A fast-paced, behind-closed-doors account of the Federal Reserve’s decision making during the 2008 financial crisis, showing how Fed policymakers overcame their own assumptions to contain the disaster.
The financial crisis of 2008 led to the collapse of several major banks and thrust the US economy into the deepest recession since the Great Depression. The Federal Reserve was the agency most responsible for maintaining the nation’s economic stability. And the Fed’s Open Market Committee was a twelve-member body at the epicenter, making sense of the unfolding crisis and fashioning a response. This is the story of how they failed, learned, and staved off catastrophe.
Drawing on verbatim transcripts of the committee’s closed-door meetings, Mitchel Abolafia puts readers in the room with the Federal Reserve’s senior policymaking group. Abolafia uncovers what the Fed’s policymakers knew before, during, and after the collapse. He explores how their biases and intellectual commitments both helped and hindered as they made sense of the emergency. In an original contribution to the sociology of finance, Stewards of the Market examines the social and cultural factors that shaped the Fed’s response, one marked by missed cues and analytic failures but also by successful improvisations and innovations.
Ideas, traditions, and power all played their roles in the Fed’s handling of the crisis. In particular, Abolafia demonstrates that the Fed’s adherence to conflicting theories of self-correcting markets contributed to the committee’s doubts and decisions. A vivid portrait of the world’s most powerful central bank in a moment of high stakes, Stewards of the Market is rich with insights for the next financial downturn.
Multinational enterprises—what they are and the challenge they pose to national objectives—have never been so clearly delineated. Raymond Vernon cuts through polemic and propaganda to place in perspective the spread of large companies from their home bases to foreign countries. He draws upon the variety of recent studies and his own vast scholarly endeavors and firsthand experience to answer such questions as: Are multinational enterprises and nation-states incompatible in goals and outlook? Should their economic (and political) behavior differ in underdeveloped countries as compared to modernized states?
After reviewing the growing interrelationships of the world's economies, Vernon takes a close-up look at multinationals, commenting on their size, business activity, and patterns of management and control. He identifies the real problems these large enterprises generate, sorting them out from the ills that are associated with industrialization in general. He traces these problems in the developing world and in industrialized countries. In the process, he explores the ramifications of the multinational double identity—each enterprise must comport itself as a national of the country that sanctioned its creation, while at the same time it must respond to the link that ties it to units of the same company in other countries.
Finally, Vernon reviews proposals that have been made to alter the relationship between the enterprises and their host countries, and he suggests scenarios for the future. The issues run deep and the threat of conflict grows, he asserts, and if policymakers hope to deal constructively with problems associated with multinational enterprises, they will have to recognize some of the basic difficulties that have so far blocked progress. His book, by setting forth the issues clearly and without special pleading, makes significant progress in pointing the way to solutions.
By the mid-1980s, Korea's economic and political situation was becoming volatile. Labor relations were especially contentious. The Strains of Economic Growth, a collaborative research project between the Harvard Institute for International Development and the Korea Development Institute provides an analytic history of the economic causes of the labor unrest and popular discontent of the late 1980s. Set against rapid increases in wages and employment, worker dissatisfaction is traced to patterns of income inequality and to non-pecuniary dimensions of working life, including the suppression of labor organizations. The desire for greater political freedom also played an important role in the unprecedented unrest of this period.
The conclusions of this volume are essential for understanding the labor struggles that continue in Korea today and are highly relevant for policy makers from other emerging economies that wish to benefit from both the successes and failures of Korea's experience.
The philanthropic landscape is changing dramatically as a new generation of wealthy donors seeks to leave its mark on the public sphere. Peter Frumkin reveals in Strategic Giving why these donors could benefit from having a comprehensive plan to guide their giving. And with this thoughtful and timely book, he provides the much-needed framework to understand and develop this kind of philanthropic strategy.
After listening for years to scores of individual and institutional funders discuss the challenges of giving wisely, Frumkin argues here that contemporary philanthropy requires a thorough rethinking of its underlying logic. Philanthropy should be seen, he contends, as both a powerful way to meet public needs and a meaningful way to express private beliefs and commitments. He demonstrates that finding a way to simultaneously fulfill both of these functions is crucial to the survival of philanthropy and its potential to support pluralism in society. And he goes on to identify the five essential elements donors must consider when developing a philanthropic strategy—the vehicle through which giving will flow, the way impact will be achieved, the level of engagement and profile sought, the time frame for giving, and the underlying purpose of the gift. Frumkin’s point is that donors must understand strategic giving as the integration of these five critical dimensions to giving.
Essential reading for donors, researchers, and anyone involved with the world of philanthropy, Strategic Giving provides a new basis for understanding philanthropic effectiveness and a promising new way for philanthropy to achieve the legitimacy that has at times eluded it.
The time is right for bright, aggressive newspaper managers to influence and prosper, but bleak indeed for those newspapers whose managers lack the requisite knowledge. Using case studies and examples from the business, Fink shows why some newspapers change with the times and surge ahead and why some continue to publish to an eroding market base and fail.
The difference between success and failure, he concludes, is in "long-range planning and in daily operating methodology—in, simply, the professionalism of management at all levels."
All of the essays in this new collection by Thomas Schelling convey his unique perspective on individuals and society. This perspective has several characteristics: it is strategic in that it assumes that an important part of people's behavior is motivated by the thought of influencing other people's expectations; it views the mind as being separable into two or more parts (rational/irrational; present-minded/future-minded); it is motivated by policy concerns--smoking and other addictions, global warming, segregation, nuclear war; and while it accepts many of the basic assumptions of economics--that people are forward-looking, rational decision makers, that resources are scarce, and that incentives are important--it is open to modifying them when appropriate, and open to the findings and insights of other social science disciplines.
Schelling--a 2005 Nobel Prize winner-- has been one of the four or five most important social scientists of the past fifty years, and this collection shows why.
Adam Smith, asserting the common humanity of the street porter and the philosopher, articulated the classical economists' model of social interactions as exchanges among equals. This model had largely fallen out of favor until, recently, a number of scholars in the avant-garde of economic thought rediscovered it and rechristened it "analytical egalitarianism." In this volume, Sandra J. Peart and David M. Levy bring together an impressive array of authors to explore the ramifications of this analytical ideal and to discuss the ways in which an egalitarian theory of individuality can enable economists to reconcile ideas from opposite ends of the political spectrum.
"The analytical egalitarianism project that Peart and Levy have advanced has come to occupy a prominent place in the current agenda of historians of economic thought."
---Ross Emmett, Associate Professor of Economics and Co-Director of the Michigan Center for Innovation and Economic Prosperity, Michigan State University
"These essays and dialogs from the Summer Institute would make Adam Smith, economist and moral philosopher, proud."
---J. Daniel Hammond, Hultquist Family Professor of Economics, Wake Forest University
With essays by:
Sandra J. Peart is Dean of the Jepson School of Leadership Studies, University of Richmond, Virginia.
David M. Levy is Professor of Economics at George Mason University (GMU) and Research Associate at the Center for Study of Public Choice at GMU.
They are Co-Directors of George Mason University's Summer Institute for the Preservation of the History of Economics.
The topic of streets and street design is of compelling interest today as public officials, developers, and community activists seek to reshape urban patterns to achieve more sustainable forms of growth and development. Streets and the Shaping of Towns and Cities traces ideas about street design and layout back to the early industrial era in London suburbs and then on through their institutionalization in housing and transportation planning in the United States. It critiques the situation we are in and suggests some ways out that are less rigidly controlled, more flexible, and responsive to local conditions.
Originally published in 1997, this edition includes a new introduction that addresses topics of current interest including revised standards from the Institute of Transportation Engineers; changes in city plans and development standards following New Urbanist, Smart Growth, and sustainability principles; traffic calming; and ecologically oriented street design.
Many consumers feel powerless in the face of big industry’s interests. And the dominant view of economic regulators (influenced by Mancur Olson’s book The Logic of Collective Action, published in 1965) agrees with them. According to this view, diffuse interests like those of consumers are too difficult to organize and too weak to influence public policy, which is determined by the concentrated interests of industrial-strength players. Gunnar Trumbull makes the case that this view represents a misreading of both the historical record and the core logic of interest representation. Weak interests, he reveals, quite often emerge the victors in policy battles.
Based on a cross-national set of empirical case studies focused on the consumer, retail, credit, pharmaceutical, and agricultural sectors, Strength in Numbers develops an alternative model of interest representation. The central challenge in influencing public policy, Trumbull argues, is not organization but legitimation. How do diffuse consumer groups convince legislators that their aims are more legitimate than industry’s? By forging unlikely alliances among the main actors in the process: activists, industry, and regulators. Trumbull explains how these “legitimacy coalitions” form around narratives that tie their agenda to a broader public interest, such as expanded access to goods or protection against harm. Successful legitimizing tactics explain why industry has been less powerful than is commonly thought in shaping agricultural policy in Europe and pharmaceutical policy in the United States. In both instances, weak interests carried the day.
When viewed from our turbulent times, the Minneapolis of fifty years ago might seem serene, but Minneapolis schoolteachers of the day remember it quite differently. It was, author William D. Green said of their recollections, as if they’d been through war. This book recreates twenty days in April 1970 when a then-illegal strike by Minneapolis’s public school teachers marked a singular moment of cultural upheaval—and forever changed the city’s politics, labor law, educational climate, and the right to collective bargaining.
Since the inception of public education in Minnesota, teachers were expected to pursue their vocation out of civic spirit, with low wages, no benefits, and no job security. Strike! describes the history and circumstances leading to the teachers’ extraordinary action, which pitted the progressive and conservative teachers’ unions against each other—and both against the all-powerful school district, a hostile governor and state legislature, and a draconian Minnesota law. Capturing the intense emotions and heated rivalries of the strike, Green profiles the many actors involved, the personal and professional stakes, and the issues of politics, law, and the business of education.
Informed by interviews, firsthand accounts, news reports, and written records, Strike! brings to life a pivotal moment not just for Minneapolis’s teachers but for the city itself, whose government, school system, and culture would, in a complex but inexorable way, change course for good.
Studies on the economics of technological change have only recently become prevalent; nevertheless, the literature is already proliferating at a rate that makes assimilation difficult for the individual scholar. Anne Carter's volume brings to the vast material on production analysis, growth, and economic development the perspective and insights gained through the examination of intermediate inputs and the explanation of structural change in input-output coefficients.
“The present study,” writes the author, “is rooted in the premise that an explicit analysis of changing intermediate input requirements adds more to insight than it does to confusion—particularly in the understanding of technological change... Many practical problems of business and government require an understanding of how, and at what rate, use of plastics or truck transportation or producers' services is changing. Indeed, it is difficult to conceive of studying some central aspects of technical change—such as invention or diffusion of new techniques—without introducing specific intermediate inputs... These are an essential part of the picture. They turn up as variables in questions and answers about our economic system that cannot be discussed at a highly aggregate level. Most important, they are indispensable in bridging the gap between engineering and technical information, on the one hand, and economic description, on the other.”
This work assembles comparable input-output tables for 1939, 1947, and 1958 along with auxiliary information on labor, capital, and final demand for 1939, 1947, 1958, and 1961—data that have not in the past been readily accessible to most students and business analysts. Graphic forms of presentation liberally supplement the basic tables. The study shows how technological change has affected industrial specialization, as well as direct primary inputs, and how these components of change are interrelated. The overall proportion of intermediate to final production saw little change, but systematic shifts appeared in the relative contributions of individual industries. Most structural change resulted from the assimilation of new techniques rather than from classical substitution and, in general, direct laborsaving was large relative to changes in capitol and intermediate requirements.
Carter's study is the first to pursue the question of structural stability and structural change for the United States in detailed, comprehensive, quantitative terms, tying concrete developments in technology to the broader economic picture.
In all societies, the main causes of environmental degradation are resource extraction and the generation of wastes by households and industries. Realistic strategies for mitigating these impacts require an understanding of both the technologies by which resources are transformed into products, and the lifestyle choices that shape household use of such products.
Structural Economics provides a framework for developing and evaluating such strategies. It represents an important new approach to describing household lifestyles and technological choices, the relationships between them, and their impact on resource use and waste. In this volume, economist Faye Duchin provides for the first time an authoritative and comprehensive introduction to the field, including its social as well as its technological dimensions. The presentation is accessible to non-specialists while also including a substantial amount of new research.
Duchin's primary achievement is to integrate a qualitatively rich understanding of technologies and lifestyles into a flexible, quantitative framework grounded in established principles of input-output economics and social accounting. She uses tools and insights from areas as diverse as demography and market research to conceptualize and describe different categories of households and their lifestyles. She also draws on the expertise of engineers and physical scientists to examine the potential for technological change. The framework Duchin develops permits the rigorous and detailed analysis of specific scenarios for alternative technologies and changes in lifestyle. The author uses the case of Indonesia for illustration and to refine new concepts by testing their relevance against factual information.
The new field of structural economics represents an important step forward in the effort to apply the power of science to solving the problems of modern societies. This book should prove invaluable to students and scholars of economics, sociology, or anthropology, as well as environmental scientists, policymakers at all levels, and anyone concerned with a practical interpretation of the elusive concept of sustainable development.
Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands—some modern and some classical—a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s. Phelps sees secular shifts and long swings of the unemployment rate as structural in nature. That is, they are typically the result of movements in the natural rate of unemployment (to which the equilibrium path is always tending) rather than of long-persisting deviations around a natural rate itself impervious to changing structure. What has been lacking is a “structuralist” theory of how the natural rate is disturbed by real demand and supply shocks, foreign and domestic, and the adjustments they set in motion.
To study the determination of the natural rate path, Phelps constructs three stylized general equilibrium models, each one built around a distinct kind of asset in which firms invest and which is important for the hiring decision. An element of these models is the modern economics of the labor market whereby firms, in seeking to dampen their employees’ propensities to quit and shirk, drive wages above market-clearing levels-the phenomenon of the “incentive wage”—and so generate involuntary unemployment in labor-market equilibrium. Another element is the capital market, where interest rates are disturbed by demand and supply shocks such as shifts in profitability, thrift, productivity, and the rate of technical progress and population increase. A general-equilibrium analysis shows how various real shocks, operating through interest rates upon the demand for employees and through the propensity to quit and shirk upon the incentive wage, act upon the natural rate (and thus equilibrium path).
In an econometric and historical section, the new theory of economic activity is submitted to certain empirical tests against global postwar data. In the final section the author draws from the theory some suggestions for government policy measures that would best serve to combat structural slumps.
In 1965, a group of economists at Harvard University established the Project for Quantitative Research in Economic Development in the Center for International Affairs. Brought together by a common background of fieldwork in developing countries and a desire to apply modern techniques of quantitative analysis to the policy problems of these countries, they produced this volume, which represents that part of their research devoted to formulating operational ways of thinking about development problems.
The seventeen essays are organized into four sections: General Planning Models, International Trade and External Resources, Sectoral Planning, and Empirical Bases for Development Programs. They raise some central questions: To what extent can capital and labor substitute for each other? Does development require fixed inputs of engineers and other specialists in each sector or are skills highly substitutable? Is the trade gap a structural phenomenon or merely evidence of an overvalued exchange rate? To what extent do consumers respond to changes in relative prices?
Since its original publication in 1986, Studies in Outdoor Recreation has been a standard text in courses on parks and outdoor recreation and serves as an invaluable reference for park and recreation managers. The first book to integrate the social science literature on outdoor recreation, it reviews studies from this broad, interdisciplinary field and synthesizes them into a body of knowledge, providing an historical perspective on outdoor recreation research and developing its practical management implications.
This fourth edition includes a new preface and is completely revised to reflect current research and new concerns in the field. A new chapter examines emerging issues such as sustainable transportation and the impacts of climate change.
An essential resource for students, scholars, and professionals, Studies in Outdoor Recreation explores the theoretical and methodological issues in outdoor recreation and describes the management implications of outdoor recreation research.
Contributors to the fourth edition include Laura Anderson, Megha Budruk, Kelly Goonan, Jeffrey Hallo, Daniel Laven, Steven Lawson, Rebecca Stanfield McCown, Ben Minteer, Peter Newman, Elizabeth Perry, Peter Pettengill, Nathan Reigner, William Valliere, Carena van Riper, and Xiao Xiao.
From the traditional craft hiring hall to the Web site Monster.com, a multitude of institutions exist to facilitate the matching of workers with firms. The diversity of such Labor Market Intermediaries (LMIs) encompasses criminal records providers, public employment offices, labor unions, temporary help agencies, and centralized medical residency matches. Studies of Labor Market Intermediation analyzes how these third-party actors intercede where workers and firms meet, thereby aiding, impeding, and, in some cases, exploiting the matching process.
By building a conceptual foundation for analyzing the roles that these understudied economic actors serve in the labor market, this volume develops both a qualitative and quantitative sense of their significance to market operation and worker welfare. Cross-national in scope, Studies of Labor Market Intermediation is distinctive in coalescing research on a set of market institutions that are typically treated as isolated entities, thus setting a research agenda for analyzing the changing shape of employment in an era of rapid globalization and technological change.
Winner of the Louis Gottschalk Prize, American Society for Eighteenth-Century Studies
A Financial Times Best History Book of the Year
A Choice Outstanding Academic Title of the Year
Rebecca L. Spang, who revolutionized our understanding of the restaurant, has written a new history of money. It uses one of the most infamous examples of monetary innovation, the assignats—a currency initially defined by French revolutionaries as “circulating land”—to demonstrate that money is as much a social and political mediator as it is an economic instrument. Following the assignats from creation to abandonment, Spang shows them to be subject to the same slippages between policies and practice, intentions and outcomes, as other human inventions.
“This is a quite brilliant, assertive book.”
—Patrice Higonnet, Times Literary Supplement
“Brilliant…What [Spang] proposes is nothing less than a new conceptualization of the revolution…She has provided historians—and not just those of France or the French Revolution—with a new set of lenses with which to view the past.”
—Arthur Goldhammer, Bookforum
“[Spang] views the French Revolution from rewardingly new angles by analyzing the cultural significance of money in the turbulent years of European war, domestic terror and inflation.”
—Tony Barber, Financial Times
Much of the innovative programming that powers the Internet, creates operating systems, and produces software is the result of “open source” code, that is, code that is freely distributed—as opposed to being kept secret—by those who write it. Leaving source code open has generated some of the most sophisticated developments in computer technology, including, most notably, Linux and Apache, which pose a significant challenge to Microsoft in the marketplace. As Steven Weber discusses, open source’s success in a highly competitive industry has subverted many assumptions about how businesses are run, and how intellectual products are created and protected.
Traditionally, intellectual property law has allowed companies to control knowledge and has guarded the rights of the innovator, at the expense of industry-wide cooperation. In turn, engineers of new software code are richly rewarded; but, as Weber shows, in spite of the conventional wisdom that innovation is driven by the promise of individual and corporate wealth, ensuring the free distribution of code among computer programmers can empower a more effective process for building intellectual products. In the case of Open Source, independent programmers—sometimes hundreds or thousands of them—make unpaid contributions to software that develops organically, through trial and error.
Weber argues that the success of open source is not a freakish exception to economic principles. The open source community is guided by standards, rules, decisionmaking procedures, and sanctioning mechanisms. Weber explains the political and economic dynamics of this mysterious but important market development.
Supply-side economics, emphasizing tax cuts over government spending, has been much maligned and little understood. It first leaped to national attention during the budget policy debates of 1977–78, when the new ideas captured the imagination of Congress and challenged conventional Keynesian models. After Ronald Reagan was elected, the fight was on in 1981 for what was called “the largest tax cut in history.” A year later, the same administration presided over the “largest tax increase in history.” Nine months after that, President Reagan reemerged as a supply-side leader.
This book tells what happened, and how. It is the story of a revolution in economic theory from its origin in Congressman Jack Kemp's office in the summer of 1975 through the first thirty months of the Reagan Administration. It details the struggles of key figures such as Donald Regan, James Baker, David Stockman, and Alice Rivlin.
It is also the first presentation by a professional economist of the hard case for supply-side economics. Paul Craig Roberts played a major role in managing the issue of supply-side economics both in the congressional staff and the executive branch. He has written an astonishingly candid study of the policy process—how individual ego tends to prevail over common cause, how power plays by politicians are more likely to determine policy than is the ideology of an administration, how skill at manipulating the media prevails over solid economic data. It is a stunning analysis, and a sobering one, from an expert supply-sider who continues to believe that history is on his side, and that supply-side thinking must prevail in a healthy, democratic society.
Surabaya is Indonesia’s second largest city but is not well known to the outside world. Yet in 1900, Surabaya was a bigger city than Jakarta and one of the main commercial centers of Asia. Collapse of sugar exports during the 1930s depression, followed by the Japanese occupation, revolution, and independence, brought on a long period of stagnation and retreat from the international economy. Not until the export boom of the 1990s did Surabaya regain prominence as Southeast Asia’s leading non–capital–city industrial area.
Previous thinking on Indonesia is being reassessed in light of recent political and economic upheaval. Surabaya, City of Work offers an alternative to the Jakarta-centric focus of most writing on the country. It is a multifaceted view of a fascinating and complex city in the dimensions of time and space, economy and society, and the current transition toward decentralization makes it highly topical.
Exploration of this eventful economic history gives new insight into Indonesia’s modern economic development. Industrialization is recognized as being associated with rapid urbanization, but this is the first study of Indonesia from an explicitly urban perspective. Surabaya, City of Work takes a broad approach that links industrialization to socioeconomic trends, the increasing role of government, changing land use, and trade patterns.
This well–illustrated local history encompassing national events and trends will be a central work on Indonesia for years to come.
The “free market” has been a hot topic of debate for decades. Proponents tout it as a cure-all for just about everything that ails modern society, while opponents blame it for the very same ills. But the heated rhetoric obscures one very important, indeed fundamental, fact—markets don’t just run themselves; we create them.
Starting from this surprisingly simple, yet often ignored or misunderstood fact, Alex Marshall takes us on a fascinating tour of the fundamentals that shape markets and, through them, our daily economic lives. He debunks the myth of the “free market,” showing how markets could not exist without governments to create the structures through which we assert ownership of property, real and intellectual, and conduct business of all kinds. Marshall also takes a wide-ranging look at many other structures that make markets possible, including physical infrastructure ranging from roads and railroads to water systems and power lines; mental and cultural structures such as common languages and bodies of knowledge; and the international structures that allow goods, services, cash, bytes, and bits to flow freely around the globe.
Sure to stimulate a lively public conversation about the design of markets, this broadly accessible overview of how a market economy is constructed will help us create markets that are fairer, more prosperous, more creative, and more beautiful.
The emergent discipline of ecological economics is based on the idea that the world's economies are a function of the earth's ecosystems -- an idea that radically reverses the world view of neoclassical economics. A Survey of Ecological Economics provides the first overview of this new field, and a comprehensive and systematic survey of its critical literature.
The editors of the volume summarize ninety-five seminal articles, selected through an exhaustive survey, that advance the field of ecological economics and represent the best thinking to date in the area. Each two- to three-page summary is far more comprehensive than a typical abstract, and presents both the topics covered in each paper and the most important arguments made about each topic. Sections cover:
A Survey of Ecological Economics is the first volume in the Frontier Issues in Economic Thought series produced by the Global Development And Environment Institute at Tufts University.
Perpetual economic growth is physically impossible on a planet with finite resources. Many concerned with humanity's future have focused on the concept of "sustainable development" as an alternative, as they seek means of achieving current economic and social goals without compromising the ability of future generations to meet their own goals. Sustainable development brings together elements of economics, public policy, sociology, ecology, resource management, and other related areas, and while the term has become quite popular, it is rarely defined, and even less often is it understood.
A Survey of Sustainable Development addresses that problem by bringing together in a single volume the most important works on sustainable human and economic development. It offers a broad overview of the subject, and gives the reader a quick and thorough guide to this highly diffuse topic. The volume offers ten sections on topics including:
Each section is introduced with an essay by one of the volume editors that provides an overview of the subject and a summary of the mainstream literature, followed by two- to three-page abstracts of the most important articles or book chapters on the topic.
A Survey of Sustainable Development is the sixth and final volume in the Frontier Issues of Economic Thought series produced by the Global Development And Environment Institute at Tufts University. Each book brings together the most important articles and book chapters in a "frontier" area of economics where important new work is being done but has not yet been incorporated into the mainstream of economic study. The book is an essential reference for students and scholars concerned with economics, environmental studies, public policy and administration, international development, and a broad range of related fields.
Listen to a short interview with Philip T. HoffmanHost: Chris Gondek | Producer: Heron & Crane
Financial disasters often have long-range institutional consequences. When financial institutions--banks, insurance companies, brokerage firms, stock exchanges--collapse, new ones take their place, and these changes shape markets for decades or even generations. Surviving Large Losses explains why such financial crises occur, why their effects last so long, and what political and economic conditions can help countries both rich and poor survive--and even prosper--in the aftermath.Looking at past and more recent financial disasters through the lens of political economy, the authors identify three factors critical to the development of financial institutions: the level of government debt, the size of the middle class, and the quality of information that is available to participants in financial transactions. They seek to find out when these factors promote financial development and mitigate the effects of financial crises and when they exacerbate them.Although there is no panacea for crises--no one set of institutions that will resolve them--it is possible, the authors argue, to strengthen existing financial institutions, to encourage economic growth, and to limit the harm that future catastrophes can do.
Human-generated greenhouse gas emissions imperil a global resource: a biosphere capable of supporting life as we know it. What is the fair way to share this scarce resource across present and future generations, and across regions of the world? This study offers a new perspective based on the guiding ethics of sustainability and egalitarianism.
Sustainability is understood as a pattern of economic activity over time that sustains a given rate of growth of human welfare indefinitely. To achieve this, the atmospheric concentration of carbon must be capped at some level not much higher than exists today, and investments in education and research should be higher than they currently are. International cooperation between developing and developed nations is also vital, because economic growth and the climate problem are intertwined.
The authors propose that the guiding principle of bargaining should be that the dates at which developing countries’ living standards catch up with those of developed countries should not be altered by the agreement. They conclude that developed economies would have to agree not to exceed 1 percent growth in per capita GDP annually, while developing nations should grow at a faster rate, but still lower than current projections, until they converge. The authors acknowledge that achieving such a dramatic slowdown would carry political and economic challenges.
Sustainability Strategies for Industry contains essays by members of the Greening of Industry Network that examine the emerging picture of sustainability and its implications for industry and for the relationship between industry and other social actors -- consumers, employees, and the community at large. The book seeks to define sustainability in an industrial context, and addresses how the shift to sustainaibility will affect the role of industry in society, its managerial functions, and its relationships with stakeholders and the environment.
An introductory chapter establishes the scope of the book and its contents, sets out the historical context, and explores the unifying concepts and themes running through the text. Chapters examine.
the meaning of sustainability for industry from a theoretical stance corporate environmentalism company paradigms technology reporting and management systems the role of networks and systems developing country perspectives implications for business research and management educatio.
Contributors -- including Thomas Gladwin, Richard Welford, Andrew Hoffman, John Ehrenfeld, and David Pearce -- offer a bold vision of the sustainable industrial organization of the future and the role and approach that managers in sustainable organizations will assume.
Sustainability Strategies for Industry represents an important work for those interested in the relationship between sustainability and environmental management and protection, and for those interested in the future direction of industrial organization. It will be a valuable text for advanced undergraduate and graduate students in business and economics, as well as in environmental studies programs, and for researchers interested in business strategy and interactions between business practice and the environment.
The Sustainable Company shows how to create value for shareholders while balancing responsibilities to society and the environment. Its step-by-step approach and tool-kit for managers make this book the solutions manual for the twenty-first-century manager.
This book explores the growing tension between the requirements of employers for a flexible work force and the ability of parents and communities to nurture their children and provide for their health, welfare, and education. Global competition and the spread of information technology are forcing businesses to engage in rapid, worldwide production changes, customized marketing, and just-in-time delivery. They are reorganizing work around decentralized management, work differentiation, and short-term and part-time employment. Increasingly, workers must be able to move across firms and even across types of work, as jobs get redefined.
But there is a stiff price being paid for this labor market flexibility. It separates workers from the social institutions—family, long-term jobs, and stable communities—that sustained economic expansions in the past and supported the growth and development of the next generation. This is exacerbated by the continuing movement of women into paid work, which puts a greater strain on the family's ability to care for and rear children. Unless government fosters the development of new, integrative institutions to support the new world of work, the author argues, the conditions required for long-term economic growth and social stability will be threatened. He concludes by laying out a framework for creating such institutions.
Ann Flesor Beck's charming personal account recreates the atmosphere of her grandfather's candy kitchen with its odors of chocolate and popcorn and the comings-and-goings of family members. "The Store" represented success while anchoring the business district of Gus's chosen home. It also embodied the Midwest émigré experience of chain migration, immigrant networking, resistance and outright threats by local townspeople, food-related entrepreneurship, and tensions over whether later generations would take over the business.
An engaging blend of family memoir and Midwest history, Sweet Greeks tells how Greeks became candy makers to the nation, one shop at a time.
Media critics invariably disparage the quality of programming produced by the U.S. television industry. But why the industry produces what it does is a question largely unasked. It is this question, at the crux of American popular culture, that Switching Channels explores.
In the past twenty-five years, the expansion of cable and satellite systems has transformed television. Richard Caves examines the economics of this phenomenon--and the nature and logic of the broadcast networks' response to the incursion of cable TV, especially the shift to inexpensive unscripted game and "reality" shows and "news" magazines. An explanation of these changes, Caves argues, requires an understanding of two very different sectors: the "creative industry," which produces programs; and the commercial channels, which bring them to viewers. His book shows how distributors' judgment of profitability determines the quality and character of the programs the creative industry produces. This determination, writes Caves, depends on the number and types of viewers that various programs can attract and advertisers' willingness to pay for their attention, as well as the organization of the networks that package programs, the distributors that transmit them, and the deals these parties strike with one another.
The Synchronized Society traces the history of the synchronous broadcast experience of the twentieth century and the transition to the asynchronous media that dominate today. Broadcasting grew out of the latent desire by nineteenth-century industrialists, political thinkers, and social reformers to tame an unruly society by controlling how people used their time. The idea manifested itself in the form of the broadcast schedule, a managed flow of information and entertainment that required audiences to be in a particular place – usually the home – at a particular time and helped to create “water cooler” moments, as audiences reflected on their shared media texts. Audiences began disconnecting from the broadcast schedule at the end of the twentieth century, but promoters of social media and television services still kept audiences under control, replacing the schedule with surveillance of media use. Author Randall Patnode offers compelling new insights into the intermingled roles of broadcasting and industrial/post-industrial work and how Americans spend their time.
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