As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>

This critique of Reaganomics attempts to provide alternatives to both the supply experiments of the 1980s and neoliberal strategies of austerity. It presents arguments for economic democracy with a worker-oriented blueprint for improving productivity, growth, employment and economic justice.

This critique of Reaganomics attempts to provide alternatives to both the supply experiments of the 1980s and neoliberal strategies of austerity. It presents arguments for economic democracy with a worker-oriented blueprint for improving productivity, growth, employment and economic justice.

This title was first published in 2001: In 1979, China opened the door to the West and implemented a series of economic reforms that led the accounting system to depart from the Soviet model. This book investigates the development of Chinese accounting in a broad social, economic and cultural environment and analyzes the environmental influences on the development of accounting in China. Including the latest accounting systems, which have to date received little scholarly attention, this cutting-edge analysis makes a worthy addition to a growing area of research.

This book, first published in 1949, is the original and key survey of the stages which preceded the use of coins as the medium of exchange, and of the objects that coins displaced, objects which for want of a better name are here called primitive money. It examines in detail the primitive monies of the world, monies from far in the distant past, and monies still in use today. It is the essential reference source on the many different objects used as currency.

Spanish Dollars and Sister Republics traces the linked history of the new nations of Mexico and the United States from the 1770s to the 1860s. Tatiana Seijas and Jake Frederick highlight the common challenges facing both countries in their early decades of independence by exploring the creation of coin money. The remarkable story begins when both countries chose the Spanish piece of eight (silver coin) as their monetary standard. The authors examine how each nation instituted its own currency, designed coins to represent its national ideals, and then spent decades trying to establish the legitimacy of its money. Readers learn about the creation and circulation of money through the stories of a banker in Philadelphia, a Mexican general in Texas, a surveyor in Sonora, and others. The focus on individuals provides an engaging window into the economic history of Mexico and the United States. Seijas and Frederick show how the creation of U.S. dollars and Mexican pesos paralleled these countries' efforts to establish enduring political and economic systems, illustrating why these nations closed the nineteenth century on very different historical trajectories.

Following the acquisition of its sovereignty from the Netherlands in 1949, Indonesia experienced serious economic and political problems during the 1950s and 1960s, before entering a three-decade-long period of rapid economic growth. Hard-hit by the financial crisis of the late 1990s, Indonesia undertook a wide range of economic and financial reforms. These reforms served to prepare it well for the 2007-08 global financial crisis, through which Indonesia passed relatively unscathed. Drawing on empirical research, this book presents a comprehensive empirical study on the key macroeconomic relations and monetary policy issues in Indonesia. The book analyses monetary, fiscal and exchange-rate policies, looking at their interactions and impacts on the economy. It demonstrates how important macroeconomic management for monetary and financial stability is to sustained national economic growth and development. Data from the 1970s is compared and contrasted with 1950s data to analyse macroeconomic policies and issues in an historical context. Statistical and econometric techniques are juxtaposed with general empirical results to supplement informative discussion of macroeconomic and monetary developments. This book is a useful contribution to studies on macroeconomics and international development, as well as Southeast Asian studies.

Originally published in 1996. This study looks at the impact of exchange rate fluctuation on the pricing practices of foreign industries that import into the United States market. It presents several studies of the pass-through behaviour of over 100 disaggregated commodity groups with bi-lateral exchange rates. The book presents analysis of specific competitors and their individual pricing responses to exchange rate changes, adding significantly to pricing theory as well as being useful for marketers in predicting business responses.

Due to differences in the legal systems and business environments, it is difficult to compare the process of buying and selling land in different European countries. Illustrated by a range of European case studies, this book identifies and discusses the problems of this and similar comparisons. It then examines how ontological modelling can be applied to real estate transactions and advocates this as a basis for comparing the various processes used across Europe. The book consists of four parts: the economic, legal and ontological aspects of real property transactions; a discussion of the current situation in different countries, thus showing the heterogeneity and complexity of processes that have to be captured; whilst the third and fourth parts describe ontological modelling and its benefits for the purpose of understanding the nature of real property transactions together with examples of modelling techniques applied to cadastre and real property.

Originally published in 1972. This book covers the broader aspects of foreign exchange, for businessmen, to remove a hazardous gap in executive knowledge. The language is non-technical and the author gives an insight into the workings of the international currency markets which will enable business-men to operate more easily and be more profitable in this field.

Originally published in 1994. This work investigates seasonal fluctuations of US and British short term nominal interest rates, the dollar-sterling exchange rate and short term interest rate differentials between the US and Britain during the period 1883-1913. It finds that during the pre-World War Gold Standard seasonal movements in exchange rates did not tend to offset the seasonal fluctuations in interest rate differentials. It presents a model to explain the fluctuations and outlines two specific empirical investigations, considering the results in the light of more recent historical periods as well.

Originally published in 1925. This book sets forth a plan to stabilize the currency at a time in which there was much discussion of what to radically change to improve the state of the flow of gold and discounts and interests. It addresses such questions as 'what is a standard of currency' and 'to whom does the gold belong' among its discussion of the best way forward. A fascinating insight into 1920s economic history.

The book provides an understanding of how international trade and capital flows have engineered the development process in East Asia, and examines the real and potential challenges that the region is expect to encounter in the twenty-first century. It integrates four topics (i.e. capital flows, East Asia, globalization and economic development) that are at the centre of the social, political and economic debate. The text highlights the region's growing strategic importance in the twenty-first century globalizing world, where transnational corporations are playing an increasingly decisive role in the global distribution of production and trade. It blends generalised regional analyses with country-specific case studies in the world's most dynamic region. It is so well designed that each of the seventeen countries that comprise the region gets some space for discussion. Thus, the text is a valuable contribution to the social science and business literature, with a special focus on the now strategic region of East Asia.

Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro's creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous--and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone's troubles, Europe's Orphan charts what actually must be done for the continent to achieve an economic and political recovery.

Rejecting the idea of an equilibrium business cycle, this book, originally published in 1927, studies those industrial fluctuations which extend over short spans of years: cyclical fluctuations. The causes of these cycles are discussed and the consequences which result and way in which to mitigate these consequences with regard to social well-being are examined. Although Pigou's approach went out of fashion following Keynes, it is similar in spirit to much of the late twentieth-century work stimulated by real business cycle theory.

Originally published in 1940, this book traces the development of theories concerning currency and credit from the beginning of the eighteenth century to the middle of the twentieth. It provides a comprehensive account of the political and economic conditions in which the theories and controversies arose, with the result that the work has become a classic in its field.

FDI has proved to be the most dynamic defensive and offensive response to globalization. This book provides an in-depth evaluation of the rationale as well as theoretical and empirical explanations of the outward internationalization of firms from the Czech Republic, Estonia, Hungary, Poland and Slovenia. The authors present the first broader empirical evidence on transition economies' OFDI and internationalization, evaluate the role of transnational companies from transition economies and development implications of outward internationalization for home economies. They put the experience of firms from transition economies into the framework of existing theories, study to what extent are the experiences of Austria, Portugal and Finland applicable to transition economies, illustrate general macro economic trends of the international business practices of firms from transition economies by case studies, examine the main determinants and barriers to the outward internationalization process, offer a representative set of cases and best business/government practices relevant for other transition economies, identify specificity in internationalization by firms from transition economies due to transition processes and systemic background and apply network theory as a complementary explanation for such internationalization due to former historical ties and cultural vicinities. A pioneering work on outward investment by transition economies, this book is the first in the world to present a more systematic analysis of the internationalization of firms from transition economies, based on results of the two ACE projects: "Outward internationalization facilitating transformation and EU Accession; The case of Czech Republic, Hungary and Slovenia" and "Networking Through OFDI" including also Poland and Estonia.

Jean-Baptiste Say (1767-1832) was one of the first great economists to have laid down the foundations of economic science. Author of the famous Treatise on Political Economy in 1803, which was revised and re-edited on several occasions, he published numerous other works including a voluminous Complete Course in Practical Political Economy in 1828-9. He also taught political economy successively from 1815 until his death in three Parisian establishments: the Athenee, the Conservatory of Arts and Trades, and the College de France. The texts in which Say exposes his approach to political economy have not been available in the English language until now except for the fourth edition of the 'Preliminary Discourse' which serves as an introduction to the Treatise. This book presents a translation which renders his works accessible to the English speaking world. For the first time, English readers will be able to become directly immersed in Say's principal texts, where he develops his conception of political economy. Jean-Baptiste Say and Political Economy proposes a translation of a selection of eleven of Say's texts. The first three are versions of the 'Preliminary Discourse' from the Treatise's editions of 1803, 1814 and 1826 with the variations of the editions of 1817, 1819 and 1841. The following four texts are the opening discourses pronounced at the Conservatory in 1820 and 1828 and the College de France in 1831 and 1832. The eighth text is the 'General Considerations' which open the Complete Course in Practical Political Economy of 1828, with the variations of the 1840 re-edition. The final three texts are those Say devotes to 'the progress of political economy' in what is akin to a history of economic thought. This volume is of great importance to economic historians and people studying Jean-Baptiste Say, as well as those who are interested in economic theory and philosophy and political economy.

It is well-known that the Swedish experiment in practical economic control was inspired by a simultaneous development of economic thought in Sweden. Despite Swedish economics being known globally, until this book was originally published in 1939 there was little except second-hand descriptions of what the Swedes were really saying. This volume remedied that and explained hitherto hidden contemporary Swedish monetary theory.

This general introduction to the theory of money and of balance of payments adjustment was originally published in 1969. It was the first book to pay full attention to the theory of assets: the relation of the supply of assets to the demand for holding them and the significance of asset movements for balance of payments adjustment. Written in simple language and with brevity, the book is intended for the student with a general knowledge of economics and economic institutions, but with no specialised knowledge of these topics.

Knut Wicksell is acknowledged to be the precursor and prophet of modern macroeconomic theory and he provided some of its chief elements a generation before their power and significance were properly recognized. This book, originally published in German in 1893 and in English in 1954 brought time into the previously timeless theory of value and income distribution. The theory of the real interest rate, which he developed in Value, Capital and Rent became a central and essential element when he began to explain what determines the general level of money prices and how the changes of this level come about.

A.C. Pigou spent his career in the shadow of Marshall and Keynes and his contributions have seemed small by comparison, but his influence remains significant. He is regarded by many as the father of modern public finance and welfare theory, as the way that economists analyze and justify government intervention in economic affairs stems from Pigou. Following on from A. C. Pigou's 1903 pamphlet, The Riddle of the Tariff, this book, originally published in 1906, is a more technical treatment, leaning on the Marshalian apparatus and coming out against the policy of Imperial preference.

This textbook focuses on key international monetary and financial phenomena, exploring the determinants of exchange rates, international competitiveness, interest rates, saving, investment, international capital flows, commodity prices, the terms of trade, financial crises, foreign investment and economic growth. The text enhances understanding of international money and finance by providing background on globalisation and characteristics of the world economy, as well as detailed explanation of important international monetary variables. It then systematically develops a suite of compatible theoretical frameworks to analyse perennially important international monetary questions. A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.