Denmark and Switzerland are small and successful countries with exceptionally content populations. However, they have very different political institutions and economic models. They have followed the general tendency in the West toward economic convergence, but both countries have managed to stay on top. They both have a strong liberal tradition, but otherwise their economic strategies are a welfare state model for Denmark and a safe haven model for Switzerland. The Danish welfare state is tax-based, while the expenditures for social welfare are insurance-based in Switzerland. The political institutions are a multiparty unicameral system in Denmark, and a permanent coalition system with many referenda and strong local government in Switzerland. Both approaches have managed to ensure smoothly working political power-sharing and economic systems that allocate resources in a fairly efficient way. To date, they have also managed to adapt the economies to changes in the external environment with a combination of stability and flexibility.

Monetary policies and international standards and norms on banking regulations have, once again, come to the forefront of the policy discussion in developed nations due to the recent crisis in the world's financial markets. This discussion is far from new, nor does it apply exclusively to the world's most advanced economies. A stable monetary policy and a sound and well-enforced regulatory regime can help developing nations channel financial resources more efficiently into investments. For open economies it can also act as a buffer, an important stability factor in today's shaky market environment.
This book assesses the challenges facing monetary policies and the independence of central banks. It explores banking systems and examines the impact of monetary policy and banking sector regulations on bank efficiency and economic growth in the Southern and Eastern Mediterranean, at the same time investigating the level of convergence of regulatory practices and efficiency to EU Mediterranean standards.

This book investigates the causes of inequalities that have developed in the European Union, analyzes their social and economic consequences, and assesses the political measures taken to address these issues - also on the basis of public survey results.

The detailed analyses presented focus on structures of inequality to be found in the areas education, culture, labor market, Internet access, families and children, gender, and the regions of the EU. The book also critically examines both the legal framework conditions and financial / taxation policy as instruments that can be used to either produce or combat inequality.

This book contains selected peer-reviewed papers that were presented at the Fourth International Symposium on Transportation Network Reliability (INSTR) Conference held at the University of Minnesota July 22-23, 2010. International scholars, from a variety of disciplines--engineering, economics, geography, planning and transportation-offer varying perspectives on modeling and analysis of the reliability of transportation networks in order to illustrate both vulnerability to day-to-day and unpredictability variability and risk in travel, and demonstrates strategies for addressing those issues. The scope of the chapters includes all aspects of analysis and design to improve network reliability, specifically user perception of unreliability of public transport, public policy and reliability of travel times, the valuation and economics of reliability, network reliability modeling and estimation, travel behavior and vehicle routing under uncertainty, and risk evaluation and management for transportation networks. The book combines new methodologies and state of the art practice to model and address questions of network unreliability, making it of interest to both academics in transportation and engineering as well as policy-makers and practitioners.

The Next 25 Years of Public Choice brings together the perspectives of many of the world's leading scholars of public choice on the present state of knowledge and the likely future course of scholarship on public choice and constitutional economy. This book presents material in a manner accessible to a wide educated readership and will be influential in guiding future research in this important field. It is directed at professional scholars of public choice, economics and political science, government officials, graduate students and anyone seriously interested in public policy. A distinguished group of internationally well-known scholars offer their own often far-reaching views on strengths and weaknesses in the current literature and pinpoint important avenues of research amenable to future research.

Economic cooperation between the CMEA countries is implemented according to the monetary and financial regulations worked out collectively. The regulations cover the organizational structure of international settlements; the choice of currency for settlements; the principles of international credit transactions; the determination ofthe exchange rate of the currency used in international settlements to national currencies and to convertible currencies outside the CMEA; the principles and rules ofinternational exchange and transfers; mIes for the currency allotments of citizens (roles of international transfers for citizens). The regulations also contain provisions for international settlements and credit transactions which are concluded through an independent international bank or banks. These regulations, the instruments and institutions together, form the international payments and monetary system of the CMEA. * The financial and monetary regulations of the CMEA community were formed in several stages, depending on the prevailing. conditions and the targets to be attained. In the years between 1949 and 1963 the general form of economic cooperation and of international settlements was the bilateral clearing agreement. In the bilateral agreements which the Soviet Union concluded with the other CMEA countries the currency of settlements was the Soviet rouble. The prices applied in foreign trade were not the internal producer prices of the Soviet Union, but world market prices (main international market prices) expressed in roubles, with the he]p ofthe exchange rate ofthe Soviet rouble to the US dollar, as quoted in the Soviet Union."

The author had already become involved with the subject of this book when President Nixon suspended the convertibility of the dollar on August 15, 1971. This declaration was equivalent to an official admission of the previously evident failure of the inter national monetary system established in Bretton Woods after long and difficult negotiations. Although the real reasons for this failure are much deeper and more complex, the immediate cause was the tremendous outjlow of money from the United States to Europe and Japan. Never before had economic history recorded a currency movement of such magnitude, although during the periods preceding the devaluation of the French franc and the re valuation of the Deutsche Mark (Le., by the end of 1968 and mostly in 1969), and particularly at the beginning of 1971, the in ternational flow of money grew to such huge proportions as to alm ost traumatize the economic and financial circles of developed capitalist countries. These economic and financial circles correctly foresaw that the ever growing and hardly controllable volume of currency flow could seriously endanger the already precarious balance of the international financial system and perhaps even upset it. This brief analysis, in contrast to many other predictions of cur rency developments, holds true for a longer period as well."

As a result of the financial crisis, the weaknesses of the Eurozone, including the public debt crisis, materialized in severe depressions in certain of its country members. In this monograph, the author analyzes structural weaknesses of the Eurozone and argues that they can be traced to (i) institutional differences, (ii) differences in the economic structures, (iii) the fundamental inability of European Bureaucracy to deal with crises, and (iv) the extreme rigidity of markets which prevents a general equilibrium in product and credit markets. He concludes that whether the Eurozone is sustainable, depends on future monetary and credit policies, and discusses the implications of reforming it in the best interest of the international banking and financial system. The recent policies of the ECB of "cheap" credit expansion are examined in detail. The approach of the work is along the lines of von Mises' and Hayek's Austrian tradition; additionally, substantive international empirical evidence supporting this Austrian approach is presented.

Today's financial system is considerably more complex than in years past, as new financial instruments have been introduced that are not well understood even by the people and institutions that invest in them. Numerous high-risk opportunities are available, and the number of people who unwittingly wander into such ventures seems to grow daily. There is also the realization that people's lives are affected by the financial system without their overt participation in it. Despite no active participation, pensions can be emasculated by a sudden decline in interest rates, or a rise in rates can increase the monthly payments on a mortgage, credit cards or other debt. This book looks at the history of the American banking system, including the passage of the Federal Reserve Act in 1913, the implementation of deposit insurance, along with certain other provisions of the Glass-Steagall Act of 1933, the Bretton-Woods agreements, the forces of technological innovation and the Dodd-Frank Act, passed by Congress in 2010 for regulatory reform. This book will be of interest to undergraduate and graduate level students that want to gain a broad understanding of how the financial system works, why it is important to the economy as a whole, and what its strengths and weaknesses are. Also, readers should gain an understanding of what the Federal Reserve, other regulators and other central banks are doing, and will be in a position to critique their actions and say with some depth of understanding why they agree or disagree with them.

The Telecommunications Act of 1996 envisioned a competitive free-for-all in the U.S. telecommunications industry with removal of barriers to entry in local telecommunications markets and the lifting of the artificial restrictions that kept the Regional Bell Operating Companies (RBOCs) out of the interLATA long-distance market. After close to 5 years, only one RBOC has been granted permission (controversially) to enter the interLATA market, and local competition has yet to provide most consumers with meaningful choices. In addition, the wave of mergers across the industry has raised the specter of putting the former Bell System back together again. Policymakers now openly question whether the Act can deliver what it promised. Three principal themes are developed in this book. First, there has been a coordination failure between Congress and the FCC in translating the principles embodied in the Act into practice. The authors provide evidence for this by analyzing stock market reactions to legislative and regulatory actions. This coordination failure was largely predictable, given the ambiguity in the Act, as well as conflicting jurisdictions between the FCC and the states. Second, the Act calls for wholesale prices to be `based on cost.' Regulators adopted a costing standard (TELRIC) that provides a means to subsidize competitive entry in local telephone service markets. The ready adoption of the TELRIC standard by regulators is shown to be tied to the third theme: price cap regulation provides regulators with `insurance' against the adverse effects of competition in local telephone markets. Statistical analysis reveals that regulators in price cap states set uniformly lower unbundled network element prices (lower barriers to entry) in comparison with regulators in rate-of-return and earnings sharing states. The result is a triumph of regulatory processes over market processes - the antithesis of the purpose of the Act.

Alexander von Kotzebue investigates the interdependency of charitable giving, fundraising, and governmental intervention. His study comprises a literature survey, a model of the donor-fundraiser relation, and finally, an econometric analysis of the impact of fundraising on giving behaviour. The survey introduces theoretical approaches to donor motivation, groups them according to their central assumptions, and assesses their empirical relevance. The theoretical analysis takes for granted that fundraising is an integral part of the giving process, and models the potential conflict concerning the amount of fundraising exerted. Fundraising typically displays an ambiguous effect on donor utility. The empirical analysis employs two extensive datasets to investigate this complex donor-fundraiser relation, while establishing a convincing link of donor-level data to non-profit financial data.

2014 Reprint of 1962 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. With an introduction by Frank C. Genovese. "Lombard Street: A Description of the Money Market" (1873) remains to this day an influential book in the field of economics and trade. Bagehot was one of the first writers to describe and explain the world of international and corporate finance, banking, and money in understandable language. Lombard Street is known for its analysis of the Bank of England's response to the Overend-Gurney crisis. Bagehot's advice for the lender of last resort during a credit crunch ("Bagehot's dictum") is often summarized as follows: 1. Lend freely. 2. At a high rate of interest. 3. On good banking securities.

Globalization, Technological Change and Labor Markets is an edited collection of papers drawn from the conference held at the American Institute for Contemporary German Studies in June 1997. This conference brought German and American perspectives to bear on the complex issues of global competition, technological change, and labor markets in the welfare state. The contributions are organized into five sections dealing with various aspects of the problem: (1) Macroeconomic Perspectives; (2) Microeconomic Aspects; (3) the German Model of Labor Relations; (4) the Social Market Economy; and (5) Trade Policy and Environmental and Labor Standards. This edited collection seeks to explore many of the key issues surrounding the debate over the impact of globalization and technological change on labor markets in Europe and the United States. `This volume provides path-breaking insights as to why globalization has wreaked havoc on the welfare states that had once propelled Western Europe and North America to an unprecedented standard of living throughout the post-war period. The high level of scholarship contained in the individual chapters forms a compelling argument that will convince even the most resistant skeptics that the days of the classic welfare state are numbered. More importantly, this book is filled with concrete suggestions based on careful economic analysis as to how technological change and globalization can be harnessed in conjunction with a new role of the state to provide a high standard of living.' David B. Audretsch, Ameritech Chair of Economic Development, Indiana University

This book champions the view that economics is a social science, and that, moreover, it may serve as a new paradigm for the social sciences. Economics is taken to be part of those sciences which deal with actual problems of society by providing insights, improving our understanding and suggesting solutions. I am aware that the way problems are addressed here has little in common with economics as it is generally understood today; most economists make strong efforts to imitate the exact sciences. Economics tends to become a branch of applied mathematics; the majority of all publications in professional journals and books are full of axioms, lemmas and proofs, and they are much concerned with purely formal deductions. Often, when the results are translated into verbal language, or when they are applied empirically, disappointingly little of interest remains. The book wants to show that another type of economics exists which is surprisingly little known. This type of economics has its own particular point of view. It centres on a concept of man, or a model of human behaviour, which differs from those normally used in other social sciences such as sociology, political science, law, or psychology. I do not, how ever, claim that economics is the only legitimate social science. On the vii viii PREFACE contrary, economics can provide useful insights only in collaboration with the other social sciences-an aspect which has been disregarded by mathematically oriented economics."

In the light of multiple corporate debacles, financial crises and environmental disasters across the globe, the need for corporate goals to transition from simply maximising shareholder wealth to optimising stakeholder welfare is being echoed in various quarters. This book makes a distinct contribution by looking at Corporate Social Responsibility (CSR) from a values-based perspective with a focus on providinga balance between corporate success and social well-being. The book emphasizes that corporations need to redefine their purposes to co-create long-term, sustainable and win-win solutions for multiple stakeholders through mutually-fulfilling and value-adding collaborative efforts. Through the ideal of 'A Soulful Corporation', the book proposes a new story where corporations, as associations of individuals, can identify their 'collective spirits' in terms of environmentally-aware, socially-inclusive and financially-rewarding missions.

Some of the unique features of the book include:

. A detailed study of the evolution of CSR from the ancient to contemporary times

. Insights gained through empirical research and personal interviews with over 100 industry captains, CEOs, MDs and heads of the CSR function across companies and industries

. Case studies on CSR practices and processes in leading Indian companies including the Tata Group, TVS Motor, HUL, Wipro, L&T, Bharat Petroleum, HDFC Bank, Birla Group, Reliance Industries and others.

. Cases on unique social welfare projects in the areas of education, healthcare and drinking water supply

. A 'Society and Local Community Welfare Framework'and a '12-point Agenda for Affirmative Action' that propose policy recommendations and provide corporations with a roadmap for their CSR journey in the light of the mandatory CSR spending introduced by the Government of India.

The book has relevance to multiple stakeholders: students, academics, CSR researchers, policy-makers, industry captains, business managers and entrepreneurs."

The Japanese population is aging faster than any other in the world. The per centage of Japan's population aged 65 and above was only 7.1% in 1970, but just 30 years later, in 2000, it reached 17.2%. A declining birth rate and a rising average life expectancy will continue to push this trend further. This situation is causing serious problems for Japanese society.Structural reforms, especially tax and social security reforms, to accommodate this drastic demographic change have become an urgent policy issue. The purpose of this book is to establish guidelines for tax and social security reforms in Japan in terms that are both efficient and equitable. In this study, an extended life-cycle general equilibrium model is employed to rigorously take account of the rapidly aging Japanese population. The simulation approach adopted in our analysis permits us to calculate the effects of alternative policy packages on capital accumulation and economic welfare. This enables us to make proposals for concrete economic policies."

To the classical driving forces of migration such as poverty, oppression and war, yet another is being added: globalization. With the increasing economic interdependence between countries migration has become one of the important links. Many less developed countries (LDCs) accept migration of their workers to developed countries (DCs) because it reduces the pressure on unemployment, and remittances increase the capital inflow to the country. On the other hand, some of the DCs see migration as a threat to their employment and system of social security. Participants of the Second Annual Workshop of the Network EU-LDC Trade and Capital Relations gave a broad view of the problem which both DCs and LDCs are facing in connection with the globalization of labour markets. This volume consists of 10 chapters by scholars from the European Union (EU) and LDCs. Each paper is discussed in terms of its policy relevance by a policy maker as well as by an academic specializing in the field. In the opening chapter we aim to do justice to the discussion during the Workshop in Rotterdam in May 1995 at which preliminary versions of all chapters were presented. Edited versions of the interven tions by the policy makers and experts are included as far as possible af ter the chapters. The opinions expressed in this volume are those of the authors and not necessarily those of their organizations.

Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary elements of a currency union and highlights the reasons why the system has run into its present troubles. It points to important policy recommendations to be drawn from a structural analysis of the currency union, achievements and failures of the currency union and ways to improve fiscal sustainability and arrive at stable macroeconomic performance for the union. It highlights the importance and the effectiveness of structural reforms that have to accompany fiscal consolidation and discusses the appropriate tools of crisis management and why a restructuring of the Eurozone is not the right step. Based on these considerations, a long-term target picture for the Eurozone as a part of the EU is outlined, providing a valuable contribution to a hopefully intense public debate in the coming years.

Philippe Zittoun analyses the public policymaking process focusing on how governments relentlessly develop proposals to change public policy to address insoluble problems. Rather than considering this surprising Sisyphean effort as a lack of rationality, the author examines it as a political activity that produces order and stability.

Justice, Sustainability, and Security not only enhances our knowledge of these issues, but it teases out our moral dimensions and offer prescriptions for how governments and global actors might craft their policies to better consider their effects on the global human condition.

"This is a marvelous book Well-written even enjoyable to read about local banking Packed with important information, not only for the expert, but for anyone, activist or public official, Put it on top of your reading pile " Gar Alperovitz, author of What Then Must We Do?

"A clear, accessible, practical, grounded, and authoritative intro- duction to how banks account for their use of your money." David Korten, author of Agenda for a New Economy: From Phantom Wealth to Real Wealth What do they think they're doing?

The global network of banks, brokers, funds, dealers, servicers, and all the rest is a marvel of the 21st century for better and frequently worse. In the aftermath of the worst financial crisis in a generation, there has never been a more important time to understand how the system works... and why it doesn't.

Checking the Banks is an easy-to-read primer on how a bank and the banking system works. Complex ideas, like bank capital, leverage, risk-weighting, and repo transactions are explained in clear, understandable language. This is a book for

People who want to understand banks,

Activists determined to change them,

Reformers seeking to build alternatives.

2014 Reprint of 1954 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Eustace Clarence Mullins, Jr. was a populist American political writer, biographer, ant-Semite, and Holocaust denier. He is considered one of the leading conspiracy theorists of the Post War period. In this title Mullins argued that there was a conspiracy among Paul Warburg, Edward Mandell House, Woodrow Wilson, J.P. Morgan, Benjamin Strong, Otto Kahn, the Rockefeller family, the Rothschild family, and other European and American bankers which resulted in the founding of the U.S. Federal Reserve System. He argued that the Federal Reserve Act of 1913 defies Article 1, Section 8, Paragraph 5 of the United States Constitution by creating a "central bank of issue" for the United States. Mullins went on to claim that World War I, the Agricultural Depression of 1920, the Great Depression of 1929 were brought about by international banking interests in order to profit from conflict and economic instability. Mullins also cited Thomas Jefferson's staunch opposition to the establishment of a central bank in the United States.

by Peter Coffey This is indeed a most opportune time for the publication of a serious, critical and independent study about the "Main Economic Policy Areas of the EEC." The European Economic Community is the world's most import ant commercial and trading bloc and its economic policies consequently have the most far-reaching implications for all countries in the world. The rest of the world is acutely conscious of the Community's trading policies. In turn, these policies (apart from those based on historical links - ante cedent to the EEC's formation) are strongly influenced by the internal economic policies of the Common Market - especially by the Common Agricultural Policy (CAP). At the present time, the Community finds itself, both in ternally and externally, at a crossroads. This crossroads takes the form of a choice between 'protectionism' or 'open ness'. Unfortunately, present evidence suggests that currently and in the immediately foreseeable future the former option has been chosen by the EEC."

Moes defends a subsidization of industry and advocates a bolder approach than that now in vogue. The application of the theoretical approach of this book is worldwide, and even though the setting of this study is America, the suggested advances in this field should prove of especial interest to underdeveloped countries.
Originally published in 1962.
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