics.

This book contributes to the microeconomics of growth among SMEs in less-developed countries. It begins with an overview of the Kosovo economy, and takes the case of Kosovo to explore the dynamics and determinants of firm growth. The author does this by exploring dynamics of firms' creation; survival and exit; organisational capabilities of firms; and looks at how external (environmental) factors affect firms' growth. The author pays special attention to innovation capabilities. This study makes a major contribution to European Studies by dealing for the first time with economic development in Kosovo. This book will be of relevance to development specialists including policy makers, researchers, consultants, students, and field staff of donor organisations active in Kosovo, the wider Balkan region and other low-income countries. It will also be of value to policy makers working in fields of economic development, entrepreneurship, industrial policy and innovation policy, and European and EU studies.

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.

An intense debate has played out in recent years regarding how to implement a so-called "flexicurity system"-a labor market reform that combines flexibility, particularly in the hiring and firing process of firms, with security in the employment and income of the workforce. In Flexicurity Capitalism, Flaschel and Greiner lay out the macroeconomic structure of this system, providing the detailed mathematical models necessary to ponder seriously how such a system can work. Their book rests on three pillars of thought: Marx, Kalecki-Keynes, and Schumpeter. The authors highlight the relevant contributions from the work of each and build upon it. They in turn provide a basic framework for flexicurity capitalism and then compare their economic system to pure capitalism to determine the best and most practical way forward. Their scope is ambitious: to address the shortcomings of a narrow focus on mass unemployment, selective-schooling systems, property rights based solely on ownership without qualified business decision-making expertise, financial markets that do not of channel savings properly into real investment, and innovations that ignore human rights or moral sentiments. Flaschel and Greiner's Flexicurity Capitalism provides serious discussion and feasible mathematical models necessary to consider moving in this direction.

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.