For Western economists and journalists, the most distinctive facet of the post-war Japanese business world has been the keiretsu, or the insular business alliances among powerful corporations. Within keiretsu groups, argue these observers, firms preferentially trade, lend money, take and receive technical and financial assistance, and cement their ties through cross-shareholding agreements. In The Fable of the Keiretsu, Yoshiro Miwa and J. Mark Ramseyer demonstrate that all this talk is really just urban legend.
In their insightful analysis, the authors show that the very idea of the keiretsu was created and propagated by Marxist scholars in post-war Japan. Western scholars merely repatriated the legend to show the culturally contingent nature of modern economic analysis. Laying waste to the notion of keiretsu, the authors debunk several related “facts” as well: that Japanese firms maintain special arrangements with a “main bank,” that firms are systematically poorly managed, and that the Japanese government guided post-war growth. In demolishing these long-held assumptions, they offer one of the few reliable chronicles of the realities of Japanese business.
Winner of the 2002 Berkshire Prize, presented by the Berkshire Conference of Women Historians
Fabricating Women examines the social institution of the seamstresses’ guild in France from the time of Louis XIV to the Revolution. In contrast with previous scholarship on women and gender in the early modern period, Clare Haru Crowston asserts that the rise of the absolute state, with its centralizing and unifying tendencies, could actually increase women’s economic, social, and legal opportunities and allow them to thrive in corporate organizations such as the guild. Yet Crowston also reveals paradoxical consequences of the guild’s success, such as how its growing membership and visibility ultimately fostered an essentialized femininity that was tied to fashion and appearances. Situating the seamstresses’ guild as both an economic and political institution, Crowston explores in particular its relationship with the all-male tailors’ guild, which had dominated the clothing fabrication trade in France until women challenged this monopoly during the seventeenth century. Combining archival evidence with visual images, technical literature, philosophical treatises, and fashion journals, she also investigates the techniques the seamstresses used to make and sell clothing, how the garments reflected and shaped modern conceptions of femininity, and guild officials’ interactions with royal and municipal authorities. Finally, by offering a revealing portrait of these women’s private lives—explaining, for instance, how many seamstresses went beyond traditional female boundaries by choosing to remain single and establish their own households—Crowston challenges existing ideas about women’s work and family in early modern Europe. Although clothing lay at the heart of French economic production, social distinction, and cultural identity, Fabricating Women is the first book to investigate this immense and archetypal female guild in depth. It will be welcomed by students and scholars of French and European history, women’s and labor history, fashion and technology, and early modern political economy.
Everyone knows that the current tax system is unfair. Some of the richest people in America pay no tax, while a huge share of the tax burden falls on the rest of us. A mere glance at the tax code confirms that it is far too complex, with volumes of rules that no ordinary person could possibly comprehend. What is to be done? Some conservatives have called for a so-called flat tax. But a flat tax is not necessarily a simple tax, and "flat" means "more" for most taxpayers: a rise in middle-class taxes to finance tax cuts for the rich. Is there another choice?
In clear, easy-to-understand language, Edward J. McCaffery proposes a straightforward and fair alternative. A "fair not flat" tax that is consistent and progressive would tax spending, not income and savings. And if it were collected at its lower levels through a national sales tax, most people would not have to file a return. A supplemental tax on spending for the wealthiest individuals would make the national sales tax progressive. Under McCaffery's system, a family of four would pay no tax on their first $20,000 in spending, and 15 percent on the next $60,000. Only the few families who spend more than $80,000 a year would be subject to the supplemental tax. Necessities would be taxed less than ordinary and luxury items. No one would be taxed directly on savings. The estate and gift or so-called death tax would be abolished, for the simple reason that dead people don't spend. The "fair not flat" tax would fall on heirs when and as they spend their good fortune. Perhaps best of all, most Americans would not have to fill out tax returns.
Simpler, more efficient, fairer, and more reflective of America's current social values, McCaffery's "fair not flat" tax could help get us out of the tax mess that politicians and special interests have gotten us into, improving the whole country in the process. Read Fair Not Flat to find out how.
“In Fair Not Flat, Mr. McCaffery lays out the case for a consumption tax. He does so in a reader-friendly way, presenting his argument with very few footnotes, equations or technical terms. The consumption of the book, so to speak, is not at all taxing. And its argument is well worth pondering.”—Bruce Bartlett, Wall Street Journal
We’ve been told, again and again, that life is unfair. But what if we’re wrong simply to resign ourselves to this situation? What if we have the power—and more, the duty—to change society for the better?
We do. And our very nature inclines us to do so. That’s the provocative argument Peter Corning makes in The Fair Society. Drawing on the evidence from our evolutionary history and the emergent science of human nature, Corning shows that we have an innate sense of fairness. While these impulses can easily be subverted by greed and demagoguery, they can also be harnessed for good. Corning brings together the latest findings from the behavioral and biological sciences to help us understand how to move beyond the Madoffs and Enrons in our midst in order to lay the foundation for a new social contract—a Biosocial Contract built on a deep understanding of human nature and a commitment to fairness. He then proposes a sweeping set of economic and political reforms based on three principles of fairness—equality, equity, and reciprocity—that together could transform our society and our world.
At this crisis point for capitalism, Corning reveals that the proper response to bank bailouts and financial chicanery isn’t to get mad—it’s to get fair.
In Fair to Middlin', Lynn Willoughby describes the livelihood of the regional antebellum economy surrounding the Apalachicola/Chattahoochee River valley and the resulting global impact of this industry. This study focuses on the port of Apalachicola, Florida and the business men who lived the trade, flourishing amongst the poor conditions of transportation, communication, money, and banking. Cotton businessmen located along the waterway and on the coast neatly divided the labour necessary to market the region's major source of income. Early regional economics revolved around and grew from the rivers that served as the primary form of transportation, and each patchwork of economy in the antebellum South relied on a different river system and its major transportation artery. Few people truly understand and realize how important cotton was to the world's economy, and no other American export came close to the importance of cotton. This power and success allowed the South to function self-sufficiently, eliminating the need to rely on other regions for goods. It was not until the introduction of the railroad system that these individual river economies blurred and faded into one another, gradually uniting to one integrated national economy.
Fair to Middlin' is the recipient of the 1992 Mrs. Simon Baruch University Award of The United Daughters of the Confederacy.
Reassessing interpretations of development with a new approach to fair trade
Is fair trade really fair? Who is it for, and who gets to decide? Fair Trade Rebels addresses such questions in a new way by shifting the focus from the abstract concept of fair trade—and whether it is “working”—to the perspectives of small farmers. It examines the everyday experiences of resistance and agricultural practice among the campesinos/as of Chiapas, Mexico, who struggle for dignified livelihoods in self-declared autonomous communities in the highlands, confronting inequalities locally in what is really a global corporate agricultural chain.
Based on extensive fieldwork, Fair Trade Rebels draws on stories from Chiapas that have emerged from the farmers’ interaction with both the fair-trade–certified marketplace and state violence. Here Lindsay Naylor discusses the racialized and historical backdrop of coffee production and rebel autonomy in the highlands, underscores the divergence of movements for fairer trade and the so-called alternative certified market, traces the network of such movements from the highlands and into the United States, and evaluates existing food sovereignty and diverse economic exchanges.
Putting decolonial thinking in conversation with diverse economies theory, Fair Trade Rebels evaluates fair trade not by the measure of its success or failure but through a unique, place-based approach that expands our understanding of the relationship between fair trade, autonomy, and economic development.
This critical account of the fair trade movement explores the vast gap between the rhetoric of fair trade and its practical results for poor countries, particularly those of Africa. In the Global North, fair trade often is described as a revolutionary tool for transforming the lives of millions across the globe. The growth in sales for fair trade products has been dramatic in recent years, but most of the benefit has accrued to the already wealthy merchandisers at the top of the value chain rather than to the poor producers at the bottom.
Ndongo Sylla has worked for Fairtrade International and offers an insider’s view of how fair trade improves—or doesn’t—the lot of the world’s poorest. His methodological framework first describes the hypotheses on which the fair trade movement is grounded before going on to examine critically the claims made by its proponents. By distinguishing local impact from global impact, Sylla exposes the inequity built into the system and the resulting misallocation of the fair trade premium paid by consumers. The Fair Trade Scandal is an empirically based critique of both fair trade and traditional free trade; it is the more important for exploring the problems of both from the perspective of the peoples of the Global South, the ostensible beneficiaries of the fair trade system.
This critical account of the fair trade movement explores the vast gap between the rhetoric of fair trade and its practical results for poor countries, particularly those of Africa. In the Global North, fair trade often is described as a revolutionary tool for transforming the lives of millions across the globe. The growth in sales for fair trade products has been dramatic in recent years, but most of the benefit has accrued to the already wealthy merchandisers at the top of the value chain rather than to the poor producers at the bottom.
Ndongo Sylla has worked for Fairtrade International and offers an insider’s view of how fair trade improves?—?or doesn’t?—?the lot of the world’s poorest. His methodological framework first describes the hypotheses on which the fair trade movement is grounded before going on to examine critically the claims made by its proponents. By distinguishing local impact from global impact, Sylla exposes the inequity built into the system and the resulting misallocation of the fair trade premium paid by consumers. The Fair Trade Scandal is an empirically based critique of both fair trade and traditional free trade; it is the more important for exploring the problems of both from the perspective of the peoples of the Global South, the ostensible beneficiaries of the fair trade system.
Fairness versus Welfare
Louis KAPLOW Harvard University Press, 2002 Library of Congress K247.K37 2002 | Dewey Decimal 340.11
By what criteria should public policy be evaluated? Fairness and justice? Or the welfare of individuals? Debate over this fundamental question has spanned the ages. Fairness versus Welfare poses a bold challenge to contemporary moral philosophy by showing that most moral principles conflict more sharply with welfare than is generally recognized. Fairness versus Welfare has profound implications for the theory and practice of policy analysis and has already generated considerable debate in academia.
Few scholars have been as influential in finance and economics as University of Chicago professor Eugene F. Fama. Over the course of a brilliant and productive career, Fama has published more than one hundred papers, filled with diverse, highly innovative contributions.
Published soon after the fiftieth anniversary of Fama’s appointment to the University of Chicago and his receipt of the Nobel Prize in Economics, The Fama Portfolio offers an authoritative compilation of Fama’s central papers. Many are classics, including his now-famous essay on efficient capital markets. Others, though less famous, are even better statements of the central ideas. Fama’s research considers key questions in finance, both as an academic field and an industry: How is information reflected in asset prices? What is the nature of risk that scares people away from larger returns? Does lots of buying and selling by active managers produce value for their clients? The Fama Portfolio provides for the first time a comprehensive collection of his work and includes introductions and commentary by the book’s editors, John H. Cochrane and Tobias Moskowitz, as well as by Fama’s colleagues, themselves top scholars and successful practitioners in finance. These essays emphasize how the ideas presented in Fama’s papers have influenced later thinking in financial economics, often for decades.
Parents around the world grapple with the common challenge of balancing work and child care. Despite common problems, the industrialized nations have developed dramatically different social and labor market policies—policies that vary widely in the level of support they provide for parents and the extent to which they encourage an equal division of labor between parents as they balance work and care. In Families That Work, Janet Gornick and Marcia Meyers take a close look at the work-family policies in the United States and abroad and call for a new and expanded role for the U.S. government in order to bring this country up to the standards taken for granted in many other Western nations. In many countries in Europe and in Canada, family leave policies grant parents paid time off to care for their young children, and labor market regulations go a long way toward ensuring that work does not overwhelm family obligations. In addition, early childhood education and care programs guarantee access to high-quality care for their children. In most of these countries, policies encourage gender equality by strengthening mothers' ties to employment and encouraging fathers to spend more time caregiving at home. In sharp contrast, Gornick and Meyers show how in the United States—an economy with high labor force participation among both fathers and mothers—parents are left to craft private solutions to the society-wide dilemma of "who will care for the children?" Parents—overwhelmingly mothers—must loosen their ties to the workplace to care for their children; workers are forced to negotiate with their employers, often unsuccessfully, for family leave and reduced work schedules; and parents must purchase care of dubious quality, at high prices, from consumer markets. By leaving child care solutions up to hard-pressed working parents, these private solutions exact a high price in terms of gender inequality in the workplace and at home, family stress and economic insecurity, and—not least—child well-being. Gornick and Meyers show that it is possible–based on the experiences of other countries—to enhance child well-being and to increase gender equality by promoting more extensive and egalitarian family leave, work-time, and child care policies. Families That Work demonstrates convincingly that the United States has much to learn from policies in Europe and in Canada, and that the often-repeated claim that the United States is simply "too different" to draw lessons from other countries is based largely on misperceptions about policies in other countries and about the possibility of policy expansion in the United States.
Two sociologists and a lawyer examine here the attitudes of both survivors and attorney on various problems surrounding inheritance—from will-making through estate settlement. Within a legal frame of reference, this book is a study of what happens within a family at death—and why. The authors use the "inheritance unit" as the basis for looking at the functions of inheritance in intergenerational family continuity and the general patterns of family relationship.
Harold James Harvard University Press, 2006 Library of Congress HD62.25.J355 2006 | Dewey Decimal 338.7
This history of three powerful family firms located in different European countries takes place over a period of more than two hundred years. The interplay and the changing social and legal arrangements of the families shaped the development of a European capitalism quite different from the Anglo-American variety.
Qualifying claims by Alfred Chandler and David Landes that family firms tend to be dysfunctional, Harold James shows how and why these steel and engineering firms were successful over long periods of time. Indeed, he sees the family enterprise as particularly conducive to managing risk during periods of upheaval and uncertainty when both states and markets are disturbed. He also identifies the key roles played by women executives during such times.
In Family Capitalism, James tells how "iron masters" of a classical industrial cast were succeeded by new generations who wanted to shift to information-age systems technologies, and how families and firms wrestled with social and economic changes that occasionally tore them apart. Finally, the author shows how the trajectories of the firms were influenced by political, military, economic, and social events and how these firms illuminate a European model of "relationship capitalism."
Most leaders in the Department of Defense (DoD) agree that family resilience is an important construct, yet DoD does not have a standard definition. The authors of this report review existing definitions of family resilience and offer a candidate definition for DoD use. They also review models of family resilience, identify key family resilience factors, and make recommendations for how DoD can manage family-resilience programs and policies.
The Farm as Natural Habitat is a vital new contribution to the debate about agriculture and its impacts on the land. Arising from the conviction that the agricultural landscape as a whole could be restored to a healthy diversity, the book challenges the notion that the dominant agricultural landscape -- bereft of its original vegetation and wildlife and despoiled by chemical runoff -- is inevitable if we are to feed ourselves. Contributors bring together insights and practices from the fields of conservation biology, sustainable agriculture, and environmental restoration to link agriculture and biodiversity, farming and nature, in celebrating a unique alternative to conventional agriculture.Rejecting the idea that "ecological sacrifice zones" are a necessary part of feeding a hungry world, the book offers compelling examples of an alternative agriculture that can produce not only healthful food, but fully functioning ecosystems and abundant populations of native species. Contributors include Collin Bode, George Boody, Brian DeVore, Arthur (Tex) Hawkins, Buddy Huffaker, Rhonda Janke, Richard Jefferson, Nick Jordan, Cheryl Miller, Heather Robertson, Carol Shennan, Judith Soule, Beth Waterhouse, and others.The Farm as Natural Habitat is both hopeful and visionary, grounded in real examples, and guided by a commitment to healthy land and thriving communities. It is the first book to offer a viable approach to addressing the challenges of protecting and restoring biodiversity on private agricultural land and is essential reading for anyone concerned with issues of land or biodiversity conservation, farming and agriculture, ecological restoration, or the health of rural communities and landscapes.
The Farm Bill is one of the most important pieces of legislation the American president signs. Negotiated every five to seven years, it has tremendous implications for food production, nutrition assistance, habitat conservation, international trade, and much more. Yet at nearly 1,000 pages, it is difficult to understand for policymakers, let alone citizens. In this primer, Dan Imhoff and Christina Badaracco translate all the “legalease" and political jargon into an accessible, graphics-rich 200 pages.
Readers will learn the basic elements of the bill, its origins and history, and perhaps most importantly, the battles that will determine the direction of food policy in the coming years. The authors trace how the legislation has evolved, from its first incarnation during the Great Depression, to today, when America has become the world’s leading agricultural powerhouse. They explain the three main components of the bill—farm subsidies, food stamps or SNAP, and conservation programs—as well as how crucial public policies are changing.
As Congress ramps up debate about the next farm bill, we all need to understand the implications of their decisions. Will there be limits on subsidies to huge agribusinesses? Can we shift toward programs that reward sustainable farming practices? Will hungry kids get the help they need? These are questions that affect not only farmers, but everyone who eats. You have a stake in the answers. The Farm Bill is your guide.
Farm Prices was first published in 1958. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions.
Few domestic questions are so controversial as the farm problem, yet the average city man finds it difficult to understand the basic issues involved. In this book Professor Cochrane describes for the layman the nature and causes of the commercial farm problem and the rural poverty problem and provides the basis for making informed judgments about these problems and their possible solutions. He analyzes the economic and political forces which are at work in the farm economy, explains the organization of modern agriculture, showing the unique structure of farming, and draws a vivid picture of the revolutionary developments which have taken place in agriculture. He discusses behavior patterns of farmers and consumers as they relate to the farm economy, and the role of government in the farm industry and in the lives of farmers.
Farm prices are constantly fluctuating, and out of this price variability emerge such serious and continuing farm problems as variable incomes, low incomes over extended periods, and uncertainty in production planning. In this study Professor Cochrane seeks to get at the root of the trouble by, first, exploring and exposing what he considers a basic fallacy in our present day thinking and approach to the farm problem. This is the widely held myth of an automatically adjusting agriculture, an agriculture that is always out of balance because of an "emergency." This myth, he points out, beclouds the issues involved in the whole farm problem.
The farm price myth splits two ways in the public mind, Mr. Cochrane explains, but these divergent attitudes represent differences only in mechanics, not in principle, and they are equally effective in obscuring the real picture. One segment of the public believes that agriculture, if left alone for a while, would gravitate toward and stabilize at some desirable level and pattern of prices, production, and incomes. The other segment believes that the same result would occur if agriculture were given a temporary, helping hand by the government. Mr. Cochrane shows the fallacies inherent in both of these convictions by presenting an integrated, overall picture of farm price behavior as it really exists. On a basis of this realistic view, he presents the two alternatives or hard policy choices that he believes the American farmer faces today.
Willard W. Cochrane is Professor Emeritus of Agricultural and Applied Economics at the University of Minnesota. He is the author of a number of books, including The City Man's Guide to the Farm Problem and Farm Prices: Myth and Reality. He previously served as an economist with the Food and Agriculture Organization of the United Nations and with the U.S. Department of Agriculture. He is the co-author of Economics of American Agriculture and Economics of Consumption.
At the turn of the nineteenth century, when the word “capital” first found its way into the vocabulary of mid-Hudson Valley residents, the term irrevocably marked the profound change that had transformed the region from an inward-looking, rural community into a participant in an emerging market economy. In Farm, Shop, Landing Martin Bruegel turns his attention to the daily lives of merchants, artisans, and farmers who lived and worked along the Hudson River in the decades following the American Revolution to explain how the seeds of capitalism were spread on rural U.S. soil. Combining theoretical rigor with extensive archival research, Bruegel’s account diverges from other historiographies of nineteenth-century economic development. It challenges the assumption that the coexistence of long-distance trade, private property, and entrepreneurial activity lead to one inescapable outcome: a market economy either wholeheartedly embraced or entirely rejected by its members. When Bruegel tells the story of farmer William Coventry struggling in the face of bad harvests, widow Mary Livingston battling her tenants, blacksmith Samuel Fowks perfecting the cast-iron plough, and Hannah Bushnell sending her butter to market, Bruegel shows that the social conventions of a particular community, and the real struggles and hopes of individuals, actively mold the evolving economic order. Ultimately, then, Farm, Shop, Landing suggests that the process of modernization must be understood as the result of the simultaneous and often contentious interplay of social and economic spheres.
In this splendidly illustrated book, food writer and self-described farm groupie Janine MacLachlan embarks on a tour of seasonal markets and farmstands throughout the Midwest, sampling local flavors from Michigan, Ohio, Indiana, Illinois, Missouri, Iowa, Minnesota, and Wisconsin. She conducts delicious research as she meets farmers, tastes their food, and explores how their businesses thrive in the face of an industrial food supply. She tells the stories of a pair of farmers growing specialty crops on a few acres of northern Michigan for just a few months out of the year, an Ohio cattle farm that has raised heritage beef since 1820, and a Minnesota farmer who tirelessly champions the Jimmy Nardello sweet Italian frying pepper. Along the way, she savors vibrant red carrots, slurpy peaches, vast quantities of specialty cheeses, and some of the tastiest pie to cross anyone's lips.
Informed by debates about eating local, seasonal crops, organic farming, sanitation, and biodiversity, Farmers' Markets of the Heartland tantalizes with special recipes from farm-friendly chefs and dozens of luscious color photographs that will inspire you to harvest the homegrown flavors in your own neighborhood.
Farming in Nature's Image provides, for the first time, a detailed look into the pioneering work of The Land Institute, the leading educational and research organization for sustainable agriculture.The authors draw on case studies, hands-on experience, and research results to explain the applications of a new system of agriculture based on one unifying concept: that farms should mimic the ecosystems in which they exist. They present both theoretical and practical information, including: a review of the environmental degradation resulting from current farming practices a critical evaluation of the attempts to solve these problems a detailed description of the ecosystem perspective and the proposed new agricultural system a case study illustrating how this new system could be applied to temperate grain production using perennial seed crops and the prairie as a model an examination of the potential savings in energy and water use, as well as potential contributions to ecological experiments and yield analysis work from The Land Institute.Written in clear, non-technical language, this book will be of great interest to soil and agricultural scientists, academics, policymakers, environmentalists, and other concerned with finding long-range solutions to agricultural problems.
A growing body of evidence shows that agricultural landscapes can be managed not only to produce crops but also to support biodiversity and promote ecosystem health. Innovative farmers and scientists, as well as indigenous land managers, are developing diverse types of “ecoagriculture” landscapes to generate cobenefits
for production, biodiversity, and local people.
Farming with Nature offers a synthesis of the state of knowledge of key topics in ecoagriculture. The book is a unique collaboration among renowned agricultural and ecological scientists, leading field conservationists, and farm and community leaders to synthesize knowledge and experience across sectors. The book examines:
the knowledge base for ecoagriculture as well as barriers, gaps, and opportunities for developing improved ecoagriculture systems
what we have learned about managing landscapes to achieve multiple objectives at a landscape scale
existing incentives for farmers, other land managers, and investors to develop and invest in ecoagriculture systems
pathways to develop, implement, manage, and scale up successful ecoagriculture
Insights are drawn from around the world, in tropical, Mediterranean, and temperate environments, from farming systems that range from highly commercialized to semi-subsistence. Farming with Nature is an important new work that can serve as a foundation document for planners, farm organizations, researchers, project developers, and policy makers to develop strategies for promoting and sustaining ecoagriculture landscapes. Replete with valuable best practice guidelines, it is a critical resource for both practitioners and researchers in
“Artisan” has become a buzzword in the developed world, used for items like cheese, wine, and baskets, as corporations succeed at branding their cheap, mass-produced products with the popular appeal of small-batch, handmade goods. The unforgiving realities of the artisan economy, however, never left the global south, and anthropologists have worried over the fate of resilient craftspeople as global capitalism remade their cultural and economic lives. Yet artisans are proving to be surprisingly vital players in contemporary capitalism, as they interlock innovation and tradition to create effective new forms of entrepreneurship. Based on seven years of extensive research in Colombia and Ecuador, veteran ethnographers Jason Antrosio and Rudi Colloredo-Mansfeld’s Fast, Easy, and In Cash explores how small-scale production and global capitalism are not directly opposed, but rather are essential partners in economic development.
Antrosio and Colloredo-Mansfeld demonstrate how artisan trades evolve in modern Latin American communities. In uncertain economies, small manufacturers have adapted to excel at home-based production, design, technological efficiency, and investments. Vivid case studies illuminate this process: peasant farmers in Túquerres, Otavalo weavers, Tigua painters, and the t-shirt industry of Atuntaqui. Fast, Easy, and In Cash exposes how these ambitious artisans, far from being holdovers from the past, are crucial for capitalist innovation in their communities and provide indispensable lessons in how we should understand and cultivate local economies in this era of globalization.
Hayek gives the main arguments for the free-market case and presents his manifesto on the "errors of socialism." Hayek argues that socialism has, from its origins, been mistaken on factual, and even on logical, grounds and that its repeated failures in the many different practical applications of socialist ideas that this century has witnessed were the direct outcome of these errors. He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes."
"The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune.
"Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street Journal
F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."
Fatal Harvest takes an unprecedented look at our current ecologically destructive agricultural system and offers a compelling vision for an organic and environmentally safer way of producing the food we eat. It gathers together more than forty essays by leading ecological thinkers including Wendell Berry, Wes Jackson, David Ehrenfeld, Helena Norberg-Hodge, Vandana Shiva, and Gary Nabhan. Providing a unique and invaluable antidote to the efforts by agribusiness to obscure and disconnect us from the truth about industrialized foods, it demostrates that industrial food production is indeed a "fatal harvest"--fatal to consumers, fatal to our landscapes, fatal to genetic diversity, and fatal to our farm communities.
As it exposes the ecological and social impacts of industrial agriculture's fatal harvest, Fatal Harvest details a new ecological and humane vision for agriculture. It shows how millions of people are engaged in the new politics of food as they work to develop a better alternative to the current chemically fed and biotechnology-driven system. Designed to aid the movement to reform industrial agriculture, Fatal Harvest informs and influences the activists, farmers, policymakers, and consumers who are seeking a safer and more sustainable food future.
It’s become fashionable to demean millennials as the “snowflake” generation. Raised during the peace and prosperity of the ‘90s, they’re often perceived as carrying an entitlement mentality and of being incapable of handling adversity. But Philip Klein sees them differently. Given the economic headwinds they faced at the start of their working lives, millennials have shown commendable fortitude. And as Klein argues, they will need to maintain this character strength going forward because further challenges loom in their future.
The aftershocks of the Great Recession, the skyrocketing cost of living, and the titanic weight of student loan debt have made the American Dream seem to be forever retreating toward the horizon. As if that weren’t enough, millennials will face the largest federal debt in history as boomers retire and extract trillions of dollars from Social Security and Medicare—far more than they contributed.
Now politicians clamoring for the millennial vote in 2020 are making overtures toward socialism, and millennials are responding positively—understandably so, considering how the economic cards are stacked against them. But, as Philip Klein shows, the reality is that such policies would only make their burden infinitely heavier.
In this concise, data-driven book, Klein begins the work of brightening the future for millennials by analyzing the problem compassionately yet objectively. There are real reasons to worry about what lies ahead if nothing changes. But the facts laid out in Klein’s book can steer the conversation to realistic solutions.
The call to "reinvent government"—to reform the government bureaucracy of the United States—resonates as loudly from elected officials as from the public. Examining the political and economic forces that have shaped the American civil service system from its beginnings in 1883 through today, the authors of this volume explain why, despite attempts at an overhaul, significant change in the bureaucracy remains a formidable challenge.
The European Union is building step-by-step a new federal system based on states, nations, and regions. In his authoritative and comprehensive book, Dusan Sidjanski describes the formation of the original European Community and the dynamics of the process of integration that has brought the Union to its current state. He then provides a sophisticated analytic framework for considering the future of the Union.
The author argues that federalism is the best antidote to the reemergence of nationalism in Europe. It is also the best guarantee for a peaceful community that balances the claims of national, regional, and local identity against the need for large-scale economies that springs from the forces of globalization, competition, and technical change. The Union preserves diversity within a flexible and innovating European system.
This major study of the development of the European project, informed by a thorough knowledge of the Community and Union over the years and by deep understanding of the relevant literatures in political science and political economy is important for all who study the European Union or work with it as officials and business people.
Dusan Sidjanski is founder and Professor Emeritus of the Department of Political Science, University of Geneva and Professor Emeritus, European Institute. He has authored numerous publications, most recently, The ECE in the Age of Change (United Nations Economic Commission for Europe, United Nations).
The United States is distinctive among Western countries in its reliance on nonprofit institutions to perform major social functions. This reliance is rooted in American history and is fostered by federal tax provisions for charitable giving. In this study, Charles T. Clotfelter demonstrates that changes in tax policy—effected through legislation or inflation—can have a significant impact on the level and composition of giving.
Clotfelter focuses on empirical analysis of the effects of tax policy on charitable giving in four major areas: individual contributions, volunteering, corporate giving, and charitable bequests. For each area, discussions of economic theory and relevant tax law precede a review of the data and methodology used in econometric studies of charitable giving. In addition, new econometric analyses are presented, as well as empirical data on the effect of taxes on foundations.
While taxes are not the most important determinant of contributions, the results of the analyses presented here suggest that charitable deductions, as well as tax rates and other aspects of the tax system, are significant factors in determining the size and distribution of charitable giving. This work is a model for policy-oriented research efforts, but it also supplies a major (and very timely) addition to the evidence that must inform future proposals for tax reform.
Federalism and Social Policy focuses on the crucial question: Is a strong and egalitarian welfare state compatible with federalism? In this carefully curated collection, Scott L. Greer, Heather Elliott, and the contributors explore the relationship between decentralization and the welfare state to determine whether or not decentralization has negative consequences for welfare. The contributors examine a variety of federal countries, including Spain, Canada, and the United Kingdom, asking four key questions related to decentralization: (1) Are there regional welfare states (such as Scotland, Minnesota, etc.)? (2) How much variation is there in the structures of federal welfare states? (3) Is federalism bad for welfare? (4) Does austerity recentralize or decentralize welfare states? By focusing on money and policy instead of law and constitutional politics, the volume shows that federalism shapes regional governments and policies even when decentralization exists.
Between 1600 and 1800, the promise of fresh food attracted more than seven hundred English, French, and Dutch vessels to Madagascar. Throughout this period, European ships spent months at sea in the Atlantic and Indian Oceans, but until now scholars have not fully examined how crews were fed during these long voyages. Without sustenance from Madagascar, European traders would have struggled to transport silver to Asia and spices back to Europe. Colonies in Mozambique, Mauritius, and at the Cape relied upon frequent imports from Madagascar to feed settlers and slaves.
In Feeding Globalization, Jane Hooper draws on challenging and previously untapped sources to analyze Madagascar’s role in provisioning European trading networks within and ultimately beyond the Indian Ocean. The sale of food from the island not only shaped trade routes and colonial efforts but also encouraged political centralization and the slave trade in Madagascar. Malagasy people played an essential role in supporting European global commerce, with far-reaching effects on their communities.
Feeding Globalization reshapes our understanding of Indian Ocean and global history by insisting historians should pay attention to the role that food played in supporting other exchanges.
Hemmed in by "women's work" much less than has been thought,
women in the late 1800s and early 1900s were the primary entrepreneurs
in the millinery and dressmaking trades. The Female Economy explores that lost world of women's dominance,
showing how independent, often ambitious businesswomen and the sometimes
imperious consumers they served gradually vanished from the scene as custom
production gave way to a largely unskilled modern garment industry controlled
by men. Wendy Gamber helps overturn the portrait of wage-earning women
as docile souls who would find fulfillment only in marriage and motherhood.
She combines labor history, women's history, business history, and the
history of technology while exploring topics as wide-ranging as the history
of pattern-making and the relationship between entrepreneurship and marriage. A volume in the series The Working Class in American History, edited by David Brody, Alice Kessler-Harris, David Montgomery, and Sean Wilentz, and in the series Women in American History, edited by Anne Firor Scott, Nancy A. Hewitt, and Stephanie Shaw
The 1993 publication of Marianne A. Ferber and Julie A. Nelson's Beyond Economic Man was a landmark in both feminist scholarship and the discipline of economics, and it quickly became a handbook for those seeking to explore the emerging connections between the two. A decade later, this book looks back at the progress of feminist economics and forward to its future, offering both a thorough overview of feminist economic thought and a collection of new, high-quality work from the field's leading scholars.
Finally, a comprehensive book on land conservation financing for community and regional conservation leaders. A Field Guide to Conservation Finance provides essential advice on how to tackle the universal obstacle to protecting private land in America: lack of money.
Story Clark dispels the myths that conservationists can access only private funds controlled by individuals or that only large conservation organizations have clout with big capital markets. She shows how small land conservation organizations can achieve conservation goals using both traditional and cutting-edge financial strategies. Clark outlines essential tools for raising money, borrowing money, and reducing the cost of transactions. She covers a range of subjects including transfer fees, voluntary surcharges, seller financing, revolving funds, and Project Related Investment programs (PRIs). A clear, well-written overview of the basics of conservation finance with useful insights and real stories combine to create a book that is an invaluable and accessible guide for land trusts seeking to protect more land.
This volume contains papers presented at a conference in May 1988 in Washington, D.C., commemorating the fiftieth anniversary of the founding of the Conference on Research in Income and Wealth (CRIW). The call for papers emphasized assessments of broad topics in economic measurement, both conceptual and pragmatic. The organizers desired (and succeeded in obtaining) a mix of papers that, first, illustrate the range of measurement issues that economics as a science must confront and, second, mark major milestones of CRIW accomplishment. The papers concern prices and output (Griliches, Pieper, Triplett) and also the major productive inputs, capital (Hulten) and labor (Hamermesh). Measures of saving, the source of capital accumulation, are covered in one paper (Boskin); measuring productivity, the source of much of the growth in per capita income, is reviewed in another (Jorgenson). The use of economic data in economic policy analysis and in regulation are illustrated in a review of measures of tax burden (Atrostic and Nunns) and in an analysis of the data needed for environmental regulation (Russell and Smith); the adequacy of data for policy analysis is evaluated in a roundtable discussion (chapter 12) involving four distinguished policy analysts with extensive government experience in Washington and Ottawa.
If you’ve got some money in the bank, chances are you’ve never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, in which bank customers had to pay close attention to whether the banking system would remain solvent, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863–1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common.
Yet these pre-Fed banking panics, as Gary B. Gorton and Ellis W. Tallman show, bear striking similarities to our recent financial crisis. In both cases, something happened to make depositors—whether individual customers or corporate investors—“act differently” and find reason to question the value of their bank debt.
Fighting Financial Crises thus turns to the past for a fuller understanding of our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. Gorton and Tallman open with a survey of the period’s “information environment,” tracing the development of national bank notes, checks, and clearing houses to show how the key to keeping order was to disseminate information very carefully. Identifying the most effective responses based on the framework of the National Banking Era, they then consider the Fed’s and the SEC’s reactions to the recent crisis, building an informative new perspective on how the modern economy works.
An unparalleled exploration of NOW’s trajectory, from its founding to the present—and its future
A new wave of feminist energy has swept the globe since 2016—from women’s marches and the #MeToo movement to transwomen’s inclusion and exclusion in feminism and participation in institutional politics. Amid all this, an organization declared dead or dying for thirty years—the National Organization for Women—has seen a membership boom. NOW presents an intriguing puzzle for scholars and activists alike. Considered one of the most stable organizations in the feminist movement, it has experienced much conflict and schism. Scholars have long argued that factionalism is the death knell of organizations, yet NOW continues to thrive despite internal conflicts.
Fighting for NOW seeks to better understand how bureaucratic structures like NOW’s simultaneously provide stability and longevity, while creating space for productive and healthy conflict among members. Kelsy Kretschmer explores these ideas through an examination of conflict in NOW’s local chapters, its task forces and committees, and its satellite groups. NOW’s history provides evidence for three basic arguments: bureaucratic groups are not insulated from factionalism; they are important sites of creativity and innovation for their movements; and schisms are not inherently bad for movement organizations. Hence, Fighting for NOW is in stark contrast to conventional scholarship, which has conceptualized factionalism as organizational failure. It also provides one of the few book-length explorations of NOW’s trajectory, from its founding to the modern context.
Scholars will welcome the book’s insights that draw on open systems and resource dependency theories, as well as its rethinking of how conflict shapes activist communities. Students will welcome its clear and compelling history of the feminist movement and of how feminist ideas have changed over the past five decades.
Though there are still just twenty-four hours in a day, society's idea of who should be doing what and when has shifted. Time, the ultimate scarce resource, has become an increasingly contested battle zone in American life, with work, family, and personal obligations pulling individuals in conflicting directions. In Fighting for Time, editors Cynthia Fuchs Epstein and Arne Kalleberg bring together a team of distinguished sociologists and management analysts to examine the social construction of time and its importance in American culture. Fighting for Time opens with an exploration of changes in time spent at work—both when people are on the job and the number of hours they spend there—and the consequences of those changes for individuals and families. Contributors Jerry Jacobs and Kathleen Gerson find that the relative constancy of the average workweek in America over the last thirty years hides the fact that blue-collar workers are putting in fewer hours while more educated white-collar workers are putting in more. Rudy Fenwick and Mark Tausig look at the effect of nonstandard schedules on workers' health and family life. They find that working unconventional hours can increase family stress, but that control over one's work schedule improves family, social, and health outcomes for workers. The book then turns to an examination of how time influences the organization and control of work. The British insurance company studied by David Collinson and Margaret Collinson is an example of a culture where employees are judged on the number of hours they work rather than on their productivity. There, managers are under intense pressure not to take legally guaranteed parental leave, and clocks are banned from the office walls so that employees will work without regard to the time. In the book's final section, the contributors examine how time can have different meanings for men and women. Cynthia Fuchs Epstein points out that professional women and stay-at-home fathers face social disapproval for spending too much time on activities that do not conform to socially prescribed gender roles—men are mocked by coworkers for taking paternity leave, while working mothers are chastised for leaving their children to the care of others. Fighting for Time challenges assumptions about the relationship between time and work, revealing that time is a fluid concept that derives its importance from cultural attitudes, social psychological processes, and the exercise of power. Its insight will be of interest to sociologists, economists, social psychologists, business leaders, and anyone interested in the work-life balance.
The Affordable Care Act places strong emphasis on quality of care as a means to improve outcomes for Americans and promote the financial sustainability of our health care system. This report attempts to help employers understand the structural differences between health plans and the performance dimensions along which plans can differ, as well as to educate employers about available tools that can be used to evaluate plan options.
If we are moving toward one global financial market, will all national financial systems that determine how businesses raise money look the same? Richard Deeg argues that, despite financial market integration and considerable harmonization in the regulation of financial markets, the traditional structure and economic functions of national financial systems are not inevitably undermined. Using the case of Germany--a country with a strong and distinctive financial sector that is at the center of the pressures of economic integration--the author shows how the unique aspects of the German financial sector and its relationship to the German economy have persisted notwithstanding powerful pressures to change. Posing the German model of coordinated capitalism in which banks play an important role in shaping both firm behavior and the possibilities for state intervention in the economy against the liberal model of the United States and Britain in which the securities markets play a much greater role than banks, Deeg shows how the German model has survived competitive pressures in the international economic system that have pushed Germany--and other countries--toward the liberal model.
This book will appeal to political scientists and economists interested in international financial markets, globalization, and the comparative study of domestic financial markets, as well as in German politics and the German economy.
Richard Deeg is Assistant Professor of Political Science, Temple University.
The economic crisis of 2008 led to an unprecedented focus on the world of high finance—and revealed it to be far more arcane and influential than most people could ever have imagined. Any hope of avoiding future crises, it’s clear, rest on understanding finance itself.
To understand finance, however, we have to learn its history, and this book fills that need. Kevin R. Brine, an industry veteran, and Mary Poovey, an acclaimed historian, show that finance as we know it today emerged gradually in the late nineteenth century and only coalesced after World War II, becoming ever more complicated—and ever more central to the American economy. The authors explain the models, regulations, and institutions at the heart of modern finance and uncover the complex and sometimes surprising origins of its critical features, such as corporate accounting standards, the Federal Reserve System, risk management practices, and American Keynesian and New Classic monetary economics. This book sees finance through its highs and lows, from pre-Depression to post-Recession, exploring the myriad ways in which the practices of finance and the realities of the economy influenced one another through the years.
A masterwork of collaboration, Finance in America lays bare the theories and practices that constitute finance, opening up the discussion of its role and risks to a broad range of scholars and citizens.
This book provides valuable information and analysis to managers, policymakers, and investment counselors in the rapidly expanding field of pension funding. American workers, too, need answers and insights on how to invest their money and plan for their retirement. fifteen of America's leading financial analysts address such pressing questions as
-What is the current financial status of the elderly, and how vulnerable are they to inflation?
-What is the impact of inflation on the private pension system, and what are the effects of alternative indexing schemes?
-What roles can the social security system play in the provision of retirement income?
-What is the effect of the tax code and the Employee Retirement Income Security Act of 1974 (ERISA) on corporate pension policy?
-How well funded are corporate pension plans, and is a firm's unfunded pension liability fully reflected in the market value of its common stock?
Many of the conclusions these experts reach contradict and challenge popular views, thus providing fertile ground for innovation in pension planning.
Students are confronted with major financial decisions as they enter college, and yet they have little experience with personal finance. Their decisions, if not well made, could adversely affect them throughout their lives. This book is meant to empower students at the beginning of their financial lives with basic, straightforward information on managing bank accounts, creating spending plans, determining how much they can afford to pay for college, making student-loan decisions, establishing a credit history, and other money-management options.
This 2nd edition updates changes in online banking, smartphone apps, credit cards, and student loans but retains basic financial information that ensures students won’t learn about money the hard way. A chapter for parents has been added so they can help their students become financially knowledgeable, and it includes advice for parents about making decisions related to college costs. In addition, a chapter for grandparents contains suggestions on how to help college-bound grandchildren—financially and in other ways—without endangering their own financial security. A basic investments chapter is included for first-time investors.
The intent of FinancialBasics is to enhance student readers’ financial knowledge and provide money-management options for finding their own best way to become masters of their money.
The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows.
In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore.
Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
The market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations—particularly poorer nations—because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clothing, and housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee offer a concise introduction to financial derivatives.
LiPuma and Lee explain how derivatives are essentially wagers—often on the fluctuations of national currencies—based on models that aggregate and price risk. They describe how these financial instruments are changing the face of capitalism, undermining the power of nations and perpetrating a new and less visible form of domination on postcolonial societies. As they ask: How does one know about, let alone demonstrate against, an unlisted, virtual, offshore corporation that operates in an unregulated electronic space using a secret proprietary trading strategy to buy and sell arcane financial instruments? LiPuma and Lee provide a necessary look at the obscure but consequential role of financial derivatives in the global economy.
When you think of the founding fathers, you think of men like George Washington, Thomas Jefferson, and Benjamin Franklin—exceptional minds and matchless statesmen who led the colonies to a seemingly impossible victory over the British and established the constitutional and legal framework for our democratic government. But the American Revolution was about far more than freedom and liberty. It was about economics as well.
Robert E. Wright and David J. Cowen here chronicle how a different group of founding fathers forged the wealth and institutions necessary to transform the American colonies from a diffuse alliance of contending business interests into one cohesive economic superpower. From Alexander Hamilton to Andrew Jackson, the authors focus on the lives of nine Americans in particular—some famous, some unknown, others misunderstood, but all among our nation’s financial founding fathers. Such men were instrumental in creating and nurturing a financial system that drove economic growth in the nascent United States because they were quick to realize that wealth was as crucial as the Constitution in securing the blessings of liberty and promoting the general welfare. The astonishing economic development made possible by our financial founding fathers was indispensable to the preservation of national unity and of support for a government that was then still a profoundly radical and delicate political experiment.
Grand in scope and vision, Financial Founding Fathers is an entertaining and inspiring history of the men who made America rich and steered her toward greatness.
Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse?
Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency crises, devaluations, and instability. Financial Markets Volatility and Performance in Emerging Markets addresses the delicate balance between capital mobility and capital controls as developing countries navigate the convoluted global network of private investors, hedge funds, large corporations, and international institutions such as the International Monetary Fund.
A group of experts here examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists’ and policymakers’ understanding of the effectiveness of restrictions on capital mobility in the world’s most fragile economies.
Winner of the Society for Historians of American Foreign Relations Robert H. Ferrell Book Prize
Financial Missionaries to the World establishes the broad scope and significance of "dollar diplomacy"—the use of international lending and advising—to early-twentieth-century U.S. foreign policy. Combining diplomatic, economic, and cultural history, the distinguished historian Emily S. Rosenberg shows how private bank loans were extended to leverage the acceptance of American financial advisers by foreign governments. In an analysis striking in its relevance to contemporary debates over international loans, she reveals how a practice initially justified as a progressive means to extend “civilization” by promoting economic stability and progress became embroiled in controversy. Vocal critics at home and abroad charged that American loans and financial oversight constituted a new imperialism that fostered exploitation of less powerful nations. By the mid-1920s, Rosenberg explains, even early supporters of dollar diplomacy worried that by facilitating excessive borrowing, the practice might induce the very instability and default that it supposedly worked against. "[A] major and superb contribution to the history of U.S. foreign relations. . . . [Emily S. Rosenberg] has opened up a whole new research field in international history."—Anders Stephanson, Journal of American History
"[A] landmark in the historiography of American foreign relations."—Melvyn P. Leffler, author of A Preponderence of Power: National Security, the Truman Administration, and the Cold War
"Fascinating."—Christopher Clark, Times Literary Supplement
The essays brought together in this volume share a common objective: To bring a unifying methodological approach to the analysis of financial problems in developing, open economies. While the primary focus is on contemporary Latin America, the methods employed and the lessons learned are of wider applicability. The papers address the financial integration issue from three different perspectives. In some cases, a country study is the vehicle for an econometric investigation of a particular external linkage. In other cases, an individual country's experience suggests an economic model in which the stylized facts may be analyzed and developed. A third direction is unabashedly theoretical and formulates more general principles which are broadly applicable rather than country-specific.
The reform in Asian financial sectors—especially in banking and stock markets—has been remarkable since the currency crisis of 1997–98. East Asia is now a major player in international finance, providing serious competition to the more traditional financial centers of London and New York. Financial Sector Development in the Pacific Rim provides a rich collection of theoretical and empirical analyses of the growing capital markets in the region.
Bringing together authors from various East Asian and Pacific nations, this volume examines the institutional factors influencing financial innovation, the consequences of financial development, widespread consolidation occurring through mergers and acquisitions, and the implementation of policy reform. Financial Sector Development in the Pacific Rim offers the comparative analysis necessary to answer broad questions about economic development and the future of Asia.
Six leading economists examine the financing of corporate capital formation in the U.S. economy. In clear and nontechnical terms, their papers provide valuable information for economists and nonspecialists interested in such questions as why interest rates are so high, why corporate debt has accelerated in recent years, and how government debt affects private financial markets.
Addressing these questions, the contributors focus chiefly on three themes: the actual use of debt and equity financing by corporations in recent years; the factors that drive the financial markets' pricing of debt and equity securities; and the relationship between corporations' real investment decisions and their financial decisions. While some of the papers are primarily expository, others break new ground. Extending his previous work, Robert Taggart finds a closer relationship between corporate and government debt than has been supposed. Zvi Bodie, Alex Kane, and Robert McDonald conclude in their study that the volatility of interest rates under the Volcker regime has led to a rise in real interest rates because of investors' demand for a greater risk premium. All of the papers present empirical findings in a useful analytical framework.
For its new findings and for its expert overview of issues central to an understanding of the U.S. economy, Financing Corporate Capital Formation should be of both historical and practical interest to students of economics and practitioners in the corporate and financial community.
Access to capital and financial services is crucial for healthy communities. However, many impoverished individuals and neighborhoods are routinely ignored by mainstream financial institutions. This neglect led to the creation of community development financial institutions (CDFIs), which provide low-income communities with financial services and act as a conduit to conventional financial organizations and capital markets. Edited by Julia Sass Rubin, Financing Low-Income Communities brings together leading experts in the field to assess what we know about the challenges of bringing financial services and capital to poor communities, map out future lines of research, and propose policy reforms to make these efforts more effective. The contributors to Financing Low-Income Communities distill research on key topics related to community development finance. Daniel Schneider and Peter Tufano examine the obstacles that make saving and asset accumulation difficult for low-income households—such as the fact that tens of millions of low-income and minority adults don't have a bank account—and consider solutions, like making it easier for low-wage workers to enroll in 401(K) plans. Jeanne Hogarth, Jane Kolodinksy, and Marianne Hilgert review evidence showing that community-based financial education programs can be effective in changing families' saving and budgeting patterns. Lisa Servon proposes strategies for addressing the challenges facing the microenterprise field in the United States. Julia Sass Rubin discusses ways community loan and venture capital funds have adapted in response to the decreased availability of funding, and considers potential sources of new capital, such as state governments and public pension funds. Marva Williams explores the evolution and recent performance of community development banks and credit unions. Kathleen Engel and Patricia McCoy document the proliferation of predatory lenders, who market loans at onerous interest rates to financially vulnerable families and the devastating effects of such lending on communities—from increased crime to falling home values and lower tax revenues. Rachel Bratt reviews the policies and programs used to make rental and owned housing financially accessible. Rob Hollister proposes a framework for evaluating the contributions of community development financial institutions. Despite the many accomplishments of CDFIs over the last four decades, changing political and economic conditions make it imperative that they adapt in order to survive. Financing Low-Income Communities charts out new directions for public and private organizations which aim to end the financial exclusion of marginalized neighborhoods.
Is it possible that the insurance and reinsurance industries cannot handle a major catastrophe? Ten years ago, the notion that the overall cost of a single catastrophic event might exceed $10 billion was unthinkable. With ever increasing property-casualty risks and unabated growth in hazard-prone areas, insurers and reinsurers now envision the possibility of disaster losses of $50 to $100 billion in the United States.
Against this backdrop, the capitalization of the insurance and reinsurance industries has become a crucial concern. While it remains unlikely that a single event might entirely bankrupt these industries, a big catastrophe could place firms under severe stress, jeopardizing both policy holders and investors and causing profound ripple effects throughout the U.S. economy.
The Financing of Catastrophe Risk assembles an impressive roster of experts from academia and industry to explore the disturbing yet realistic assumption that a large catastrophic event is inevitable. The essays offer tangible means of both reassessing and raising the level of preparedness throughout the insurance and reinsurance industries.
The contributors discuss alternative methods of financing state and local economic development, including the role of venture capital in urban development, the role of banking institutions in encouraging the growth of small business, and the place of pension funds in economic growth.
While Betty Crocker is often associated with 1950s happy homemaking, she originally belonged to a different generation. Created in 1921 as a “friend to homemakers” for the Washburn Crosby Company (a forerunner to General Mills) in Minneapolis, her purpose was to answer consumer mail. “She” was actually the women of the Home Service Department who signed Betty’s name. Eventually, Betty Crocker’s local radio show on WCCO expanded, and audiences around the nation tuned her in, tried her money-saving recipes, and wrote Betty nearly 5,000 fan letters per day. In Finding Betty Crocker, Susan Marks offers an utterly unique look at the culinary and marketing history of America’s First Lady of Food.
Susan Marks is a writer/producer/director with her own production company, Lazy Susan Productions.
Do plummeting welfare caseloads and rising employment prove that welfare reform policies have succeeded, or is this success due primarily to the job explosion created by today's robust economy? With roughly one to two million people expected to leave welfare in the coming decades, uncertainty about their long-term prospects troubles many social scientists. Finding Jobs offers a thorough examination of the low-skill labor market and its capacity to sustain this rising tide of workers, many of whom are single mothers with limited education. Each chapter examines specific trends in the labor market to ask such questions as: How secure are these low-skill jobs, particularly in the event of a recession? What can these workers expect in terms of wage growth and career advancement opportunities? How will a surge in the workforce affect opportunities for those already employed in low-skill jobs? Finding Jobs offers both good and bad news about work and welfare reform. Although the research presented in this book demonstrates that it is possible to find jobs for people who have traditionally relied on public assistance, it also offers cautionary evidence that today's strong economy may mask enduring underlying problems. Finding Jobs shows that the low-wage labor market is particularly vulnerable to economic downswings and that lower skilled workers enjoy less job stability. Several chapters illustrate why financial incentives, such as the Earned Income Tax Credit (EITC), are as essential to encouraging workforce participation as job search programs. Other chapters show the importance of including provisions for health insurance, and of increasing subsidies for child care to assist the large population of working single mothers affected by welfare reform. Finding Jobs also examines the potential costs of new welfare restrictions. It looks at how states can improve their flexibility in imposing time limits on families receiving welfare, and calls into question the cutbacks in eligibility for immigrants, who traditionally have relied less on public assistance than their native-born counterparts. Finding Jobs is an informative and wide-ranging inquiry into the issues raised by welfare reform. Based on comprehensive new data, this volume offers valuable guidance to policymakers looking to design policies that will increase work, raise incomes, and lower poverty in changing economic conditions.
Employers demand more of employees’ time while leaving the important things in life—health, family—for workers to take care of on their own time and dime. How can workers get ahead while making sure their families don’t fall behind? Heather Boushey shows in detail that economic efficiency and equity do not have to be enemies.
Few other economists have been read and cited as often as R.H. Coase has been, even though, as he admits, "most economists have a different way of looking at economic problems and do not share my conception of the nature of our subject." Coase's particular interest has been that part of economic theory that deals with firms, industries, and markets—what is known as price theory or microeconomics. He has always urged his fellow economists to examine the foundations on which their theory exists, and this volume collects some of his classic articles probing those very foundations. "The Nature of the Firm" (1937) introduced the then-revolutionary concept of transaction costs into economic theory. "The Problem of Social Cost" (1960) further developed this concept, emphasizing the effect of the law on the working of the economic system. The remaining papers and new introductory essay clarify and extend Coarse's arguments and address his critics.
"These essays bear rereading. Coase's careful attention to actual institutions not only offers deep insight into economics but also provides the best argument for Coase's methodological position. The clarity of the exposition and the elegance of the style also make them a pleasure to read and a model worthy of emulation."—Lewis A. Kornhauser, Journal of Economic Literature
Ronald H. Coase was awarded the Nobel Prize in Economic Science in 1991.
This remarkable book chronicles the ideas of a great teacher, George Doriot, whose decades long career at the Harvard Business School inspired a generation of venture capitalists and Wall Street titans of a bygone era.
George Doriot was a remarkable individual who achieved success as a teacher, a businessman, and a general in the US Army. Some of his students at the Harvard Business School kept their notes from his course in their desk drawer throughout their business careers. Even if they did not go that far, they never forgot the man or his teachings; nor did the employees of the many companies which he launched as the president of American Research & Development Corporation. This is the first book about George Doriot, and it is a perfect first book: it is in the form of a source book, drawing from the many facets of Doriot's career as seen by many different people, and sometimes in Doriot's own words. All the texts are interesting and highly readable.
When Americans think of investment and finance, they think of Wall Street—though this was not always the case. During the dawn of the Republic, Philadelphia was the center of American finance. The first stock exchange in the nation was founded there in 1790, and around it the bustling thoroughfare known as Chestnut Street was home to the nation's most powerful financial institutions.
The First Wall Street recounts the fascinating history of Chestnut Street and its forgotten role in the birth of American finance. According to Robert E. Wright, Philadelphia, known for its cultivation of liberty and freedom, blossomed into a financial epicenter during the nation's colonial period. The continent's most prodigious minds and talented financiers flocked to Philly in droves, and by the eve of the Revolution, the Quaker City was the most financially sophisticated region in North America. The First Wall Street reveals how the city played a leading role in the financing of the American Revolution and emerged from that titanic struggle with not just the wealth it forged in the crucible of war, but an invaluable amount of human capital as well.
This capital helped make Philadelphia home to the Bank of the United States, the U.S. Mint, an active securities exchange, and several banks and insurance companies—all clustered in or around Chestnut Street. But as the decades passed, financial institutions were lured to New York, and by the late 1820s only the powerful Second Bank of the United States upheld Philadelphia's financial stature. But when Andrew Jackson vetoed its charter, he sealed the fate of Chestnut Street forever—and of Wall Street too.
Finely nuanced and elegantly written, The First Wall Street will appeal to anyone interested in the history of the United States and the origins of its unrivaled economy.
Although introductions to courses in finance exist for a variety of fields, Robert W. Kaps provides the first text to address the subject from an aviation viewpoint. Relying on his vast experience— twenty-plus years in the airline industry and more than thirty years in aviation— Kaps seeks not only to prepare students for careers in the aviation field but also to evoke in these students an excitement about the business. Specifically, he shows students how airlines, airports, and aviation are financed. Each chapter contains examples and illustrations and ends with suggested readings and references.
Following his discussion of financial management and accounting procedures, Kaps turns to financial management and sources of financial information. Here he discusses types of business organizations, corporate goals, business ethics, maximizing share price, and sources of financial information.
Kaps also covers debt markets, financial statements, air transport sector revenue generation, and air transport operating cost management, including cost administration and labor costs, fuel, and landing fees and rentals. He describes in depth air transport yield management systems and airport financing, including revenues, ownership, operations, revenue generation, funding, allocation of Air Improvement Program funds, bonds, and passenger facility charges.
Kaps concludes with a discussion of the preparation of a business plan, which includes advice about starting and running a business. He also provides two typical business plan outlines. While the elements of fiscal management in aviation follow generally accepted accounting principles, many nuances are germane only to the airline industry. Kaps provides a basic understanding of the principles that are applicable throughout the airline industry.
We often think of fiscal decisions as being made by a single government, but in the United States the reality is that an astounding number of entities have the power to tax and spend. State, local, and federal governments all play crucial roles in the U.S. fiscal system, and the interrelation has been the source of continuing controversy. This fact is the focus of the seven papers and commentaries presented in this volume, the result of a conference sponsored by the NBER. The contributors use various quantitative tools to study policy issues, obtaining results that will interest policymakers and researchers working in the areas of taxation and public finance.
The first three papers study the distribution of power and responsibilities among the various levels of government. John Joseph Wallis and Wallace E. Oates look at the extend and evolution of decentralization in the state and local sector; Robert P. Inman examines the growth of federal grants and the structure of congressional decision making; and Jeffrey S. Zax investigates the effects of the number of government jurisdictions on aggregate local public debt and expenditures. The next three papers look at the deductibility of state and local taxes on federal tax returns. Using an econometric analysis, Douglas Holtz-Eakin and Harvey S. Rosen examine the effects of deductibility on revenue sources and level of expenditures. Lawrence B. Lindsey looks at how deductibility affects the level and type of taxation. George R. Zodrow uses a two-sector general equilibrium model to investigate revenue effects of deductibility. Finally, Charles R. Hulten and Robert M. Schwab analyze the problem of developing an accurate estimate of income for the state and local sector, finding that conventional accounting procedures have underestimated the income generated by a startling $100 billion.
The unprecedented rise and persistence of large-scale budget deficits in many developed and developing nations during the past three decades has caused great concern. The widespread presence of such deficits has proved difficult to explain. Their emergence in otherwise diverse nations defies particularistic explanations aimed at internal economic developments within a specific country.
Fiscal Institutions and Fiscal Performance shifts emphasis away from narrow economic factors to more broadly defined political and institutional factors that affect government policy and national debt. This collection brings together new theoretical models, empirical evidence, and a series of in-depth case studies to analyze the effect of political institutions, fiscal regulations, and policy decisions on accumulating deficits. It provides a fascinating overview of the political and economic issues involved and highlights the role of budgetary institutions in the formation of budget deficits.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth.
Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy.
A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Managing fiscal policy—the revenues and spending of an individual nation—is among the most challenging tasks facing governments. Wealthy countries are constrained by complex regulation and taxation policies, while developing nations often face high inflation and trade taxes. In this volume, esteemed economists Takatoshi Ito and Andrew K. Rose, along with other leading experts, examine the problems and challenges facing public finance in East Asian developing countries as well as the United States and Japan.
Fiscal Policy and Management in East Asia explores the inefficient tax systems of many developing countries, the relationship between public and private sector economic behavior, and the pressing issue of future obligations that governments have undertaken to provide pensions and health care for their citizens. Featuring both overviews and analyses of the countries discussed, this book will be of value to economists and policymakers seeking to understand fiscal policy in a global context.
One billion people around the world rely upon fish as their primary—and in many cases, their only—source of protein. At the same time, increasing demand from wealthier populations in the U.S. and Europe encourages dangerous overfishing practices along coastal waters. Fish for Life addresses the problem of overfishing at local, national, and global levels as part of a comprehensive governance approach—one that acknowledges the critical intersection of food security, environmental protection, and international law in fishing practices throughout the world.
A significant number of the world's ocean fisheries are depleted, and some have collapsed, from overfishing. Although many of the same fishermen who are causing these declines stand to suffer the most from them, they continue to overfish. Why is this happening? What can be done to solve the problem.The authors of Fish, Markets, and Fishermen argue that the reasons are primarily economic, and that overfishing is an inevitable consequence of the current sets of incentives facing ocean fishermen. This volume illuminates these incentives as they operate both in the aggregate and at the level of day-to-day decision-making by vessel skippers. The authors provide a primer on fish population biology and the economics of fisheries under various access regimes, and use that information in analyzing policies for managing fisheries. The book: provides a concise statistical overview of the world's fisheries documents the decline of fisheries worldwide gives the reader a clear understanding of the economics and population biology of fish examines the management issues associated with regulating fisheries offers case studies of fisheries under different management regimes examines and compares the consequences of various regimes and considers the implications for policy makingThe decline of the world's ocean fisheries is of enormous worldwide significance, from both economic and environmental perspectives. This book clearly explains for the nonspecialist the complicated problem of overfishing. It represents a basic resource for fishery managers and others-fishers, policymakers, conservationists, the fish consuming public, students, and researchers-concerned with the dynamics of fisheries and their sustenance.
Small-scale fishing, a house-hold based enterprise in Puerto Rico, rarely provides sufficient income for a family, but it anchors their culture and sense of themselves within that culture. Even when family members must engage in wage work to supplement house-hold income, they think of themselves as fishers. Liche typifies these wage workers: "When he was quite young, he left the island to struggle in other lands, to work, to raise a family, to send home the money he earned. Ten, twenty, thirty years passed...during which he did not once fish or even see the ocean. But in a boat-building factory in New Jersey, in a bakery in the Bronx, on the production line of a chemical factory, on dozens of construction sites, every single day he made a mental review of the waters, the isles and cays ...and entertained no thought that was not related to his return."
Fishers at Work, Workers at Sea describes Puerto Rican fishing families as they negotiate homeland and diaspora. It considers how wage work affects their livelihoods and identities at home and how these independent producers move in and out of global commodity markets. Drawing on some 100 life histories and years of fieldwork, David Griffith and Manuel Valdés Pizzini have developed a complex, often moving portrait of the men and women who fiercely struggle to hang onto the coastal landscapes and cultural heritage tied to the Caribbean Sea.
Fish bones in the caves of East Timor reveal that humans have systematically fished the seas for at least 42,000 years. But in recent centuries, our ancient, vital relationship with the oceans has changed faster than the tides. As boats and fishing technology have evolved, traditional fishermen have been challenged both at sea and in the marketplace by large-scale fishing companies whose lower overhead and greater efficiency guarantee lower prices. In Fishing Lessons, Kevin M. Bailey captains a voyage through the deep history and present course of this sea change—a change that has seen species depleted, ecosystems devastated, and artisanal fisheries transformed into a global industry afloat with hundreds of billions of dollars per year.
Bailey knows these waters, the artisanal fisheries, and their relationship with larger ocean ecology intimately. In a series of place-based portraits, he shares stories of decline and success as told by those at the ends of the long lines and hand lines, channeling us through the changing dynamics of small-scale fisheries and the sustainability issues they face—both fiscal and ecological. We encounter Paolo Vespoli and his tiny boat, the Giovanni Padre,in the Gulf of Naples; Wenche, a sea Sámi, one of the indigenous fisherwomen of Norway; and many more. From salmon to abalone, the Bay of Fundy to Monterey and the Amazon, Bailey’s catch is no fish tale. It is a global story, casting a net across waters as vast and distinct as Puget Sound and the Chilean coast. Sailing across the world, Bailey explores the fast-shifting current of how we gather food from the sea, what we gain and what we lose with these shifts, and potential solutions for the murky passage ahead.
The Fissured Workplace
David Weil Harvard University Press, 2014 Library of Congress HD8066.W44 2014 | Dewey Decimal 331.20973
In the twentieth century, large companies employing many workers formed the bedrock of the U.S. economy. Today, on the list of big business's priorities, sustaining the employer-worker relationship ranks far below building a devoted customer base and delivering value to investors. As David Weil's groundbreaking analysis shows, large corporations have shed their role as direct employers of the people responsible for their products, in favor of outsourcing work to small companies that compete fiercely with one another. The result has been declining wages, eroding benefits, inadequate health and safety protections, and ever-widening income inequality.
From the perspectives of CEOs and investors, fissuring--splitting off functions that were once managed internally--has been phenomenally successful. Despite giving up direct control to subcontractors and franchises, these large companies have figured out how to maintain the quality of brand-name products and services, without the cost of maintaining an expensive workforce. But from the perspective of workers, this strategy has meant stagnation in wages and benefits and a lower standard of living. Weil proposes ways to modernize regulatory policies so that employers can meet their obligations to workers while allowing companies to keep the beneficial aspects of this business strategy.
Choices matter. And in your teens and twenties, some of the biggest life decisions come about when you feel the least prepared to tackle them.
Economist Robert T. Michael won’t tell you what to choose. Instead, he’ll show you how to make smarter choices. Michael focuses on five critical decisions we all face about college, career, partners, health, and parenting. He uses these to demonstrate how the science of scarcity and choice—concepts used to guide major business decisions and shape national legislation—can offer a solid foundation for our own lives. Employing comparative advantage can have a big payoff when picking a job. Knowing how to work the marketplace can minimize uncertainty when choosing a partner. And understanding externalities—the ripple of results from our actions—can clarify the if and when of having children.
Michael also brings in data from the National Longitudinal Survey of Youth, a scientific sample of 18 million millennials in the United States that tracks more than a decade of young adult choices and consequences. As the survey’s longtime principal investigator and project director, Michael shows that the aggregate decisions can help us understand what might lie ahead along many possible paths—offering readers insights about how their own choices may turn out.
There’s no singular formula for always making the right choice. But the adaptable framework and rich data at the heart of The Five Life Decisions will help you feel confident in whatever you decide.
Friedlander and Burtless teach us why welfare reform will not be easy. Their sobering assessment of job training programs willenlighten a debate too often dominated by wishful thinking and political rhetoric. Look for their findings to be cited for many years to come. —Douglas Besharov, American Enterprise Institute A methodologically astute study that sheds considerable light on the potential for and limits to raising the employment and earnings of welfare recipients and provides benchmarks against which the impacts of later programs can be compared. —Journal of Economic Literature With welfare reforms tested in almost every state and plans for a comprehensive federal overall on the horizon, it is increasingly important for Americans to understand how policy changes are likely to affect the lives of welfare recipients. Five Years After tells the story of what happened to the welfare recipients who participated in the influential welfare-to-work experiments conducted by several states in the mid-1980s.The authors review the distinctive goals and procedures of evaluations performed in Arkansas, Baltimore, San Diego, and Virginia, and then examine five years of follow-up data to determine whether the initial positive impact on employment, earnings, and welfare costs held up over time. The results were surprisingly consistent. Low-cost programs that saved money by getting individuals into jobs quickly did little to reduce poverty in the long run. Only higher-cost educational programs enabled welfare recipients to hold down jobs successfully and stay off welfare. Five Years After ends speculation about the viability of the first generation of employment programs for welfare recipients, delineates the hard choices that must be made among competing approaches, and provides a well-documented foundation for building more comprehensive programs for the next generation. A sobering tale for welfare reformers of all political persuasions, this book poses a serious challenge to anyone who promises to end welfare dependency by cutting welfare budgets.
Our massive, global system of consumption is broken. Our individual relationship with our stuff is broken. In each of our homes, some stuff is broken. And the strain of rampant consumerism and manufacturing is breaking our planet. We need big, systemic changes, from public policy to global economic systems. But we don’t need to wait for them.
Since founding Fixup, a pop-up repair shop that brought her coverage in The New York Times, Salon, WNYC, and more, Sandra Goldmark has become a leader in the movement to demand better “stuff.” She doesn’t just want to help us clear clutter—she aims to move us away from throwaway culture, to teach us to reuse and repurpose more thoughtfully, and to urge companies to produce better stuff. Although her goal is ambitious, the solution to getting there is surprisingly simple and involves all of us: have good stuff, not too much, mostly reclaimed, care for it, and pass it on.
Fixation charts the path to the next frontier in the health, wellness, and environmental movements—learning how to value stewardship over waste. We can choose quality items designed for a long lifecycle, commit to repairing them when they break, and shift our perspective on reuse and “preowned” goods. Together, we can demand that companies get on board. Goldmark shares examples of forward-thinking companies that are thriving by conducting their businesses sustainably and responsibly.
Passionate, wise, and practical, Fixation offers us a new understanding of stuff by building a value chain where good design, reuse, and repair are the status quo.
Today 4.7 million Americans have been unemployed for more than six months. In France more than ten percent of the working population is without work. In Israel it’s above seven percent. And in Greece and Spain, that number approaches thirty percent. Across the developed world, the experience of unemployment has become frighteningly common—and so are the seemingly endless tactics that job seekers employ in their quest for new work.
Flawed System/Flawed Self delves beneath these staggering numbers to explore the world of job searching and unemployment across class and nation. Through in-depth interviews and observations at job-search support organizations, Ofer Sharone reveals how different labor-market institutions give rise to job-search games like Israel’s résumé-based “spec games”—which are focused on presenting one’s skills to fit the job—and the “chemistry games” more common in the United States in which job seekers concentrate on presenting the person behind the résumé. By closely examining the specific day-to-day activities and strategies of searching for a job, Sharone develops a theory of the mechanisms that connect objective social structures and subjective experiences in this challenging environment and shows how these different structures can lead to very different experiences of unemployment.
What do we really know about the food we eat? A firestorm of recent food-fraud cases, from the US honey-laundering scandal to the forty-year-old frozen “zombie” meat smuggled into China, to horse-meat episodes in the United Kingdom, suggests fraudulent and intentional acts of food adulteration are on the rise. While often harmless, some incidents have resulted in serious public health consequences. At the heart of these dubious practices are everyone from large food processors to small-time criminals, while many consumers are becoming increasingly concerned about this malfeasance.
In this book, Jonathan Rees examines the complex causes and surprising effects of adulteration and fraud across the global food chain. Covering comestibles of all kinds from around the globe, Rees describes the different types of contamination, the role and effectiveness of government regulation, and our willingness to ignore deception if the groceries we purchase are cheap or convenient. Pithy, punchy, and cogent, Food Adulteration and Food Fraud offers important insight into this vital problem of human consumption.
Marvin is a contract hog farmer in Iowa. He owns his land, his barn, his tractor, and his animal crates. He has seen profits drop steadily for the last twenty years and feels trapped. Josh is a dairy farmer on a cooperative in Massachusetts. He doesn’t own his cows, his land, his seed, or even all of his equipment. Josh has a healthy income and feels like he’s made it.
In The Food Sharing Revolution, Michael Carolan tells the stories of traditional producers like Marvin, who are being squeezed by big agribusiness, and entrepreneurs like Josh, who are bucking the corporate food system. The difference is Josh has eschewed the burdens of individual ownership and is tapping into the sharing economy.
Josh and many others are sharing tractors, seeds, kitchen space, their homes, and their cultures. They are business owners like Dorothy, who opened her bakery with the help of a no-interest, crowd-sourced loan. They are chefs like Camilla, who introduces diners to her native Colombian cuisine through peer-to-peer meal sharing. Their success is not only good for aspiring producers, but for everyone who wants an alternative to monocrops and processed foods.
The key to successful sharing, Carolan shows, is actually sharing. He warns that food, just like taxis or hotels, can be co-opted by moneyed interests. But when collaboration is genuine, the sharing economy can offer both producers and eaters freedom, even sovereignty. The result is a healthier, more sustainable, and more ethical way to eat.
In his follow-up to Tavern League: Portraits of Wisconsin Bars, Carl Corey turns his camera on Wisconsin family-owned businesses in existence fifty years or longer. The businesses portrayed here—bakeries and barbecue joints, funeral homes and furniture builders, cheesemakers, fishermen, ferry boat drivers—have survived against all the odds, weathering tough economic times and big-business competition. The owners are loyal to their employees, their families, and themselves. And they are integral to their local economies and social fabric. The services and goods they provide are usually for neighbors and friends. Generations serve generations, creating lasting relationships and strong, vibrant neighborhoods and rural communities. In For Love and Money, Carl Corey provides indelible glimpses of an increasingly endangered way of life. The Museum of Wisconsin Art’s Graham Reid has said, “As current and future generations come and go, these pictures will survive in the hands of the subjects, collectors, museums, and galleries. Will the businesses featured enjoy a similar longevity? Only time will tell, and we can only watch and hope, but Carl Corey has ensured that they will not be forgotten.”
A twentieth-century innovation, foreign aid has become a familiar and even expected element in international relations. But scholars and government officials continue to debate why countries provide it: some claim that it is primarily a tool of diplomacy, some argue that it is largely intended to support development in poor countries, and still others point out its myriad newer uses. Carol Lancaster effectively puts this dispute to rest here by providing the most comprehensive answer yet to the question of why governments give foreign aid. She argues that because of domestic politics in aid-giving countries, it has always been—and will continue to be—used to achieve a mixture of different goals.
Drawing on her expertise in both comparative politics and international relations and on her experience as a former public official, Lancaster provides five in-depth case studies—the United States, Japan, France, Germany, and Denmark—that demonstrate how domestic politics and international pressures combine to shape how and why donor governments give aid. In doing so, she explores the impact on foreign aid of political institutions, interest groups, and the ways governments organize their giving. Her findings provide essential insight for scholars of international relations and comparative politics, as well as anyone involved with foreign aid or foreign policy.
Foreign Direct Investment
Edited by Kenneth A. Froot University of Chicago Press, 1993 Library of Congress HG4538.F618 1993 | Dewey Decimal 332.673
Over the past decade, foreign direct investment (FDI) around the world has nearly tripled, and with this surge have come dramatic shifts in FDI flows. In Foreign Direct Investment, distinguished economists look at changes in FDI, including historical trends, specific country experiences, developments in the semiconductor industry, and variations in international mergers and acquisitions.
Chapters cover such topics as theoretical accounts of FDI patterns, the growth of multinational enterprises, and the FDI experiences of Japan, the United States, and selected developing countries. This volume will interest economists, government officials, and business people concerned with FDI today.
Restrictions on foreign investment in U.S. telecommunications firms have harmed the interests of American consumers and investors, argues J. Gregory Sidak in this convincing study. Sidak shows why these restrictions, originally intended to protect America from the perils of wireless telegraphy by foreign agents, should be repealed.
Basing his analysis on legislative history, statutory and constitutional interpretation, and finance and trade theory, Sidak shows that these restrictions no longer serve their national security purpose (if they ever did). Instead they deny American consumers lower prices and more robust innovation, hamper access of American investors to foreign telecommunications markets, and unconstitutionally impinge on freedom of speech. Sidak's study encompasses the Telecommunications Act of 1996, recent global mergers such as British Telecom-MCI, and the 1997 World Trade Organization agreement to liberalize trade in telecommunications services.
Forensics of Capital
Michael Ralph University of Chicago Press, 2015 Library of Congress DT549.62.R35 2015 | Dewey Decimal 332.04109663
As one of Africa’s few democracies, Senegal has long been thought of as a leader of moral, political, and economic development on the continent. We tend to assume that any such nation has achieved favorable international standing due to its own merits. In Forensics of Capital, Michael Ralph upends this kind of conventional thinking, showing how Senegal’s diplomatic standing was strategically forged in the colonial and postcolonial eras at key periods of its history and is today entirely contingent on the consensus of wealthy and influential nations and international lending agencies.
Ralph examines Senegal’s crucial and pragmatic decisions related to its development and how they garnered international favor, decisions such as its opposition to Soviet involvement in African liberation—despite itself being a socialist state—or its support for the US-led war on terror—despite its population being predominately Muslim. He shows how such actions have given Senegal an inflated political and economic position and status as a highly credit-worthy nation even as its domestic economy has faltered. Exploring these and many other aspects of Senegal’s political economy and its interface with the international community, Ralph demonstrates that the international reputation of any nation—not just Senegal—is based on deep structural biases.
Intellectuals since the Industrial Revolution have been obsessed with whether, when, and why capitalism will collapse. This riveting account of two centuries of failed forecasts of doom reveals the key to capitalism’s durability.
Prophecies about the end of capitalism are as old as capitalism itself. None have come true. Yet, whether out of hope or fear, we keep looking for harbingers of doom. In Foretelling the End of Capitalism, Francesco Boldizzoni gets to the root of the human need to imagine a different and better world and offers a compelling solution to the puzzle of why capitalism has been able to survive so many shocks and setbacks.
Capitalism entered the twenty-first century triumphant, its communist rival consigned to the past. But the Great Recession and worsening inequality have undermined faith in its stability and revived questions about its long-term prospects. Is capitalism on its way out? If so, what might replace it? And if it does endure, how will it cope with future social and environmental crises and the inevitable costs of creative destruction? Boldizzoni shows that these and other questions have stood at the heart of much analysis and speculation from the early socialists and Karl Marx to the Occupy Movement. Capitalism has survived predictions of its demise not, as many think, because of its economic efficiency or any intrinsic virtues of markets but because it is ingrained in the hierarchical and individualistic structure of modern Western societies.
Foretelling the End of Capitalism takes us on a fascinating journey through two centuries of unfulfilled prophecies. An intellectual tour de force and a plea for political action, it will change our understanding of the economic system that determines the fabric of our lives.
Rising journalist and fellow millennial Andrew Stiles is all too familiar with the financial realities of his generation—inescapable student debt, insufficient jobs, and the sort of apathetic response to the inevitable Social Security drainage that will leave them empty-handed in old age. But rather than resigning or whining, Stiles employs both humor and research to illustrate what is turning out to be a “bleakenomic” future for millennials.
Some of his key findings include:
U.S. debt is approaching 100 percent of GDP, the highest level since World War II.
By 2050, debt is on track to reach an unprecedented 145 percent of GDP. Under one pessimistic (but probably more realistic) scenario, CBO estimates that debt could rise to 244 percent of GDP, which means lights out.
By 2050, federal spending is projected to exceed 29 percent of GDP, levels not seen since the height of World War II. We’re on track to spending more money on baby boomers in retirement than we did to defeat the Nazis.
Since 1984, the median net worth for households headed by someone under the age of 35 has declined 68 percent. For retirement age households, net worth has increased 42 percent over that same period. The result is the largest generational wealth gap in history. Boomers did better than their kids in early adulthood, and will do better than their kids in retirement.
As millennials remain childless and single for longer, they face one of the highest tax rates (16.9 percent) for their demographic in the developed world.
The millennial reality is harsh, but Stiles does not wallow in it. Rather, he uses the data as a slap in the face to shame boomers and wake up millennials to save, vote, and work for change in a system that can’t continue.
Forging an Integrated Europe
Barry Eichengreen and Jeffry Frieden, Editors University of Michigan Press, 1998 Library of Congress HC240.F62 1998 | Dewey Decimal 337.142
As European integration has deepened and become more invasive, the tension between the authority of the European Union and the autonomy of member states has increased, while dissatisfaction with the political institutions of the European Union has increased dramatically. How fast and how far European integration will proceed are critical issues for scholars and policymakers in Europe and the United States. Barry Eichengreen and Jeffry Frieden have assembled a group of prominent economists and political scientists to discuss the most important--and most difficult--political and economic issues involved in European integration. The book focuses on three major issues: economic and monetary union, the reform and development of responsive political institutions for the Union, and the enlargement of the Union to include states to the east.
In examining these issues, the writers consider such prob-lems as the trade-off between the benefits of international economic cooperation and the ability to pursue domestic welfare policies; how to increase the political accountability of the institutions of the EU; and how the EU can both be enlarged in membership and deepened in terms of the powers given community institutions.
The contributors are Steven Arndt, Peter Bofinger, Christian de Boisseu, Michele Fratianni, Geoffrey Garrett, Jurgen von Hagen, Ander Todal Jenssen, Ken Kletzer, Lisa Martin, Jonathan Moses, Jean Pisani-Ferry, and Michael Wallerstein, in addition to the editors.
Barry Eichengreen is Professor of Economics, University of California, Berkeley. Jeffry Frieden is Professor of Government, Harvard University.
The Reagan and Thatcher "revolutions." The collapse of Eastern Europe dramatically captured in the tearing down of the Berlin Wall. F. A. Hayek, "grand old man of capitalism" and founder of the classical liberal, free-market revival which ignited and inspired these world events, forcefully predicted their occurrence in writings such as The Road toSerfdom, first published in 1944.
Hayek's well-known social and political philosophy—in particular his long-held pessimistic view of the prospects of socialism, irrefutably vindicated by the recent collapse of the Eastern bloc—is fully grounded in the Austrian approach to economics. In this new collection, Hayek traces his intellectual roots to the Austrian school, the century-old tradition founded at the University of Vienna by Carl Menger, and links it to the modern rebirth of classical liberal or libertarian thought.
As Hayek reminds us, the cornerstone of modern economics—the theory of value and price—"represents a consistent continuation of the fundamental principles handed down by the Vienna school." Here, in this first modern collection of essays on the Austrian school by one of its preeminent figures, is the genesis of this tradition and its place in intellectual history.
Reflections on Hayek's days as a young economic theorist in Vienna, his opening address to the inaugural meeting of the Mont Pèlerin Society, and essays on former teachers and other leading figures in the Austrian school are included in volume 4. Two hitherto unavailable memoirs, "The Economics of the 1920s as Seen from Vienna," published here for the first time, and "The Rediscovery of Freedom: Personal Recollections," available for the first time in English, make this collection invaluable for Hayek scholars.
Hayek's writings continue to provide an invaluable education in a subject which is nothing less than the development of the modern world.
This book offers a systematic study of those individuals who derive their livelihood and professional satisfactions from foundation employment above a clerical level. Replies to questionnaires addressed to foundations and to foundation staff, supplemented by other research, enabled the authors to secure a wealth of data, not previously available, concerning such staff personnel. The data relates to their origin, education or training, professional or occupational background, personal qualities, recruitment for foundation service, job specialization in foundations and in-service and on-the-job training, salary levels, retirement, fringe benefits and perquisites of various kinds. These data are systematically analyzed according to the employing foundation's asset size, program, founding auspices, staff size, geographical location, and other variables. The comprehensiveness of the data also makes possible a census of full-time and part-time staff employed by all foundations and better reveals the rather distorted pattern of the distribution of that staff among the employing foundations. A feature of the study is a chapter that tabulates and analyzes the comments on foundation employment of some 420 foundation executives—on their satisfactions, dissatisfactions, and frustrations and on how foundation employment might be made more attractive. The pros and cons of the related issue of increased professionalization of foundation service is considered in the light of these comments and from the standpoint, also, of the current philanthropic policies of different kinds of foundations. The probable long-term effect on foundation service of certain provisions of the Tax Reform Act of 1969 is also examined.
Concentrates on the historical, statutory, judicial, and administrative aspects of philanthropic foundations. It begins with a general survey of the rise of foundations, particularly as a legal concept, and examines existing provisions for state registration and supervision, with special atention to the role of the attorney general. There are field reports on ten states with programs aimed at following charitable activities closely. The concluding chapter provides appraisals and recommendations, and appendices include state legal requirements for charitable trusts and corporations, selected state acts, rules, reporting forms, and a list of cases.
In this book Steven Shavell provides an in-depth analysis and synthesis of the economic approach to the building blocks of our legal system, namely, property law, tort law, contract law, and criminal law. He also examines the litigation process as well as welfare economics and morality. Aimed at a broad audience, this book requires neither a legal background nor technical economics or mathematics to understand it. Because of its breadth, analytical clarity, and general accessibility, it is likely to serve as a definitive work in the economic analysis of law.
The Founders and Finance
Thomas K. McCraw Harvard University Press, 2012 Library of Congress HJ261.M37 2012 | Dewey Decimal 330.97304
In 1776 the U.S. owed huge sums to foreign creditors and its own citizens but, lacking the power to tax, had no means to repay them. This is the first book to tell the story of how foreign-born financial specialists—the immigrant founders Hamilton and Gallatin—solved the fiscal crisis and set the nation on a path to long-term economic prosperity.
The political decisions made by the founding fathers were crucial to the success of the early republic. But the economic decisions they made were just as pivotal, ensuring the general welfare and common defense of the United States for decades to come. Founding Choices explores these economic choices and their profound influence on American life, westward expansion, and influence abroad. Among the topics covered are finance, trade, and monetary and banking policy, with a focus on the factors guiding those policies and their end result.
This book redresses the relative neglect of the economic achievements of the founders. It will be essential reading for historians and economists alike.
Critics warn that corporate leaders have too much influence over American politics. Mark Mizruchi worries they exert too little. American CEOs have abdicated their civic responsibilities in helping the government address national challenges, with grave consequences for society. A sobering assessment of the dissolution of America’s business class.
"The book ranks with the finest products of the new labor history.... A significant contribution to debates over the role of ethnicity, gender, and skill in American labor history, it also enhances our understanding of American intellectual life in the early twentieth century."
--Journal of Economic History
In this full-length study of the 1913 Paterson silk strike, Steve Golin examines the creative collaboration between the silk workers, organizers from the Industrial Workers of the World, and Greenwich Village intellectuals. Although the strike was defeated, this alliance could become a model for the American left because it suggests the possibilities of connecting economic, political, and cultural struggles.
Combining perspectives from labor history, social history, and intellectual history Golin argues that while the silk workers began the 1913 strike and controlled it themselves, the IWW helped them create institutions that supported the strike and reinforced its radically democratic character. The deadlock in Paterson dictated the need for a "bridge" to New York that was facilitated by a growing mutual trust between the Wobblies and intellectuals from Greenwich Village. At the height of the struggle, the IWW and the Village radicals joined the workers in presenting a powerful strike pageant in Madison Square Garden.
The story of the 1913 silk strike is important because it challenges long-held conservative assumptions about labor history, including the elitist role of skilled workers, the bureaucratic function of union organization, and the irrelevance of intellectuals. Although the strikers were ultimately defeated, the strike's failure had more damaging consequences for the IWW and the intellectuals than for the workers themselves and Golin views this loss as a major turning point for the American left.
"Golin offers a major reinterpretation of the Paterson strike as a turning point in the history of American radical culture.... More than other labor historians, Golin approaches his subject from a cultural and intellectual perspective."
--The Journal of American History
"Golin has provided us with a pioneering work that demands a fundamental reinterpretation of the Paterson strike, one that finally accords the workers themselves the historical recognition that their extraordinary effort so richly deserves."
"Steve Golin presents an enthusiastic, politically engaged analysis of the strike. His beautifully written study demonstrates how a detailed narrative of a limited historical episode can throw a spotlight on broader issues in the history of American workers...a significant contribution to labor history."
--Union Labor News
"[Golin] makes his case with rich details that bring the whole dramatic series of events to life."
"[Golin] has restored the 'fragile bridge' of the Paterson strike that fused at and class consciousness, and he has constructed new bridges between the scholarly domains of social and cultural history and between the 'moment' of 1913, so filled with revolutionary promise, and our own time."
--International Review of Social History
"An excellent book.... Golin's exciting, moving, informative book reminds us that social history is something not only to be written and read, but to be made."
By tracing out the intersection between the imagined space of the national economy and the gendered construction of "expert" knowledge in development thought, Suzanne Bergeron provides a provocative analysis of development discourse and practice. By elaborating a framework of including/excluding economic subjects and activities in development economics, she provides a rich account of the role that economists have played in framing the contested political and cultural space of development.
Bergeron's account of the construction of the national economy as an object of development policy follows its shifting meanings through modernization and growth models, dependency theory, structural adjustment, and contemporary debates about globalization and highlights how intersections of nation and economy are based on gendered and colonial scripts. The author's analysis of development debates effectively demonstrates that critics of development who ignore economists' nation stories may actually bolster the formation they are attempting to subvert. Fragments of Development is essential reading for those interested in development studies, feminist economics, international political economy, and globalization studies.
The central theme of this book is that an economic framework—incorporating such concepts as information asymmetry, moral hazard, and adaptation to changed circumstances—is appropriate for contract interpretation, analyzing contract disputes, and developing contract doctrine. The value of the approach is demonstrated through the close analysis of major contract cases. In many of the cases, had the court (and the litigators) understood the economic context, the analysis and results would have been very different.
As the banking crisis and its effects on the world economy have made plain, the stock market is of colossal importance to our livelihoods. In Framing Finance, Alex Preda looks at the history of the market to figure out how we arrived at a point where investing is not only commonplace, but critical, as market fluctuations threaten our plans to send our children to college or retire comfortably.
As Preda discovers through extensive research, the public was once much more skeptical. For investing to become accepted, a deep-seated prejudice against speculation had to be overcome, and Preda reveals that over the course of the eighteenth and nineteenth centuries groups associated with stock exchanges in New York, London, and Paris managed to redefine finance as a scientific pursuit grounded in observational technology. But Preda also notes that as the financial data in which they trafficked became ever more difficult to understand, charismatic speculators emerged whose manipulations of the market undermined the benefits of widespread investment. And so, Framing Finance ends with an eye on the future, proposing a system of public financial education to counter the irrational elements that still animate the appeal of finance.
McDonald's. Blockbuster Video. Jiffy Lube. Subway. Franchising has become an ever-present feature of the American landscape. One-third of the U.S. gross domestic product flows through franchises, and one out of every sixteen workers is employed by one. But how did franchising come to play such a dominant role in the American economy? What are the day-to-day experiences of franchisees and franchisers in the workplace? What challenges and pitfalls await them as they stake their claim to prosperity? These are just a few of the questions explored in Franchising Dreams, a documentary-like look into the frustrations and uncertainties that entrepreneurs face in their pursuit of the American dream.
Peter M. Birkeland worked for three years in the front-line operations of franchise units for three companies, met with CEOs and executives, and attended countless trade shows, seminars, and expositions. All this firsthand experience gave him unprecedented access to the hopes and aspirations of franchisees. His book closely traces different franchisees and follows them as their dreams of wealth and independence buckle beneath the weight of frustrating logistics and contractual technicalities. Through extensive interviews and research, Birkeland not only discovers what makes franchisees succeed or fail, he uncovers the difficulties in running a business according to someone else's system and values. Bearing witness to a market flooded with fierce competitors and dependent on the inscrutable whims of consumers, he uncovers the numerous challenges that franchisees face in making their businesses succeed.
Americans today often think of thrift as a negative value—a miserly hoarding of resources and a denial of pleasure. Even more telling, many Americans don't even think of thrift at all anymore. Franklin’s Thrift challenges this state of mind by recovering the rich history of thrift as a quintessentially American virtue.
The contributors to this volume trace how, from the eighteenth century on, the idea and practice of thrift has been a robust part of the American vision of economic freedom and social abundance. For Benjamin Franklin, who personified and promoted the idea, thrift meant working productively, consuming wisely, saving proportionally, and giving generously. Franklin's thrift became the cornerstone of a new kind of secular faith in the ordinary person's capacity to shape his lot and fortune in life. Later chapters document how in the nineteenth and twentieth centuries, thrift moved into new domains. It became the animating idea behind social movements to promote children's school savings, create mutual savings banks and credit unions for working men and women, establish a federal savings bond program, and galvanize the nation to conserve resources during two world wars.
Historians, enthusiasts of Americana or traditional American virtues, and anyone interested in resolving our society's current financial woes will find much to treasure in this diverse collection, with topics ranging from the inspirational lessons we can learn from the film It’s a Wonderful Life to a history of the roles played by mutual savings banks, credit unions, and thrift stores in America’s national thrift movement. It also includes actual policy recommendations for our present situation.
Freaks of Fortune
Jonathan Levy Harvard University Press, 2012 Library of Congress HC105.L48 2012 | Dewey Decimal 330.122097309034
Until the nineteenth century, “risk” was a specialized term: it was the commodity exchanged in a marine insurance contract. Freaks of Fortune tells how the modern concept of risk emerged in the United States. Born on the high seas, risk migrated inland and became essential to the financial management of an inherently uncertain capitalist future.