Why is it that government debt in the developed world has risen to world war proportions in a time of peace? This can largely be attributed to governments maintaining welfare expenditures beyond what tax revenues allow. But will these governments refrain from doing what is necessary for economic growth for fear of losing their electorate?

The United States has one of the most unique budgeting processes of any modern government. The "powers of the purse" are enumerated under the Constitution, but they were hotly debated by the nation's founding fathers. However, the lack of a legal guide for exactly how to delegate the powers, and under what conditions, has led to a process marked by power struggles-primarily between Congress and the presidency-over the last 230 years. Still, the budget and appropriations process is central to the functioning of the federal government. This book covers the transformation of American government through the lens of shifting budgeting power, while documenting the evolution of economic policy through the federal budget. As the nation and the federal government have expanded, the budget process has entirely broken down. This book also recommends changes that would help the budget process function more effectively. The chapters are organized both chronologically and topically to help the reader think through the evolution of the budget process. With its comprehensive approach to the history of the budget process-covering the entirety of US federal existence-this book will be a go-to resource for academics and public policy professionals interested in Congressional and executive history.

From a giant of health care policy, an engaging and enlightening account of why American health care is so expensive-and why it doesn't have to be Uwe Reinhardt was a towering figure and moral conscience of health care policy in the United States and beyond. Famously bipartisan, he advised presidents and Congress on health reform and originated central features of the Affordable Care Act. In Priced Out, Reinhardt offers an engaging and enlightening account of the U.S. health care system, explaining why it costs so much more and delivers so much less than the systems of every other advanced country, why this situation is morally indefensible, and how we might improve it. Drawing on the best evidence, he guides readers through the chaotic, secretive, and inefficient way America pays for health care, dispelling the confusion, ignorance, myths, and misinformation that hinder effective reform.

The book compares neoclassical and Marxian economics and points out that both the schools of thought seek to analyze how a capitalist society functions. The authors show that the neoclassical economics vindicates capitalism and prescribes policies that further the interest of the rich (giant capitalists), who own most of the non-human productive resources of the economy, whereas Marxian analysis yields the result that a capitalist society is exploitative and crisis-prone. Marxian economics also suggests that the class struggle inherent in a capitalist society will eventually transform it into an equal, just and humane socialist society The book also presents Keynesian theory, which suggests measures that can counter at least some of the crises that Marx said a capitalist country is subject to. It discusses the current state of the capitalist world, the recent crises it was subject to and assesses the three theories in the light of these experiences. It recounts the current states of two important socialist states, namely, China and Cuba. It discusses the economic performance of Soviet Union since its birth and explains the reasons for its disintegration. It compares economic performances of the capitalist and the socialist states and assesses in the light of the experiences of these two blocs of countries which school of thought is more acceptable and closer to the truth.

The research purpose of this book is to advance the reform of the existing international monetary system through the establishment of a new international currency standard that is a super-sovereign currency. International Monetary System provides international economic activities rules for the human society. It has significant influences not only on international economic activities of various countries but also on their domestic economic activities as well. Since the disintegration of International gold standard in 1971, studies on reform of international monetary system have remained as the important research themes for international economic research fields. Improvements of international monetary system to facilitate worldwide economic developments have been interests to all. Thus this book has valuable theoretical contributions. Since the collapse of Bretton Woods System, the current international monetary system of Jamaica System has come into being. Under Jamaica System, the sovereign currency US dollar has acted as the main international currency. This has caused vulnerability of money standard, instability of exchange rate system, and frequent occurrences of currency crises. Calls for international monetary system reforms have increased under these circumstances. Various programs such as improved international gold standard system, expansion of Special Drawing Rights, as well as establishment of single world currency surface. So this book has significant practical contributions as well. The major contribution of this book is the proposal of new scheme of establishment of supra-sovereign international currency. This is an entire new reform program that differs significantly from any past or current reform programs in international economic research fields from all over the world.

As financial positions expand, the economy becomes more vulnerable to adverse and unexpected developments taking place outside the six to seven year business cycle. Over 50 years ago Nikolai Kondratieff developed the theory of "The Long Waves in Economic Life", which incorporated an extended cycle of innovation and upward thrust, and changed our understanding of business cycles in financial settings. Financial Cycles concentrates on two areas that have thus far been omitted from mainstream economics. The first is the impact of the longer term financial cycle; the second is the beginning of de-globalization as the world enters an era of iron-glad economic blocks. Chorafas argues that to overcome the more narrow limits of the business cycle, we need to go beyond its traditional six to seven year focus and address the longer term. This includes the building-up and running-off of economic risks characterizing the financial cycle, as well as the appreciation of forces underwriting both its growth and its decay. An ever-increasing public debt and the behavior of the banking industry are two principal reasons why the structure of analysis characterizing the previous financial cycle no longer fits present-day realities. A new methodology starts getting in shape, even if it still has to acquire political legitimacy.

Building on his earlier Praeger work, "Contemporary EconomicS," Rich here examines current and historical, theoretical and practical, notions of welfare economics. Through an in-depth discussion of the theories of Edgeworth, Pareto, and Slutsky, the author analyzes how the present approach to welfare economics developed and how it has failed in significant ways to alleviate the problems of poverty and unemployment. Rich then develops a new theory of welfare economics based on the concept of dynamic disequilibrium and designed to respond to present-day economic and social realities. Scholars and students of both economics and public policy will find Rich's work a significant contribution to contemporary debates on welfare policy directions.

Divided into four parts, the volume begins by redefining the problem of welfare economics. In contrast to those who see the problem as simply the redistribution of income, Rich argues that the challenge today is to use our present economic system to absorb welfare recipients and make them productive members of the economy. He argues further that current approaches to the welfare situation are Keynesian and therefore relevant to a different era--that of the Great Depression. In subsequent chapters, Rich develops his theory of contemporary welfare economics, utilizing a welfare utility function and incorporating the components of government, industry, and labor. Designed to make the economy more efficient without the redistribution of income, Rich's proposals include making welfare payments contingent upon training and applying training to the needs of the business sector. Only by employing a theory more rooted in contemporary realities, Rich argues, can we ultimately remove the heavy burden of welfare so detrimental to large segments of society.

This book examines failure in the urbanisation of Northwest China as a result of government industrial policies that have impacted on the economic development of the region. By looking at the under-researched provinces of Gansu, Qinghai and Inner Mongolia, which make up a quarter of China's territory, Zheng and Deng challenge the common story of China's miracle growth and reveal the dark side of the country's pursuit of modernity. Severe weather conditions, chronic drought, permanent lack of oxygen and unforgiving terrain in the Northwest make farming, manufacture and services difficult simply because people tend not to stay. Yet, China's current political system forces growth to take place even though basic conditions and prerequisites for market-based growth are missing. This volume analyses 'ghost cities' and social tension in the process of 'forced urbanisation' in which huge amount of resources are wasted, the local environment is systematically damaged and ordinary people's basic rights are brutally violated in the name of higher GDP and greater government glory.

Revised and updated for the 2nd edition, this textbook guides the reader towards various aspects of growth and international trade in a Diamond-type overlapping generations framework. Using the same model type throughout the book, timely topics such as growth with bubbles, robots and involuntary unemployment, financial integration and house price dynamics, policies to mitigate climate change and the persistence of religion in a globalized market economy are explored. The first part starts from the "old" growth theory and bridges to the "new" growth theory (including R&D and human capital approaches). The second part presents an intertemporal equilibrium theory of inter- and intra-sectoral trade, investigates innovation, growth and trade and limits to public debt as well as nationally and internationally optimal climate policies. The debt dynamics of the Euro Zone and the origins of intra-EMU and Asian-US trade imbalances are also explored. The book is primarily addressed to upper undergraduate and graduate students wishing to proceed to the analytically more demanding journal literature.

The arrival of the welfare state in Western Europe brought with it a vast expansion in the role of government. That expansion led to fears that the increased expectations of citizens would lead to government overload and `ungovernability'. This book sheds new and surprisingly light on the whole idea of a crisis of ungovernability. It begins by examining the expanding scope of government in the post-War period. Drawing on a vast data set stretching back over the last two decades and right across Europe, the book reveals public attitudes towards the range and extent of government activity. Changes in the public's political agenda are identified, along with attitudes towards the size of government, taxation, and the equality and security goals of the welfare state. Attitudes towards government intervention in the economy, the environment, and the media are also examined. The final chapters assess the significance for governments of beliefs about the scope of government. Series description This set of five volumes is an exhaustive study of beliefs in government in post-war Europe. Based upon an extensive collection of survey evidence, the results challenge widely argued theories of mass opinion, and much scholarly writing about citizen attitudes towards government and politics. The series arises from a research project sponsored by the European Science Foundation. Reviews of the series: `The quality of the empirical analysis is consistently high...[an] important collection of empirical studies addressing the debate about the "crisis of representation" in Europe.' Journal of Public Policy `These volumes contain the work of many of the most important scholars in the field of public opinion in Europe today...These five volumes represent a major contribution to comparative politics, especially the study of mass politics. The chapters provide a wealth of information about public opinion in contemporary Europe and the relationship between state and society...The volumes clearly will be read by all students of European politics...' Times Educational Supplement `The Beliefs in Government series is a monumental achievement. It tells us at least everything we want to know about the structure of European public opinion'. The Good Society

In recent years, crowdfunding has become important and it has been enthusiastically used not only by commercial organizations but also by the public sector. This alternative source of financing in times of constrained government budgets enables citizens to vote with their dollars online to bring ideas into reality. This book sheds light on the developing concept of crowdfunding in the public sector, with an overview of current academic discussions and best practices on crowdfunding in the public sector. The volume approaches crowdfunding in the public sector from an integrated perspective, addressing the dearth of publications on the subject. The book gathers a wealth of theoretical information, ideas, best practices and lessons learned in the context of executing concrete crowdfunding projects, and assess methodological approaches to integrating the topic of crowdfunding in public organizations curricula. The book provides definitions, insights and examples of this managerial perspective resulting in a theoretical framework of crowdfunding in the public sector. The contributors also explore different crowdfunding applications in public sectors such as local government, higher education, schools, arts & culture organizations, healthcare, energy sector, and police services, which are presented in several case studies. This is a unique book in the field that points the way forward both for policymakers and for the research community in terms of thinking about crowdfunding in the public sector and the complex issues surrounding its development.

A careful and precise presentation, from leading experts in the field, of the development of the welfare state in the UK. Looking at both historical processes and the welfare systems current state, these excellent contributors provide an authoritative analysis, packed with data. The United Kingdom had one of the oldest and most extensive welfare states in the world. The economic crisis of 1976 and eighteen years of Conservative Government have tested the welfare system to its very foundations. Much changed, yet much remained the same after two decades. Did the Conservative Government dismember the welfare state or reform it? Did the changes of the past twenty years make any difference and to whom? This second edition of the widely-acclaimed State of Welfare reviews the changing fate of social policy in the years since 1974. It details changes in policy but also charts trends in spending in real terms over the period and analyses the outcomes of spending on education, the National Health Service, the personal social services, housing and social security. There is no other consistent published time series of spending on these services over this period in real and volume terms. The General Household Survey is re-analysed to produce a common source of information on the way changes in these services have affected families. Other available sources of information on the impact of past government reforms are drawn upon to provide a comprehensive account. This completely revised edition uses the successful framework adopted in the first volume to bring the story up to the end of the Conservative Administration with the latest available expenditure figures. This adds nearly a decade to the account detailed in the first edition - a decade of remarkable change. The book is clearly structured, with core chapters covering each of the five service areas of education, health, housing, personal social services and social security, and a concluding chapter summarising the key findings of previous chapters to provide an overview of the current state of welfare. Each chapter is then subdivided, with sections on the ultimate aims of welfare policy in the particular area covered, public expenditure, the outputs for that spending, and the outcomes in terms of indicators of individual welfare. Each chapter is summarised in an in brief section at the end, and has a further reading list. Illustrated with approximately 150 figures and tables, the book presents a substantial amount of quantitative information (much of which comes from Local and Central Government sources) in accessible formats. The book contains a substantial bibliography, including many government papers as well as published books and journal articles. The book can therefore be used as a bibliographical database, besides functioning as a textbook. The State of Welfare functions as an ideal text for public economics students, or those studying social or public policy.

A growing ageing population makes the issue of pension funds ever more acute. This book assesses the major economic issues raised by occupational pension funds in twelve OECD countries: the USA, the UK, Germany, Japan, France, Italy, Canada, Australia, Denmark, Sweden, Switzerland and the Netherlands, as well as Chile and Singapore. It combines theory and empirical data and concludes with a number of policy recommendations.

This book deeply analyzes the theoretical roots of the development of global artificial intelligence ethics and AI governance, the ethical issues in AI application scenarios, and the discussion of artificial intelligence governance issues from a global perspective. From the perspective of knowledge, the book includes not only the metaphysical research of traditional Western ethics, but also the interpretation of AI-related practical cases and international policies. The purpose of this book is not only to study AI ethics and governance issues academically, but to seek a path to solve problems in the real world. It is a very meaningful monograph in both academic theory and reality. This book responds to the implementation of China's digital economy governance and other topics. It is a cutting-edge academic monograph that combines industry, policy, and thought. In this book, the author not only discusses the humanities thoughts such as ethics, political economy, philosophy, and sociology, but also involves computer science, biology, and medicine and other science and engineering disciplines, effectively using interdisciplinary thinking as readers clarify how to explore ethical consensus and establish smart social governance rules in the era of artificial intelligence, so as to provide the most comprehensive and unique scientific and technological insights for smart economy participants, related practitioners in the artificial intelligence industry, and government policy makers. For academia, this is a representative book of Chinese scholars' systematic thinking on AI ethical propositions from a global perspective. For the industry, this is a book that understands the policies and ethical propositions faced by the development of AI industry. An important reference book, for policy makers, this is a monograph for understanding how policies in the AI industry make decisions that conform to AI industry practices and people's moral order.

Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects, Fourth Edition provides essential, core coverage of project finance, offering new insights into Sharia-compliant instruments and a comprehensive overview of the current state of international regulation of banking post financial crisis. This updated edition includes new case studies and topics related to country risk, along with insights from project finance experts who share their specialized knowledge on legal issues and the role of advisors in project finance details. The book will be useful for readers at all levels of education and experience who want to learn how to succeed in project finance.

This book examines the effect of banking on the real economy and society, focusing on banking supervision as the decisive factor in steering banking activities and determining the social outcome of the game of finance. Banking is like a cardiovascular system for our society. If it functions correctly, it allows the economy to operate smoothly. On the other hand, if it malfunctions it becomes a doomsday device. This creates an asymmetry of risks - the asymmetry between the potential dire consequences and the modest rewards of accepting those risks. Banking was one of the critical technological factors enabling the transition from the middle ages and the creation of modern society. However, while today it contributes little to economic growth, its malfunction has a profound and lasting adverse impact. The book explains why, how and what. Why is it important to keep tight supervision of the banks? How can banking supervision improve stability, not only of the financial system but also of the whole human society? What went wrong with the regulation in the past?

This book serves as a foundational reference of U.S. land settlement and early agricultural policy, a comprehensive journey through the evolution of 20th century agricultural policy, and a detailed guide to the key agricultural policy issues of the early 21st century. This book integrates the legal, economic and political concepts and ideas that guided U.S. agricultural policy from colonial settlement to the 21st century, and it applies those concepts to the policy issues agriculture will face over the next generation. The book is organized into three sections. Section one introduces the main themes of the book, explores the pre-Columbian period and early European settlement, and traces the first 150 years of U.S. agricultural policy starting with the post revolution period and ending with the "golden age" of agriculture in the early 20th century. Section two outlines that grand bargain of the 1930s that initiated the modern era of government intervention into agricultural markets and traces this policy evolution to the early days of the 21st century. The third section provides an in-depth examination of six policy issues that dominate current policy discussions and will impact policy decisions for the next generation: trade, environment/conservation, commodity checkoff programs, crop insurance, biofuels, and domestic nutrition programs.

Second in a two-volume set, this book discusses the role of public-private partnerships (PPPs) in global transportation infrastructure, specifically focusing on roads, bridges, and parking. To provide vital services in an era of shrinking government budgets, public-private partnerships have become an increasingly important part of travel infrastructure worldwide. This book describes and analyses the structure of various models of PPPs in several countries, evaluating their effectiveness, and drawing policy implications for future use. The chapters were written by leading international researchers and practitioners in the transportation field where each chapter is a case study on the adoption, implementation, and outcome of transportation services. Taken together, these diverse case studies provide an integrated framework for evaluating, using PPPs, and suggesting policy implications to both the public and the private sectors in transportation. Providing rigorous empirical analysis of PPPs in transportation, this volume will be of interest to researchers in public administration, political science, public choice, and economics as well as practitioners and policymakers involved in establishing and monitoring PPPs in transportation.

This book provides a historical understanding of current debates over tax reform and offers a comparative framework for discussing the relationship between fiscal policy and the distribution of income and wealth. Topics covered include the evolution of income taxation since World War II; the turn toward value added taxation; the relationship between tax reform and the construction of welfare states; the impact of globalization on tax and fiscal policy; the social forces shaping tax consent; and the political economy of tax and fiscal reform. These topics are covered in case studies that focus on significant episodes in the fiscal history of Denmark, Sweden, France, Greece, the United Kingdom, Spain, Switzerland, the United States, and Japan.

Public-Private Partnerships for Infrastructure and Business Funding is ideal for scholars and practitioners who work in the field of public policy design and implementation, finance and banking, and economic development.

Some of the best writings on public budgeting and finance can be found in the journals that ASPA publishes or sponsors. For this volume editor Irene Rubin has brought together the best of these articles - emerging classics that address the most important theoretical and practical problems underlying public budgeting.The anthology is organized topically rather than historically, with an effort to delineate the issues needed to understand some of the more recent controversies in the field. Rubin's introductory essay and section openers frame the key issues and provide historical context for each article. The collection begins with descriptions of what public budgeting is, where it comes from, and what it is for. It moves on to the relationship between budget processes and outcomes, constraints on budgeting, the legal context in which it operates, and adaptations to those constraints such as contracting out.The book concludes with a discussion of the ethics and norms that underlie budgeting in a democracy. Throughout the anthology, the emphasis is on areas of disagreement and debate, so students can get involved and explore different viewpoints.

This book examines claims that aging populations will create serious economic problems for various nations. It examines the question in large part through the eyes of researchers and legislators in three target countries: Australia, Japan, and the United States. These countries were chosen because of similar states of economic development and because all were experiencing a rapid aging of their populations. A comprehensive overview is provided of the economic issues related to aging populations. Several aspects are explored in more depth. To date, it is the most complete and thorough study of economic issues associated with population aging. After a brief review of the phenomenon of demographic aging, the authors give a summary of the major economic programs offered to the aged. Extensive research is used to evaluate the concept of dependency ratios and to predict the impact on younger and older persons of future economic and demographic growth. This discussion then provides the basis for a review of evolving retirement policies in the three countries. Special attention is given to the way pension plans have been designed, especially early and mandatory retirement policies. An assessment of the adequacy of retirement income follows. The final three chapters are devoted to policy options for the future, given trends in demographic aging. Social scientists and economists will be most interested in this study.

Rolf R. Strauch and Jiirgen von Hagen Center for European Integration Studies (ZEI), University of Bonn; ZEI, University of Bonn, Indiana University, and CEPR The large and persistent deficits, rising levels of debt and growing levels of public spending observed in many DECO economies during the past 25 years have stimulated much theoretical and empirical research on the political economy of public finance. Although a number of issues have been studied extensively, certain areas are still at an exploratory stage and need further theorizing and thorough empirical research. During the last two decades, the theoretical debate on budgeting has been dominated by the controversy between partisan and institutionalist approaches. Within the more political-science oriented, institutionalist literature, a controversy exists between the distributive and the informational perspectives, each setting forth a distinctive organizational rationale of parliaments with different fiscal implications. The papers in this volume cover these different perspectives, extend previous models, and test their empirical validity. The papers were originally written for a conference on "Institutions, Politics, and Fiscal Policy" organized by the Center for European Integration Studies at the University of Bonn, Germany, in July 1998. The book is organized in three parts each focusing on a distinctive aspect. The first part is dedicated to the partisan perspective. The second part focuses on budget institutions. The third part consists of three case studies of institutional reform of the budget process. This book is directed to academics and practitioners alike.

This book examines US-Swiss relations in the context of Swiss banking secrecy and Holocaust related claims from World War II until the end of the 1990s. During World War II, Switzerland had been purchasing Reichsbank's gold and safeguarded the assets of the victims of Nazi Germany. This deeply impacted US-Swiss relations in the 1990s, and fueled a major conflict over dormant accounts and heirless assets of Holocaust victims. The US pressured Switzerland for Holocaust restitution using economic sanctions and a negative PR campaign. This culminated in a billion-dollar settlement, a reevaluation of wartime history by the Swiss, and a blow to Switzerland's international image. This book analyzes US policy towards Switzerland as a case of projection of US economic, as opposed to military power.

In the aftermath of the Global Financial Crisis, there have been many criticisms weighed against private credit rating agencies. Many claim they only exacerbate financial market volatility by issuing faulty public statements, ratings warnings, and downgrades. This instability increases the uncertainty in business environments and weakens the pace of business investment. Their rating changes also prompt national governments to reduce their spending at a time when fiscal expenditures are crucial for economic recovery. Public Credit Rating Agencies argues for the creation of national public credit rating agencies, offering the first in-depth discussion of their implied role and function operating alongside private agencies. Schroeder provides an up-to-date overview of the ratings industry and the government bodies that monitor its activities. She suggests that the proper implementation of public credit rating agencies will promote the stability of lending, further development and adaptation of new technology, and increase labor productivity and the profitability of new investment in businesses. Finally, this book clarifies the inconsistencies that have surfaced between public budgeting and a rating agency's evaluation of national budgets.