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An economist examines three modern forces that have redefined what
"money" means, who controls it, and what the future of finance
might look like. Â Money is increasingly cheap, digital, and
mobile. In Money in the Twenty-First Century, economist Richard
Holden examines the virtues and risks of low interest rates, mobile
money, and cryptocurrencies, and explains how these three elemental
forces will continue to play out—in our wallets, on the
blockchain, and throughout major economies—in the decades to
come. Â Holden weaves in the stories of three people who have
exerted massive influence over the future of modern money: US
treasury secretary Janet Yellen, Ethereum cofounder Vitalik
Buterin, and Raghuram Rajan, former governor of the Reserve Bank of
India and chief economist at the International Monetary Fund.
Moving from micro to macro, Holden investigates the infrastructure
that permits digital transactions, the currencies that underpin
them, the race for control of those currencies, shifts in policy
and the international monetary system, and the impact on our
politics of money in the digital age. Ultimately, Money in the
Twenty-First Century asks if governments can keep these three
tectonic powers of low interest rates, mobile money, and
decentralized finance under control.
A vexing problem in contract law is modification. Two parties sign
a contract but before they fully perform, they modify the contract.
Should courts enforce the modified agreement? A private remedy is
for the parties to write a contract that is robust to hold-up or
that makes the facts relevant to modification verifiable.
Provisions accomplishing these ends are renegotiation-design and
revelation mechanisms. But implementing them requires commitment
power. Conventional contract technologies to ensure commitment -
liquidated damages - are disfavored by courts and themselves
subject to renegotiation. Smart contracts written on blockchain
ledgers offer a solution. We explain the basic economics and legal
relevance of these technologies, and we argue that they can
implement liquidated damages without courts. We address the hurdles
courts may impose to use of smart contracts on blockchain and show
that sophisticated parties' ex ante commitment to them may lead
courts to allow their use as pre-commitment devices.
A new vision of liberalism that is fair and capable of responding
to the challenges of a post-COVID world Liberalism-and its promise
of market-led prosperity-was in crisis well before COVID-19. Recent
decades have seen a rise in concentrated unemployment and long-term
stagnation in real wages in many of the world's leading economies.
At the same time, the world has witnessed a dramatic rise of
corporate power, concentration of wealth. and the failure of
liberal societies to address some of the most pressing challenges
of our time. To survive, liberalism will need a radical reboot-to
find new ways of tackling the current challenges posed by corporate
power, inequality, and climate change. In this book, Rosalind Dixon
and Richard Holden argue this reboot means moving beyond recent
neo-liberal versions of liberalism toward a more truly democratic
form-from the idea of free markets to a vision of fair markets. The
book offers a new vision of fair markets as well as the concrete
policies and practical steps to make this ideal a reality. It
proposes a universal green jobs-guarantee, a significant increase
in the minimum wage and government support for wages, universal
healthcare based on a two-track model of public and private
provision, a new critical infrastructure policy for nation states
to sit alongside a commitment to global free trade, and universal
pollution taxes, with all proceeds returned directly to citizens by
way of a green dividend. All of these policies combine a commitment
to markets with democratic commitments to dignity for all citizens,
and the regulation of markets in line with majority interests. By
addressing underlying systemic problems of liberal societies and
simultaneously emphasizing the importance of markets in ensuring
the efficiency and sustainability of these policy solutions, Dixon
and Holden present a vision of markets that are free, fair, and
well-functioning, not simply free. With clear-headed analysis of
how to pay for these ideas and the kind of democratic politics
needed to make them a reality, From Free to Fair Markets is an
accessible articulation of a new economic path for liberal
societies coming out of the COVID-19 pandemic.
A new vision of liberalism that is fair and capable of responding
to the challenges of a post-COVID world Liberalism—and its
promise of market-led prosperity—was in crisis well before
COVID-19. Recent decades have seen a rise in concentrated
unemployment and long-term stagnation in real wages in many of the
world's leading economies. At the same time, the world has
witnessed a dramatic rise of corporate power, concentration of
wealth. and the failure of liberal societies to address some of the
most pressing challenges of our time. To survive, liberalism will
need a radical reboot-to find new ways of tackling the current
challenges posed by corporate power, inequality, and climate
change. In this book, Rosalind Dixon and Richard Holden argue this
reboot means moving beyond recent neo-liberal versions of
liberalism toward a more truly democratic form-from the idea of
free markets to a vision of fair markets. The book offers a new
vision of fair markets as well as the concrete policies and
practical steps to make this ideal a reality. It proposes a
universal green jobs-guarantee, a significant increase in the
minimum wage and government support for wages, universal healthcare
based on a two-track model of public and private provision, a new
critical infrastructure policy for nation states to sit alongside a
commitment to global free trade, and universal pollution taxes,
with all proceeds returned directly to citizens by way of a green
dividend. All of these policies combine a commitment to markets
with democratic commitments to dignity for all citizens, and the
regulation of markets in line with majority interests. By
addressing underlying systemic problems of liberal societies and
simultaneously emphasizing the importance of markets in ensuring
the efficiency and sustainability of these policy solutions, Dixon
and Holden present a vision of markets that are free, fair, and
well-functioning, not simply free. With clear-headed analysis of
how to pay for these ideas and the kind of democratic politics
needed to make them a reality, From Free to Fair Markets is an
accessible articulation of a new economic path for liberal
societies coming out of the COVID-19 pandemic.
The 4.6- and 5.4-liter modular Ford engines are finally catching up
with the legendary 5.0L in terms of aftermarket support and
performance parts availability. Having a lot of parts to choose
from is great for the enthusiast, but it can also make it harder to
figure out what parts and modifications will work best. Building
4.6/5.4L Ford Horsepower on the Dyno takes the guesswork out of
modification and parts selection by showing you the types of
horsepower and torque gains expected by each modification. Author
Richard Holdener uses over 340 photos and 185 back-to-back dyno
graphs to show you which parts increase horsepower and torque, and
which parts don't deliver on their promises. Unlike sources that
only give you peak numbers and gains, Building 4.6/5.4L Ford
Horsepower on the Dyno includes complete before-and-after dyno
graphs, so you can see where in the RPM range these parts make (or
lose) the most horsepower and torque. Holdener covers upgrades for
2-, 3-, and 4-valve modular engines, with chapters on throttle
bodies and inlet elbows, intake manifolds, cylinder heads,
camshafts, nitrous oxide, supercharging, turbocharging, headers,
exhaust systems, and complete engine buildups.
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