Russia is moving dramatically ahead in reforming its economy and its firms. This joint Russian and American work focuses on the key issue in the Russian economic reform process--how to convert state-owned firms into successful private companies capable of competing in a market economy. Unique case studies of Russian enterprises, their legal and internal structure, management philosophy, and economic performance, provide insightful analyses of the ongoing Russian experience with economic reform. Recent Russian legislation and its implications for privatization are also discussed.

This book has its focus on the dynamics of oligopoly games. Several contributions show how easily the unique Nash equilibria in some most traditional oligopoly models may lose stability, giving way to complex phenomena, such as periodic/chaotic processes, and to multi stability of coexistent attractors. The bifurcations producing these phenomena are studied by means of recently accumulated global methods, based on the use of critical curves. These tools are explained in a separate methodological chapter. The book also contains some historical background of the present theory. In this way the book becomes suitable also as an advanced text for industrial organisation courses. The various models presented in the book focus both classical Cournot types, and Hotelling`s "ice cream vendor" problems, including location choice. The author list comprises some of the most prolific contributors to current dynamic oligopoly modelling.

Although China is generally considered to have suffered continuous deforestation over most of its history, forests were protected or even planted and maintained for centuries in some places. This study identifies six such cases. It uses historical evidence to show that individuals and communities act to manage resources sustainably for a number of reasons including economic benefit, religious or symbolic purposes, and that sustainability of the management system depends on the form of control exerted over the resource.

Hardbound. Volume 9 is entitled Industrial Organization and is the ninth volume in the series Advances in Applied Microeconomics. This series provides a forum in which researchers may disseminate frontier research in applied microeconomics to include both theoretical and empirical contributions in applied areas such as industrial organization, consumer and producer behavior, public economics, natural resources, and other applied microeconomic fields. Volumes are published along themes and contain theoretical papers that apply state-of-the-art theory to model important real-world phenomenon, as well as empirical papers that examine such phenomenon.

In six chapters this book introduces a micro-economic model where trade takes place through a stable structure of bilateral exchange institutions.The main problem in such models is that, for well-known equilibrium concepts, equilibrium may fail to exist in the corresponding game. In this work an adaptation of such models - hierarchically structured economies - is introduced. The possibilities and limitations of the use of the concept of subgame perfect equilibrium within the context of this kind of models is discussed. Furthermore, it is shown that some well-known market forms, viz. Walrasian and monopolistic markets, occur as special cases. A modification of the concept of subgame perfect equilibrium is introduced to formulate and prove a general theorem on the existence of equilibrium in hierarchically structured economies.

It is beyond any doubt that East-Central European countries such as Czech Republic, Hungary, Poland and Slovakia has dramatically changed its shape through its radical transition from centrally planned to the market economies in last 7 years. Many economists divide the process of economic transformation into areas of Stabilization, Liberalization, and Privatization/Restructuring. The traditional view is that stabilization and liberalization can be achieved rather quickly-by balancing budgets, balance of payments, tightening money supply, freeing prices and liberalizing trade-but that the area of privatization is one that could be moved to the future and will require much more time. Until 1991, none of the post-communist nations except former East Germany (which had a large decree of support from West Germany) had succeeded in privatizing large numbers of enterprises, even though more than two years had passed since the changes in government in these nations. The privatization has been, however, seen as an extremely important part of reform package together with stabilization and liberalization especially in the Czech Republic from the very beginning. The Czechs originally as a part of the Czechoslovak Federal Republic embarked on an unprecedented path that should have lead not only to stabilization and liberalization, but also to very rapid, mass privatization of its sector of large enterprises that have dominated its economy to an extreme extent.

Written by specialists in law and economics, this book studies the role of liability rules in an effort to illustrate the possible consequences of statutory tampering with them. The contributors explain how statutory and common law liability rules evolved, how they work in current practice, and how changes in rules can alter economic outcomes in significant and unintended ways. Although price theory is the primary analytical tool employed in the study, the contributors also provide a wealth of institutional detail intended to illuminate the structure and operation of forces at work when questions of product or service liability arise.

Throughout, the contributors focus on the effects of individual decision making: how incentives faced by individuals are affected by liability rules and how the collective actions of purposeful individuals working in private markets and through the political process affect social outcomes. Among the specific topics addressed are using liability rules to deter government takings, the impact of government liability on private risk avoidance, the allocation of product liability by market share, liability and environmental quality, the effects of the flammability rule, deposit insurance and the savings and loan fiasco, and the political debate over automobile air bags. The contributors conclude that attempts to remedy alleged defects in the common law by legislative edict are not well grounded. Ideal as supplemental reading for courses in business and government, this volume will also be of significant interest to students of law and economics.

For courses in Economics. Foundations of Microeconomics, 8th Edition introduces students to the economic principles they can use to navigate the financial decisions of their futures. Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide students through unfamiliar terrain and focus them on the most important concepts. The text does four core things to help students grasp and apply economic principles: it motivates with compelling issues and questions, focuses on core ideas, offers concise points, and encourages learning with activities and practice questions. After completing this text, students will have the foundational knowledge of how the economy works and can apply it to their lives going forward.

Providing an empirical look at the Jamaican economy, this careful study examines the impact of the (International Monetary Fund) approach to economic management in the 1980s and compares it to the non-IMF policies of the 1970s. Opening with an overview of the structure of Jamaica's economy, the book discusses the results of the economic policies of the 1970s and 1980s. Demonstrating that Jamaica's income is among the most unequally distributed in the world, the author explores how the policies of various governments affected income distribution, focusing on whether non-IMF policies had a different effect than IMF policies. He concludes with a discussion of how inflation and fiscal policies influence particularly vulnerable groups, which include children, the elderly, and much of the labor force.

Corporate social responsibility is examined in this book as multi-stakeholder approach to corporate governance. This volume outlines neo-institutional and stakeholder theories of the firm, new rational choice and social contract normative models, self regulatory and soft law models, and the advances from behavioural economics.

Business cycle theory has been one of the fastest growing fields in modern nonlinear economic dynamics. The book is centered around models of multiplier-accelerator type, emerging from Samuelson's seminal work, later developed into nonlinear formats by Hicks and Goodwin. These models left open ends, as the tools then available did not permit more systematic analysis. The present situation is different, due to the emergence of new methods also focusing global analysis. The focus on classical, causal or recursive models implies a deviation from current main stream business cycle theory, based on "rational expectations," which in view of the possibility of mathematical chaos becomes untenable. This book is a rejoinder to Puu and Sushko, Oligopoly Dynamics - Models and Tools, (Springer 2002).

Transport networks are becoming increasingly important now that free trade, open access, increased competition and greater market orientation are fundamental to the current restructuring of Europe. Infrastructure networks are the corner stones of European integration and this book provides a comprehensive overview of the current concepts and policies which are being examined by researchers, government officials and policy makers. Transport Networks in Europe explores current debates and presents new proposals for well-functioning infrastructure networks. Key issues discussed include: * regional development * congestion * urban transport policy * private-public cooperation * environmental sustainability * transport borders and barriers The authors place emphasis on sustainable transport and provide a wide spectrum of policy recommendations for sustainable transport networks at the European, national and urban levels. The growing significance of transport networks in the European Union will ensure that this timely book is an essential companion for those actively engaged in transport policy formulation and implementation. It will also be welcomed by transport analysts, geographers and regional scientists.

The process of globalization can be seen in the increase of: trade interdependence, the importance of global multinational corporations, mobility and volatility of capital flows (with dangers demonstrated by the recent Mexican crisis). This globalization creates both dangers and new opportunities, both winners and losers. The parallel growth of regional blocs is equally hazardous, particularly for countries left outside the regional blocs. The book, with contributions by eminent experts, describes the impact of both globalization and regionalization and the relationship between these two dominant trends.

Technology and innovation are fundamental to economic success and the struggle for markets in an increasingly competitive world. This book draws together the latest research in the fields of technology, innovation and competitiveness from some of the world's leading academics.International in its approach, this book considers a wide range of topics including the globalization of research and technology and the effect of this on the product cycle, financial domination in the global economy and its consequences for structural competitiveness. It also examines the impact of the pooling of technology and science in Europe on the environment for new entrepreneurial initiatives. Special emphasis is placed on the policy implications of recent developments in technology, industry and the economy. Technology, Innovation and Competitiveness will be of interest to policy analysts as well as academics and students of economics, management and business studies.

This book explores the relationship between the location of the firm, the location of its markets and suppliers, and the inventory holding behaviour of the firm. Space costs and time costs are manifested in inventory costs. The examination of these inventory costs allows new insights into the reasons for observed industrial location behaviour. In particular, we see that transport costs are only a small part of total distance costs, and that the values of the goods being shipped and the value-added by the firm, are crucial location determinants. This approach is then extended to an analysis of Just-In-Time (JIT) production.

Without doubt, Cuba is facing its most serious economic challenge in nearly thirty-five years of revolutionary rule. There is consensus that as the official, centrally planned economy has faltered, ordinary citizens eke out a living only by engaging in under-the-table, unrecorded, and mostly illegal activities. In fact, this "second economy" is growing by leaps and bounds. This volume sketches the contours of the very complex phenomenon of the second economy of socialist Cuba, and discusses its evolution over time, as well as the role that it may play in the transition to a market economy on the island.

The economic crisis of the 1990s has propelled the second economy from behind the scenes to center stage. Not only have black markets mushroomed, but second economy activities connected to the free-market that the Castro government has traditionally discouraged or even prosecuted are now being incorporated into the government's own economic strategy. Self-employment, cultivation of individual plots, and the use of foreign currencies to buy or sell goods, are now promoted with considerable enthusiasm by the leadership.

Perez-Lopez examines different ways of thinking about unregulated economic activities that have been set forth in the literature and concludes that the concept of the second economy is the most appropriate for Cuba. He brings together available information from a multitude of sources on the manifestations of the second economy in Cuba and of its operation. Cuba's Second Economy is a timely study of an economic system in crisis. It will be of interest to economists, political scientists, policymakers, and Latin America area scholars.

The book is the culmination of a research effort which spanned all continents and involved a large number of research teams from both the industrialised and developing countries. The book addresses a number of key issues related to technology transfer by small and medium-sized enterprises most especially whether such companies are more effective transferors than larger transnational corporations. A key aspect of the research was the fact that firms in source and host countries were matched to assure a degree of consistency in the firm coverage and their responses.

Can policy makers achieve national security goals through economic tools? Can state conflicts be fought out in economic battlefields? How do you stabilize and rebuild a country recently defeated in military combat? Can security aims be accomplished using economic policy tools--tools short of military action? National security questions are fundamentally economic. National governments have at their disposal many economic instruments used for national security such as economic sanctions and foreign aid, international trade, international finance and efforts to attack the sources of funding for international terrorism. This book examines the economic policies at available to a head of state and addresses how best to measure the success of these tools. Detailed case studies throughout the book allow readers to understand the decision-making process and how to craft policies designed to influence specific outcomes. The book surveys policies currently used as well as those that may not be appreciated for their national security application. The first part of the book gives an overview of basic analytical tools. It examines microeconomics applied to international "actors": autocrats and leaders in democracies. The second part looks at the "arsenal" of economic tools: sanctions, aid, finance, trade, courts, etc. Case studies are examined to provide a way forward in tackling the war on terrorism.

This book presents a theory of the general dynamic economic equilibrium which is a development of the static theory of Walras and Pareto. The work has built up an analytical model of the effective, current movement of an economic system, founded on the logic of the individual changing programmes - a basis for finding out the laws of all types of endogenous and exogenous movements of the economy. Indeed, the model can be used in the treatment of the typical problems of dynamic economics, by means of the author's method of variational dynamic analysis.

This important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s. Marc Goergen uses detailed company micro-data to examine the ownership and performance of each firm from the time of its flotation to six years later. He finds that the evolution of ownership depends on certain corporate characteristics and that differences in financial performance cannot be explained simply by differences in the concentration of ownership. The book sheds new light on the important issue of whether corporate ownership influences or is influenced by financial performance. The main findings of the book have important implications for public policy and the current public debate on corporate governance and the globalisation of financial markets. They are important for established financial markets and the transitional economies of Eastern and Central Europe as well as for international scholars interested in issues of corporate governance and the performance of firms.