The financial sustainability of the welfare state, its efficiency in covering new risks and to effectively reallocate resources in a fair way are now classic issues for debate. This book explores the more understated question of the democratic legitimacy of a 'quasi' European policy in a field which is subjected to the contradictory impact of ever tighter European economic governance. With the wide vision of a comparative perspective and the deep knowledge of social policy scholars, the authors of this book offer inspiring insights into different facets of democratic governance which are likely to inform European decision makers in the coming decade.' - Agnes Hubert, member of the Bureau for European Policy Advisors - European CommissionThe welfare state in Europe has been reformed gradually over the past two decades, with the intensification of the economic and monetary union and the addition of fifteen new members to the EU. This book explores the pressures that have been placed on the welfare state through a variety of insightful and thought-provoking contributions. As the standard of living has increased, aspirations and financial constraints have required major rethinking. There is considerable disparity between European countries in how they approach the welfare system, with differing concern over aspects such as income, employment and the ability to participate in society. Choices over welfare lie at the heart of the democratic system; this book explores the tensions this has produced and the innovative responses in policy content and institutions. The Changing Welfare State in Europe has a wide appeal, which will have relevance to economists, scholars in public and social policy, public and private finance experts, policymakers and also academics with an interest in the impact of financial and economic development. Contributors: T. Altman, C. Cheyne, K. Lyons, D.G. Mayes, A. Michalski, Z. Mustaffa, C. Shore, M. Thomson

In this controversial and authoritative account of Japan's public budgeting and politics, the author traces the origins and development of Japan's present fiscal crisis. In a detailed analysis of the institutions, structures, and processes of central government, the role of the Ministry of Finance is analysed and its relationship with other ministries in deciding how much to spend and on what is examined. Drawing on a rich archive of interview material and primary budget data, the author explains how and why Japan accumulated the world's largest public debt.

This first part of a two-volume series examines in detail the financing of America's major wars from the American Revolution to the Civil War. It interweaves analyses of political policy, military strategy and operations, and war finance and economic mobilization with examinations of the events of America's major armed conflicts, offering useful case studies for students of military history and spending policy, policymakers, military comptrollers, and officers in training.

This volume presents the history and current state of the public-private partnership (PPP) sector in Russia. It analyzes the legal and institutional framework of PPPs as well as approaches and best practices for public administrations at federal and regional level to promote PPPs. Special attention is given to the management of PPP projects in different phases of their life cycle and to the legal and financial structuring of PPP projects. In addition, the contributions highlight best PPP practices in various sectors - from transport infrastructure to information technology - and also discuss international aspects of PPP. The volume is aimed at scholars in economics and public administration as well as public decision-makers interested in modern trends in the Russian economy and the development of successful business development.

Although what has come to be known as transaction cost economics has its origins in the 1930s, it was not until the 1970s that transaction cost economics as a systematic and identifiable field of study began. Since then, numerous theoretical developments and empirical applications have expanded and enriched the field. Recognition of its contributions to our understanding of organizations and institutions includes two Nobel laureates, Ronald Coase in 1991 and Oliver Williamson in 2009. This is an important selection of key articles on transaction cost economics by distinguished scholars including Ronald Coase, Herbert Simon, Kenneth Arrow and Richard A. Posner. This research review addresses key areas such as private ordering and credibility, contracts and organization, internal organization, vertical integration and contracting.

The political consensus in the United States today is that the nation avoid deficit spending. But as virtuous and unassailable as that goal sounds, it has fallacies and dangers. In a lucid, nontechnical writing style, Benavie shows that deficits can be either good or bad and explains how to tell the difference. Deficits, or government borrowing, can be beneficial or harmful depending on what the government does with the money. Preventing such borrowing, Benavie points out, would be comparable to preventing one's family from borrowing money to buy a house or to put a child through college. Deficits can be beneficial to the nation's economic health in three main ways. When the economy slumps, a deficit, which is automatically created, helps to reduce the severity of the recession. When the economy is seriously depressed, boosting the deficit may be the only cure. Finally, deficits to support such investments as basic research, cleaning up toxic waste, and rebuilding inner cities are crucial to the economic health of future generations.

This book gathers selected papers from the 29th Eurasia Business and Economics Society (EBES) Conference, held in Lisbon, Portugal. While the theoretical and empirical papers presented cover diverse areas of economics and finance in various geographic regions, the main focus is on the latest research concerning accounting/audits, banking, the economics of innovation, and empirical studies on emerging economies and international trade. Studies on labor economics and public economics, as well as regional studies, round out the coverage.

Transforming Climate Finance and Green Investment with Blockchains establishes and analyzes the connection between this revolutionary technology and global efforts to combat climate change. The benefits of blockchain come through various profound alterations, such as the adoption of smart contracts that are set to redefine governance and regulatory structures and transaction systems in coming decades. Each chapter contains a problem statement that describes the challenges blockchain technology can address. The book brings together original visions and insights from global members of the Blockchain Climate Institute, comprising thought leaders, financial professionals, international development practitioners, technology entrepreneurs, and more. This book will help readers understand blockchain technology and how it can facilitate the implementation of the Paris Agreement and accelerate the global transition to a green economy.

This book examines the impacts of fiscal decentralization reforms on the efficiency of local governments in Central and Eastern European (CEE) countries. By offering a comparative perspective and by applying econometric methods and regression models, it analyses various reform trajectories and their effects on individual CEE countries. Furthermore, the book discusses input and output indicators for evaluating the efficiency of municipalities. Readers will learn about the common features of these countries, the impact of path dependence, and future prospects for decentralization reforms. In closing, the book discusses modern management and administration methods, opportunities for cooperation between municipalities, co-creative service delivery, and other measures that could improve the efficiency of public service provision.

This book offers a multidisciplinary account of the 'rule of law' as a central pillar of the classical liberal tradition. The authors analyze the original meaning of this expression as first introduced by British jurist A. V. Dicey, before examining its subsequent elaboration by Leoni, Fuller, Hayek and Oakeshott. Addressing the main philosophical and legal aspects of the rule of law, this volume will appeal to all those engaged in law, political theory, philosophy, economics, business ethics, and public policy.

Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity.

This textbook equips instructors and students with an overview of the existing literature so that the latter can attain an overall understanding of macroeconomic and microeconomic public finance. The literature on public finance has grown dramatically with theoretical studies and empirical analysis, and much of the focus has been on macroeconomic effects of public services. The standard textbook offerings, however, are mainly restricted to microeconomic topics of public finance. This text intends to fill this gap by presenting a theoretical-based, comprehensive explanation of public finance. Particular emphasis is directed at developing tools that can be applied theoretically and empirically to clarify essential economic concerns in the current public sector in advanced countries, including Japan. Such concerns include the macroeconomic effect of fiscal policy, the dependence on bonds for covering government deficits, and social security reform. The main text explains the standard concepts of public finance, and the appendix offers various advanced topics. The material will facilitate an understanding of how to investigate changes in the public sector, interpret results, and basically do research on fiscal policy. The textbook will be of value to a broad range of course offerings, including those generally focused on fiscal policy, on social security reform and on tax reform.

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.

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.

This volume provides the most important essays and papers on urban and regional policy, making it a convenient summary of the key theories, approaches and research results.The study of sub-national politics is no longer mainly concerned with the urban political decision-making process and now focuses on the political, economic and social preconditions for urban policy. As the articles and papers reprinted in this volume demonstrate, local and regional politics are increasingly important features of most Western democracies. Economic and political life are more and more determined by changes occurring at the local, regional and global levels rather than at the national level. This volume seeks to cover the most important elements of research on local government with a particular emphasis on different approaches and theories of urban political economy. The volume covers, in turn, the study of urban politics and government, theories of local government, central-local relationships and local autonomy, local politics, the political economy of local government and regional policy.

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.

Economics has a very strong paradigm, grounded in rational choice behavior and concepts of equilibrium in markets. But it has its weaknesses. These were never more apparent than in recent years after the failure to predict, or even understand the financial crisis of 2007-8 and the subsequent crisis of the euro. Exactly what these weaknesses are is of course the subject of much debate. But the crisis and the associated failures of the dominant paradigm have had at least one salutary side effect, of providing room for other ways of thinking to come forward and to be heard. This volume focuses on alternative approaches to public economics. It surveys a number of alternative approaches, and also provides some unusual perspectives. It includes contributions by well known economists such as Giorgio Brosio and Pierre Salmon, and a chapter by Coco and Fedeli employing a Marxian economic approach to public economics. Some of the chapters are very novel, including two chapters on cognitive dissonance and one on the role of memory in modeling cycles of extreme events. There are also chapters on Austrian economics. And there is a welcome discussion of economic approaches to religion and values, including a chapter on religion by the distinguished economist Dennis Mueller, and contributions on the role of values and ethics in politics and public economics. All in all, the book provides a most welcome sourcebook of new and sometimes very different ways of thinking about public economics.' - Ronald Wintrobe, Western UniversityThis comprehensive and thought-provoking Handbook reviews public sector economics from pluralist perspectives that either complement or reach beyond mainstream views. The book takes a comprehensive interdisciplinary approach, drawing on economic elements in the fields of philosophy, sociology, psychology, history and law. The expert contributors present new methodological approaches across these disciplines in five distinct sections: - 'Revisiting the Theoretical Foundations' compares and contrasts Austrians, Marxists, public choice theorists and Keynesians - 'Revisiting the Values' is concerned with justice, welfare, religions and civil rights - 'Beyond Rationalistic Rational Choice' includes chapters devoted to memory, information and group motivation - The final sections on 'Optimal Government and Government Failure' and 'Public Economics of Public Bads' deal with competition among governments, their suboptimal size, regulation, corruption, the informal economy, cognitive dissonance, rent seeking, the UN and criminal cycles. Academics, researchers and students with an interest in economics - particularly public sector economics and Austrian economics - and public policy will find this Handbook to be an invaluable reference tool. Contributors: F. Acacia, J. Alm, G. Brady, G. Brosio, M. Caputo, M. Casson, G. Coco, M. Cubel Sanchez, S. Fedeli, M. Florio, F. Forte, N. Goldschmit, A. Habisch, M. Holler, J. Huerta de Soto, J.P. Jimenez, A. Koziashvili, M.A. Leroch, C. Magazzino, M. Mantovani, D. Montolio, R. Mudami, D.C. Mueller, S. Nitzan, D.M.A. Patti, P. Salin, P. Salmon, F. Sobbrio, V. Tanzi, Y. Tobol, B.A. Wickstroem, R. Zanola

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.

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.

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.

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?