Does the industrial development of a country entail the democratization of its political system? Malaysia in the World Economy examines this theme with regards to Malaysia in the period between 1824 and 2011. Capitalism was first introduced into Malaysia through colonialism specifically to supply Britain with much-needed raw materials for its industrial development. Aside from economic exploitation, colonial rule had also produced a highly unequal and socially distant multicultural society, whose multifaceted divisions kept the colonial rulers in supreme authority. After independence, Britain ensured that Malaysia became a staunch western ally by structuring in a capitalist system specifically helmed by western-educated elites through what appeared to be "formal" democratic institutions. In such a system, the Malaysian ruling elites have been able to "manage" the country's democratic processes to its advantage as well as preempt or suppress serious internal challenges to its power, often in the name of national stability. As a result, an increasingly unpopular National Front political coalition has remained in power in the country since 1957. Meanwhile, Malaysia's marginal position in the world economy, which has maintained its economic subordination to the developed countries of the west and Japan, has reproduced the internal social inequities inherited from colonial rule and channeled the largest returns of economic growths into the hands of the country's foreign investors as well as local elites associated with the ruling machinery. Over the years however, the state has lost some of its political legitimacy in the face of widening social disparities, increased ethnic polarization, and prevalent corruption. This has been made possible by extensive exposures of these issues via new social media and communications technology. Hence, informational globalization may have begun to empower Malaysians in a new struggle for political reform, thereby reconfiguring the balance of power between the state and civil society. Unlike other past research, Malaysia in the World Economy combines both macro- and micro-theoretical approaches in critically analyzing the relationship between capitalist development and democratization in Malaysia within a comparative-historical and world-systemic context.

'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.

During the Second World War several independent business organizations in the US devoted considerable energy to formulating and advocating social and economic policy options for the US government for implementation after the war. This 'planning community' of far-sighted businessmen joined with academics and government officials in a nationwide endeavor to ensure that the colossal levels of productivity achieved by the US during wartime continued into the peace. At its core this effort was part of a wider struggle between liberals, moderates and conservatives over determining the economic and social responsibilities of government in the new post-war order. In this book, Charlie Whitham draws on an abundance of unpublished primary material from private and public archives that includes the minutes, memoranda, policy statements and research studies of the major post-war business planning organisations on a wide range of topics including monetary policy, demobilization, labor policy, international trade and foreign affairs. This is the untold story of how the post-war business planners - of all hues - helped shape the 'moderate' consensus which prevailed after 1945 over a permanent but limited government responsibility for fiscal, welfare and labor affairs, advanced American interests overseas and established.

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.

In the 1990s many Latin American countries decided upon full or partial pension privatisation, and a similar wave of reforms is currently taking place in Eastern Europe. Privatising Old-Age Security aims to examine what may account for this paradigm change in an area previously considered difficult to reform. Attempting to explore and explain the similarities and differences in pension policy both intra- and inter-regionally, this book analyses the political economy of radical pension reform in using case studies from Argentina, Bolivia, Bulgaria, Croatia, Hungary, Peru, Poland and Uruguay. By shedding light on the political viability of market-oriented reforms the book is a valuable and unique contribution to the understanding of the political economy of policy reform. With its unprecedented selection of case studies and application of theoretical insights, this book will appeal to researchers and academics of economics, public finance, social policy administration and transition studies. Moreover, policymakers will be intrigued by the up-to-date analysis of recent pension reforms.

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.

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.

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.

Identity in the Age of the New Economy is a multi-faceted view of contemporary employment and identity that questions a number of the myths related to the so-called new economy, knowledge society or network society. It argues that one of the most striking things about much contemporary theorizing on work and identity is the epochalist terms in which it is framed: changing forms of identity and subjectivity are assumed to be consequences of a shift to an entirely new economic, social and cultural era, signalled by concepts such as postmodernity, risk society, network society or new economy. The book deviates from the epochalist claim and follows the path of recent years' sociological/social-psychological analyses of identities, presenting detailed empirical studies of relational identities in scattered and temporary work practices. The authors demonstrate how identities are endogenous variables, focus on highly educated contingent employees and direct the analyses from the politics of interests to the politics of identities. Exploring the nexus between identity and the organization of work life, this wide-ranging, multi-disciplinary book will be of great interest to both academics and practitioners in the fields of human resource management, industrial relations and psychology. It will also appeal to those with an interest in organization theory.

Since its launch in late 2013, the Belt and Road Initiative (BRI) has become a significant factor in shaping China's economic and diplomatic relations with the world. China's increasing clout presents opportunities as well as challenges, especially for the developing economies of the Association of Southeast Asian Nations (ASEAN) which constitute major sites for investment and trade alongside the BRI routes.This edited volume examines whether and to what extent China's economic ascendancy has impacted the proposed ASEAN Economic Community and the respective nations in the region. It deals with this question by grounding the analysis along three themes - institutions at a regional level, industry/sector, and particular ASEAN countries' economic relationship with China. Sixteen articles are presented to illuminate the state of affairs at the regional level and in specific ASEAN economies. They point to the importance of managing trade and investment flows stemming from China's increasingly sophisticated national firms. This in turn hinges on forging 'rules of the game' at both the multilateral and bilateral levels, which potentially leads to mutually beneficial industrialization and long-term wealth creation.The Political Economy of Regionalism, Trade, and Infrastructure will be of great interest to scholars of political economy and industrial policy in East Asia, as well as to scholars and policy professionals analyzing approaches to development strategy more broadly.

Despite deep divisions on the issue of immigration, this book shows that immigration promotes economic innovation, expands the job market, and contributes to diversity and creativity in the United States. Immigration, as a conduit for bringing new talent, ideas, and inventions into the United States, is essential to the success and vitality of our economy and society. In this timely book, researched and written by the Immigration Book Project Team at Penn State University, immigration is approached from historical, economic, business, and sociological perspectives in order to argue that treatment of immigrants must reflect and applaud their critical roles in supporting and leading the economic, social, cultural, and political institutions of civil society. Approaching immigration as both a socioeconomic phenomenon and a matter of public policy, The Danger of Devaluing Immigrants offers demographics and statistics on workforce participation and job creation along with stories of individual immigrants' contributions to the economy and society. It supports the idea that, when immigration is challenged in the political sphere, we must not lose sight of the valuable contributions that immigrants have made-and will continue to make-to our democracy. Approaches immigration from many perspectives: economic, business, historical, and sociological Investigates the substantial roles of immigrants in critical industries and sectors across the U.S. economy Emphasizes the bimodal nature of attitudes toward immigrants depending on their education and skill level and abilities Includes personal stories and case studies from immigrants Draws on the expertise of a team from the Smeal College of Business at Penn State University

This book analyses actual and potential normative (whether legislative or contractual) conflicts and complex transnational disputes related to state-controlled enterprises (SCEs) operations and how they are interwoven with the problem of foreign direct investment. Moreover, SCEs also fall within the remit of international political economy, international economics and other SCE-related fields that go beyond purely legal or regulatory matters. In this connection, research on such economic and political determinants of SCE's operations greatly informs and supplements the state of knowledge on how to best regulate cross-border aspects of SCE's and is also be covered in this book. The book also aims to analyse the "SCE phenomenon" which includes a wide panoply of entities that have various structures with different degrees of control by states at the central or regional level, and that critically discuss the above-mentioned overlapping legal economic and political systems which can emerge under various shades of shadows casted by governmental umbrellas (i.e., the control can be exercised through ownership, right to appoint the management, and special-voting-rights). The chapters in this book are grouped, so as to address cross-border investment by and in SCE, into four coherent major parts, namely --- (i) the regulatory framework of state capitalism: laws, treaties, and contracts; (ii) economic and institutional expansion of state capitalism; (iii) the accountability of state capitalism: exploring the forms of liabilities; and (iv) regional and country perspectives. Contributions address the core theme from a broad range of SCE and international economic regulations, including but not limited to competition law, WTO law, investment law, and financial/monetary law. They also cover the new emerging generation of Free Trade Agreements (EU-Vietnam FTA, EU China investment treaty, Regional Comprehensive Economic Partnership; and the coordination between treaty systems). The book is a valuable addition and companion for courses, such as international trade law, international law of foreign investment, transnational law, international and economic development, world politics, law of preferential trade agreements, international economics, and economics of development.

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 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.

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.

This book deals with the nature of contemporary globalisation. Maurice Mullard aims to show that globalisation is not an inescapable, unstoppable process somehow beyond human control, rather that it represents, and is being shaped by, a series of deliberate policy choices and policy decisions. The emphasis of this fascinating work is on how these policy choices are creating new forms of economic inequalities and also political elites that distort the democratic process.The mapping of winners and losers goes beyond the usual analysis of the rich North versus the poor South, by including an examination of the widening inequalities in the North and the emergence of new elites in the South. Policies of privatisation and liberalisation of water and electricity create new political elites. The author reveals the shift in the North towards multi national corporations with their emphasis on profits and stock market prices, while at the same time incomes for most employees have either stagnated or actually declined. The standard discourse on globalisation and market flexibility often blurs the issues of declining trade union influence and corporations moving to countries offering lower labour costs. Maurice Mullard herein attempts to rectify this imbalance. The Politics of Globalisation and Polarisation is interdisciplinary and will therefore be relevant for academics and researchers of politics, social policy, public policy and economics. Scholars involved in globalisation will find this book to be a major contribution to the ongoing debate.

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.

What are the political motivations behind firms' decisions to adopt policies that self-regulate their behavior in a manner that is beyond compliance with state, federal and local law? Public Forces and Private Politics in American Big Business advances a new understanding of the firm as a political actor that expands beyond the limited conceptualizations offered by economists and organization theorists. Timothy Werner develops a general theory of private politics that is tested using three case studies: the environment, gay rights and executive compensation. Using the conclusions of these case studies and an analysis of interviews with executives at 'Fortune 500' firms, Werner finds that politics can contribute significantly to our understanding of corporate decision-making on private policies and corporate social responsibility in the United States.

Saudi Vision 2030 and the National Transformation Plan 2020 are governmental initiatives to diversify Saudi Arabia's economy and implement nationwide social changes. Media and scholarly attention often describe the success or failure of these ambitious visions. This book shifts the focus to instead examine and evaluate the actual processes of domestic policymaking and governance that are being mapped out to achieve them. The book is unique in its breadth, with case studies from across different sectors including labour markets, defence, health, youth, energy and the environment. Each analyses the challenges that the country's leading institutions face in making, shaping and implementing the tailored policies that are being designed to change the country's future. In doing so, they reveal the factors that either currently facilitate or constrain effective and viable domestic policymaking and governance in the Kingdom. The study offers new and ground-breaking research based on the first-hand experiences of academics, researchers, policy-makers and practitioners who have privileged access to Saudi Arabia. At a time when analysis and reportage on Saudi Arabia usually highlights the 'high politics' of foreign policy, this book sheds light on the 'low politics' to show the extent to which Saudi policy, society, economics and culture is changing.

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.

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

Although the full extent of the potential damages from global warming remain unknown, scientists have long argued that action should be taken now to mitigate any possible adverse consequences. However, in making such policy recommendations, economic arguments need to be considered as much as scientific ones. This volume examines the appropriate economic incentives for implementing policy to mitigate climate change and then exposes the flaws in current international agreements. The book begins by providing the economic foundations for understanding climate change. It examines how Kyoto's flexibility mechanism departs from more efficient and less-costly approaches for reducing atmospheric carbon dioxide, and highlights the problems that terrestrial carbon credits pose for emissions trading. Unique case studies of Canada, Japan and The Netherlands indicate that most countries will be unable to meet their own Kyoto obligations. The author then uses an economic analysis of the potential damages to show that even though some countries will experience a detrimental effect from climate change, the majority will actually benefit. In this way, he clearly demonstrates that not only will current policies do little to avert global warming, most countries will also have less incentive to sign up to any future international agreements. Academics, economists and policymakers involved in the climate change debate will find this succinct yet comprehensive analysis of the economic instruments available for mitigating climate change to be essential reading.