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The authors argue that the view that market-based systems are best is simplistic; a more nuanced approach is necessary. Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role. Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable? Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. For example, financial markets may be bad for risk sharing; competition in banking may be inefficient; financial crises can be good as well as bad; and separation of ownership and control can be optimal. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries.
We live in a time of transition, argues Yann Moulier Boutang. But the irony is that this is not a transition to a new type of society called 'socialism', as many on the Left had assumed; rather, it is a transition to a new type of capitalism. Socialism has been left behind by a new revolution in our midst. 'Globalization' effectively corresponds to the emergence, since 1975, of a third kind of capitalism. It does not have much to do with the industrial capitalism which, at the point of its birth (1750-1820), broke with earlier forms of mercantile capitalism. The aim of this book is to describe and explain the characteristics of this third age of capitalism.Boutang coins the term 'cognitive capitalism' to describe this new form of capitalism. While this notion remains a working hypothesis, it already provides some basic orientations and anchor points which are indispensible for political action. The political economy which was born with Adam Smith no longer offers us the possibility of understanding the reality which is being constructed before our eyes - namely the value, wealth and complexity of the world economic system o and it also does not enable us to deal with the challenges that await humanity, whether ecological or social. This book thus seeks to put us onto the path of a provisional politics and morality capable of dealing with this new Great Transformation.
The Cambridge History of Capitalism is a comprehensive two-volume work that provides an authoritative account of the evolution of capitalism and its spread and impact across the world. Adopting a wide geographical coverage and strong comparative perspective, an international team of leading scholars delve deep into the historical roots of capitalism and provide a definitive reference on the global development of capitalism and the varieties of responses to it. Volume 1 traces the rise of capitalism from distant origins in ancient Babylon to modern times, determining what features of modern capitalism were present at each time and place, and why the various precursors of capitalism did not survive. Volume 2 explores the global consequences that capitalism has had for industry, agriculture and trade, along with the reactions by governments, firms and markets. These groundbreaking volumes will have widespread appeal amongst historians, economists and political scientists.
The financial services sector is critical to the economy and represents a vital component of our nation's critical infrastructure. It includes thousands of depository institutions, providers of investment products, insurance companies, and credit and financing organizations. A terrorist attack affecting the this sector would have a devastating impact. Financial Services Sector Protection and Homeland Security provides readers with an understanding of the challenges and potential threats faced by the financial services sector. This book presents commonsense methodologies to help safeguard this sector in a straightforward but engaging manner. It was written in response to the critical needs of financial planners, management analysts, law enforcement and security specialists, and anyone with a general interest in the security of the financial services sector. Other books in the Critical Infrastructure and Homeland Security Series include: *Dam Sector Protection and Homeland Security *Energy Infrastructure Protection and Homeland Security *Food Supply Protection and Homeland Security *Transportation Protection and Homeland Security *Government Facilities Protection and Homeland Security *Information Technology Protection and homeland Security
According to renowned Marxist economist Samir Amin, the recent Arab Spring uprisings comprise an integral part of a massive "second awakening" of the Global South. From the self-immolation in December 2010 of a Tunisian street vendor, to the consequent outcries in Cairo's Tahrir Square against poverty and corruption, to the ongoing upheavals across the Middle East and Northern Africa, the Arab world is shaping what may become of Western imperialism - an already tottering and overextended system. The Reawakening of the Arab World examines the complex interplay of nations regarding the Arab Spring and its continuing, turbulent seasons. Beginning with Amin's compelling interpretation of the 2011 popular Arab explosions, the book is comprised of five chapters - including a new chapter analyzing U.S. geo-strategy. Amin sees the United States, in an increasingly multi-polar world, as a victim of overreach, caught in its own web of attempts to contain the challenge of China, while confronting the staying power of nations such as Syria and Iran. The growing, deeply-felt need of the Arab people for independent, popular democracy is the cause of their awakening, says Amin. It is this awakening to democracy that the United States fears most, since real self-government by independent nations would necessarily mean the end of U.S. empire, and the economic liberalism that has kept it in place. The way forward for the Arab world, Amin argues, is to take on, not just Western imperialism, but also capitalism itself.
Henry A. Abbati was not an economist by profession. After retiring from business, in 1924 he published his first book, The Unclaimed Wealth: How Money Stops Production in which he expounded his theory of `effective demand' (terminology of his own) and its differences with respect to current theories on economic fluctuations. He was advocating public intervention in the economy in the crisis. His second book, The Final Buyer marshalled his criticisms of current theories and further clarified salient aspects of his theory, such as `saving' and its various definitions, the working of the banking system, the interest rate and the role of public works as a means of reducing unemployment. Later work in the 30s and 40s looked at full employment, reflections on the economic crisis and further analysis of the concept of unclaimed wealth. In many ways Abbati's work in the twenties was an important precursor to Keynes' Treatise on Money, though despite being admired by Robertson and indeed Keynes, his work is today largely unknown and entirely ignored by the numerous authors who have examined the debate of the twenties and thirties on the crises and business cycles and by academic opinion in general. In this book, Di Gaspare restores Abbati's position as a pioneer in macroeconomic theory with a selection of his writings and a far reaching introduction to his contribution to the history of economic thought.
Who filled the trough? Who set the table at the banquet of greed?
How has it been possible for corporate pigs to gorge themselves on
grossly inflated pay packages and heaping helpings of stock options
while the average American struggles to make do with their
"From the Hardcover edition."
Controversial and unavoidable, it shapes our society and our lives - but what really is capitalism? Does it mean greed is good? Are inequality and poverty its inevitable consequences? Can economic growth continue forever or are constant cycles of boom and bust a foregone conclusion? Indeed is capitalism in a fatal crisis - and what, if any, are the alternatives? From capitalism's history, core theories and key institutions to its current-day political power and social impact, this book explains everything you need to understand the world's dominant economic system. Jonathan Portes demystifes the fundamental concepts of capital, creative destruction, the market and the invisible hand; dissects the rival ideologies of socialism, liberalism and Keynesianism; predicts what capitalism means for immigration, the environment and the future of work; and much more - all in 50 concise and authoritative essays. Here is the essential one-volume guide to capitalism: its strengths and weaknesses, past and future - a future that will affect us all.
In this book Brown argues that workers in East and Southeast Asia are significant actors in political change. Critically examining the themes of labour weakness, political exclusion and insignificance of 'class factors' he aims to bring workers back from the margins, demonstrating that both in the present and past the state has been entangled in processes that determine the forms of their struggles. This book presents new empirical data, important historical material and an innovative approach to workers and politics.
First published in 1985, Theories of Modern Capitalism provides a succinct study of Marxist and non-Marxist theories of Capitalism, its recent development, and the prospects of a transition to socialism. The study begins with a critical examination and comparison of four major theories of capitalism, in the works of Marx, Weber, Schumpeter and Hayek. This is followed by an analysis of the most recent phase of capitalism which has been conceptualised by Marxists thinkers in various ways as 'organised capitalism'', 'state monopoly', or 'late capitalism'. Finally, Bottomore considers the question of a 'transition to socialism' in the diverse interpretations which have been offered by Marxists on one side, and by Weber, Schumpeter and Hayek on the other. Theories of Modern Capitalism will be valuable in a wide range of courses in social and political theory, and will also have an appeal to a broader readership concerned with issues of social and economic policy.
The world has long considered China a juggernaut of economic strength, but since the global financial crisis, the country's economy has ballooned in size, complexity, and risk. Once dominated by four state-owned banks, the nation's financial system is a tangle of shadow banking entities, informal financial institutions, and complex corporate funding arrangements that threaten growth, stability, and reform efforts. The country has accumulated so much debt so quickly that economists increasingly predict a financial crisis that could make 'Brexit' or Greece's economic ruin seem minor, and could undermine China's ascent as a superpower. Earlier this year, President Xi Jinping issued an urgent call for reform that gives the country until 2020 to transform its economy - a vaguely-defined objective that most economists agree is unrealistic. Whether or not China will be responsible for the next global recession, as some experts forecast, the fate of its economy will have far-reaching consequences for the rest of the world. Yet the inner workings of China's financial system are still very much a mystery to most outsiders. Now more than ever, as the country's slowing economy is being felt around the globe, it is essential to understand how China allowed its economy to become so mired in debt. China's Great Wall of Debt is a penetrating examination of the country's opaque financial system and the complex factors - demographic shifts; urbanization; industrialization; a pervasive over-reliance on debt-fueled investments - that have brought the country to the brink of crisis. Anchored by stories of China's cities and its people; from factory workers and displaced farmers to government officials and entrepreneurs, the narrative will take readers inside the country's ghost cities, zombie companies, start-ups, and regulatory institutions as McMahon explains how things got so bad, why fixing the problems is so hard, and what the economic outlook means for China and for the rest of us.
This book explores the effects of product market and labour market reforms on firms, labour institutions and labour rights in the economic and industrial relations system in India. India has over the years liberalized its economy through a broad range of reforms concerning the product market and complementing these it has also sought to reform the labour market and the industrial relations system. The book assesses the impact of these reforms on both the formal and informal labour markets in India, critically examines the labour processes and uncovers/decribes precarious conditions of labour in various industries and occupations, and analyzes the dynamics involved in the making of industrial, employment and labour policies in contemporary India.
This book employs a variety of perspectives such as Institutional, Social Democratic, Marxist, Gender and Informal, Biblical and Dalit, to critically examine the impact of neo-liberal globalisation on both formal and informal sectors of the labour market and the industrial relations system. The narratives not only interrogate current institutions and paradigms, but also outline future developments.
This volume offers a comprehensive state-of-the-art portrait of entrepreneurship and small business management issues in former Yugoslavian countries. Further, it provides a wealth of theoretical and empirical evidence on the role of entrepreneurship in transition economies and emerging markets. Country-based studies identify the processes in each country that attract financial investors and yield new business and employment opportunities. In addition, the studies highlight institutional constraints and political factors that hinder the development of entrepreneurship in these countries, and offer recommendations for policymakers on how to improve the general business environment. This book will appeal to entrepreneurship researchers, as well as public policymakers in transition economies and emerging markets.
In this remarkable collection of essays, Michael Burawoy develops the extended case method by connecting his own experiences among workers of the world to the great transformations of the twentieth century--the rise and fall of the Soviet Union and its satellites, the reconstruction of U.S. capitalism, and the African transition to post-colonialism in Zambia. Burawoy's odyssey began in 1968 in the Zambian copper mines and proceeded to Chicago's South Side, where he worked as a machine operator and enjoyed a unique perspective on the stability of advanced capitalism. In the 1980s, this perspective was deepened by contrast with his work in diverse Hungarian factories. Surprised by the collapse of socialism in Hungary in 1989, he journeyed in 1991 to the Soviet Union, which by the end of the year had unexpectedly dissolved. He then spent the next decade studying how the working class survived the catastrophic collapse of the Soviet economy. These essays, presented with a perspective that has benefited from time and rich experience, offer ethnographers a theory and a method for developing novel understandings of epochal change.
After years of ill health, capitalism is now in a critical condition. Growth has given way to stagnation; inequality is leading to instability; and confidence in the money economy has all but evaporated. In How Will Capitalism End?, the acclaimed analyst of contemporary politics and economics Wolfgang Streeck argues that the world is about to change. The marriage between democracy and capitalism, ill-suited partners brought together in the shadow of World War Two, is coming to an end. The regulatory institutions that once restrained the financial sector's excesses have collapsed and, after the final victory of capitalism at the end of the Cold War, there is no political agency capable of rolling back the liberalization of the markets. Ours has become a world defined by declining growth, oligarchic rule, a shrinking public sphere, institutional corruption and international anarchy, and no cure to these ills is at hand.
It is common wisdom that central banks in the postwar (1945-1970s) period were passive bureaucracies constrained by fixed-exchange rates and inflationist fiscal policies. This view is mostly retrospective and informed by US and UK experiences. This book tells a different story. Eric Monnet shows that the Banque de France was at the heart of the postwar financial system and economic planning, and contributed to economic growth by both stabilizing inflation and fostering direct lending to priority economic activities. Credit was institutionalized as a social and economic objective. Monetary policy and credit controls were conflated. He then broadens his analysis to other European countries and sheds light on the evolution of central banks and credit policy before the Monetary Union. This new understanding has important ramifications for today, since many emerging markets have central bank policies that are similar to Western Europe's in the decades of high growth.
This book discusses how much other countries reflect the EU chemical regulation REACH (Registration, Evaluation, Authorization, Restriction of Chemicals), in the context of Europeanization theory. The main hypothesis verified in this book is that more trade with the EU means more Europeanization (as the non-EU companies exporting to the EU have an obligation to comply with EU rules according to the "No data, No Market" REACH provision). This book further points out that non-EU companies voluntarily adopt EU standards while this change has yet to be reflected on the policy level in non-EU countries, mainly for economic reasons.Exploring changes in national chemical regulatory policies among top chemical producers around the World brings new ideas into the process of Europeanization behind EU borders and provides useful material for academia, regulatory experts and export oriented chemical industry.
In the 1980s and '90s many countries turned to the private sector to provide infrastructure and utilities, such as gas, telephones, and highways--with the idea that market-based incentives would control costs and improve the quality of essential services. But subsequent debacles including the collapse of California's wholesale electricity market and the bankruptcy of Britain's largest railroad company have raised troubling questions about privatization. This book addresses one of the most vexing of these: how can government fairly and effectively regulate "natural monopolies"--those infrastructure and utility services whose technologies make competition impractical?
Rather than sticking to economics, Jose Gomez-Ibanez draws on history, politics, and a wealth of examples to provide a road map for various approaches to regulation. He makes a strong case for favoring market-oriented and contractual approaches--including private contracts between infrastructure providers and customers as well as concession contracts with the government acting as an intermediary--over those that grant government regulators substantial discretion. Contracts can provide stronger protection for infrastructure customers and suppliers--and greater opportunities to tailor services to their mutual advantage. In some cases, however, the requirements of the firms and their customers are too unpredictable for contracts to work, and alternative schemes may be needed.
China's rise is altering global power relations, reshaping economic debates, and commanding tremendous public attention. Despite extensive media and academic scrutiny, the conventional wisdom about China's economy is often wrong. Cracking the China Conundrum provides a holistic and contrarian view of China's major economic, political, and foreign policy issues. Yukon Huang trenchantly addresses widely accepted yet misguided views in the analysis of China's economy. He examines arguments about the causes and effects of China's possible debt and property market bubbles, trade and investment relations with the Western world, the links between corruption and political liberalization in a growing economy and Beijing's more assertive foreign policies. Huang explains that such misconceptions arise in part because China's economic system is unprecedented in many ways-namely because it's driven by both the market and state- which complicates the task of designing accurate and adaptable analysis and research. Further, China's size, regional diversity, and uniquely decentralized administrative system poses difficulties for making generalizations and comparisons from micro to macro levels when trying to interpret China's economic state accurately. This book not only interprets the ideologies that experts continue building misguided theories upon, but also examines the contributing factors to this puzzle. Cracking the China Conundrum provides an enlightening and corrective viewpoint on several major economic and political foreign policy concerns currently shaping China's economic environment.
This volume comprises papers presented at the 8th international conference "The Economies of the Balkan and Eastern European Countries in the Changing World" (EBEEC) held in Split, Croatia in 2016. The papers cover a wide range of current issues relevant for the whole of Eastern Europe, such as European integration, economic growth, labour markets, education and tourism. Written by experienced researchers in the field of economic challenges for Eastern Europe, the papers not only analyse recent problems, but also offer policies to resolve them. Furthermore, they offer insights into the theoretical and empirical foundations of the economic processes described. The proceedings of the conference appeals to all those interested in the further economic development of the Balkan and Eastern European countries.
'Decent Work' is a concept developed by the International Labour Organisation that sums up the aspirations of people in work life. This book provides a consolidated and encompassing guide to the underlying philosophy, meaning and theory of the decent work paradigm. It also provides an empirical analysis of the current status of decent work in the Information Technology (IT) industry of India adopting a pragmatic approach towards the measurement of decent work. One of the purposes of this study is to unfold different dimensions of decent work and counter the general perceptions about work conditions in the IT industry. Surprisingly, work was not found to be decent for a majority of Indian IT employees on various indicators. The key features of this book are: a thorough conceptual coverage; rich literature review; cross-examination of decent work indicators in the context of India's IT industry; construction of Decent Work Index (DWI) at the micro-level; indices for each decent work indicator; primary data based on questionnaire responses; and detailed discussion on the implications of deficiency of decent work in India in general and the IT industry in particular.
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