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This unique book uses a transaction cost perspective to illustrate how hierarchies influenced the structure of markets and behaviour of individual businesses and cartels in pre-revolutionary, Soviet and present-day Russia. Ekaterina Brancato exposes the devastating effects of self-interested decision-making of government officials on economic growth, and highlights the inefficiencies of the legal system in Russia. She demonstrates that throughout Russian history considerable state involvement in the economy has meant that some markets were highly regulated; for most of the 20th century, open markets were suppressed by the political regime, and entrepreneurial success has been dependent on networking. The general population, the author argues, has exhibited an inadequate propensity to self-govern. In addition, the laws of contract and private property, crucial for development of markets, have been ineffective. The book concludes that, consequently, the cost of market transactions has been high and the cost of social networking through hierarchies relatively low. This book will strongly appeal to academics and students specializing in industrial organization, public choice, transition, entrepreneurship, social networks and cultural studies as well as Russian economic history and political economy. Business and management students focusing on transition economies will also find this book to be of particular interest.
This book includes three economic/econometric studies on four East Asian countries (Indonesia, Malaysia, Philippines and Thailand) and two studies on China. The four East Asian economies, designated at one time as 'economic tigers', provide important and interesting case studies on periods of very rapid growth with heavy capital inflows, followed by financial and economic crises. The three studies on these countries examine the impact of heavy capital inflows on growth, real exchange rates and the conduct of domestic monetary policy during the period 1970-96, which immediately preceded their financial crises of 1997-98. At a more general level, they shed light on the contributions that capital inflows make to small open economies and how these inflows have impact on their exchange rate and monetary policies. The two studies on China examine the adequacy of capital flows to it and its monetary policies. In recent years, while China has been among the biggest recipients of capital inflows, our study on it finds that these inflows are still considerably short of the amounts that perfect capital flows would imply. Regarding China's pursuit of monetary policy, our study is the first one to question whether interest rates or monetary aggregates are appropriate instruments for the control of the economy. Our finding is that its large informal sector and black money holdings make the use of monetary aggregates the more appropriate policy instrument. This finding contrasts with the usual one for financially developed economies that interest rate targeting and a Taylor rule provide the applicable monetary policy framework.
China's future is arguably the most consequential question in global affairs. Having enjoyed unprecedented levels of growth, China is at a critical juncture in the development of its economy, society, polity, national security, and international relations. The direction the nation takes at this turning point will determine whether it stalls or continues to develop and prosper. Will China be successful in implementing a new wave of transformational reforms that could last decades and make it the world's leading superpower? Or will its leaders shy away from the drastic changes required because the regime's power is at risk? If so, will that lead to prolonged stagnation or even regime collapse? Might China move down a more liberal or even democratic path? Or will China instead emerge as a hard, authoritarian and aggressive superstate? In this new book, David Shambaugh argues that these potential pathways are all possibilities - but they depend on key decisions yet to be made by China's leaders, different pressures from within Chinese society, as well as actions taken by other nations. Assessing these scenarios and their implications, he offers a thoughtful and clear study of China's future for all those seeking to understand the country's likely trajectory over the coming decade and beyond.
The historic link between output (GDP) growth and employment has weakened. Since there is no quantitively verifiable economic theory to explain past growth, this unique book explores the fundamental relationship between thermodynamics (physical work) and economics. The authors take a realistic approach to explaining the relationship between technological progress, thermodynamic efficiency and economic growth. Their findings are a step toward the integration of neo-classical and evolutionary perspectives on endogenous economic growth, concluding in a fundamental explanation of endogenous growth that is both quantifiable and consistent with the laws of thermodynamics. For two centuries fossil and other sources of energy (work) have been replacing human and animal muscles. Now our civilization is truly addicted to fossil energy availability at ever low prices. Can increasing efficiency compensate for coming scarcity? This is the crucial question. The most important implication of this is that future economic growth is not guaranteed because the efficiency gains that have driven growth in the past may not continue in the future. Exploring the theory of growth with an emphasis on the role of energy, useful work and technological change, this book will be of great interest to academics and students focussing on growth theory, energy and ecological economics. It will also prove insightful to those concerned with policy making or responding to changes in policy related to the energy-growth nexus.
This book focuses on what can be learned from the complex processes of industrial, technological and organizational change in the sectoral system of information hardware (IH). The IH innovation system is deliberately chosen to illustrate how sectors act as seeds of economic progress. Detailed firm-level studies were carried out in seven countries, three in Africa (Nigeria, Mauritius and South Africa) and four in Asia (China, Taiwan, Malaysia and Indonesia). Bringing together two important areas of research (the scholarship on technology, innovation and learning, and the development literature) this book creates a useful and novel framework for understanding development, and draws very strong policy lessons for latecomer countries. It will be of great interest to graduate students working on evolutionary economics, science and technology policy studies, as well as policymakers and research institutes.
The authors in this book regard the process of economic expansion as a non-homogeneous and multifaceted phenomenon, which has deeply affected human welfare, and cultural, social and political change. The book is a bridge between the theorists (Rosenstein-Rodan, Lewis, Myrdal, and Hirschmann) who in the post-war period analyzed regional inequalities, structural change and dualism, and the modern literature on economic growth. The latter has emphasized the existence of multiple equilibria, bifurcations and various types of dynamic complexity, and clarified the conditions for the emergence of phenomena such as cumulative causation, path dependence and hysteresis. These are the typical ingredients of structural change, economic development or underdevelopment. Investigating the `mechanisms of economic development', this book will be of great interest to researchers and postgraduate students, especially those oriented towards the study of structural and geographical aspects of economic growth and development.
China, India and Beyond challenges the widespread belief that China and India will be the driving forces of the global economy in the 21st century. Scholars of these two countries offer scenarios ranging from buoyant to subdued to negative, depending on how they evaluate the drivers of development (market-oriented reforms, global integration and investment in human capital), and its limitations (infrastructure bottlenecks, environmental degradation and institutional frailties). The book covers a broad set of topics, including international trade and investment, health care and grassroots democracy. Readers from all countries will benefit from this cogent analysis of the delicate balance among the various ingredients of successful development versus failure. This timely book will appeal to political scientists, economists and other social scientists conducting research and teaching courses in political economy, development studies, globalization and public policy. Policy-oriented researchers and policymakers will also find this study an important resource.
This book analyses and draws policy implications from infrastructure's central role in lowering Asia's trade costs. Infrastructure is shown to be a cost-effective means of lowering trade costs and thereby promoting regional growth and integration. This book combines thematic and country studies, while breaking new ground in quantifying infrastructure's impact on Asia's trade costs. The contributors examine empirical estimates of Asia's trade costs and infrastructure's influence on those costs while also contributing to a better understanding of the region's logistics challenges. The book includes interesting case studies of rapid growth and congestion (in PRC), inland transportation challenges (India), port competition in an archipelago (Indonesia) and transportation modal switching as value-added rises (Malaysia) that are policy- and project-relevant in their own right. The analysis and policy implications in this book will be of interest to trade and infrastructure policy-makers and academics at graduate and higher levels involved in economic development or Asian studies, as well as the broader development community.
This timely and important Handbook takes stock of progress made in our understanding of what sustainable development actually is and how it can be achieved. Twenty years on from the publication of the seminal Brundtland Report, it has become clear that formidable challenges confront policy makers who have publicly stated their commitment to the goal of sustainable development. The Handbook of Sustainable Development seeks to provide an account of the considerable progress made in fleshing out these issues. The Handbook brings together original and state-of-the-art contributions from internationally renowned scholars writing from a variety of perspectives and disciplines. These contributions acknowledge that there is no unified theory of sustainable development and reflect the breadth and diversity of the literature to date. Discussion encompasses the fundamentals of sustainable development and intergenerational equity, and covers issues such as: the capital approach, ecological resilience, population growth and safe minimum standards; intra-generational equity; resources, the environment and economic progress; urban and corporate sustainability; green accounting and sustainability indicators. This accessible, comprehensive and multidisciplinary approach to the theory and practice of sustainable development will prove an invaluable reference tool for researchers, students, academics and practitioners with an interest in the field of sustainable development.
This book demonstrates a broadly successful transformation process that has been limited by challenging political, economic and social constraints. David Turnock traces the complex issues that have influenced Romania's reform and restructuring programme since the revolution at the end of 1989. The Transition from Communism to the European Union provides an overview of economic change in Romania, and studies in detail the transformation in industry, energy and agriculture, drawing on fieldwork in all parts of the country. The monitoring of the economic press throughout the post-communist period has also yielded much source material. Although the political context is examined at some length, the prime consideration is economic restructuring, involving the establishment of a free market system after decades of government control through central planning. It is made clear that the process is still not complete since global competitiveness remains a major challenge now that many people are beginning to experience a degree of prosperity. The book will be of invaluable interest to students and researchers in the fields of regional economics and post-communism, as well as readers with a general interest in Romania, the Balkans or the EU.
Regional Economic Policy in Europe presents a tightly focused selection of policy, empirical and theoretical perspectives on contemporary dimensions of regional economic policy in the EU. It concentrates on three areas; the dissimilarities and resulting convergence of disparate regions within the EU; the localisation of economic activities and how regions can understand and manage them and, finally, the experiences and lessons that can be drawn from European regional policy. While exploring EU cohesion and regional development more widely, the book also examines Spanish, Belgian and Eastern European experiences on growth, human capital, foreign investment and technological spillovers. This up-to-date and thoroughly researched study is one that will be appreciated by academics and researchers of European studies and regional economics in Europe. Policymakers will also find the conclusions reached within the pages of this book invaluable.
Entrepreneurial Growth in Industrial Districts illustrates that Industrial Districts (ID) have dramatically changed over the past three decades; the Marshallian notion of a cluster of small firms has been vastly transformed by the emergence of rapidly growing firms. This book stems from the contributors' academic and professional experience in the fields of Italian industrial districts, strategic management and entrepreneurship. The authors highlight the need to understand and identify how entrepreneurial growth can be effectively sustained in ID firms. Four case studies (Alessi, Geox, Illycaffe, Luxottica) are then utilized to demonstrate the process of ID firms' growth via the lens of corporate entrepreneurship. This unique book will be highly regarded by undergraduate students and researchers in the fields of entrepreneurship and industrial districts. Practitioners as entrepreneurs and policy makers will also find this book of great interest given the appealing domain of the book `Made in Italy' and the substantial sections dedicated to case histories.
At a time of robust worldwide debates on globalization, this compact volume showshow successful each of the East Asian economies have been in harnessing globalization by appropriate and alternative means to catch up with the advanced economies andwhat implications can be drawn to assess Chinese economic growth in context.The essays in this book include supporting notes to review effectively the highlights of the development of East Asia, over the six decades after World War II:why the region has performed so well economically relative to the rest of the developing worldwhich are the most challenging limitations to be addressed; andseveral sensational controversies in the development economics literature to be sensibly resolved.
Within a short period of time, South Africa has made remarkable progress in the adoption of mobile and Internet technologies. In this landmark study, R. Sooryamoorthy examines the development of communication patterns, social contacts and networks in South Africa. Based on pioneering quantitative and qualitative data, he analyses trends in changing media use in Africa, showing the development of the use of new media for communication by South Africans of all ages, races and genders in relation to the development of media infrastructure, its cost and government policy. It shows how people use the media for communication purposes that affirm or break their social contacts and networks, and how they apply media to establish, re-establish or maintain social relationships. This book will be of interest to those researching the growth of communication technology in Africa, as well as those involved in the wider fields of development studies and economics.
China accounts for around one-eighth of the world's grassland and almost all of its grasslands are being degraded. The authors analyse how China is grappling with the complex ecological and livelihood problems these pastoral areas present. The sustainable development of these extremely poor, culturally sensitive, strategically important and extremely diverse western pastoral areas poses one of the foremost challenges confronting the Chinese government. This much-needed study provides a unique examination of the intricate web of policies and institutions that now impact on grassland degradation and sustainable development in China's pastoral region. Understanding this complex matrix and its impact on the management of people, livestock, grasslands, markets and industry structures is crucial in charting a way forward. The authors argue that the aim should be to manage these inter-locking complex systems in a manner that takes advantage of the opportunities that technology present to achieve sustainable use of the grasslands. Whilst their analysis is especially relevant to how China pursues the high priority national goal of `Developing the West', it also reveals much about how China addresses other serious environmental problems that involve disadvantaged groups. With its multi-disciplinary approach, the book will be invaluable and fascinating reading for academics and researchers of Chinese studies, development studies, ecosystem sustainability and natural resource management. Based on extensive first-hand fieldwork in the grasslands over two decades, the practical detail in this book will also be warmly welcomed by consultants and officials in NGOs and other international agencies charged with planning and executing pastoral development projects in China, Central Asia and Mongolia.
Orthodox trade and growth theory, and the world's multilateral development institutions, extol the virtues of trade liberalisation and free trade for more rapid economic development of poor countries. However, the contemporary reality and history seem to tell a different story. The world economy has experienced an unprecedented period of trade liberalisation in the last thirty years, and yet international and global inequality is widening; domestic poverty (outside of China) is increasing; poor countries' exports have grown more slowly than their imports leading to balance of payments crises, and the so-called globalising economies of the world (excluding China and India) have fared no better, and in some cases worse, than those countries that have not liberalised so extensively. This book argues that orthodox theory is based on many unreal assumptions, and that there are sound economic arguments for selective protection of industrial activities in the early stages of economic development. The historical evidence of the now-developed countries also illustrates this fact. With supporting empirical evidence, this book provides a powerful theoretical critique of orthodox trade theory. It will be of great interest to students taking courses in international trade and development economics, as well as to professional economists and policymakers in international development institutions.
This important Handbook is the first comprehensive account that brings together recent developments in the three related fields of environmental technology, environmental management and technology management. With contributions from more than 55 outstanding authors representing ten countries and five continents, the reader is provided with a vast range of insightful perspectives on the latest industry and policy issues. With the aid of numerous case studies, leading experts reflect on significant changes in the use of technology and management practices witnessed in the last decade. Within this Handbook, the authors discuss, in detail: * eco-modernization and technology transformation * environmental technology management in business practices * measuring environmental technology management * case studies in new technologies for the environment * environmental technology management and the future. The International Handbook on Environmental Technology Management has a broad audience including researchers, practitioners, policymakers and students in the fields of sustainability and environmental science.
It has been a little more than sixty years since the foundations of India's national system of innovation were laid, and it is time to look back and examine what form it has taken. What are the achievements of the Indian system of innovation? How has it performed in terms of building industrial capabilities and promoting development? Using the 'National System of Innovation' and the 'Sectoral System of Innovation' approach, this book organizes historical evidence on the accumulation of scientific, technical, innovation and industrial capabilities in different industrial sectors. It is also useful to keep in mind that according to the sectoral tales of this book, irrespective of the policy, there will always be some individuals and organisations who will experiment to find creative ways of pursuing opportunities.
This timely and much-needed Handbook reconsiders an old topic from a fresh perspective, raising a number of new, interesting and worthwhile issues in the wake of ten years of globalization. This comprehensive analysis illustrates that old-style industrial policies whereby the government directly intervened in markets, and was often the producer itself, are no longer relevant. Structural changes occurring in economies - summarized in the term `globalization' - are triggering the definition and implementation of new industrial policies. The contributors, leading experts in their field, unite to evaluate this shift of over a decade ago. Employing various empirical and methodological approaches with a strong theoretical underpinning, this world-wide study of the state-of-the-art of industrial policy issues is an invaluable reference tool. It has been enthusiastically received by a wide-ranging audience including scholars, researchers and policy makers with an interest in industrial economics and policy, business studies and policies for growth, competitiveness and development.
This two-volume original reference work provides a comprehensive overview of development economics and comprises contributions by some of the leading scholars working in the field. Authors are drawn from around the world and write on a wide range of topics. After providing an introduction to the subject (by examining issues like the meaning and measurement of development, historical and interdisciplinary approaches, empirical regularities and data problems), the contributors provide a wealth of perspectives on, and analyses of, development economics. They discuss alternative approaches to development, the macroeconomics of growth, factors and sources of economic development (such as capital, labor, entrepreneurship, resources and technology), major sectors of concern (such as agriculture, industry, services and the informal sector) and international issues (such as trade, capital and labor flows and technology transfers). Income distribution and poverty, the state and other institutions, and actual development experiences are explored. The contributors provide analytical contributions, as well as the relation between these contributions and real world and policy issues from a variety of alternative perspectives. Scholars, students, policymakers and other development practitioners will all find this comprehensive reference invaluable.
Frequent references are made to the `Asian economic miracle' as a means of describing the wave of GDP growth experienced across the Asia-Pacific region over the past twenty years. Implicit in this description is the assumption that the Asia-Pacific region has progressed at the same rate that GDP has risen over the same period. But is this truly the case? Employing a Genuine Progress Indicator as an alternative measure of sustainable welfare, the contributors to this book aim to answer this question by presenting case studies of seven Asia-Pacific nations. The results reveal that all is not as positive as conventional indicators might suggest. The book shows that the three wealthy nations - Australia, New Zealand, and Japan - have long reached a level of GDP beyond which further growth is detrimental to their sustainable welfare while the four poorer nations - China, India, Thailand, and Vietnam - are fast approaching a similar situation, but at much lower per capita levels of sustainable welfare. In view of these results, it is argued that genuine progress in the Asia-Pacific region requires the wealthy nations to focus on qualitative improvement (development) rather than GDP growth. As for the poorer nations, it is argued that population stabilisation demands urgent attention while the GDP growth required over the next two to three decades must be as clean, efficient, and equitable as possible. Sustainable Welfare in the Asia-Pacific will appeal to a wide audience of academics and researchers in the areas of ecological, environmental and natural resource economics, development, green national accounting, and environmental management. It will also find a readership in policymakers, environmental managers and NGOs, particularly in the Asia-Pacific region.
This book provides unique insights into the challenges and potential solutions to alleviate poverty in western China. Many people are interested in China's economic and social development; the development of Tibet is an important part of this narrative. Unlike big cities in the east of China, Tibet is still underdeveloped, with severe poverty, relatively poor communications, poor infrastructure, transport links, and limited social services. Using deep and well-researched analyses, learned Chinese scholars share their policy insights, experience and knowledge of the underlying causes and potential solutions to this underdevelopment and poverty. The reader is also provided with firsthand accounts of different people in Tibet, ranging from local government officials to poverty-stricken herdsmen. This book gets at the heart of problems faced by ordinary Tibetans, such as dealing with impacts of natural disasters, lack of education, managing ecological resettlement, and trying to prevent the transmission of intergenerational poverty.Looking at these issues from a theoretical, policy, government and practical perspective, Breaking Out of the Poverty Trap -- Case Studies from the Tibetan Plateau in Yunnan, Qinghai and Gansu covers the full range of issues in the development of the Tibetan Plateau.
This text presents the 'basic documents' on purchasing power parity theory and practice that will be useful to currency analysts, policymakers and scholars.
Functional integration in the economy has developed sufficiently in Northeast Asia. The problem, identified by this book, lies in the lag or deficiency of institutional integration. The main impediments to such a move come from non-economic factors including political conflict. This study proposes a Northeast Asian version of the regional integration model. A crisis model and a political leadership model are suggested, with political leadership playing a critical role in utilizing crises to advance regional integration. A market-based transition model and a development model are also offered to show how to ease the transition of North Korea and the development of underdeveloped parts of the region. This book is an objective analysis combining both `insider' and `outsider' (most notably US) perspectives of Northeast Asian regionalism. It also usefully applies regional integration theories to the realities of the Northeast Asian situation and presents policy options for regional integration. As the contributions form an interdisciplinary approach, covering economics and political science, the book will appeal to a wide readership. This will include academics and researchers of regional studies, political economy and Asian studies. Practitioners and policymakers working in this area will also appreciate it.
This important book addresses a number of key issues regarding the relationship between the rule of law and development. It presents a deep and insightful inquiry into the current orthodoxy that the rule of law is the panacea for the world's problems. The authors chart the precarious progress of law reforms both in overall terms and in specific policy areas such as the judiciary, the police, tax administration and access to justice, among others. They accept that the rule of law is necessarily tied to the success of development, although they propose a set of procedural values to enlighten this institutional approach. The authors also recognize that states face difficulties in implementing this institutional structures and identify the probable impediments, before proposing a rethink of law reform strategies and offering some conclusions about the role of the international community in the rule of law reform. Reviewing the progress in the rule of law reform in developing countries, specifically four regions - Latin America, Africa, Central and Eastern Europe, and Asia - this book makes a significant contribution to the literature. It will be of great interest to scholars and advanced students, as well as practitioners in the field, including international and bilateral aid agencies working on rule of law reform projects, and international and regional non-governmental organizations (NGOs) that focus on rule of law reform as a major aspect of their mandate.
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