Economists and the governments they advise have based their macroeconomic policies on the idea of a natural rate of unemployment. Government policy that pushes the rate below this point—about 6 percent—is apt to trigger an accelerating rate of inflation that is hard to reverse, or so the argument goes. In this book, Storm and Naastepad make a strong case that this concept is flawed: that a stable non-accelerating inflation rate of unemployment (NAIRU), independent of macroeconomic policy, does not exist. Consequently, government decisions based on the NAIRU are not only misguided but have huge and avoidable social costs, namely, high unemployment and sustained inequality.
Skillfully merging theoretical and empirical analysis, Storm and Naastepad show how the NAIRU’s neglect of labor’s impact on technological change and productivity growth eclipses the many positive contributions that labor and its regulation make to economic performance. When these positive effects are taken into account, the authors contend, a more humane policy becomes feasible, one that would enhance productivity and technological progress while maintaining profits, thus creating conditions for low unemployment and wider equality.
There has never been a phenomenon in American life to equal the invasion of Washington by the young New Dealers—hundreds of men and women still in their twenties and thirties, brilliant and dedicated, trained in the law, economics, public administration, technology, pouring into public life to do nothing less than restructure American society. They proposed new programs, drafted legislation, staffed the new agencies. They were active in the Administration, the Congress, the courts, the news media. They fanned out all over America to discover the facts, plan ways of easing the pain of their foundering country, and report on the results. Many of them went on to be rich, famous, and powerful, but their early experience in Washington was perhaps the most inspiriting of their lives.
Katie Louchheim was among those who arrived in Washington in the 1930s, and being a keen writer as well as the wife of a member of the SEC, she had a front-row seat for the spectacle of social progress. Now, a half-century later, she has gathered reminiscences from her old friends and colleagues, interviewed others, and woven them together into a lively, informal word-picture of that exciting time. Among the many insiders who recount their views are Alger Hiss, Robert C. Weaver, Paul A. Freund, James H. Rowe, Wilbur J. Cohen, Abe Fortas, David Riesman, and Joseph L. Rauh. This book, a singular and uplifting primary document of an extraordinary period, is destined to appeal across a wide spectrum of readers of American history.
As millions of Americans are aware, health care costs continue to increase rapidly. Much of this increase is due to the development of new life-sustaining drugs and procedures, but part of it is due to the increased monopoly power of physicians, insurance companies, and hospitals, as the health care sector undergoes reorganization and consolidation. There are two tools to limit the growth of monopoly power: government regulation and antitrust policy. In this timely book, Deborah Haas-Wilson argues that enforcement of the antitrust laws is the tool of choice in most cases.
The antitrust laws, when wisely enforced, permit markets to work competitively and therefore efficiently. Competitive markets foster low prices and high quality. Applying antitrust tools wisely, however, is a tricky business, and Haas-Wilson carefully explains how it can be done. Focusing on the economic concepts necessary to the enforcement of the antitrust laws in health care markets, Haas-Wilson provides a useful roadmap for guiding the future of these markets.
Macroeconomic policy involves government action intended to influence the overall operation of the economy and to deal with such important public problems as economic growth, inflation, unemployment, and recession. In this first comprehensive treatment of presidential management of such policy for any presidency, authors James E. Anderson and Jared E. Hazleton focus on four tasks: developing and maintaining an information and decision-making system; coordination of policies in different macroeconomic areas; building support or consent for presidential policies; and administrative leadership. Drawing extensively upon presidential documents and interviews with Johnson administration officials, the authors pay particular attention to fiscal, monetary, wage-price, and international economic (especially balance of payments) policies during Johnson’s terms.
The authors use the concept of the subpresidency, as defined by Redford and Blisset in Organizing the Executive Branch: The Johnson Presidency (University of Chicago Press, 1981), to show how Johnson managed the macro-economic institutions of the council of Economic Advisors, the Bureau of the Budget (now the Office of Management and Budget), the Department of the Treasury, and the Federal Reserve Board in pursuit of his economic goals. What emerges is a vivid portrait of an activist president.
In evaluating management of macroeconomic policy in the Johnson administration, the authors focus on how presidential policies are developed and adopted rather than on the substance of the policies themselves. They conclude that the Johnson administration competently managed policy development during its presidential years.
This book is a volume in the Administrative History of the Johnson Presidency Series sponsored by the LBJ School of Public Affairs at the University of Texas at Austin, the first two volumes of which were published by the University of Chicago Press. Managing Macroeconomic Policy: The Johnson Presidency was funded in part by the National Endowment for the Humanities.
“The Meddlers is an eye-opening, essential new history that places our international financial institutions in the transition from a world defined by empire to one of nation states enmeshed in the world economy.”
—Adam Tooze, Columbia University
An award-winning history traces the origins of global economic governance—and the political conflicts it generates—to the aftermath of World War I.
International economic institutions like the International Monetary Fund and World Bank exert incredible influence over the domestic policies of many states. These institutions date from the end of World War II and amassed power during the neoliberal era of the late twentieth century. But as Jamie Martin shows, if we want to understand their deeper origins and the ideas and dynamics that shaped their controversial powers, we must turn back to the explosive political struggles that attended the birth of global economic governance in the early twentieth century.
The Meddlers tells the story of the first international institutions to govern the world economy, including the League of Nations and Bank for International Settlements, created after World War I. These institutions endowed civil servants, bankers, and colonial authorities from Europe and the United States with extraordinary powers: to enforce austerity, coordinate the policies of independent central banks, oversee development programs, and regulate commodity prices. In a highly unequal world, they faced a new political challenge: was it possible to reach into sovereign states and empires to intervene in domestic economic policies without generating a backlash?
Martin follows the intense political conflicts provoked by the earliest international efforts to govern capitalism—from Weimar Germany to the Balkans, Nationalist China to colonial Malaya, and the Chilean desert to Wall Street. The Meddlers shows how the fraught problems of sovereignty and democracy posed by institutions like the IMF are not unique to late twentieth-century globalization, but instead first emerged during an earlier period of imperial competition, world war, and economic crisis.
Prior to the millennium, economists and policy makers argued that free trade between the United States and Mexico would benefit both Americans and Mexicans. They believed that NAFTA would be a “win-win” proposition that would offer U.S. companies new markets for their products and Mexicans the hope of living in a more developed country with the modern conveniences of wealthier nations. Blending rigorous economic and statistical analysis with concern for the people affected, Mexican Women in American Factories offers the first assessment of whether NAFTA has fulfilled these expectations by examining its socioeconomic impact on workers in a Mexican border town.
Carolyn Tuttle led a group that interviewed 620 women maquila workers in Nogales, Sonora, Mexico. The responses from this representative sample refute many of the hopeful predictions made by scholars before NAFTA and reveal instead that little has improved for maquila workers. The women’s stories make it plain that free trade has created more low-paying jobs in sweatshops where workers are exploited. Families of maquila workers live in one- or two-room houses with no running water, no drainage, and no heat. The multinational companies who operate the maquilas consistently break Mexican labor laws by requiring women to work more than nine hours a day, six days a week, without medical benefits, while the minimum wage they pay workers is insufficient to feed their families. These findings will make a crucial contribution to debates over free trade, CAFTA-DR, and the impact of globalization.
Forty-five prominent scholars engage in self-critical, state-of-the-art reflection on international studies to stimulate debates about successes and failures and to address the larger question of progress in the discipline. Written especially for the collection, these essays are in hardcover in the form of an easy-to-use handbook, and in paperback as a number of separate titles, each of which consists of a particular thematic cluster to merge with the range of topics taught in undergraduate and graduate courses in international studies.
The themes addressed are realism, institutionalism, critical perspectives, feminist theory and gender studies, methodology (formal modeling, quantitative, and qualitative), foreign policy analysis, international security and peace studies, and international political economy.
This collection provides an accessible and wide-ranging survey of the issues in the field as well as an invaluable bibliography, and will undoubtedly determine the shape of future research in international studies for the millennium.
Paperbacks for course adoption:
Realism and Institutionalism in International Studies
Michael Brecher and Frank P. Harvey, Editors
Conflict, Security, Foreign Policy, and International Political Economy:Past Paths and Future Directions in International Studies
Michael Brecher and Frank P. Harvey, Editors
Evaluating Methodology in International Studies
Frank P. Harvey and Michael Brecher, Editors
Critical Perspectives in International Studies
Frank P. Harvey and Michael Brecher, Editors
Contributors are: Steve J. Brams, Davis B. Bobrow, Michael Cox, Robert W. Cox, Bruce Bueno de Mesquita, Joseph M. Grieco, Ernst B. Haas , Peter M. Haas, Kal J. Holsti, Ole R. Holsti, Patrick James, Robert O. Keohane, Edward A. Kolodziej, Louis Kriesberg Robert T. Kudrle, David A. Lake, Yosef Lapid, Russell Leng , Jack S. Levy, L. H. M. Ling, Zeev Maoz, Lisa L. Martin, John J. Mearsheimer, Manus I. Midlarsky, Linda B. Miller, Helen Milner , Michael Nicholson, Joseph Nye, V. Spike Peterson , Jan Jindy Pettman, James Lee Ray , James Rosenau, Harvey Starr, J. David Singer, Steve Smith, Christine Sylvester, J. Ann Tickner, John Vasquez, Yaacov Y. I. Vertzberger, R. B. J. Walker, Stephen G. Walker , Jonathan Wilkenfeld, Oran Young, Marysia Zalewski, and Dina A. Zinnes.
Michael Brecher is R. B. Angus Professor of Political Science, McGill University, and former president of the International Studies Association.
Frank P. Harvey is Professor of Political Science and Director, Center for Foreign Policy Studies, Dalhousie University.
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