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The old discussion of 'Market or State' is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare as possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also interesting questions and Paul De Grauwe analyses them in this book. The desired mix of market and state is anything but easy to bring about. It is a difficult and sometimes destructive process that is constantly in motion. There are periods in history in which the market gains in importance. During other periods the opposite occurs and government is more dominant. The turning points in this pendulum swing typically seem to coincide with disruptive events that test the limits of market and state. Why we experience this dynamic is an important theme in the book. Will the market, which today is afforded a greater and greater role due to globalization, run up against its limits? Or do the financial crisis and growing income inequality show that we have already reached those limits? Do we have to brace ourselves for a rejection of the capitalist system? Are we returning to an economy in which the government is running the show?
Includes material on John D. Rockefeller, J. Pierpoint Morgan, Cornelius Vanderbilt, William H. Vanderbilt, Andrew Carnegie, E. H. Harriman, Jay Gould, Jim Fisk, Jay Cooke, Daniel Drew, Henry C. Frick, James J. Hill, Charles M. Schwab, Henry Villard, Standard Oil Company, trusts.
New Developments in Islamic Economics: Examples from Southeast Asia investigates the latest developments in a vibrant and fast-moving area of practical financial and economic study. Primarily focused on Malaysian contexts, while also presenting perspectives from Indonesia and Thailand, this book examines the Asian nations leading the world in the application of Islamic finance. Case studies analyse and discuss new and emerging issues in Islamic economics, including microtakaful, waqf, social finance and poverty alleviation from an Islamic perspective.
This book analyses the fast spread of free trade agreements (FTAs) across the globe, their content and their economic impact. In the wake of Brexit and the new protectionism of President Trump, Melchior offers a timely assessment of key issues relating to FTAs. Dividing the world into seven major regions, he analyses world trade, the globalisation of FTAs and their role within and between the regions. Using a new world trade model, he then presents new evidence on the impact of trade agreements, the value of trade, the impact of China's growth and the West's industrial decline, and the role of reciprocity in trade policy. Covering rich and poor countries, commodity exporters and all of the world's regions, he offers new and original insights about a number of pertinent issues facing today's world.
Alexander Ryzhenkov Unfolding the Eco-Wave Why Renewal is Pivotal System dynamics is a method similar to econometrics and mathematical statistics. Normally it is used to provide a rigorous analysis of models in closed systems (a system that is artificially created to simplify certain conditions, so that other conditions can be examined in more detail). Here, however, it is used for the first time to study capital accumulation, and the economic cycles. It is well documented that econometrics and mathematical statistics have their limitations. For the first time Unfolding the Eco-Wave sets out to prove that system dynamics does provide a coherent structure, language, and process for learning about and explaining economic phenomena in a way that is impossible to achieve with mathematical statistics and econometrics. Finance/Investment
This book explores the history of leisure in Chinese culture by tracing the development of Chinese philosophy and leisure values in Chinese tradition and civilization. It addresses the tremendous changes in Chinese society brought about by the country's rapid economic development and the impact on Chinese culture and leisure. It considers the social, political and economic challenges facing China, from corruption to sharpening inequalities, from ecological crisis to the need for a revival of Chinese culture and for political democratization. It suggests that leisure can exert an invisible and formative influence on people's lifestyle and value system and considers ongoing trends in the development of leisure activities as they relate to modern Chinese society and social reform.
The historical relationship between capital and labor has
evolved in the past few decades. One particularly noteworthy
development is the rise of shared capitalism, a system in which
workers have become partial owners of their firms and thus, in
effect, both employees and stockholders. Profit sharing
arrangements and gain-sharing bonuses, which tie compensation
directly to a firm's performance, also reflect this new attitude
As Frances Fox Piven and Richard Cloward argued in the early seventies, in a capitalist economy, social welfare policies alternatingly serve political and economic ends as circumstances dictate. In moments of political stability, governments emphasize a capitalistic work ethic (even if it means working a job that will leave one impoverished); when times are less politically stable, states liberalize welfare policies to recreate the conditions for political acquiescence. Sanford Schram argues in this new book that each shift produces its own path dependency even as it represents yet another iteration of what he (somewhat ironically) calls "ordinary capitalism," where the changes in market logic inevitably produce changes in the structure of the state. In today's ordinary capitalism, neoliberalism is the prevailing political-economic logic that has contributed significantly to unprecedented levels of inequality in an already unequal society. As the new normal, neoliberalism has marketization of the state as a core feature, heightening the role of economic actors, especially financiers, in shaping public policy. The results include increased economic precarity among the general population, giving rise to dramatic political responses on both the Left and the Right (Occupy Wall Street and the Tea Party in particular). Schram examines neoliberalism's constraints on politics as well as social and economic policy and gives special attention to the role protest politics plays in keeping alive the possibilities for ordinary people to exercise political agency. The Return of Ordinary Capitalism concludes with political strategies for working through-rather than around-neoliberalism via a radical, rather than status-quo-reinforcing, incrementalism.
This book offers a comprehensive assessment of the Mauritian economy and its financial system. The author investigates the pre- and post- crisis financial and economic environment of Mauritius thoroughly and looks to the future potential development of the economy. Chapters feature in-depth analysis of such aspects as the banking sector, the stock market, monetary policy, capital structure, the hedging practices of Mauritian firms, and the housing market in Mauritius, among others. Moreover, the author not only builds a credit risk model for Mauritian bankers, but also develops a financial stability model to provide the reader with a full account of the Mauritian economy. The author ends with a chapter dedicated to a 2030 vision for Mauritius. This book will be of interest to researchers, students, policy-makers, central bankers and economists who wish to explore an example of an upper-income developing economy in depth.
This book studies the challenges for Indonesia, once a miracle economy, as it faces premature deindustrialisation, rising inequality and domestic and external factors impacting its export-oriented industrialization. Since the fall of Soeharto, Indonesia has undergone a far-reaching systemic transition from centralised and autocratic governance to a highly decentralised and democratic system. Complicated by regional variations, the country is now being called upon to respect labour rights and, amidst slow global economic recovery, is facing increased competition from other low-labour-cost countries, especially within the ASEAN Economic Community. Tadjoeddin and Chowdhury posit that Indonesia cannot recreate its past miracle based on cheap labour and suppression of labour rights. It will need to move quickly to high value-added activities driven by productivity growth and to develop its domestic market.
Cecchetti & Schoenholtz's Money, Banking, and Financial Markets stays relevant and interesting through the text's unique emphasis on the Five Core Principles, the early introduction of risk, an integrated global perspective, and the integration of FRED data in the text and problem material. By focusing on the big picture via core principles, Cecchetti & Schoenholtz teaches students the rationale for financial rules and institutional structure so that even when the financial system evolves, students' knowledge will not be out of date. Be sure to visit the author blog at www.moneyandbanking.com for short, informed discussions on issues in the news, as well as technical points relevant for instructors and students alike.Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.
This textbook offers a comprehensive guide to the systematic structure of capitalism, while at the same time introducing readers to all three volumes of Marx's Capital. Based on his extensive expertise on Marx's critique of political economy, the author reveals the specific structure of production in capitalist societies and explicates what sets this system apart from other modes of production. Marx's political economy is explained in a systematic and easy-to-understand manner, using numerous illustrative diagrams to complement the text. This textbook will appeal to all students and scholars looking for a more comprehensive, systematic and theoretical explanation of capitalism, equipping them with a solid theoretical understanding of its core structure.
Financial capitalism emerged in a recognisably modern form in late seventeenth- and eighteenth-century Great Britain. Following the seminal work of Douglass C. North and Barry R. Weingast (1989), many scholars have concluded that the 'credible commitment' that was provided by parliamentary backing of government as a result of the Glorious Revolution of 1688 provided the key institutional underpinning on which modern public finances depend. In this book, a specially commissioned group of historians and economists examine and challenge the North and Weingast thesis to show that multiple commitment mechanisms were necessary to convince public creditors that sovereign debt constituted a relatively accessible, safe and liquid investment vehicle. Questioning Credible Commitment provides academics and practitioners with a broader understanding of the origins of financial capitalism, and, with its focus on theoretical and policy frameworks, shows the significance of the debate to current macroeconomic policy making.
This book analyses the social and cultural status of high streets in the age of recession and austerity. High streets are shown to have long been regarded as the heart of many communities, but have declined to a state where boarded-up and vacant retail units are a familiar sight in many British cities. The book argues that the policies deemed necessary to revive the fortunes of high streets are often thinly-veiled attacks on the tastes and cultures of the working class. Policy-makers often promote boutiques, art galleries and upmarket cafes at the expense of some of the outlets frequented by less affluent populations, including betting shops, fast food takeaways, discount stores and bargain booze outlets. Highlighting the social and cultural roles that so-called 'dying' high streets continue to play in the lives of working class and disadvantaged populations, this book provides a powerful argument against retail gentrification, and a timely analysis of class conflict in austerity Britain. It will be of great interest to scholars of geography, social policy and cultural studies.
The global financial crisis and recession have placed great strains
on the free market ideology that has emphasized economic objectives
and unregulated markets. The balance of economic and noneconomic
goals is under the microscope in every sector of the economy. It is
time to re-think the objectives of the employment relationship and
the underlying assumptions of how that relationship operates.
After many years in which it appeared to be losing the pre-eminent position it had occupied in the lexicon of the social and human sciences, the term 'capitalism' has once again become a matter of critical concern, both theoretically and substantively, in a range of disciplinary fields. The global financial and environmental crises, and the shifting of economic power associated with the rise of the BRICs and the sovereign debt contagion in the Eurozone, for example, have all put the norms, practices, and devices of capitalist conduct back under the spotlight. Luc Boltanski and Eve Chiapello's The New Spirit of Capitalism has become a seminal text since its publication, sparking debate about the meaning, significance, and effects of contemporary changes in economic and organizational life, and becoming a reference point in political discussions about the welfare state, collective action in a 'networked' world, and reconciliation of the interests of social justice with the 'laws of the markets'. This edited book offers the first comprehensive attempt to examine the power and reach of Boltanski and Chiapello's argument, the text's theoretical and methodological perspectives, tools, and techniques, and to do so in relation to the development of neo-liberal capitalism in the period since its original publication and in particular the culmination of these developments in the ongoing crisis since the financial collapse of 2007-8. The volume provides both a balanced critique and overview of New Spirit, but also shows how it can be used in a variety of empirical studies to develop new insights into the functioning and regulation of capitalism in the contemporary era. The volume brings together leading scholars from a range of disciplinary fields such as Sociology, Management and Organization Studies, and Geography. Luc Boltanksi and Eve Chiapello also offer their thoughts on the continuing relevance of New Spirit over a decade after its publication, and in the context of contemporary global economic and political developments.
A more ethical economic system is now possible, one that rectifies the crisis spots of our current downturn while balancing the injustices of extreme poverty and wealth. Adam Arvidsson and Nicolai Peitersen, a scholar and an entrepreneur, outline the shape such an economy might take, identifying its origins in innovations already existent in our production, valuation, and distribution systems.
Much like nineteenth-century entrepreneurs, philosophers, bankers, artisans, and social organizers who planned a course for modern capitalism that was more economically efficient and ethically desirable, we now have a chance to construct new instruments, institutions, and infrastructure to reverse the trajectory of a quickly deteriorating economic environment. Considering a multitude of emerging phenomena, Arvidsson and Peitersen show wealth creation can be the result of a new kind of social production, and the motivation of continuous capital accumulation can exist in tandem with a new desire to maximize our social impact.
Arvidsson and Peitersen argue that financial markets could become a central arena in which diverse ethical concerns are integrated into tangible economic valuations. They suggest that such a common standard has already emerged and that this process is linked to the spread of social media, making it possible to capture the sentiment of value to most people. They ultimately recommend how to build upon these developments to initiate a radical democratization of economic systems and the value decisions they generate.
*Winner of International Studies Association (ISA)'s International Political Sociology Best Book Prize for 2017* *Winner of British International Studies Association (BISA)'s International Political Economy Working Group Book Prize of 2016* *Shortlisted for the ISA Book Prize* Mainstream historical accounts of the development of capitalism describe a process which is fundamentally European - a system that was born in the mills and factories of England or under the guillotines of the French Revolution. In this groundbreaking book, a very different story is told. How the West Came to Rule offers a interdisciplinary and international historical account of the origins of capitalism. It argues that contrary to the dominant wisdom, capitalism's origins should not be understood as a development confined to the geographically and culturally sealed borders of Europe, but the outcome of a wider array of global processes in which non-European societies played a decisive role. Through an outline of the uneven histories of Mongolian expansion, New World discoveries, Ottoman-Habsburg rivalry, the development of the Asian colonies and bourgeois revolutions, Alexander Anievas and Kerem Nisancioglu provide an account of how these diverse events and processes came together to produce capitalism.
The authors offer a revolutionary solution to risk management. It's the unknown risks that keep leaders awake at night-wondering how to prepare for and steer their organization clear from that which they cannot predict. Businesses, governments and regulatory bodies dedicate endless amounts of time and resources to the task of risk management, but every leader knows that the biggest threats will come from some new chain of events or unexpected surprises-none of which will be predicted using conventional wisdom or current risk management technologies and so management will be caught completely off guard when the next crisis hits. By adopting a scientific approach to risk management, we can escape the limited and historical view of experience and statistical based risk management models to expose dynamic complexity risks and prepare for new and never experienced events.
First published in 1944 and years ahead of its time, this book became the foundation for many future studies of imperialism and economic development. Binding an economic view of history with strong moral argument, Williams' study of the role of slavery in financing the Industrial Revolution refuted traditional ideas of economic and moral progress, and firmly established the centrality of the African slave trade in European economic development. He also showed that mature industrial capitalism, in turn, helped destroy the slave system. Establishing the exploitation of commercial capitalism and its link to racial attitudes, Williams employed a historicist vision that set the tone for future studies. Collin Palmer assesses the lasting impact of Williams' groundbreaking work and analyses the heated scholarly debate it generated when it first appeared. The late Eric Williams was Prime Minister of Trinidad and Tobago from 1956 until his death in 1981.
With the collapse of the Council for Mutual Economic Assistance in 1991, the Eastern European nations of the former socialist bloc had to figure out their newly capitalist future. Capitalism, they found, was not a single set of political-economic relations. Rather, they each had to decide what sort of capitalist nation to become. In Capitalist Diversity on Europe's Periphery, Dorothee Bohle and Bela Geskovits trace the form that capitalism took in each country, the assets and liabilities left behind by socialism, the transformational strategies embraced by political and technocratic elites, and the influence of transnational actors and institutions. They also evaluate the impact of three regional shocks: the recession of the early 1990s, the rolling global financial crisis that started in July 1997, and the political shocks that attended EU enlargement in 2004.
Bohle and Greskovits show that the postsocialist states have established three basic variants of capitalist political economy: neoliberal, embedded neoliberal, and neocorporatist. The Baltic states followed a neoliberal prescription: low controls on capital, open markets, reduced provisions for social welfare. The larger states of central and eastern Europe (Poland, Hungary, and the Czech and Slovak republics) have used foreign investment to stimulate export industries but retained social welfare regimes and substantial government power to enforce industrial policy. Slovenia has proved to be an outlier, successfully mixing competitive industries and neocorporatist social inclusion. Bohle and Greskovits also describe the political contention over such arrangements in Romania, Bulgaria, and Croatia. A highly original and theoretically sophisticated typology of capitalism in postsocialist Europe, this book is unique in the breadth and depth of its conceptually coherent and empirically rich comparative analysis."
This book offers a comprehensive overview of the pre-modern economic history of Central Asia and the Silk Road, covering several millennia. By analyzing an abundance of sources and materials, it illustrates the repeated economic heydays of the Silk Road, during which it linked the Orient and Occident for many centuries. Nomadic steppe empires frequently dominated Central Asia, molded its economy and influenced trade along the Silk Road. The book assesses the causes and effects of the wide-ranging overland trade booms, while also discussing various internal and external factors that led to the gradual economic decline of Central Asia and eventual demise of the Silk Road. Lastly, it explains how the economic decline gave rise to Chinese and Russian colonialism in the 18th and 19th centuries. Detailed information, e.g. on the Silk Road's trajectories in various epochs, is offered in the form of numerous newly drafted maps.
This edited volume analyzes recent key developments in EU border management. In light of the refugee crises in the Mediterranean and the responses on the part of EU member states, this volume presents an in-depth reflection on European border practices and their political, social and economic consequences. Approaching borders as concepts in flux, the authors identify three main trends: the rise of security technologies such as the EUROSUR system, the continued externalization of EU security governance such as border mission training in third states, and the unfolding dynamics of accountability. The contributions show that internal security cooperation in Europe is far from consolidated, since both political oversight mechanisms and the definition of borders remain in flux. This edited volume makes a timely and interdisciplinary contribution to the ongoing academic and political debate on the future of open borders and legitimate security governance in Europe. It offers a valuable resource for scholars in the fields of international security and migration studies, as well as for practitioners dealing with border management mechanisms.
This book thoroughly prepares intermediate-level readers for research in social science, organization studies, economics, finance, marketing science, and business science as complex adaptive systems. It presents the advantages of social simulation studies and business intelligence to those who are not familiar with the computational research approach, and offers experienced modelers various instructive examples of using agent-based modeling and business intelligence approaches to inspire their own work. In addition, the book discusses cutting-edge techniques for complex adaptive systems using their applications. To date, business science studies have focused only on data science and analyses of business problems. However, using these studies to enhance the capabilities of conventional techniques in the fields has not been investigated adequately. This book addresses managing the issues of societies, firms, and organizations to profit from interaction with agent-based modeling, human- and computer- mixed systems, and business intelligence approaches, an area that is fundamental for complex but bounded rational business environments. With detailed research by leading authors in the field, Innovative Approaches in Agent-Based Modelling and Business Intelligence inspires readers to join with other disciplines and extend the scope of the book with their own unique contributions. It also includes the common challenges encountered in computational social science and business science to enable researchers, students, and professionals to resolve their own problems.
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