This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century.
The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.
Is economic equality necessary for social peace? Why do the strong oppress and impoverish the weak? How are developing nations overcoming the legacy of colonialism? These are a few of the many thought-provoking concerns addressed in this book. The first in a new series—The W. E. B. Du Bois Lectures—it tackles a wide range of topics dealing with the economics of racial conflict in important areas of the world. Race is often introduced as a key factor, whether it is or not, in such highly controversial subjects as colonialism, federalism, dual labor markets, affirmative action, multinational corporations, the international economic order, and of course discrimination itself. W. Arthur Lewis discerns the ways in which race and economics affect individuals and groups, bringing a personal viewpoint to the problems faced by both less-developed and more-developed countries.
How many black vice-presidents should a major North American corporation employ? Do East Indians and Canadians demonstrate more aptitude for business than West Indians? Does affirmative action work in education or business? Though he boldly confronts grave national and international problems, Lewis does so with wisdom, equanimity, optimism, even a touch of humor. His individualistic and commonsensical thoughts and opinions may not please or satisfy everyone, but they cannot fail to intrigue and invite discussion.
Examines how radical bookstores and similar spaces serve as launching pads for social movements
How does social change happen? It requires an identified problem, an impassioned and committed group, a catalyst, and a plan. In this deeply researched consideration of seventy-seven stores and establishments, Kimberley Kinder argues that activists also need autonomous space for organizing, and that these spaces are made, not found. She explores the remarkably enduring presence of radical bookstores in America and how they provide infrastructure for organizing—gathering places, retail offerings that draw new people into what she calls “counterspaces.”
Kinder focuses on brick-and-mortar venues where owners approach their businesses primarily as social movement tools. These may be bookstores, infoshops, libraries, knowledge cafes, community centers, publishing collectives, thrift stores, or art installations. They are run by activist-entrepreneurs who create centers for organizing and selling books to pay the rent. These spaces allow radical and contentious ideas to be explored and percolate through to actual social movements, and serve as crucibles for activists to challenge capitalism, imperialism, white privilege, patriarchy, and homophobia. They also exist within a central paradox: participating in the marketplace creates tensions, contradictions, and shortfalls. Activist retail does not end capitalism; collective ownership does not enable a retreat from civic requirements like zoning; and donations, no matter how generous, do not offset the enormous power of corporations and governments.
In this timely and relevant book, Kinder presents a necessary, novel, and apt analysis of the role these retail spaces play in radical organizing, one that demonstrates how such durable hubs manage to persist, often for decades, between the spikes of public protest.
As a vehicle to convey both the history of modern China and the complex forces still driving the nation’s economic success, rail has no equal. Railroads and the Transformation of China is the first comprehensive history, in any language, of railroad operation from the last decades of the Qing Empire to the present.
China’s first fractured lines were built under semicolonial conditions by competing foreign investors. The national system that began taking shape in the 1910s suffered all the ills of the country at large: warlordism and Japanese invasion, Chinese partisan sabotage, the Great Leap Forward when lines suffered in the “battle for steel,” and the Cultural Revolution, during which Red Guards were granted free passage to “make revolution” across the country, nearly collapsing the system. Elisabeth Köll’s expansive study shows how railroads survived the rupture of the 1949 Communist revolution and became an enduring model of Chinese infrastructure expansion.
The railroads persisted because they were exemplary bureaucratic institutions. Through detailed archival research and interviews, Köll builds case studies illuminating the strength of rail administration. Pragmatic management, combining central authority and local autonomy, sustained rail organizations amid shifting political and economic priorities. As Köll shows, rail provided a blueprint for the past forty years of ambitious, semipublic business development and remains an essential component of the PRC’s politically charged, technocratic economic model for China’s future.
Back to the future: a heterodox economist rewrites Keynes’s General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century.
John Maynard Keynes’s General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes’s lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins.
Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes’s intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand.
Ordinary citizens have paid a steep price for the distortion of Keynes’s message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose.
Fleshing out Keynes’s intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.
Zvi Griliches was a modern master of empirical economics. In this short book, he recounts what he and others have learned about the sources of economic growth. This book conveys the way he tackled research problems. For Griliches, economic theorizing without measurement is merely the fashioning of parables, but measurement without theory is blind. Judgment enables one to strike the right balance.
The book begins with economists' first attempts to measure productivity growth systematically in the 1930s. In the mid-1950s these efforts culminated in a startling puzzle. The growth of measured inputs like labor and capital explained only a fraction of the growth of national output. Economists called this phenomenon "efficiency" or "technical change" or "the residual." However, Griliches observes that the most accurate name was a "measure of our ignorance." What explained the rest of economic growth quickly became one of the most important questions in economics.
Over the next thirty years, Griliches and his colleagues and students looked for various components of the residual in education (the formation of human capital), investment (the formation of physical capital), and research and development. In 1973, after the oil price shocks, productivity growth slowed and the residual almost disappeared. Since the shocks were a short-term phenomenon, they could not account for the slowdown. A main focus of this book is therefore the puzzle of the productivity slowdown and how to date it and how to explain it.
In the 1960s and 1970s, Randy Wood was a forerunner in the vintage instrument industry. Known as the instrument repairman to the stars, the list of Wood’s clients reads like a Hall of Fame roster: Elvis Presley, Eric Clapton, Johnny Cash, Chet Atkins, Emmylou Harris, Billy Gibbons, Bill Monroe, Keith Richards, Roy Acuff, Ricky Skaggs, and Hank Williams Jr. . . . to name a few. In Randy Wood: The Lore of the Luthier, Daniel Wile traces the life and work of a man who quietly influenced a hidden history of bluegrass and country music.
In his twenties, Wood vowed to avoid complacency in his work. What started simply as a quest to find fulfillment turned into a career that has shaped a generation of musicians, professional and amateur alike. Through his incredible gift for lutherie, Wood brought cherished pre-WWII instruments back to life, many of which were considered beyond repair. He crafted his own instruments as well, based on what he learned from vintage instruments, and these instruments found their way into the hands of some of the most renowned musicians, thanks in part to Wood’s strategic location in Nashville during the resurgence of country music in the 1970s. Humble, unassuming, and unfazed by the presence of celebrities, Wood has spent his life devoted to building and repairing stringed instruments.
Wood also built community. After tiring of big-city Nashville, he retreated to the Georgia coast, where his home shop became a hub of bluegrass activity. He eventually opened a new shop near Savannah, where a new generation of friends and strangers can come in, visit, and pick a little. Randy’s stories, complemented with those of his friends and family, create a compelling picture of a modest man with a talent for his craft, a genuine care for people, and the courage to follow his passion.
While the importance of innovation to economic development is widely understood, the conditions conducive to it remain the focus of much attention. This volume offers new theoretical and empirical contributions to fundamental questions relating to the economics of innovation and technological change while revisiting the findings of a classic book. Central to the development of new technologies are institutional environments, and among the topics discussed here are the roles played by universities and other nonprofit research institutions and the ways in which the allocation of funds between the public and private sectors affects innovation. Other essays examine the practice of open research and how the diffusion of information technology influences the economics of knowledge accumulation. Analytically sophisticated and broad in scope, this book addresses a key topic at a time when economic growth is all the more topical.
Rational Expectations and Econometric Practice was first published in 1981. 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.
Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, government subsidy schemes and regulations. The doctrine of rational expectations uses standard economic methods to explain how those expectations are formed.
This work collects the papers that have made significant contributions to formulating the idea of rational expectations. Most of the papers deal with the connections between observed economic behavior and the evaluation of alternative economic policies.
Robert E. Lucas, Jr., is professor of economics at the University of Chicago. Thomas J. Sargent is professor of economics at the University of Minnesota and adviser to the Federal Reserve Bank of Minnesota.
Rationality and freedom are among the most profound and contentious concepts in philosophy and the social sciences. In two volumes on rationality, freedom, and justice, the distinguished economist and philosopher Amartya Sen brings clarity and insight to these difficult issues. This volume--the first of the two--is principally concerned with rationality and freedom.
Sen scrutinizes and departs from the standard criteria of rationality, and shows how it can be seen in terms of subjecting one's values as well as choices to the demands of reason and critical scrutiny. This capacious approach is utilized to illuminate the demands of rationality in individual choice (including decisions under uncertainty) as well as social choice (including cost benefit analysis and environmental assessment).
Identifying a reciprocity in the relationship between rationality and freedom, Sen argues that freedom cannot be assessed independently of a person's reasoned preferences and valuations, just as rationality, in turn, requires freedom of thought. Sen uses the discipline of social choice theory (a subject he has helped to develop) to illuminate the demands of reason and the assessment of freedom. The latter is the subject matter of Sen's previously unpublished Arrow Lectures included here.
The essays in these volumes contribute to Sen's ongoing transformation of economic theory and social philosophy, and to our understanding of the connections among rationality, freedom, and social justice.
To speak of mining in newly independent Mexico is to speak of silver. And silver, historically abundant in the Real del Monte–Pachuca district, was the object of the Company of Adventurers in the Mines of Real del Monte. Organized in response to a plea by Pedro Romero de Terreros for help in rehabilitating his famous family’s once-rich properties, the English Real del Monte was led by men convinced that the application of English capital, management practices, and technology to those ruined mines and mills would reap them a profit and would revitalize the new nation’s most promising industry.
The adventurers were to be disappointed. The story of the English company is one of financial disaster: the loss of more than $5 million between its beginning in 1824 and its dissolution in 1849. Yet this failure was ironic, for upon the foundations of the English company was built a modern concern that yielded great rewards to Mexican and American successors to the hapless Englishmen.
A full account of a single risky venture, this inquiry is a microcosm of early foreign economic penetration into the Mexican mining industry. It offers specific solutions to poorly understood historical problems concerning the wave of capital that flowed from Great Britain into Latin America upon the disruption of the Spanish Empire, problems hitherto treated only in generalizations.
Reality and Rhetoric is the culmination of P. T. Bauer’s observations and reflections on Third World economies over a period of thirty years. He critically examines the central issues of market versus centrally planned economies, industrial development, official direct and multinational resource transfers to the Third World, immigration policy in the Third World, and economic methodology. In addition, he has written a fascinating account of recent papal doctrine on income inequality and redistribution in the Third World. The major themes that emerge are the importance of non-economic variables, particularly people’s aptitudes and mores, to economic growth; the unfortunate results of some current methods of economics; the subtle but important effects of the exchange economy on development; and the politicization of economic life in the Third World.
As in Bauer’s previous writings, this book is marked by elegant prose, apt examples, a broad economic-historical perspective, and the masterful use of informal reasoning.
“Reality Squared develops the scholarly discussion of the aesthetic of realism, documentary conventions, and modes of television broadcasting, in sophisticated new directions. Friedman’s historical perspective is especially valuable since so much discussion of the new aesthetic of realism on television fails to take into account similar trends throughout television history.”—Ellen Seiter, professor of communication, University of California at San Diego
“Reality Squared offers a rich variety of insights into the way television and new media make us believe in the worlds they represent. Spanning across the decades of early live TV to contemporary digital culture, this volume is an important history, not only of media but alsoof our perception of reality itself.”—Lynn Spigel, University of Southern California and author of Welcome to the Dreamhouse
Through the 1980s and 1990s, the television industry and its critics have identified and promoted the re-emergence of “reality-based” television. During the past two decades, this type of programming has come to play a major role in both production decisions and network strategy. At the beginning of the twenty-first century, viewers’ desire for “reality TV” shows no signs of diminishing, as evidenced by the meteoric rise of shows such as Who Wants to be a Millionaire, Survivor, and MTV’s Real World.
Although debates concerning the relationship between representational media and reality have occupied scholars and artists for quite some time, a surprisingly small number of books have examined this subject. As the title suggests, Reality Squared examines the representation of reality within the squared televisual viewing frame, as
well as the exponential growth of these representational programs on broadcast, cable TV, and even beyond, to the worldwide web. The contributors approach the issues surrounding television and reality from a wide range of theoretical and methodological perspectives. Topics include: the internet, the impact of global news events, weather predictions on the Weather Channel, and the representation of criminality on America’s
Most Wanted. This diverse volume contributes to the ongoing conversation about reality and representation, history and fiction, text and context, and the “inside” and “outside” of that box we call television.
Mark H. Moore’s now classic Creating Public Value offered advice to public managers about how to create public value. But that book left a key question unresolved: how could one recognize (in an accounting sense) when public value had been created? Here, Moore closes the gap by setting forth a philosophy of performance measurement that will help public managers name, observe, and sometimes count the value they produce, whether in education, public health, safety, crime prevention, housing, or other areas. Blending case studies with theory, he argues that private sector models built on customer satisfaction and the bottom line cannot be transferred to government agencies. The Public Value Account (PVA), which Moore develops as an alternative, outlines the values that citizens want to see produced by, and reflected in, agency operations. These include the achievement of collectively defined missions, the fairness with which agencies operate, and the satisfaction of clients and other stake-holders.
But strategic public managers also have to imagine and execute strategies that sustain or increase the value they create into the future. To help public managers with that task, Moore offers a Public Value Scorecard that focuses on the actions necessary to build legitimacy and support for the envisioned value, and on the innovations that have to be made in existing operational capacity.
Using his scorecard, Moore evaluates the real-world management strategies of such former public managers as D.C. Mayor Anthony Williams, NYPD Commissioner William Bratton, and Commissioner of the Minnesota Department of Revenue John James.
Every legal system must decide how to distinguish between agreements that are enforceable and those that are not. Formal bargains in the marketplace and casual promises in a social setting mark the two extremes, but many hard cases lie between. When gaps are left in a contract, how should courts fill them? What does it mean to say that an agreement is legally enforceable? If someone breaks a legally enforceable contract, what consequences follow?
For 150 years, legal scholars have debated whether a set of coherent principles provide answers to such basic questions. Oliver Wendell Holmes put forward the affirmative case, arguing that bargained-for consideration, expectation damages, and a handful of related ideas captured the essence of contract law. The work of the next several generations, culminating in Grant Gilmore’s The Death of Contract in 1974, took a contrary view. The coherence Holmes had tried to bring to the field was illusory. It was more sensible to see contracts as merely a species of civil obligation and resist the temptation to impose rigid and artificial rules.
In Reconstructing Contracts, Douglas Baird takes stock of the current state of contract doctrine and in the process reinvigorates the classic framework of Anglo-American contract law. He shows that Holmes’s principles are fundamentally sound. Even if they lack that talismanic quality formerly ascribed to them, properly understood they continue to provide the best guide to contracts for a new generation of students, practitioners, and judges.
Macroeconomics is in disarray. No one approach is dominant, and an increasing divide between theory and empirics is evident.
This book presents both a critique of mainstream macroeconomics from a structuralist perspective and an exposition of modern structuralist approaches. The fundamental assumption of structuralism is that it is impossible to understand a macroeconomy without understanding its major institutions and distributive relationships across productive sectors and social groups.
Lance Taylor focuses his critique on mainstream monetarist, new classical, new Keynesian, and growth models. He examines them from a historical perspective, tracing monetarism from its eighteenth-century roots and comparing current monetarist and new classical models with those of the post-Wicksellian, pre-Keynesian generation of macroeconomists. He contrasts the new Keynesian vision with Keynes's General Theory, and analyzes contemporary growth theories against long traditions of thought about economic development and structural change.
Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott develop the basic methods of recursive analysis and emphasize the many areas where they can usefully be applied.
After presenting an overview of the recursive approach, the authors develop economic applications for deterministic dynamic programming and the stability theory of first-order difference equations. They then treat stochastic dynamic programming and the convergence theory of discrete-time Markov processes, illustrating each with additional economic applications. They also derive a strong law of large numbers for Markov processes. Finally, they present the two fundamental theorems of welfare economics and show how to apply the methods developed earlier to general equilibrium systems.
The authors go on to apply their methods to many areas of economics. Models of firm and industry investment, household consumption behavior, long-run growth, capital accumulation, job search, job matching, inventory behavior, asset pricing, and money demand are among those they use to show how predictions can be made about individual and social behavior. Researchers and graduate students in many areas of economics, both theoretical and applied, will find this book essential.
Recycling and Incineration presents information on the technology, economics, environmental concerns, and legal intricacies behind recycling and incineration programs.
Red Chicago is a social history of American Communism set within the context of Chicago's neighborhoods, industries, and radical traditions. Using local party records, oral histories, union records, party newspapers, and government documents, Randi Storch fills the gap between Leninist principles and the day-to-day activities of Chicago's rank-and-file Communists.
Uncovering rich new evidence from Moscow's former party archive, Storch argues that although the American Communist Party was an international organization strongly influenced by the Soviet Union, at the city level it was a more vibrant and flexible organization responsible to local needs and concerns. Thus, while working for a better welfare system, fairer unions, and racial equality, Chicago's Communists created a movement that at times departed from international party leaders' intentions. By focusing on the experience of Chicago's Communists, who included a large working-class, African American, and ethnic population, this study reexamines party members' actions as an integral part of the communities and industries in which they lived and worked.
International competition and variable economic conditions have brought the threat of layoffs to the doorsteps of workers and managers in all sectors of our economy. One response to this problem is Unemployment Insurance-Supported Work Sharing. This new and promising program reduces the human and economic costs of layoffs by providing partial unemployment benefits to employees who have their workweeks reduced as an alternative to layoffs. Fred Best provides a balanced and thorough assessment of this policy in the United States, Canada, and Europe.
Unemployment Insurance-Supported Work Sharing maintains the income and fringe benefits of all workers at near full-time levels, enabling firms to maintain the skills and working relations of their employees and preventing undue hardships among those who would otherwise lose their jobs.
Best summarizes the history and effectiveness of these programs in terms of their economic and human impacts on employers, employees, government, and the economy. He presents key insights on how worktime and worker management cooperation can become powerful tools for combating joblessness and increasing economic performance. This definitive account of an important experiment in work hours will be of critical importance to managers, workers, policymakers, economists, and those concerned with employment issues.
The current products liability crisis is both familiar and puzzling: million-dollar awards for apparently frivolous claims, inadequate settlements for thousands of people with severe injuries, skyrocketing insurance premiums, an overburdened judicial system. The adverse effects of this crisis on product innovation may be particularly detrimental to the extent that they deprive consumers of newer and safer goods. W. Kip Viscusi offers the first comprehensive and objective analysis of the crisis. He employs extensive, original empirical data to diagnose the causes and to assess the merits of alternative reform policies.
Drawing on both liability insurance trends and litigation patterns, Viscusi shows that the products liability crisis is not simply a phenomenon of the 1980s but has been developing for several decades. He argues that the principal causes have been the expansion of the doctrine of design defect, the emergence of mass toxic torts, and the increase in lawsuits involving hazard warnings. This explanation differs sharply from that of most other scholars, who blame the doctrine of strict liability. Viscusi reformulates the concept of design defect, grounding it in sound economic analysis. He also evaluates public policy regarding hazard warnings and proposes a new national approach.
More generally, the author sketches a comprehensive social risk policy, in which tort liability interacts with government health and safety regulation to foster a coherent set of institutional responses to health and safety risks. Reforming Products Liability will be of special interest to lawyers, judges, policymakers, economists, and all those interested in legal policy and health and safety issues.
Regional Plan Association, the nation's oldest regional planning organization, has worked since 1929 to improve the quality of life in the New York-New Jersey-Connecticut metropolitan area. The Association has crafted two long-term plans and successfully promoted their implementation through advocacy and coalition building.
The Association's Third Regional Plan describes a series of key initiatives aimed at not only improving quality of life, but also at increasing economic competitiveness, encouraging more sustainable patterns of growth, and expanding opportunities and choice in employment, housing, and community.
The Plan presents five major campaigns, each of which combines the goals of economic, equity, and environmental improvements. They are:
While focusing on the New York-New Jersey-Connecticut metropolitan area, the Plan's broad themes have universal applicability to regions throughout the industrialized world.
Most Americans today do not live in discrete cities and towns, but rather in an aggregation of cities and suburbs that forms one basic economic, multi-cultural, environmental and civic entity. These “regional cities” have the potential to significantly improve the quality of our lives--to provide interconnected and diverse economic centers, transportation choices, and a variety of human-scale communities. In The Regional City, two of the most innovative thinkers in the field of land use planning and design offer a detailed look at this new metropolitan form and explain how regional-scale planning and design can help direct growth wisely and reverse current trends in land use. The authors:
In the 1980s and ’90s many countries turned to the private sector to provide infrastructure and utilities, such as gas, telephones, and highways—with the idea that market-based incentives would control costs and improve the quality of essential services. But subsequent debacles including the collapse of California’s wholesale electricity market and the bankruptcy of Britain’s largest railroad company have raised troubling questions about privatization. This book addresses one of the most vexing of these: how can government fairly and effectively regulate “natural monopolies”—those infrastructure and utility services whose technologies make competition impractical?
Rather than sticking to economics, José Gómez-Ibáñez draws on history, politics, and a wealth of examples to provide a road map for various approaches to regulation. He makes a strong case for favoring market-oriented and contractual approaches—including private contracts between infrastructure providers and customers as well as concession contracts with the government acting as an intermediary—over those that grant government regulators substantial discretion. Contracts can provide stronger protection for infrastructure customers and suppliers—and greater opportunities to tailor services to their mutual advantage. In some cases, however, the requirements of the firms and their customers are too unpredictable for contracts to work, and alternative schemes may be needed.
A provocative reassessment of the concepts underlying the struggle for sustainable development
Much of the debate over sustainable development revolves around how to balance the competing demands of economic development, social well-being, and environmental protection. “Jobs vs. environment” is only one of the many forms that such struggles take. But what if the very terms of this debate are part of the problem? Reimagining Livelihoods argues that the “hegemonic trio” of economy, society, and environment not only fails to describe the actual world around us but poses a tremendous obstacle to enacting a truly sustainable future.
In a rich blend of ethnography and theory, Reimagining Livelihoods engages with questions of development in the state of Maine to trace the dangerous effects of contemporary stories that simplify and domesticate conflict. As in so many other places around the world, the trio of economy, society, and environment in Maine produces a particular space of “common sense” within which struggles over life and livelihood unfold. Yet the terms of engagement embodied by this trio are neither innocent nor inevitable. It is a contingent, historically produced configuration, born from the throes of capitalist industrialism and colonialism. Drawing in part on his own participation in the struggle over the Plum Creek Corporation’s “concept plan” for a major resort development on the shores of Moosehead Lake in northern Maine, Ethan Miller articulates a rich framework for engaging with the ethical and political challenges of building ecological livelihoods among diverse human and nonhuman communities.
In seeking a pathway for transformative thought that is both critical and affirmative, Reimagining Livelihoods provides new frames of reference for living together on an increasingly volatile Earth.
Traditionally protected as monopolies, electric utilities are now being caught in the fervor for deregulation that is sweeping the country. Nearly forty states have enacted or are considering laws and regulations that will profoundly alter the way the electric utility industry is governed. Concerned citizens are beginning to ponder the environmental implications of such a change, and while many fear that the pressure of competition will exacerbate environmental problems, others argue that deregulation provides a tremendous opportunity for citizens to work toward promoting cleaner energy and a more sustainable way of life.
In Reinventing Electric Utilities, Ed Smeloff and Peter Asmus consider the challenges for citizens and the utility industry in this new era of competition. Through an in-depth case study of the Sacramento Municipal Utility District (SMUD), a once-troubled utility that is now widely regarded as a model for energy efficiency and renewable energy development, they explore the changes that have occurred in the utility industry, and the implications of those changes for the future. The SMUD portrait is complemented by regional case studies of Portland General Electric and the Washington Public Power Supply System, the New England Electric Service, Northern States Power, the Electricity Reliability Council of Texas, and others that highlight the efforts of citizen groups and utilities to eliminate unproductive and environmentally damaging sources of power and to promote the use of new, cleaner energy technologies.
The authors present and explain some of the fundamental principles that govern restructuring, while acknowledging that solutions will depend upon the unique resource needs, culture, and utility structure of each particular region. Smeloff and Asmus argue that any politically sustainable restructuring of the electric services industry must address the industry's high capital cost commitments and environmental burdens.
Throughout, they make the case that with creative leadership, open and competitive markets, and the active participation of citizens, this upheaval offers a unique opportunity for electric utilities to lessen the burden of electricity production on the environment and reduce the cost of electric services through the use of more competitive, cleaner power sources.
While neither technological innovation nor the magic of the market will in and of itself reinvent the electric utility industry, the influence of those dynamic forces must be understood. Reinventing Electric Utilities is an important work for policymakers, energy professionals, and anyone concerned about the future of the electric services industry.
The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance.
According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities.
Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.
The Survey of Organizational Excellence is revolutionizing the operation of Texas state agencies and other governmental and private organizations. Developed and refined over the last twenty years by a team of researchers led by Michael Lauderdale, the survey is a proven tool for improving the effectiveness of state government services through surveys of employee attitudes toward their organizations.
In this book, Lauderdale gives a history of the survey and its use under four governors, including George W. Bush. He explains what the survey is, how to use it, and how to apply its results to organizational change and improvement. Step-by-step instructions for planning, implementing, and evaluating the survey are enhanced with real-life case studies from the 140,000 surveys that have been distributed and used by more than 75 different organizations. Lauderdale also sets the survey in a broader perspective by identifying some of the forces currently impelling change in organizations throughout our society and exploring where this push for change is taking us.
An original vision for using technology to transform supply chains into value chains in order to revitalize American communities
When the COVID-19 pandemic led to a global economic “shutdown” in March 2020, our supply chains began to fail, and out-of-stocks and delivery delays became the new norm. Contrary to public perception, the pandemic strain did not break the current system of supply chains; it merely exposed weaknesses and fault lines that were decades in the making, and which were already acutely felt in deindustrialized cities and depopulated rural towns throughout the United States.
Reinventing the Supply Chain explores the historical role of supply chains in the global economy, outlines where the system went wrong and what needs to be done to fix it, and demonstrates how a retooled supply chain can lead to the revitalization of American communities. Jack Buffington proposes a transformation of the global supply chain system into a community-based value chain, led by the communities themselves and driven by digital platforms for raising capital and blockchain technology.
Buffington proposes new solutions to problems that have been decades in the making. With clear analysis and profound insight, Buffington provides a clear roadmap to a more durable and efficient system.
HGTV has perfected stories about creating and capturing value in the housing market. But according to Robert Goldman, this lifestyle network’s beloved flagship programs, Flip or Flop, Property Brothers, and Fixer Upper—where people revitalize modern spaces and reinvent property values—offer “fairy tales” in the wake of the 2008 economic crisis. The cable channel’s seductive, bingeable programs may show how to find and extract value from properties, but, in fact, they insidiously ignore the realities of the real estate and mortgage markets, housing inequality, gentrification, economic insecurity, and even homelessness. In effect, HGTV has turned house flipping into a master narrative about getting ahead in America during an era of otherwise uneasy economic prospects.
HGTV pictures its insular moral economy as an alternative to a crisis-ridden neoliberal finance system that shaped landscapes of foreclosure and financial uncertainty for millions of households. Renovating Value explores the circuitry of consumer credit and debt, and a rent-gap model of gentrification that charts a path to the rehabilitation of Value. Goldman shrewdly critiques the aspirational myth of adding value to a home simply by using imagination, elbow grease, and aesthetic know-how.
Debt was an inescapable fact of life in early America. At the beginning of the eighteenth century, its sinfulness was preached by ministers and the right to imprison debtors was unquestioned. By 1800, imprisonment for debt was under attack and insolvency was no longer seen as a moral failure, merely an economic setback. In Republic of Debtors, Bruce H. Mann illuminates this crucial transformation in early American society.
From the wealthy merchant to the backwoods farmer, Mann tells the personal stories of men and women struggling to repay their debts and stay ahead of their creditors. He opens a window onto a society undergoing such fundamental changes as the growth of a commercial economy, the emergence of a consumer marketplace, and a revolution for independence. In addressing debt Americans debated complicated questions of commerce and agriculture, nationalism and federalism, dependence and independence, slavery and freedom. And when numerous prominent men—including the richest man in America and a justice of the Supreme Court—found themselves imprisoned for debt or forced to become fugitives from creditors, their fate altered the political dimensions of debtor relief, leading to the highly controversial Bankruptcy Act of 1800.
Whether a society forgives its debtors is not just a question of law or economics; it goes to the heart of what a society values. In chronicling attitudes toward debt and bankruptcy in early America, Mann explores the very character of American society.
A scientific approach to corporate reputation from the field’s leading scholar.
Public opinion is a core factor of any organization’s success—and sometimes its failings. Whether through crisis, mismanagement, or sudden shifts in public sensibility, an organization can run afoul in the span of a Tweet.
In Reputation Analytics, Daniel Diermeier offers the first rigorous analytical framework for understanding and managing corporate reputation and public perception. Drawing on his expertise as a political scientist and management scholar, Diermeier incorporates lessons from game theory, psychology, and text analytics to create a methodology that has immediate application in both scholarship and practice.
A milestone work from one of social science’s most eminent scholars, Reputation Analytics unveils an advanced understanding of an elusive topic, resulting in an essential guide for academics and readers across industries.
As Karl Marx the icon has fallen along with so many communist regimes, we are left with the mystery of Karl Marx the man, the complexities of a life that has profoundly affected millions. A Requiem for Karl Marx is Frank Manuel's searching meditation on that life, a learned and elegantly written engagement with the man and his work.
Manuel gives us a psychological portrait rendered with sympathy and critical detachment, a probing look at the connections between the private drama of Marx's life and his revolutionary ideas. Manuel pursues these connections from Marx's adolescence and education in Trier through his university studies, marriage to a German baroness, and early affiliation with French and German radical groups. Here we see Marx in moments of youthful rapture, in periods of despair, in maneuvers of blatant hypocrisy, in outbursts of self-mockery. We follow his involuted response to his status as a converted Jew, observe the psychic toll of debilitating bouts of illness, and witness the shattering effects of his aggressive, often brutal conduct toward friend and foe alike. Manuel analyzes in intricate detail the central role of Marx's enduring relationship with Friedrich Engels, which appears to transcend the bounds of friendship, and his changing behavior toward his wife, Jenny, the neurotic and tragic figure who shared his dismal London exile.
What becomes clear in this narrative is the link between Marx's personal life and his ideas about class struggle, revolutionary strategy, and utopia--as well as the impact of his personal vision and political tactics on the movements that followed him, down to our day.
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