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An Economist’s Guide to Economic History (Palgrave Studies in Economic History)
by Matthias Blum Christopher L. ColvinWithout economic history, economics runs the risk of being too abstract or parochial, of failing to notice precedents, trends and cycles, of overlooking the long-run and thus misunderstanding ‘how we got here’. Recent financial and economic crises illustrate spectacularly how the economics profession has not learnt from its past.This important and unique book addresses this problem by demonstrating the power of historical thinking in economic research. Concise chapters guide economics lecturers and their students through the field of economic history, demonstrating the use of historical thinking in economic research, and advising them on how they can actively engage with economic history in their teaching and learning.Blum and Colvin bring together important voices in the field to show readers how they can use their existing economics training to explore different facets of economic history. Each chapter introduces a question or topic, historical context or research method and explores how they can be used in economics scholarship and pedagogy. In a century characterised to date by economic uncertainty, bubbles and crashes, An Economist’s Guide to Economic History is essential reading.For further information visit http://www.blumandcolvin.org
An Economist’s Lessons on Happiness: Farewell Dismal Science!
by Richard A. EasterlinOnce called the “dismal science,” economics now offers prescriptions for improving people’s happiness. In this book Richard Easterlin, the “father of happiness economics,” draws on a half-century of his own research and that conducted by fellow economists and psychologists to answer in plain language questions like: Can happiness be measured? Will more money make me happier? What about finding a partner? Getting married? Having a baby? More exercise? Does religion help? Who is happier—women or men, young or old, rich or poor? How does happiness change as we go through different stages of life? Public policy is also in the mix: Can the government increase people’s happiness? Should the government increase their happiness? Which countries are the happiest and why? Does a country need to be rich to be happy? Does economic growth improve the human lot? Some of the answers are surprising (no, more money won’t do the trick; neither will economic growth; babies are a mixed blessing!), but they are all based on reason and well-vetted evidence from the fields of economics and psychology. In closing, Easterlin traces the genesis of the ongoing “Happiness Revolution” and considers its implications for people’s lives down the road.
An Economy Based on Carbon Dioxide and Water: Potential of Large Scale Carbon Dioxide Utilization
by Michele Aresta Iftekhar Karimi Sibudjing KawiThis book is devoted to CO2 capture and utilization (CCU) from a green, biotechnological and economic perspective, and presents the potential of, and the bottlenecks and breakthroughs in converting a stable molecule such as CO2 into specialty chemicals and materials or energy-rich compounds. The use of renewable energy (solar, wind, geothermal, hydro) and non-fossil hydrogen is a must for converting large volumes of CO2 into energy products, and as such, the authors explore and compare the availability of hydrogen from water using these sources with that using oil or methane. Divided into 13 chapters, the book offers an analysis of the conditions under which CO2 utilization is possible, and discusses CO2 capture from concentrated sources and the atmosphere. It also analyzes the technological (non-chemical) uses of CO2, carbonation of basic minerals and industrial sludge, and the microbial-catalytic-electrochemical-photoelectrochemical-plasma conversion of CO2 into chemicals and energy products. Further, the book provides examples of advanced bioelectrochemical syntheses and RuBisCO engineering, as well as a techno-energetic and economic analysis of CCU. Written by leading international experts, this book offers a unique perspective on the potential of the various technologies discussed, and a vision for a sustainable future. Intended for graduates with a good understanding of chemistry, catalysis, biotechnology, electrochemistry and photochemistry, it particularly appeals to researchers (in academia and industry) and university teachers.
An Economy of Strangers: Jews and Finance in England, 1650-1830 (Jewish Culture and Contexts)
by Avinoam Yuval-NaehOne of the most persistent, powerful, and dangerous notions in the history of the Jews in the diaspora is the prodigious talent attributed to them in all things economic. From the medieval Jewish usurer through the early-modern port-Jew and court-Jew to the grand financier of the nineteenth and twentieth centuries and contemporary investors, Jews loom large in the economic imagination. For capitalists and Marxists, libertarians and radical reformers, Jews are intertwined with the economy. This association has become so natural that we often overlook the history behind the making and remaking of the complex cluster of perceptions about Jews and economy, which emerged within different historical contexts to meet a variety of personal and societal anxieties and needs.In An Economy of Strangers, Avinoam Yuval-Naeh historicizes this association by focusing on one specific time and place—the financial revolution that England underwent from the late seventeenth century that coincided with the reestablishment of the Jewish population there for the first time in almost four hundred years. European Christian societies had to that point shunned finance and constructed a normative system to avoid it, relying on the figure of the Jew as a foil. But as the economy modernized in the seventeenth century, finance became the hinge of national power. Finance’s rise in England provoked intense national debates. Could financial economy, based on lending money on interest, be accommodated within Christian state and society when it had previously been understood as a Jewish practice?By projecting the modern economy and the Jewish community onto each other, the Christian majority imbued them with interrelated meanings. This braiding together of parallel developments, Yuval-Naeh argues, reveals in a meaningful way how the contemporary and wide-ranging association of Jews with the modern economy could be created.
An Ecosystem Approach to Economic Stabilization: Escaping the Neoliberal Wilderness (Routledge Advances in Heterodox Economics)
by Rodrick WallaceThe creation of economic institutions that can function well under substantial uncertainties -- Black Swans -- is analogous to the dilemmas confronting our hunter-gatherer forefathers in the face of large-scale ecological unpredictability. The ultimate solution was not the development of a super hunter-gatherer technology that could ride out repeated catastrophe, but rather the invention, in neolithic times, of culturally-adapted 'farmed' ecosystems constructed to maximize food yield and minimize risks of famine. Recent advances in evolutionary and ecosystem theory applied to economic structure and process may permit construction of both new economic theory and new tools for data analysis that can help in the design of more robust economic institutions. This may result in less frequent and less disruptive transitions, and enable the design of culturally-specific systems less affected by those that do occur. This unique and innovative book applies cutting-edge methods from cognitive science and evolutionary theory to the problem of the necessary stabilization of economic processes. At the core of this book is the establishment of a statistics-like toolbox for the study of empirical data that is consistent with generalized evolutionary approaches. This toolbox enables the construction of both new economic theories and methods of data analysis that can help in the design of more robust economic institutions. This in turn will result in less frequent and less disruptive Black Swans, and enable as well the design of culturally-specific systems less affected by those that do occur.
An Edible History of Humanity
by Tom StandageIn this book, Tom Standage charts the enlightening history of humanity through the foods we eat. More than simply sustenance, food historically has been a kind of technology, changing the course of human progress by helping to build empires, promote industrialization, and decide the outcomes of wars. Tom Standage draws on archaeology, anthropology, and economics to reveal how food has helped shape and transform societies around the world, from the emergence of farming in China by 7500 b.c. to the use of sugar cane and corn to make ethanol today.
An Education: How an outsider became an insider - and learned what really goes on in Irish government
by John Walshe'Fascinating' Fintan O'Toole, Irish Times'It's a fascinating book. I ended up reading it till about four in the morning. It gives an incredible insight.' Shane Coleman, political editor, Newstalk'Excellent' Sam Smyth, Irish Mail on Sunday'A great read and I'd recommend it' Hugh Linehan, Irish Times'One of the best journalists I ever worked with ... his tell-all book is absolutely fascinating' Matt Cooper, Today FM'Like pulling back the curtains and getting a sneaky peak inside ... fascinating' Sinéad Desmond, Ireland AM, TV3After over forty years in national journalism, John Walshe thought he had seen and heard it all. That was until he got a once-in-a-lifetime opportunity to work in government and see how decisions are really made ...Having spent most of his career as an education correspondent, Walshe did not have to think twice about accepting incoming education minister Ruairi Quinn's invitation to become his special adviser. So in a matter of weeks he found himself in the seat of power in Government Buildings and up close and personal with some of the country most powerful decision-makers. It was heady stuff.An Education is John Walshe's revealing, surprising and entertaining inside account of what it's like be part of a government trying to get to grips with a country and an economy in free-fall. It is an anatomy of how choices are made, particularly when the choices are between swingeing cuts and drastic savings. And it is a gripping description of the ferocious day-to-day territorial battles and face-offs between the coalition parties and their backroom staff.Ruairi Quinn knew this would be his last cabinet post and he was determined to leave a legacy. Walshe documents the triumphs and disasters of Quinn's mission to reshape Irish education. In doing so he gets to the heart of the mix of idealism, egotism and pragmatism that ultimately drives those who govern.John Walshe's forty-month education on the corridors of power him left him much wiser about those who set out to do the state some service. His conclusions are sometimes encouraging and sometimes dismaying. But they are always enlightening. An Education is both lively and essential reading for anyone who wants to understand Irish politics in the raw.
An Elegant Puzzle: Systems Of Engineering Management
by Will LarsonThere's a saying that people don't leave companies, they leave managers. Management is a key part of any organization, yet the discipline is often self-taught and unstructured. Getting to the good solutions of complex management challenges can make the difference between fulfillment and frustration for teams, and, ultimately, the success or failure of companies. <p><p> Will Larson's An Elegant Puzzle orients around the particular challenges of engineering management--from sizing teams to technical debt to succession planning--and provides a path to the good solutions. Drawing from his experience at Digg, Uber, and Stripe, Will Larson has developed a thoughtful approach to engineering management that leaders of all levels at companies of all sizes can apply. An Elegant Puzzle balances structured principles and human-centric thinking to help any leader create more effective and rewarding organizations for engineers to thrive in.
An Elementary Introduction to Mathematical Finance
by Sheldon M. RossThis textbook on the basics of option pricing is accessible to readers with limited mathematical training. It is for both professional traders and undergraduates studying the basics of finance. Assuming no prior knowledge of probability, Sheldon M. Ross offers clear, simple explanations of arbitrage, the Black-Scholes option pricing formula, and other topics such as utility functions, optimal portfolio selections, and the capital assets pricing model. Among the many new features of this third edition are new chapters on Brownian motion and geometric Brownian motion, stochastic order relations, and stochastic dynamic programming, along with expanded sets of exercises and references for all the chapters.
An Embarrassment of Riches
by Alexander GreenTune into the news and you'll hear stories of war, disease, natural disasters, corruption, violence, poverty, crime, nuclear proliferation, terrorism and political dysfunction in Washington. Polls show many believe the American dream is fading, our children face limited opportunities, and the country is decidedly on the wrong track. Yet this dour perspective - one recycled 24/7 by the national media - is a gross distortion of the world we live in today. As national investment expert and bestselling author Alexander Green reveals in this engrossing and provocative new book, the human race has never had it so good. In the West today, we work shorter hours, have more purchasing power, enjoy goods and services in almost limitless supply, and have more leisure time than ever before. Living standards are the highest they have ever been. The human life span has nearly doubled over the past hundred years. Literacy and education levels - even I.Q.'s - are at all-time highs. Technology and medicine are revolutionizing our lives. All forms of pollution - with the exception of greenhouse gases - are in decline. Access to the arts has never been greater. Crime is in a long-term cycle of decline. And the risk of death by violence has never been smaller for most of humanity.By almost every measure, our lives today are wealthy beyond measure. We are all heir to an embarrassment of riches. Yet - thanks in large part the drumbeat of negative media coverage - most of us don't realize it. Green compares the average citizen to "a lottery winner whose ticket is lost in some upstairs drawer."The consequences of adopting the cynical but popular worldview are many, including needless pessimism, missed investment opportunities, and - surprisingly - even poorer health. Yet An Embarrassment of Riches provides a powerful antidote. Green begins with a robust survey of the many ways our lives are becoming longer, easier, safer, healthier and more prosperous. He then embarks on a wide-ranging exploration of the ideas and the many men and women - both living and dead - that are still enriching our lives today.Among the many subjects explored are American exceptionalism, the extraordinary power of economic freedom, the lifesaving role of medicine and technology, the life-extending benefits of optimism, the radical theology of Thomas Jefferson, the keys to civility and greatness, the wisdom of Confucius and Aristotle, the ability of beauty to enrich our lives, and even one artist's thought-provoking take on "how to defeat death."In An Embarrassment of Riches, New York Times bestselling author Alexander Green offers a holistic approach to wealth - and offers a welcome perspective that allows us to live fuller, richer lives.
An Emerging Non-Regular Labour Force in Japan: The Dignity of Dispatched Workers (Nissan Institute/Routledge Japanese Studies)
by Huiyan FuLike many industrialised nations, the current employment trend in Japan centres on diversification of the labour market with an increased use of temporary labour. Among a wide range of non-regular labour arrangements, haken are a newly legalised category of non-regular workers who are typically employed by the employment agency while working at the facilities of and being under the authority of the client firm. They have recently expanded exponentially under the state’s deregulation policy and assumed considerable significance in political debate, especially with regard to the nation’s ‘widening gaps’ known as kakusa. This is the first anthropological study of haken and temporary agency work (TAW) in Japan which combines both macro- and micro level analyses. At the macro level, haken are explored from a historical perspective with a view to showing the changing state policy and public perception of haken. At the micro level, how TAW is experienced by real people in concrete situations is extremely varied and complex, often depending on intersecting structural variables including gender, age and class. The book therefore provides insight into the gap between powerful discourses and everyday life, as well as a better understanding of personhood in Japan’s shifting landscape of employment. This book will be of interest to students and scholars of Japanese Studies, Japanese Business, Asian Business and Asian Anthropology.
An Empire of Indifference: American War and the Financial Logic of Risk Management
by Randy MartinIn this significant Marxist critique of contemporary American imperialism, the cultural theorist Randy Martin argues that a finance-based logic of risk control has come to dominate Americans' everyday lives as well as U. S. foreign and domestic policy. Risk management--the ability to adjust for risk and to leverage it for financial gain--is the key to personal finance as well as the defining element of the massive global market in financial derivatives. The United States wages its amorphous war on terror by leveraging particular interventions (such as Iraq) to much larger ends (winning the war on terror) and by deploying small numbers of troops and targeted weaponry to achieve broad effects. Both in global financial markets and on far-flung battlegrounds, the multiplier effects are difficult to foresee or control. Drawing on theorists including Michel Foucault, Giorgio Agamben, Michael Hardt, Antonio Negri, and Achille Mbembe, Martin illuminates a frightening financial logic that must be understood in order to be countered. Martin maintains that finance divides the world between those able to avail themselves of wealth opportunities through risk taking (investors) and those who cannot do so, who are considered "at risk. " He contends that modern-day American imperialism differs from previous models of imperialism, in which the occupiers engaged with the occupied to "civilize" them, siphon off wealth, or both. American imperialism, by contrast, is an empire of indifference: a massive flight from engagement. The United States urges an embrace of risk and self-management on the occupied and then ignores or dispossesses those who cannot make the grade.
An Empire of Print: The New York Publishing Trade in the Early American Republic (Penn State Series in the History of the Book #28)
by Steven Carl SmithHome to the so-called big five publishers as well as hundreds of smaller presses, renowned literary agents, a vigorous arts scene, and an uncountable number of aspiring and established writers alike, New York City is widely perceived as the publishing capital of the United States and the world. This book traces the origins and early evolution of the city’s rise to literary preeminence. Through five case studies, Steven Carl Smith examines publishing in New York from the post–Revolutionary War period through the Jacksonian era. He discusses the gradual development of local, regional, and national distribution networks, assesses the economic relationships and shared social and cultural practices that connected printers, booksellers, and their customers, and explores the uncharacteristically modern approaches taken by the city’s preindustrial printers and distributors. If the cultural matrix of printed texts served as the primary legitimating vehicle for political debate and literary expression, Smith argues, then deeper understanding of the economic interests and political affiliations of the people who produced these texts gives necessary insight into the emergence of a major American industry. Those involved in New York’s book trade imagined for themselves, like their counterparts in other major seaport cities, a robust business that could satisfy the new nation’s desire for print, and many fulfilled their ambition by cultivating networks that crossed regional boundaries, delivering books to the masses.A fresh interpretation of the market economy in early America, An Empire of Print reveals how New York started on the road to becoming the publishing powerhouse it is today.
An Empire of Print: The New York Publishing Trade in the Early American Republic (Penn State Series in the History of the Book)
by Steven Carl SmithHome to the so-called big five publishers as well as hundreds of smaller presses, renowned literary agents, a vigorous arts scene, and an uncountable number of aspiring and established writers alike, New York City is widely perceived as the publishing capital of the United States and the world. This book traces the origins and early evolution of the city’s rise to literary preeminence.Through five case studies, Steven Carl Smith examines publishing in New York from the post–Revolutionary War period through the Jacksonian era. He discusses the gradual development of local, regional, and national distribution networks, assesses the economic relationships and shared social and cultural practices that connected printers, booksellers, and their customers, and explores the uncharacteristically modern approaches taken by the city’s preindustrial printers and distributors. If the cultural matrix of printed texts served as the primary legitimating vehicle for political debate and literary expression, Smith argues, then deeper understanding of the economic interests and political affiliations of the people who produced these texts gives necessary insight into the emergence of a major American industry. Those involved in New York’s book trade imagined for themselves, like their counterparts in other major seaport cities, a robust business that could satisfy the new nation’s desire for print, and many fulfilled their ambition by cultivating networks that crossed regional boundaries, delivering books to the masses.A fresh interpretation of the market economy in early America, An Empire of Print reveals how New York started on the road to becoming the publishing powerhouse it is today.
An Empire of Wealth: The Epic History of American Economic Power
by John Steele Gordon“Superb . . . the best one-volume economic history of the United States in a long time and, perhaps, ever.” —NewsweekIn this illuminating history, John Steele Gordon tells the extraordinary story of the world’s first economic superpower. He shows how the American economy became not only the world’s largest, but also its most dynamic and innovative. Combining its English political inheritance with its diverse, ambitious population, the nation was able to develop more wealth for more and more people as it grew.Far from a guaranteed success, America’s economy suffered near constant adversity. It survived a profound recession after the Revolution, an unwise decision by Andrew Jackson that left the country without a central bank for nearly eighty years, and the disastrous Great Depression of the 1930s. Yet, having weathered those trials, the economy became vital enough to Americanize the world in recent decades. Virtually every major development in technology in the twentieth century originated in the United States, and as the products of those technologies traveled around the globe, the result was a subtle, peaceful, and pervasive spread of American culture and perspective.
An Empirical Study of SOE Corporate Governance Attributes for Emerging Markets
by Giang Hoang Kok Boon OhThis book investigates the institutional characteristics of state-linked firms in Vietnam to draw lessons for investors/MNCs targeting Vietnam and other emerging markets in the region. Vietnam and many other ASEAN countries have gone through a period of privatization and equitization of wholly controlled SOEs, with the State retaining partial ownership in many privatized businesses. This book explains the dynamic relationships between the State, BODs, shareholders, and regulators and their influence on corporate governance and SOE performance. This book differs from other publications in that it extrapolates the findings from our study to a broader context on how the defined internal mechanisms implicate the local economy and global supply chains/markets. This book investigates robust theoretical foundations, and rigorous applied empirical research underpin the role of the State in SOEs. It differs from other studies in terms of qualitative and empirical research to provide the contextual setting to elucidate how to successfully navigate emerging market business with the State as an "owner-participant." This book explains the theoretical constructs of corporate governance in SOEs, applies empirical research methodologies, and draws results to validate inferences to (1) investigate the link between the board of directors and ownership attributes and agency cost levels using Vietnamese listed firms for the period from 2006 to 2013, (2) evaluate the effectiveness of State's corporate initiatives and monitoring through its sovereign wealth fund known as the State Capital Investment Corporation (SCIC), and (3) infer and explain the motivation of the State as a shareholder. This book takes cognizance of Vietnam's idiosyncratic institutional (using its sovereign wealth fund as an investment vehicle and management proxy), economic, regulatory, and corporate environments and the realities for developing an effective and sustainable business model, vis-à-vis the ownership structure, board of directors' composition and corporate governance, for better business performance. While the focus is on Vietnam, the content is also relevant to the role of the State in other emerging markets as a player in shaping the business strategy, model, and direction of SOEs.
An Encyclopedia of Swearing: The Social History of Oaths, Profanity, Foul Language, and Ethnic Slurs in the English-speaking World
by Geoffrey HughesThis is the only encyclopedia and social history of swearing and foul language in the English-speaking world. It covers the various social dynamics that generate swearing, foul language, and insults in the entire range of the English language. While the emphasis is on American and British English, the different major global varieties, such as Australian, Canadian, South African, and Caribbean English are also covered. A-Z entries cover the full range of swearing and foul language in English, including fascinating details on the history and origins of each term and the social context in which it found expression. Categories include blasphemy, obscenity, profanity, the categorization of women and races, and modal varieties, such as the ritual insults of Renaissance "flyting" and modern "sounding" or "playing the dozens." Entries cover the historical dimension of the language, from Anglo-Saxon heroic oaths and the surprising power of medieval profanity, to the strict censorship of the Renaissance and the vibrant, modern language of the streets. Social factors, such as stereotyping, xenophobia, and the dynamics of ethnic slurs, as well as age and gender differences in swearing are also addressed, along with the major taboo words and the complex and changing nature of religious, sexual, and racial taboos.
An End to Poverty? A Historical Debate
by Gareth Stedman JonesA renowned historian explores the history of arguments about poverty and globalization, and their relevance to contemporary political debates.
An End to Poverty?: A Historical Debate
by Gareth Stedman JonesIn the 1790s, for the first time, reformers proposed bringing poverty to an end. Inspired by scientific progress, the promise of an international economy, and the revolutions in France and the United States, political thinkers such as Thomas Paine and Antoine-Nicolas Condorcet argued that all citizens could be protected against the hazards of economic insecurity. In An End to Poverty? Gareth Stedman Jones revisits this founding moment in the history of social democracy and examines how it was derailed by conservative as well as leftist thinkers. By tracing the historical evolution of debates concerning poverty, Stedman Jones revives an important, but forgotten strain of progressive thought. He also demonstrates that current discussions about economic issues—downsizing, globalization, and financial regulation—were shaped by the ideological conflicts of the late eighteenth and early nineteenth centuries.Paine and Condorcet believed that republicanism combined with universal pensions, grants to support education, and other social programs could alleviate poverty. In tracing the inspiration for their beliefs, Stedman Jones locates an unlikely source-Adam Smith. Paine and Condorcet believed that Smith's vision of a dynamic commercial society laid the groundwork for creating economic security and a more equal society. But these early visions of social democracy were deemed too threatening to a Europe still reeling from the traumatic aftermath of the French Revolution and increasingly anxious about a changing global economy. Paine and Condorcet were demonized by Christian and conservative thinkers such as Burke and Malthus, who used Smith's ideas to support a harsher vision of society based on individualism and laissez-faire economics. Meanwhile, as the nineteenth century wore on, thinkers on the left developed more firmly anticapitalist views and criticized Paine and Condorcet for being too "bourgeois" in their thinking. Stedman Jones however, argues that contemporary social democracy should take up the mantle of these earlier thinkers, and he suggests that the elimination of poverty need not be a utopian dream but may once again be profitably made the subject of practical, political, and social-policy debates.
An End to the Bull
by Gary NordenGo beyond technical analysis tools with this comprehensive lookat trading analysis Strategies for successful trading analysis for all markets areout there, but they're not often found in books for the generalpublic. So what are the secrets that professional traders know, butaren't willing to share? An End to the Bull: Cut Through thenoise to Develop A Sustainable Trading Career is a robust,honest resource that presents an alternative approach to themarkets, combining traditional technical tools with fundamentalanalysis, behavioral finance, and other key concepts to enrichreaders' trading knowledge. The author's comprehensive, educatedlook at the topic fills a huge need in the trading community, andis ideal both for novices and experienced traders.In An End to the Bull, Norden suggests that totalreliance on traditional technical analysis can lead to failure, andhas ended in disappointment for many. The book offers up a uniqueapproach for anyone looking to establish a sustainable tradingcareer based on a combination of the most tried-and-true methods.While it focuses especially on trading in Australia, the book is auseful resource for international traders at all levels.Explains why change is needed in trading analysis and presentsa revolutionary approach used by successful professionaltradersShares the core techniques and strategies to build knowledgeand establish a business-minded attitudeDiscusses more advanced ideas crucial for all traders,including understanding volatility and the typical flaws ofbehavioral financeGives solid advice for traders anywhere in the worldAn End to the Bull takes the mystery out of tradinganalysis and puts the power to navigating markets into the hands ofreaders.
An Engine, Not a Camera: How Financial Models Shape Markets
by Donald MackenzieDonald argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes.
An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology)
by Donald MacKenzieIn An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes.Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities.MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
An Enlarged Europe: Regions in Competition? (Regions and Cities #No. 6)
by Mark Hart Sally Hardy Louis Albrechts Anastasios KatosThe political and economic geography of Europe is changing - the European Community is expanding its boundaries towards EFTA and is resuming a closer association with Central and Eastern European regions engaged in radical restructuring. As EC integration accelerates there is the prospect of intensified inter-regional competition. This book, divided into five parts, examines in detail the changes and the challenge for policy makers. The introduction draws out the central themes of the book, addressing EC regional performance and future indicators, the enlargement and changing map of Europe and the implications for the EC of Eastern European changes. The second part deals with EC issues, particularly focusing on the economic and spatial impact of European integration. Part 3 addresses Eastern European issues, and Part 4 covers the Peripheral Regions. The final part is devoted to a policy debate, concluding with a policy agenda for the forthcoming decade.
An Enquiry into the Asian Growth Model
by Dilip K. DasDuring the post-World War-II period, several Asian economies turned in stellar performances. This book addresses the all-important query regarding the ebullient growth performance of a group of dynamic Asian economies. Its principal focus is the so-called Asian growth model, which enabled them to achieve what became known as the 'miraculous' growth
An Enquiry into the Ideology and Reality of Market and Market System
by John LepperWhy do markets exist? How are they maintained? What are market systems and how are they formed? This book addresses these fundamental questions and challenges the traditional view that markets and market systems are 'natural', asserting instead that they are ideologically coloured and of dubious scientific value.