In a capitalist system, consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How actors assess uncertainty is a problem that economists have tried to solve through general equilibrium and rational expectations theory. Powerful as these analytical tools are, they underestimate the future’s unknowability by assuming that markets, in the aggregate, correctly forecast what is to come.
Jens Beckert adds a new chapter to the theory of capitalism by demonstrating how fictional expectations drive modern economies—or throw them into crisis when the imagined futures fail to materialize. Collectively held images of how the future will unfold are critical because they free economic actors from paralyzing doubt, enabling them to commit resources and coordinate decisions even if those expectations prove inaccurate. Beckert distinguishes fictional expectations from performativity theory, which holds that predictions tend to become self-fulfilling prophecies. Economic forecasts are important not because they produce the futures they envision but because they create the expectations that generate economic activity in the first place. Actors pursue money, investments, innovations, and consumption only if they believe the objects obtained through market exchanges will retain value. We accept money because we believe in its future purchasing power. We accept the risk of capital investments and innovation because we expect profit. And we purchase consumer goods based on dreams of satisfaction.
As Imagined Futures shows, those who ignore the role of real uncertainty and fictional expectations in market dynamics misunderstand the nature of capitalism.
Nearly half the 2.3 million residents of Queens, New York are foreign-born. Immigrants in Queens hail from more than 120 countries and speak more than 135 languages. As an epicenter of immigrant diversity, Queens is an urban gateway that exemplifies opportunities and challenges in shaping a multi-racial democracy.
The editors and contributors to Immigrant Crossroads examine the social, spatial, economic, and political dynamics that stem from this fast-growing urbanization. The interdisciplinary chapters examine residential patterns and neighborhood identities, immigrant incorporation and mobilizations, and community building and activism.
Essays combine qualitative and quantitative research methods to address globalization and the unprecedented racial and ethnic diversity as a result of international migration. Chapters on incorporation focus on immigrant participation and representation in electoral politics, and advocacy for immigrant inclusion in urban governance and service provision. A section of Immigrant Crossroads concerns placemaking, focusing on the production of neighborhood spaces and identities as well as immigrant activism and community development and control.
Based on engaged and robust analysis, Immigrant Crossroads highlights the dynamics of this urban gateway.
Millions of people—nearly 3 percent of the world’s population—no longer live in the country where they were born. Every day, migrants enter not only the United States but also developed countries without much of a history of immigration. Some of these nations have switched in a short span of time from being the source of immigrants to being a destination for them. International migration is today a central subject of research in modern labor economics, which seeks to put into perspective and explain this historic demographic transformation.
Immigration Economics synthesizes the theories, models, and econometric methods used to identify the causes and consequences of international labor flows. Economist George Borjas lays out with clarity and rigor a full spectrum of topics, including migrant worker selection and assimilation, the impact of immigration on labor markets and worker wages, and the economic benefits and losses that result from immigration.
Two important themes emerge: First, immigration has distributional consequences: some people gain, but some people lose. Second, immigrants are rational economic agents who attempt to do the best they can with the resources they have, and the same holds true for native workers of the countries that receive migrants. This straightforward behavioral proposition, Borjas argues, has crucial implications for how economists and policymakers should frame contemporary debates over immigration.
How are the worlds of university biology and commerce blurring? Many university leaders see the amalgamation of academic and commercial cultures as crucial to the future vitality of higher education in the United States. In Impure Cultures, Daniel Lee Kleinman questions the effect of this blending on the character of academic science.
Using data he gathered as an ethnographic observer in a plant pathology lab at the University of Wisconsin–Madison, Kleinman examines the infinite and inescapable influence of the commercial world on biology in academia today. Contrary to much of the existing literature and common policy practices, he argues that the direct and explicit relations between university scientists and industrial concerns are not the gravest threat to academic research. Rather, Kleinman points to the less direct, but more deeply-rooted effects of commercial factors on the practice of university biology. He shows that to truly understand research done at universities today, it is first necessary to explore the systematic, pervasive, and indirect effects of the commercial world on contemporary academic practice.
Does a market economy encourage or discourage music, literature, and the visual arts? Do economic forces of supply and demand help or harm the pursuit of creativity? This book seeks to redress the current intellectual and popular balance and to encourage a more favorable attitude toward the commercialization of culture that we associate with modernity. Economist Tyler Cowen argues that the capitalist market economy is a vital but underappreciated institutional framework for supporting a plurality of coexisting artistic visions, providing a steady stream of new and satisfying creations, supporting both high and low culture, helping consumers and artists refine their tastes, and paying homage to the past by capturing, reproducing, and disseminating it. Contemporary culture, Cowen argues, is flourishing in its various manifestations, including the visual arts, literature, music, architecture, and the cinema.
Successful high culture usually comes out of a healthy and prosperous popular culture. Shakespeare and Mozart were highly popular in their own time. Beethoven’s later, less accessible music was made possible in part by his early popularity. Today, consumer demand ensures that archival blues recordings, a wide array of past and current symphonies, and this week’s Top 40 hit sit side by side in the music megastore. High and low culture indeed complement each other.
Cowen’s philosophy of cultural optimism stands in opposition to the many varieties of cultural pessimism found among conservatives, neoconservatives, the Frankfurt School, and some versions of the political correctness and multiculturalist movements, as well as historical figures, including Rousseau and Plato. He shows that even when contemporary culture is thriving, it appears degenerate, as evidenced by the widespread acceptance of pessimism. He ends by considering the reasons why cultural pessimism has such a powerful hold on intellectuals and opinion-makers.
The world’s multinational enterprises face a spell of rough weather, political economist Ray Vernon argues, not only from the host countries in which they have established their subsidiaries, but also from their home countries. Such enterprises—a few thousand in number, including Microsoft, Toyota, IBM, Siemens, Samsung, and others—now generate about half of the world’s industrial output and half of the world’s foreign trade; so any change in the relatively benign climate in which they have operated over the past decade will create serious tensions in international economic relations.
The warnings of such a change are already here. In the United States, interests such as labor are increasingly hostile to what they see as the costs and uncertainties of an open economy. In Europe, those who want to preserve the social safety net and those who feel that the net must be dismantled are increasingly at odds. In Japan, the talk of “hollowing out” takes on a new urgency as the country’s “lifetime employment” practices are threatened and as public and private institutions are subjected to unaccustomed stress. The tendency of multinationals in different countries to find common cause in open markets, strong patents and trademarks, and international technical standards has been viewed as a loss of national sovereignty and a weakening of the nation-state system, producing hostile reactions in home countries.
The challenge for policy makers, Vernon argues, is to bridge the quite different regimes of the multinational enterprise and the nation-state. Both have a major role to play, and yet must make basic changes in their practices and policies to accommodate each other.
Inequality, per se, has been with us for millennia. With the creation, growth and deepening of Capitalism across the globe, inequalities take on new dimensions, unknown in previous eras. As Capitalism has spread its wings across the globe over the last 200 or so years, so inequalities have deepened and widened, both inside Nation Sates, between nation States. These inequalities are of income, wealth and of power.
This book, written by the widely respected economic historian Douglas Dowd at the age of 90, is notable for his own experience and vivid memory, of the 1929-31 recession. Since the 1980s, and the predominance of the present neo-liberal ideology, all of the inequalities that the book presents have grown rapidly. Written as a critique of the counter-productivity of growing economic inequality and vindicated by the present world banking crisis, Dowd presents a strong argument against capitalist expansion, exploitation and oligarchic rule.
Dowd's conclusions, that the globalization and growth of the financial sector will impact painfully upon hundreds of millions of people, unknown to most of us in our lifetime, Dowd's book deals with these issues from the unique perspective of inequality. Presenting both a history of the current crisis and an overview of it's, Inequality will appeal to both a broad general readership, and provides an extremely useful reference point for students of political economy, economic history, contemporary economics and global politics.
How do we ensure that waste and inefficiency do not undermine the mission of publicly funded schools? Derek Neal writes that economists must analyze education policy in the same way they analyze other procurement problems. Insights from research on incentives and contracts in the private sector point to new approaches that could induce publicly funded educators to provide excellent education, even though taxpayers and parents cannot monitor what happens in the classroom.
Information, Incentives, and Education Policy introduces readers to what economists know—and do not know—about the logjams created by misinformation and disincentives in education. Examining a range of policy agendas, from assessment-based accountability and centralized school assignments to charter schools and voucher systems, Neal demonstrates where these programs have been successful, where they have failed, and why. The details clearly matter: there is no quick-and-easy fix for education policy. By combining elements from various approaches, economists can help policy makers design optimal reforms.
Information, Incentives, and Education Policy is organized to show readers how standard tools from economics research on information and incentives speak directly to some of the most crucial issues in education today. In addition to providing an overview of the pluses and minuses of particular programs, each chapter includes a series of exercises that allow students of economics to work through the mathematics for themselves or with an instructor’s assistance. For those who wish to master the models and tools that economists of education should use in their work, there is no better resource available.
Amid mounting concern over the loss of jobs to low-wage economies, one fact is clear: America's prosperity hinges on the ability of its businesses to continually introduce new products and services. But what makes for a creative economy? How can the remarkable surge of innovation that fueled the boom of the 1990s be sustained?
For an answer, Richard K. Lester and Michael J. Piore examine innovation strategies in some of the economy's most dynamic sectors. Through eye-opening case studies of new product development in fields such as cell phones, medical devices, and blue jeans, two fundamental processes emerge.
One of these processes, analysis--rational problem solving--dominates management and engineering practice. The other, interpretation, is not widely understood, or even recognized--although, as the authors make clear, it is absolutely crucial to innovation. Unlike problem solving, interpretation embraces and exploits ambiguity, the wellspring of creativity in the economy. By emphasizing interpretation, and showing how these two radically different processes can be combined, Lester and Piore's book gives managers and designers the concepts and tools to keep new products flowing.
But the authors also offer an unsettling critique of national policy. By ignoring the role of interpretation, economic policymakers are drawing the wrong lessons from the 1990s boom. The current emphasis on expanding the reach of market competition will help the analytical processes needed to implement innovation. But if unchecked it risks choking off the economy's vital interpretive spaces. Unless a more balanced policy approach is adopted, warn Lester and Piore, America's capacity to innovate--its greatest economic asset--will erode.
The South American nation of Colombia has seen more than forty years of unrest, conflict, and civil war. It is a country in which social violence and warfare are intricately intertwined. Colombia is also notorious for its drug trade, being one of the leading producers of cocaine in the world, and for its central role as a staging ground for the U.S. “war on drugs.” Since 9/11 the Bush administration has sought to draw political links between the Colombian drug trade, guerrilla organizations, and terrorism.
Inside Colombia offers a valuable introduction and quick reference guide to this complex nation. With chapters devoted to history, human rights issues, the economy, drugs, the controversial antidrug intervention known as Plan Colombia, and relations with the United States, the book offers an easily accessible and comprehensive overview. Readers will learn about the major players in the conflicts, significant political figures, how Colombia’s economy has fared in the twentieth century, how the country’s geography influences its politics and economy, and how U.S. intervention shapes Colombia’s political scene.
The Inside Pitch and More: Baseball’s Business and the Public Trust, written by former American League President Gene Budig, investigates the human and corporate sides of our nation’s pastime. Throughout the course of this book, the author systematically engages the myriad concerns of Major League Baseball, past, present, and future.
In The Inside Pitch and More, baseball’s economic prosperity is examined, as well as issues that hinder and threaten that perpetuity. Lately, baseball has been increasingly menaced by the popularity of other athletic venues - basketball, football, etc. Budig goes through the proposed methods of revitalizing the game of baseball. He emphasizes the need for a reevaluation of the relationship between the sport and its fan base so that the baseball will resume its role as America’s favorite pastime.
Based on his six years as president of the American League, Budig has composed a fascinating book, which is written to be enjoyed by the casual baseball fan as well as the serious student of this sport or sports management in general. The book is unique in that it is the first work to really dissect the sport of baseball by a retired high-ranking official with a wealth of information on the subject.
Movies are both art and commerce, creative expressions of national/cultural interests and preoccupations and part of a global entertainment market. The past century has witnessed a transformation of the movies from popular novelties into highly valued cultural icons and commodities that have promoted national identity and specific political agendas, while also affecting international trade.
This comprehensive history of the international movie industry from its inception in 1895 to the present features nineteen original essays by international scholars who examine the film industries of nineteen countries and six continents. Each chapter in The International Movie Industry focuses on a specific national movie industry’s economic and related social, aesthetic, technological, and political/ideological development within an international context during the last century. The result is a global history of the movie industry over the last one hundred years.
After a half-century of glacial creep, television technology has begun to change at the same dizzying pace as computer software. What this will mean--for television, for computers, and for the popular culture where these video media reign supreme--is the subject of this timely book. A noted communications economist, Bruce Owen supplies the essential background: a grasp of the economic history of the television industry and of the effects of technology and government regulation on its organization. He also explores recent developments associated with the growth of the Internet. With this history as a basis, his book allows readers to peer into the future--at the likely effects of television and the Internet on each other, for instance, and at the possibility of a convergence of the TV set, computer, and telephone.
The digital world that Owen shows us is one in which communication titans jockey to survive what Joseph Schumpeter called the "gales of creative destruction." While the rest of us simply struggle to follow the new moves, believing that technology will settle the outcome, Owen warns us that this is a game in which Washington regulators and media hyperbole figure as broadly as innovation and investment. His book explains the game as one involving interactions among all the players, including consumers and advertisers, each with a particular goal. And he discusses the economic principles that govern this game and that can serve as powerful predictive tools.
Intricate Relations charts the development of the novel in and beyond the early republic in relation to these two thematic and intricately connected centers: sexuality and economics. By reading fiction written by Americans between 1789 and 1814 alongside medical theory, political and economic tracts, and pedagogical literature of all kinds, Karen Weyler recreates and illuminates the larger, sometimes opaque, cultural context in which novels were written, published, and read.
In 1799, the novelist Charles Brockden Brown used the evocative phrase “intricate relations” to describe the complex imbrication of sexual and economic relations in the early republic. Exploring these relationships, he argued, is the chief job of the “moral historian,” a label that most novelists of the era embraced. In a republic anxious about burgeoning individualism in the 1790s and the first two decades of the nineteenth century, the novel foregrounded sexual and economic desires and explored ways to regulate the manner in which they were expressed and gratified.
In Intricate Relations, Weyler argues that understanding how these issues underlie the novel as a genre is fundamental to understanding both the novels themselves and their role in American literary culture. Situating fiction amid other popular genres illuminates how novelists such as Charles Brockden Brown, Hannah Foster, Samuel Relf, Susanna Rowson, Rebecca Rush, and Sally Wood synthesized and iterated many of the concerns expressed in other forms of public discourse, a strategy that helped legitimate their chosen genre and make it a viable venue for discussion in the decades following the revolution.
Weyler’s passionate and persuasive study offers new insights into the civic role of fiction in the early republic and will be of great interest to literary theorists and scholars in women’s and American studies.
Following the largest peasant revolution in history, Russia's urban-based Bolshevik regime was faced with a monumental task: to peacefully “modernize” and eventually “socialize” the peasants in the countryside surrounding Russia's cities. To accomplish this, the Bolshevik leadership created the People's Commissariat of Agriculture (Narkomzem), which would eventually employ 70,000 workers. This commissariat was particularly important, both because of massive famine and because peasants composed the majority of Russia's population; it was also regarded as one of the most moderate state agencies because of its nonviolent approach to rural transformation.
Working from recently opened historical archives, James Heinzen presents a balanced, thorough examination of the political, social, and cultural dilemmas present in the Bolsheviks' strategy for modernizing of the peasantry. He especially focuses on the state employees charged with no less than a complete transformation of an entire class of people. Heinzen ultimately shows how disputes among those involved in this plan-from the government, to Communist leaders, to the peasants themselves-led to the shuttering of the Commissariat of Agriculture and to Stalin's cataclysmic 1929 collectivization of agriculture.
One of the most well-established relationships in the economics of aging is that between health and wealth. Yet this relationship is also changing in conjunction with a rapidly aging population as well as a broad evolution in how people live later in life.
Building on findings from earlier editions in this National Bureau of Economic Research series, Investigations in the Economics of Aging focuses on the changing financial circumstances of the elderly and the relationship of these circumstances to health and health care. Among the topics addressed are the significance of out-of-pocket health care costs, the effects of inflation on social security, and the impact of the recent financial crisis on Americans’ well-being. Encompassing new data and advances in research methodology, the developments presented in this volume will have important implications for economies worldwide.
Newfield views management as neither inherently good nor bad, but rather as a challenge to and tool for negotiating modern life. In Ivy and Industry he integrates business and managerial philosophies from Taylorism through Tom Peters’s “culture of excellence” with the speeches and writings of leading university administrators and federal and state education and science policies. He discusses the financial dependence on industry and government that was established in the university’s early years and the equal influence of liberal arts traditions on faculty and administrators. He describes the arrival of a managerial ethos on campus well before World War II, showing how managerial strategies shaped even fields seemingly isolated from commerce, like literary studies. Demonstrating that business and the humanities have each had a far stronger impact on higher education in the United States than is commonly thought, Ivy and Industry is the dramatic story of how universities have approached their dual mission of expanding the mind of the individual while stimulating economic growth.
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