This pioneering study of United States direct investment in Japan will interest academic specialists, business managers, and government policymakers in America, Japan, and elsewhere. Drawing on rich historical materials from both sides of the Pacific, including corporate records and government documents never before made public, Mason examines the development of both Japanese policy towards foreign investment and the strategic responses of American corporations. This history is related in part through original case studies of Coca-Cola, Dow Chemical, Ford, General Motors, International Business Machines, Motorola, Otis Elevator, Texas Instruments, Western Electric, and Victor Talking Machine.

The book seeks to explain why s little foreign direct investment has entered modern Japan. In contrast to the widely held view that emphasizes an alleged lack of effort on the part of foreign corporations, this study finds that Japanese restrictions merit greater attention. Many analysts of the modern Japanese political economy identify the Japanese government as the key actor in initiating such restrictions. Mason finds that the influence of Japanese business has often proved more potent than these analysts suggest. This book offers fresh insights into both the operation of the modern Japanese political economy and of its relations with the world economy.

Once an icon of American industry, railroads fell into a long decline beginning around the turn of the twentieth century. Overburdened with regulation and often displaced by barge traffic on government-maintained waterways, trucking on interstate highways, and jet aviation, railroads measured their misfortune in lost market share, abandoned track, bankruptcies, and unemployment. Today, however, as Robert Gallamore and John Meyer demonstrate, rail transportation is reviving, rescued by new sources of traffic and advanced technology, as well as less onerous bureaucracy.

In 1970, Congress responded to the industry's plight by consolidating most passenger rail service nationwide into Amtrak. But private-sector freight service was left to succeed or fail on its own. The renaissance in freight traffic began in 1980 with the Staggers Rail Act, which allowed railroad companies to contract with customers for services and granted freedom to set most rates based on market supply and demand. Railroads found new business hauling low-sulfur coal and grain long distances in redesigned freight cars, while double-stacked container cars moved a growing volume of both international and domestic goods. Today, trains have smaller crews, operate over better track, and are longer and heavier than ever before.

Near the end of the twentieth century, after several difficult but important mergers, privately owned railroads increased their investments in safe, energy-efficient, environmentally friendly freight transportation. American Railroads tells a riveting story about how this crucial U.S. industry managed to turn itself around.

“The American taxpayer”—angered by government waste and satisfied only with spending cuts—has preoccupied elected officials and political commentators since the Reagan Revolution. But resistance to progressive taxation has older, deeper roots. American Tax Resisters presents the full history of the American anti-tax movement that has defended the pursuit of limited taxes on wealth and battled efforts to secure social justice through income redistribution for the past 150 years.

From the Tea Party to the Koch brothers, the major players in today’s anti-tax crusade emerge in Romain Huret’s account as the heirs of a formidable—and far from ephemeral—political movement. Diverse coalitions of Americans have rallied around the flag of tax opposition since the Civil War, their grievances fueled by a determination to defend private life against government intrusion and a steadfast belief in the economic benefits and just rewards of untaxed income. Local tax resisters were actively mobilized by business and corporate interests throughout the early twentieth century, undeterred by such setbacks as the Sixteenth Amendment establishing a federal income tax. Zealously petitioning Congress and chipping at the edges of progressive tax policies, they bequeathed hard-won experience to younger generations of conservatives in their pursuit of laissez-faire capitalism.

Capturing the decisive moments in U.S. history when tax resisters convinced a majority of Americans to join their crusade, Romain Huret explains how a once marginal ideology became mainstream, elevating economic success and individual entrepreneurialism over social sacrifice and solidarity.

• Workers do not normally choose to be unemployed.
• In our current system, persistent unemployment is not an aberration. It is much more common than full employment, and the outcome of elite policy choices.
• Labor surpluses propped up by flawed unemployment numbers have helped to keep real wages stagnant for more than forty years.
• Prior to the New Deal and the era of big government, laissez-faire policies repeatedly led to depressions with heavy, even catastrophic, job losses.
• Undercounting the unemployed sabotages the creation of government job programs that can lead to more high-paying jobs and full employment.

This volume explores commercial relations between the United States and China from the eighteenth century until 1949, fleshing out with facts the romantic and shadowy image of "the China trade." These nine chapters by specialists in the field have developed from papers they presented at a conference supported by the national Committee on American-East Asian Relations.

The work begins with an Introduction by John K. Fairbank, then moves on to analysis of the old China trade up to the American Civil War, centering on traditional Chinese exports of tea and silk. A second section deals with American imports into China--cotton textiles and textile-related goods, cigarettes, kerosene. Finally, the impact of the trade on both countries is assessed and the operations of American-owned and multinational companies in China are examined. For both the United States and China, the economic importance of the trade proves to have been less than the legend might suggest.

Critiques and solutions offered by social changemakers from all walks of life

The United States is living through a period of polarization and upheaval. We hunger for answers, yet too often turn to the same people and institutions, expecting different outcomes. How can this be?

America's Path Forward takes a different angle. It features award-winning social innovators from all walks of life with decades of experience of working in and with their communities across America. In twenty-two deep, idea-packed conversations, they share their analyses, practical insights, and policy recommendations—on how to gain common ground, get the country unstuck, and increase prosperity and well-being for all.

These narratives share a common thread: They see community members—workers, young people, parents, neighbors, from Appalachia to Silicon Valley, from the Gulf Coast to the Great Lakes— as creative, resourceful, and strong, with unique expertise and lived experience of the problem at hand, whose changemaking energy can be tapped to build a better future for all of us.

In this study of the A & P. the author inquires into cost and price policy in one of America's large corporations, and examines the fact–finding process in government regulation of an industry.

The first part of the book treats the history of The Great Atlantic & Pacific Tea Company from 1919 to 1951 as a case study of a business management which is seeking to understand its market, formulate a rational price policy, and enforce the policy despite the inarticulate but effective opposition of subordinate executives. The second part deals with the buying methods of the company and A & P's relations with large and small suppliers. Particular attention is given to price discrimination.

In the final part of his study, Mr. Adelman discusses in detail the antitrust suit of the 1940's against the company and the goals and values implicit in that suit. He shows the way in which these goals predetermined the "facts" that purportedly were found. The author shows how a standard inductive–deductive method of economic research would have improved on the process of ”trial by slogan and cliché.“

The Anime Boom in the United States is a comprehensive and empirically grounded study of the expansion of anime marketing and sales into the United States. Using the example of Japanese animation, it examines the supporting organizational and cultural processes that constitute a transnational system for globalizing and localizing cultural commodities.

Drawing on field research, survey data, and in-depth interviews with Japanese and American professionals in the animation industry, the authors investigate anime’s arrival in the United States beginning in the 1960s, and explores the transnational networks of anime production and marketing as well as the cultural and artistic processes the genre has inspired.

This detailed study of the anime boom in the United States is the starting point for a wider investigation of the globalization of contemporary culture and the way in which global creative industries operate in an age of media digitalization and convergence. It is an indispensable guide for all those interested in understanding the dynamics of power structures in cultural and media globalization.

In the midst of global recession, angry citizens and media pundits often offer simplistic theories about how bad decisions lead to crises. Many economists, however, base their analyses on rational choice theory, which assumes that decisions are made by well-informed, intelligent people who weigh risks, costs, and benefits. Taking a more realistic approach, the field of anthropology carefully looks at the underlying causes of choices at different times and places.

Using case studies of choices by farmers, artisans, and bureaucrats drawn from Michael Chibnik's research in Mexico, Peru, Belize, and the United States, Anthropology, Economics, and Choice presents a clear-eyed perspective on human actions and their economic consequences. Five key issues are explored in-depth: choices between paid and unpaid work; ways people deal with risk and uncertainty; how individuals decide whether to cooperate; the extent to which households can be regarded as decision-making units; and the "tragedy of the commons," the theory that social chaos may result from unrestricted access to commonly owned property.

Both an accessible primer and an innovative exploration of economic anthropology, this interdisciplinary work brings fresh insight to a timely topic.

“Eminently readable, and anybody who cares about the future of American democracy in these perilous times can only hope that it will be widely read and carefully considered.”
—James Pope, Washington Post

“Fishkin and Forbath’s accessible work serves as both history lesson and political playbook, offering the Left an underutilized—and perhaps counterintuitive—tool in the present-day fight against social and economic injustice: the Constitution.”
—Benjamin Morse, Jacobin

“Aims to recover the Constitution’s pivotal role in shaping claims of justice and equality…in engaging, imaginative prose that makes even the present court’s capture by the ideological right a compelling platform for a revived social-democratic constitutional politics.”
—New Republic

Oligarchy is a threat to the American republic. When too much economic and political power is concentrated in too few hands, we risk losing the “republican form of government” the Constitution requires. Today, courts enforce the Constitution as if it had almost nothing to say about this threat. But as this revolutionary retelling of constitutional history shows, a commitment to prevent oligarchy once stood at the center of a robust tradition in American political and constitutional thought.

Joseph Fishkin and William Forbath demonstrate that reformers, legislators, and even judges working in this “democracy-of-opportunity” tradition understood that the Constitution imposes a duty on legislatures to thwart oligarchy and promote a broad distribution of wealth and political power. These ideas led Jacksonians to fight special economic privileges for the few, Populists to try to break up monopoly power, and Progressives to battle for the constitutional right to form a union.

But today, as we enter a new Gilded Age, this tradition in progressive American economic and political thought lies dormant. The Anti-Oligarchy Constitution begins the work of recovering it and exploring its profound implications for our deeply unequal society and badly damaged democracy.

After thirty years, the debate over antitrust's ideology has quieted. Most now agree that the protection of consumer welfare should be the only goal of antitrust laws. Execution, however, is another matter. The rules of antitrust remain unfocused, insufficiently precise, and excessively complex. The problem of poorly designed rules is severe, because in the short run rules weigh much more heavily than principles. At bottom, antitrust is a defensible enterprise only if it can make the microeconomy work better, after accounting for the considerable costs of operating the system.

The Antitrust Enterprise is the first authoritative and compact exposition of antitrust law since Robert Bork's classic The Antitrust Paradox was published more than thirty years ago. It confronts not only the problems of poorly designed, overly complex, and inconsistent antitrust rules but also the current disarray of antitrust's rule of reason, offering a coherent and workable set of solutions. The result is an antitrust policy that is faithful to the consumer welfare principle but that is also more readily manageable by the federal courts and other antitrust tribunals.

Markets run on information. Buyers make decisions by relying on their knowledge of the products available, and sellers decide what to produce based on their understanding of what buyers want. But the distribution of market information has changed, as consumers increasingly turn to sources that act as intermediaries for information—companies like Yelp and Google. Antitrust Law in the New Economy considers a wide range of problems that arise around one aspect of information in the marketplace: its quality.

Sellers now have the ability and motivation to distort the truth about their products when they make data available to intermediaries. And intermediaries, in turn, have their own incentives to skew the facts they provide to buyers, both to benefit advertisers and to gain advantages over their competition. Consumer protection law is poorly suited for these problems in the information economy. Antitrust law, designed to regulate powerful firms and prevent collusion among producers, is a better choice. But the current application of antitrust law pays little attention to information quality.

Mark Patterson discusses a range of ways in which data can be manipulated for competitive advantage and exploitation of consumers (as happened in the LIBOR scandal), and he considers novel issues like “confusopoly” and sellers’ use of consumers’ personal information in direct selling. Antitrust law can and should be adapted for the information economy, Patterson argues, and he shows how courts can apply antitrust to address today’s problems.

A new and urgently needed guide to making the American economy more competitive at a time when tech giants have amassed vast market power.

The U.S. economy is growing less competitive. Large businesses increasingly profit by taking advantage of their customers and suppliers. These firms can also use sophisticated pricing algorithms and customer data to secure substantial and persistent advantages over smaller players. In our new Gilded Age, the likes of Google and Amazon fill the roles of Standard Oil and U.S. Steel.

Jonathan Baker shows how business practices harming competition manage to go unchecked. The law has fallen behind technology, but that is not the only problem. Inspired by Robert Bork, Richard Posner, and the “Chicago school,” the Supreme Court has, since the Reagan years, steadily eroded the protections of antitrust. The Antitrust Paradigm demonstrates that Chicago-style reforms intended to unleash competitive enterprise have instead inflated market power, harming the welfare of workers and consumers, squelching innovation, and reducing overall economic growth. Baker identifies the errors in economic arguments for staying the course and advocates for a middle path between laissez-faire and forced deconcentration: the revival of pro-competitive economic regulation, of which antitrust has long been the backbone.

Drawing on the latest in empirical and theoretical economics to defend the benefits of antitrust, Baker shows how enforcement and jurisprudence can be updated for the high-tech economy. His prescription is straightforward. The sooner courts and the antitrust enforcement agencies stop listening to the Chicago school and start paying attention to modern economics, the sooner Americans will reap the benefits of competition.

Economists and theologians usually inhabit different intellectual worlds. Economists investigate the workings of markets and tend to set ethical questions aside. Theologians, anxious to take up concerns raised by market outcomes, often dismiss economics and lose insights into the influence of market incentives on individual behavior. Mary L. Hirschfeld, who was a professor of economics for fifteen years before training as a theologian, seeks to bridge these two fields in this innovative work about economics and the thought of St. Thomas Aquinas.

According to Hirschfeld, an economics rooted in Thomistic thought integrates many of the insights of economists with a larger view of the good life, and gives us critical purchase on the ethical shortcomings of modern capitalism. In a Thomistic approach, she writes, ethics and economics cannot be reconciled if we begin with narrow questions about fair wages or the acceptability of usury. Rather, we must begin with an understanding of how economic life serves human happiness. The key point is that material wealth is an instrumental good, valuable only to the extent that it allows people to flourish. Hirschfeld uses that insight to develop an account of a genuinely humane economy in which pragmatic and material concerns matter but the pursuit of wealth for its own sake is not the ultimate goal.

The Thomistic economics that Hirschfeld outlines is thus capable of dealing with our culture as it is, while still offering direction about how we might make the economy better serve the human good.

A Turk’s discovery that Armenians once thrived in his hometown leads to a groundbreaking investigation into the local dynamics of genocide.

Ümit Kurt, born and raised in Gaziantep, Turkey, was astonished to learn that his hometown once had a large and active Armenian community. The Armenian presence in Aintab, the city’s name during the Ottoman period, had not only been destroyed—it had been replaced. To every appearance, Gaziantep was a typical Turkish city.

Kurt digs into the details of the Armenian dispossession that produced the homogeneously Turkish city in which he grew up. In particular, he examines the population that gained from ethnic cleansing. Records of land confiscation and population transfer demonstrate just how much new wealth became available when the prosperous Armenians—who were active in manufacturing, agricultural production, and trade—were ejected. Although the official rationale for the removal of the Armenians was that the group posed a threat of rebellion, Kurt shows that the prospect of material gain was a key motivator of support for the Armenian genocide among the local Muslim gentry and the Turkish public. Those who benefited most—provincial elites, wealthy landowners, state officials, and merchants who accumulated Armenian capital—in turn financed the nationalist movement that brought the modern Turkish republic into being. The economic elite of Aintab was thus reconstituted along both ethnic and political lines.

The Armenians of Aintab draws on primary sources from Armenian, Ottoman, Turkish, British, and French archives, as well as memoirs, personal papers, oral accounts, and newly discovered property-liquidation records. Together they provide an invaluable account of genocide at ground level.

Over sixty percent of all infectious human diseases, including tuberculosis, influenza, cholera, and hundreds more, are shared with other vertebrate animals. Arresting Contagion tells the story of how early efforts to combat livestock infections turned the United States from a disease-prone nation into a world leader in controlling communicable diseases. Alan Olmstead and Paul Rhode show that many innovations devised in the fight against animal diseases, ranging from border control and food inspection to drug regulations and the creation of federal research labs, provided the foundation for modern food safety programs and remain at the heart of U.S. public health policy.

America’s first concerted effort to control livestock diseases dates to the founding of the Bureau of Animal Industry (BAI) in 1884. Because the BAI represented a milestone in federal regulation of commerce and industry, the agency encountered major jurisdictional and constitutional obstacles. Nevertheless, it proved effective in halting the spread of diseases, counting among its early breakthroughs the discovery of Salmonella and advances in the understanding of vector-borne diseases.

By the 1940s, government policies had eliminated several major animal diseases, saving hundreds of thousands of lives and establishing a model for eradication that would be used around the world. Although scientific advances played a key role, government interventions did as well. Today, a dominant economic ideology frowns on government regulation of the economy, but the authors argue that in this case it was an essential force for good.

Whether you are selling a house, closing a business deal, settling a divorce, arbitrating a labor dispute, or trying to hammer out an international treaty, Howard Raiffa’s new book will measurably improve your negotiating skills.

Although it is a sophisticated self-help book—directed to the lawyer, labor arbitrator, business executive, college dean, diplomat—it is not cynical or Machiavellian: Raiffa emphasizes problems and situations where, with the kinds of skills he aims to develop, disputants can achieve results that are beneficial to all parties concerned. Indeed, he argues that the popular “zero-sum” way of thinking, according to which one side must lose if the other wins, often makes both sides worse off than they would be when bargaining for joint mutual gains.

Using a vast array of specific cases and clear, helpful diagrams, Raiffa not only elucidates the step-by-step processes of negotiation but also translates this deeper understanding into practical guidelines for negotiators and “intervenors.” He examines the mechanics of negotiation in imaginative fashion, drawing on his extensive background in game theory and decision analysis, on his quarter-century of teaching nonspecialists in schools of business and public policy, on his personal experiences as director of an international institute dealing with East/West problems, and on the results of simulated negotiation exercises with hundreds of participants.

There are popular books on the art of winning and scholarly books on the science of negotiation, but this is the first book to bridge the two currents. Shrewd, accessible, and engagingly written, it shows how a little analysis sprinkled with a touch of art can work to the advantage of any negotiator.

A lively account of how dinosaurs became a symbol of American power and prosperity and gripped the popular imagination during the Gilded Age, when their fossil remains were collected and displayed in museums financed by North America’s wealthiest business tycoons.

Although dinosaur fossils were first found in England, a series of dramatic discoveries during the late 1800s turned North America into a world center for vertebrate paleontology. At the same time, the United States emerged as the world’s largest industrial economy, and creatures like Tyrannosaurus, Brontosaurus, and Triceratops became emblems of American capitalism. Large, fierce, and spectacular, American dinosaurs dominated the popular imagination, making front-page headlines and appearing in feature films.

Assembling the Dinosaur follows dinosaur fossils from the field to the museum and into the commercial culture of North America’s Gilded Age. Business tycoons like Andrew Carnegie and J. P. Morgan made common cause with vertebrate paleontologists to capitalize on the widespread appeal of dinosaurs, using them to project American exceptionalism back into prehistory. Learning from the show-stopping techniques of P. T. Barnum, museums exhibited dinosaurs to attract, entertain, and educate the public. By assembling the skeletons of dinosaurs into eye-catching displays, wealthy industrialists sought to cement their own reputations as generous benefactors of science, showing that modern capitalism could produce public goods in addition to profits. Behind the scenes, museums adopted corporate management practices to control the movement of dinosaur bones, restricting their circulation to influence their meaning and value in popular culture.

Tracing the entwined relationship of dinosaurs, capitalism, and culture during the Gilded Age, Lukas Rieppel reveals the outsized role these giant reptiles played during one of the most consequential periods in American history.

For over forty years the Harvard Institute for International Development (HIID) has worked with countries in the developing world on the complex issues of economic and social reform. This volume describes the experience of the Institute in the challenging development assistance world of the 1980s and early 1990s, when HIID's largest projects involved work with countries attempting to move away from high levels of government intervention to more market-friendly systems. These efforts involved work in formerly centrally planned command economies (e.g., Russia, Vietnam, etc.) as well as in the mixed plan/market economies of Asia, Africa, and Latin America. The book also describes HIID's efforts in education and health reform as well as in the rapidly expanding area of environmental economics and policy.

Assisting Development in a Changing World is an unvarnished account written by the HIID practitioners who participated in these programs and edited by its former director and executive directors.

Economists make confident assertions in op-ed columns and on cable news—so why are their explanations often at odds with equally confident assertions from other economists? And why are all economic predictions so rarely borne out? Harnessing his frustration with these contradictions, Jonathan Schlefer set out to investigate how economists arrive at their opinions.

“A lucid, plain-spoken account of the major economic models, which [Schlefer] introduces in chronological order, creating a kind of intellectual history of macroeconomics. He explains what the models assume, what they actually demonstrate—and where they fall short.”
—Binyamin Applebaum, New York Times blog

“Fascinating...[Schlefer’s] book is a tough critique of economics, but a deeply informed and sympathetic one.”
—Justin Fox, Harvard Business Review blog

“This book is an impressive and informative analysis of the economics literature—and it presents some useful insights about how a more eclectic, catholic approach might allow economics to progress more convincingly into the future.”
—Michelle Baddeley, Times Higher Education

“The Assumptions Economists make [is] a knowledgeable...broadside against neoclassical economics...Schlefer’s gripes concern model-building run amok...His criticisms of these models are original and sophisticated.”
—Christopher Caldwell, Literary Review

In 1921 Austria became the first interwar European country to experience hyperinflation. The League of Nations, among other actors, stepped in to help reconstruct the economy, but a decade later Austria’s largest bank, Credit-Anstalt, collapsed. Historians have correlated these events with the banking and currency crisis that destabilized interwar Europe—a narrative that relies on the claim that Austria and the global monetary system were the victims of financial interlopers. In this corrective history, Nathan Marcus deemphasizes the destructive role of external players in Austria’s reconstruction and points to the greater impact of domestic malfeasance and predatory speculation on the nation’s financial and political decline.

Consulting sources ranging from diplomatic dossiers to bank statements and financial analyses, Marcus shows how the League of Nations’ efforts to curb Austrian hyperinflation in 1922 were politically constrained. The League left Austria in 1926 but foreign interests intervened in 1931 to contain the fallout from the Credit-Anstalt collapse. Not until later, when problems in the German and British economies became acute, did Austrians and speculators exploit the country’s currency and compromise its value. Although some statesmen and historians have pinned Austria’s—and the world’s—economic implosion on financial colonialism, Marcus’s research offers a more accurate appraisal of early multilateral financial supervision and intervention.

Illuminating new facets of the interwar political economy, Austrian Reconstruction and the Collapse of Global Finance reckons with the true consequences of international involvement in the Austrian economy during a key decade of renewal and crisis.