Elinor Ostrom, co-recipient of the 2009 Nobel Prize in economics, argues that in studying social order, we should not be limited to only the conceptions of order derived from the work of Adam Smith and Thomas Hobbes. To be precise, we should not limit ourselves to theoretical frameworks of The State and to theoretical frameworks of The Market. We need approaches that match the extensive variety of institutional arrangements existent in the world. In this book, Paul Dragos Aligica discusses some of the most challenging ideas emerging out of the research program on institutional diversity associated with Ostrom and her associates, while outlining a set of new research directions and an original interpretation of the significance and future of this program.

The East Asian crisis has sparked debate regarding the future of emerging markets and the globalization of world capital markets. This book, with contributions by leading economists and political scientists, provides an up-to-date assessment of the causes and consequences of the crisis and the policy lessons drawn from it. In contrast to much of the existing literature, the volume presents the view that the crisis and its aftermath were not simply the result of purely economic and financial phenomena but also the reflection of some fundamental institutional, historical and political forces. The collection begins with a comparative and historical analysis of the crisis, placing it in the context of other financial and debt crises. This is followed by a discussion of the domestic, political and economic factors behind the events, delineating the differences and similarities among affected countries. The contributors also examine how global political forces influenced the unfolding crisis in various countries. Using the latest data, top experts present the current economic situation in East Asia, the contagion effects in the rest of the world, and the role played by international institutions such as the IMF. Finally, the volume provides a roundtable debate on the policy alternatives confronting emerging markets and the world monetary system in the aftermath of the crisis. Students, professional economists in academia and the private sector, scholars and students in finance, Asian studies specialists, and political scientists will all find this collection insightful and informative.

This volume has its origins in an international seminar where eighteen scholars representing a number of academic fields were invited to consider the eighteenth-century colonial enterprise from a more global and interdisciplinary perspective. Among the issues that arose then, and that are more fully elaborated here, are: the nature and goals of the many colonial expeditions that were undertaken at the time; the manners and means in which these were carried out; the differences between them; and the similarities that they shared. Relying on a variety of sources that include historical archives, literary texts, travel journals, visual and material artefacts and critical studies, the authors explore eighteenth-century colonialism as it was practised and manifested around the world: Europe, Africa, the Americas, the South Pacific, and Asia. What emerges from their essays is the image of a Eurocentric practice with global implications whose themes, despite the diversity existing among the preponderant colonial powers, were oft repeated. As a result, the essays presented here are grouped into four sub-headings - Representations, Mercantilism, Religion and ideology, and Slavery - each of which is integral to an understanding of colonial and post-colonial theories and of their respective consequences and interpretations. The motives of colonisers, as well as their critics, were both multiple and shared during the eighteenth century. These engendered complex sets of arguments - philosophical, political, economic, and social - which the contributors to this volume examine in detail in such disparate geo-political areas as Mexico and Thailand, Senegal and China.

Ten years after the collapse of communism in Poland, the debate continues over the impact of the transition to a market economy. Whilst few actually say the socialist system could - or should - have been preserved, the path of change has been far from smooth, and has produced both winners and losers in the race to reform. This book assesses the prevailing attitudes of both support and disenchantment among Poles towards transition, in the light of their own experiences. In particular Janice Bell uses statistical indicators on economic well-being, regional voting results and public opinion survey data to analyse the socio-economic influences on patterns of voting behaviour, and finds unemployment to be a crucial denominator. Groundbreaking in its perspective, this study will appeal to all those concerned with the social implications of reform programmes in former communist countries.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. At a time when neoliberalism has become an accepted term in public debate to refer to the current state of modern societies and their political economies, Kean Birch critically analyses the conflicting theories that shape our understanding of 'neoliberalism'. With an ever-expanding variety of perspectives on the concept of neoliberalism, it is increasingly difficult to identify any commonalities. This book explores how different people understand neoliberalism, and the contradictions in thinking of neoliberalism as a market-based ethic, project, or order. Detailing the intellectual history of 'neoliberal' thought, the variety of critical approaches and the many analytical ambiguities, Kean Birch presents a new way to conceptualize contemporary political economy and offers potential avenues for future research through a judicious exploration of 'neoliberal' practices, processes, and institutions. This work will be an essential resource for undergraduate and postgraduate students, scholars, and researchers to critically assess the concept of neoliberalism across many disciplines. The book will also serve as a general introduction to a wider audience interested in the term 'neoliberalism', its potential pitfalls, and its contested future.

Economics can be inspiring - often taking a stand against convention, achieving challenging results, discussing unorthodox viewpoints and suggesting new policies. Bruno S. Frey illustrates what he perceives to be the inspirational quality of economics and how this differs from the type of economics studied in many academic institutions. He introduces insights into economics from a psychological perspective, dealing with issues such as transformation of anomalies, identification in democracy and crowding effects, and focuses on intrinsic motivation and how it is undermined. Inspiring Economics also looks at the integration of economics and politics, covering topics including popular initiatives and referenda, authoritarian nations and foreign aid, and the way in which the cost of war is reflected on the capital market. This groundbreaking empirical study of human motivation and behaviour will be a fascinating read for those interested in economics and economic theory.

This book suggests that the scope and breadth of regulatory reforms since the mid-1980s and particularly during the 1990s, are so striking that they necessitate a reappraisal of current approaches to the study of the politics of regulation. The authors call for the adoption of different and fresh perspectives to examine this area. The contributors to this volume analyse how regulatory regimes that were once peculiar to the US and a few industries have, in recent years, come to define the best practice of governance over the world capitalist economy and over numerous social and economic sectors. They go on to suggest various explanations for the expansion of regulatory institutions, addressing some of the most critical problems and offering new methodological techniques to enable further study. The contributions also provide distinct cross-national and cross-sectoral comparative approaches, and emphasise the changes in the economic and social context of regulation and the implications of these developments on the rise of the regulatory state. These changes, together with the general advance in the study of regulation, undoubtedly demand a re-evaluation of the theory of regulation, its methodologies and scope of application. This book is a perceptive investigation of recent evolutions in the manner and extent of governance through regulation. Scholars and students of comparative politics, public policy, regulation theory, institutional economics and political sociology will find it to be essential reading. It will also prove a valuable source of reference for those working or dealing with regulatory authorities and for business managers in private industries and services operating under a regulatory framework.

Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David.The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested. The first systematic analysis of these important new theories, Market Failure or Success is required reading for all who seek to better understand one of the most exciting debates in economics today.

In the 1830s, the French aristocrat Alexis de Tocqueville wrote that 'insufferable despotism' would prevail if America ever acquired a national administrative state. Today's Tea Partiers evidently believe that, after a great wrong turn in the early twentieth century, Tocqueville's nightmare has come true. In those years, it seems, a group of radicals, seduced by alien ideologies, created vast bureaucracies that continue to trample on individual freedom. Tocqueville's Nightmare, shows, to the contrary, that the nation's best corporate lawyers were among the creators of 'commission government,' that supporters were more interested in purging government of corruption than creating a socialist utopia, and that the principles of individual rights, limited government, and due process were designed into the administrative state. Far from following 'un-American' models, American statebuilders rejected the leading European scheme for constraining government, the Rechtsstaat, a state of rules. Instead, they looked to an Anglo-American tradition that equated the rule of law with the rule of courts and counted on judges to review the bases for administrators' decisions aggressively. Soon, however, even judges realized that strict judicial review shifted to generalist courts decisions best left to experts. The most masterful judges, including Charles Evans Hughes, Chief Justice of the United States from 1930 to 1941, ultimately decided that a 'day in court' was unnecessary if individuals had already had a 'day in commission' where the fundamentals of due process and fair play prevailed. Not only did this procedural notion of the rule of law solve the judges' puzzle of reconciling bureaucracy and freedom; it also assured lawyers that their expertise in the ways of the courts would remain valuable and professional politicians that presidents would not use administratively distributed largess as an independent source of political power.

'While market activity and political activity are often analyzed independently of each other, Wagner demonstrates their interdependence. His novel analysis shows that politics has a level of complexity well beyond the way it is typically depicted in the social sciences, and shows that political activity has more in common with market activity than is commonly recognized. The book offers a wide range of insights and pushes readers to take a more nuanced view of politics.' - Randall G. Holcombe, Florida State University, US Economists typically treat government as something outside the business realm, a sort of 'Lord of the Manor'. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society. Modern governments are a peculiar form of business enterprise. They face the same problems as regular businesses, such as ascertaining demand and organizing production, and act within the system in a way that can lead to a parasitical relationship with the market. Largely rooted in political economy, this book develops new theoretical ideas and formulations to explain why democracy is a difficult form of government to maintain. The author explores how and why limited governments can morph into a system of destructive politics, and looks at ways to escape this process. This dynamic book will be useful for public choice scholars, economists, political scientists, and lawyers who are interested in political economy in its various guises.

Lombard Street is Walter Bagehot's famous explanation of the England central banking system established during the 19th century. At the time Bagehot wrote, the United Kingdom was at the peak of its influence. The Bank of England in London, was one of the most powerful institutions in the world. Working as an economist at the time, Walter Bagehot sets about explaining how the British government and the Bank of England interact. Leading on from this, he explains how the Bank of England and other banks - the Joint-Stock and Private banking companies - do the business of finance. Bagehot is not afraid to admit that life at the bank is usually quite boring, albeit punctuated by short periods of sudden excitement. The sudden boom of a market, or sudden fluctuations in the credit system, can create an excited demand for money. The eruption of an economic depression, which Bagehot aptly notes is rapidly contagious around different sectors of the economy, can also make working in the bank a lot less tedious.

Winner of the first Paul A. Baran-Paul M. Sweezy Memorial Award for an original monograph concerned with the political economy of imperialism, John Smith's Imperialism in the Twenty-First Century is a seminal examination of the relationship between the core capitalist countries and the rest of the world in the age of neoliberal globalization.Deploying a sophisticated Marxist methodology, Smith begins by tracing the production of certain iconic commodities-the T-shirt, the cup of coffee, and the iPhone-and demonstrates how these generate enormous outflows of money from the countries of the Global South to transnational corporations headquartered in the core capitalist nations of the Global North. From there, Smith draws on his empirical findings to powerfully theorize the current shape of imperialism. He argues that the core capitalist countries need no longer rely on military force and colonialism (although these still occur) but increasingly are able to extract profits from workers in the Global South through market mechanisms and, by aggressively favoring places with lower wages, the phenomenon of labor arbitrage. Meticulously researched and forcefully argued, Imperialism in the Twenty-First Century is a major contribution to the theorization and critique of global capitalism.

In this fully revised second edition of a well-regarded and popular text, Patrick McNutt presents more ideas and challenges to all those interested in political economy and public choice. The author evaluates a range of public choice concepts including rent-seeking, voting and voter behaviour, and the growth of government and bureaucracy. New material in this second edition includes: * the introduction of a moral choice set and a new methodology for the treatment of the concept of fairness * a positive theory of rent-seeking with empirical estimates * the issue of legal barriers to entry and related themes; in particular how a legal barrier can affect consumer welfare * a critical evaluation of the exchange and allocation of economic power and income inequality in developing countries * an overview of the global political economy which identifies the contribution of public choice.

This book assesses the competitive and contentious EU-Russia relationship in relation to Ukraine from 2010 to 2013, focusing on the important areas of trade, energy and security. The key issue explored is whether this relationship played any meaningful role in the deterioration of the situation in Ukraine since late 2013. Nicholas Ross Smith begins by exploring the competitiveness of the triangular EU-Russia-Ukraine relationship before the crisis. He then examines the eruption of the Ukraine crisis in greater detail, with a particular focus on trade, energy and security. The book goes on to compare three theoretically and empirically informed medium-term scenarios for the future of the relationship. This research provides a wide-ranging snapshot of EU-Russia-Ukraine relations by comparing the foreign policies of the EU and Russia as well as examining the interplay of identity and perceptions on their foreign policy decision-making. Touching upon both international relations and foreign policy analysis, this book will prove invaluable to scholars and practitioners working on Eastern Europe, the EU and Russia. International relations and foreign policy analysis scholars and students will also find much of interest.

Providing extensive surveys on the most recently developed themes of individual and social well-being, this Handbook offers a comprehensive treatment of less traditional approaches to empirical and theoretical research. The novel complementary perspective by which each topic is addressed presents a broader outlook on the various dimensions of inequality and well-being. Each topic is assessed through two accompanying chapters: first, a detailed study of the theoretical approaches, followed by a supporting chapter of empirical findings. The original contributions cover themes ranging from human development to social exclusion, and from going beyond GDP as the primary indicator of progress to evaluating the persistence of poverty. The chapters also address measures of vulnerability and economic insecurity. The Handbook emphasizes the distributional aspects of inequalities across different groups through the analysis of polarization, segregation, and social fractionalization. This is an excellent Handbook for postgraduates and researchers in the social sciences and economics. The contributions rethink some of the traditional theories and models for measuring inequality and well-being, and push the boundaries for future research. The policy-relevant insights will also be of great use for social policy professionals and analysts. Contributors include: C. Balestra, L. Bellani, R. Boarini, C. Calvo, B. Cantillon, O. Canto, L. Ceriani, S. Chakravarty, N. Chattopadhyhay, M. Ciommi, C. del Rio, I. Dutta, A. Fusco, A. Gabos, C. Gigliarano, E. Giovannini, T. Goedeme, C. Gradin, A.-C. Guio, M. Hoy, C. Lasso de la Vega, R. Mora, L. Osberg, N. Rohde, T. Rondinella, N. Ruiz, E. Savaglio, S. Seth, J. Silber, K.K. Tang, I. Toth, S. Vannucci, P. Verme, A. Villar, O. Volij, G. Yalonetzky, B. Zheng

This book presents a general theory of the economics of prosperity. Drawing upon both historic and contemporary Austrian economic thinking, it looks beyond merely identifying various isolated causes of economic growth and development to describe and explain the process of economic progress. It brings together various economic principles related to production, exchange, the market division of labor, capital, technology, entrepreneurship, and economic calculation, and a further understanding of how different institutional settings and specific policies all affect the process of economic progress. It also provides a helpful critique of modern growth theory. The author argues that economic prosperity is not monocausal. It is the happy consequence of a highly developed division of labor, taking advantage of an expanding capital structure, embodied in technically advanced capital goods, all wisely invested by entrepreneurs. All these sources of prosperity require the social institutions of private property and sound money to function well together, facilitating economic progress and human civilization. The Economics of Prosperity provides a comprehensive explanation of the myriad of factors influencing economic growth and development for scholars, policy makers and economists.

All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.

The relationship between public investment and regional economic development is of perennial interest and is particularly topical now as issues of infrastructure and innovation are high on policy agendas in many countries. Public investment is often viewed as a possible method for 'jump-starting' lagging regional economies and also as a requirement for the continued development of more prosperous regions. Public Investment and Regional Economic Development provides a systematic analysis of the complex relationship between public investment and regional economic development. The authors offer new insights into the key issues of regional growth, and present a broad variety of perspectives ranging from transport and housing infrastructure through to human capital and innovation. With contributions from leading regional scientists, and each themed section of the book prefaced with an editorial introduction to ensure coherence, this illuminating book is sure to offer policymakers new research insights into key issues of regional growth. Academics and researchers of urban and regional planning, geography and economic development will also find the book of great interest.

Analytical Transport Economics opens with a critical examination and overview of the scope of transport economics. Next, the production of transport, travel demand, transport externalities and transport markets are thoroughly analysed. The distinguished group of contributors then examine transport policy, both regarding infrastructure and transport markets. Specific attention is paid to the role of government after deregulation and to the transport policy of the European Union. Transport infrastructure is also analysed in view of its effects on the wider economy. Finally, the role of transport in a number of more specific situations is considered, that is in an urban environment, in transitional economies and in developing economies. This book is a considerably revised version of the well-received European Transport Economics (1993), described as 'A book every transport scientist should have in his possession' - Professor Eddy Van de Voorde, University of Antwerp, Belgium. There are a number of new chapters, a few that had lost their usefulness over time have been omitted, and others have been thoroughly revised and updated. With its strong international focus, academics and advanced students of economics, transport economics and public policy as well as policymakers within government and private enterprise will find this book essential reading.

The allocation of subsidies is often regarded as a fundamental role of governments in order to realise and maintain benefits to society. The possibility that public subsidies could actually be counterproductive contradicts common perception. The authors of this challenging book present recent evidence which, in their view, suggests that subsidies may in fact turn out to be a contemporary plague. Public Subsidies and Policy Failures provides extensive analysis of the theory and political economy of public support policies, demonstrating how subsidies can harm the environment, distort trade, and benefit those in society who do not require support. Furthermore, they often fail to achieve the desired and expected goals. The authors employ a theoretical framework to illustrate the impact of subsidies on developed and developing economies, as well as on international trade. They examine public subsidies in various natural resource and industrial sectors and discover that many turn out to be policy failures. They also investigate the various barriers and lock-in mechanisms by which subsidies become entrenched in economic and political structures. The book goes on to propose concrete actions, policy strategies and international 'Grand Deals' which will engender effective subsidy reforms. Scholars, researchers and students will welcome this rigorous investigation into the political and economic costs and benefits of public subsidies. International trade organisations and policymakers will also benefit from the strategic emphasis.

The question of economic transformation is an immediate and practical one for the English-speaking Caribbean. In the postindependence period, Caribbean governments seemed blissfully unaware that the inability to transform their economies was leading to serious unemployment problems. The statistics are quite stark. Unemployment rates in the Caribbean range from 6% in the more prosperous states to 23% in the less prosperous ones. This use of economic transformation and job creation continues to be a major challenge in the first decade of the twenty-first Century. This is the subject that is treated with impressive urgency in this volume entitled Economic Transformation and Job Creation: The Caribbean Experience.

For Ukraine, the signing of the Association Agreement and the DCFTA with the European Union in 2014 was an act of strategic geopolitical significance. Emblematic of the struggle to replace the Yanukovych regime at home and to resist attempts by Russia to deny its 'European choice', the Association Agreement is a defiant statement of Ukraine's determination to become an independent democratic state. The purpose of this Handbook is to make the complex political, economic and legal content of the Association Agreement readily understandable. This third edition, published seven years since signature of after entry into force of the Agreement's implementation is substantially new in content, both updating how Ukraine has been implementing the Agreement, and introducing new dimensions (including the Green Deal, the Covid-19 pandemic, cyber security, and gender equality). The Handbook is also up to date in analysing Ukraine's the development of the Zelensky administration, with its unfinished agenda for cutting corruption and reforming the rule of law. Two teams of researchers from leading independent think tanks, CEPS in Brussels and the Institute for Economic Research and Policy Consulting (IER) in Kyiv, collaborated on this project, with the support of the Swedish International Development Agency (Sida). This Handbook is one of a trilogy examining similar Association Agreements made by the EU with Georgia and Moldova.