Economic reform, structural adjustment, macroeconomic stabilization, and participation in the world economy are interconnected aspects of the same issue: the long-term economic viability of centrally planned economies in the rapidly changing economic environment of the modern world. Any economic strategy that focuses on only one or two of these aspects at the expense of the others is likely to fail; yet even strategies that build on all of these bases may well fail unless political leaders can muster exceptional skill, garner international support, and enjoy some good luck.
The contributions to this volume reflect the recent research on this issue by various specialists on the economies of the Soviet Union and Eastern Europe. Each author emphasizes macroeconomic stabilization, structural adjustment, participation in the larger world economy, or ecomonic reform.
In the late 1990s, economic and financial crises raged through East Asia, devastating economies that had previously been considered among the strongest in the developing world. The crises eventually spread to Russia, Turkey, and Latin America, and impacted the economies of many industrialized nations as well. In today's increasingly interdependent world, finding ways to reduce the risk of future crises—and to improve the management of crises when they occur—has become an international policy challenge of paramount importance.
This book rises to that challenge, presenting accessible papers and commentaries on the topic not only from leading academic economists, but also from high-ranking government officials (in both industrial and developing nations), senior policymakers at international institutions, and major financial investors. Six non-technical papers, each written by a specialist in the topic, provide essential economic background, introducing sections on exchange rate regimes, financial policies, industrial country policies, IMF stabilization policies, IMF structural programs, and creditor relations. Next, personal statements from the major players give firsthand accounts of what really went on behind the scenes during the crises, giving us a rare glimpse into how international economic policy decisions are actually made. Finally, wide-ranging discussions and debates sparked by these papers and statements are summarized at the end of each section.
The result is an indispensable overview of the key issues at work in these crises, written by the people who move markets and reshape economies, and accessible to not just economists and policymakers, but also to educated general readers.
Montek S. Ahluwalia, Domingo F. Cavallo, William R. Cline, Andrew Crockett, Michael P. Dooley, Sebastian Edwards, Stanley Fischer, Arminio Fraga, Jeffrey Frankel, Jacob Frenkel, Timothy F. Geithner, Morris Goldstein, Paul Keating, Mervyn King, Anne O. Krueger, Roberto Mendoza, Frederic S. Mishkin, Guillermo Ortiz, Yung Chul Park, Nouriel Roubini, Robert Rubin, Jeffrey Sachs, Ammar Siamwalla, George Soros
In the 1970's, an “age of affluence” ended abruptly in Canada, Great Britain, and the United States. Skyrocketing inflation, persistent unemployment, and sluggish growth became new, oppressive realities for government and citizens alike. This book examines the changes that occurred in economic policymaking on the governmental level and the public's response to such changes. This timely collection of essays sheds light on the political economy of three of the world's oldest democracies in an era of economic distress and uncertainty.
Economic development has been for many years the dominant national policy objective of the countries in the Third World, but there has been little consensus on the goals and definitions of development. Focusing on the era since World War II, H. W. Arndt traces the history of thought about economic development to show readers, in nontechnical terms, what the development objective has meant to political and economic theorists, policymakers, and politicians from Adam Smith to Ayatollah Khomeini.
This volume argues that the Mexican crisis of August 1982, in which the country was left facing the prospect of national default and zero economic growth, was not only the result of some fundamental flaws in the country's economy, but is more accurately characterized as a cash flow problem—in the author's words, "a case of illiquidity rather than insolvency." Based on a thorough analysis of the Mexican economy, the book assesses the effectiveness of the various economic programs of the de la Madrid presidency in dealing with the nation's problems.
India is the second most populous country in the world and also one of the poorest. From the late 1940s to 1980, India's per capita income grew at an average annual rate of only two percent. Expansionist economic reforms during the 1980s boosted economic growth but also unfortunately resulted in high inflation and a balance of payments crisis. As a consequence, in 1991 the government announced sweeping new changes in economic policies.
Economic Policy Reforms and the Indian Economy evaluates the effects of those changes and identifies areas of the Indian economy still in urgent need of reform. After an overview of Indian economic policies and development since independence, papers focus on the country's fiscal situation, the environment for private economic activity, education, the reservation of certain activities for small-scale industry, and determinants of differentials in rates of growth across the different Indian states. Contributors include respected academic specialists on India and policy reform, high-level Indian administrators, and present and past policymakers.
In this volume, distinguished Chinese and Western scholars provide a detailed examination of the problems associated with China's transition to a market-oriented system. A variety of reform proposals, aimed at resolving the contradictions inherent in piecemeal reform, are discussed along with the chances for future liberalization.
These clearly written and insightful essays address the roots of China's crisis. The authors focus on institutional changes necessary for a spontaneous market order and point to the close relation between economic reform and political-constitutional reform. Topics include the speed and degree of the transition, whether ownership reform must precede price reform, how inflation can be avoided, steps to depoliticize economic life, how to create an environment conducive to foreign trade and investment, and how to institute basic constitutional change and open China to the outside world.
The revolutionary changes now shaking the foundations of socialism and central planning in the Soviet Union and Eastern and Central Europe are sure to have an impact on China's future. Despite their seriousness, the events of Tiananmen Square may constitute only a temporary detour on the road toward a private market order. The essays in this volume help lay a rational framework for understanding China's present problems and for discussing the prospects for future reform.
In this book, M. Jimmie Killingsworth and Jacqueline S. Palmer have a twofold purpose: to analyze the patterns of rhetoric used in written discourse about environmental politics and to make a practical contribution to the art of rhetorical criticism through the study of rhetoric in use.
The language, professional objectivity, and research programs of scientists insulate these best-informed citizens in enclaves of specialization, limiting access to crucial information and hindering effective reformative action. Science, the authors stress, is not merely a database to rely upon but a view of the world that must be broadened in order to affect social morality. Science-based activism must arise to ensure the care and future of the environment.
Killingsworth and Palmer argue that for grassroots activism to be tied to this globally conscious philosophy, a rhetoric of sustainability must be cultivated.
In 2010, Robert Menasse journeyed to Brussels to begin work on a novel centered on the European Union. His extended stay resulted in a completely different book—Enraged Citizens, European Peace and Democratic Deficits, a work of nonfiction examining the history of the European project and the evolving politics of nation-states.
Spanning from the beginning of the transnational idea with 1951’s Montanunion—the European Coal and Steel Community—to the current financial crisis, Menasse focuses on the institutional structures and forces both advancing and obstructing the European project. Given the internal tensions among the European Commission, Parliament, and Council, Menasse argues that current problems that are frequently misunderstood as resulting from the financial crisis are, in fact, political. Along the way, he makes the bold claim that either the Europe of nation-states will perish—or the project of transcending the nation-states will.
A provocative book, Enraged Citizens, European Peace and Democratic Deficits deftly analyzes the financial and bureaucratic structures of the European Union and sheds much-needed light on the state of the debt crisis. Menasse brings his considerable literary expertise to the unraveling of the real state of the Union, along the way weaving an intriguing tale of one continent’s efforts to become a truly postnational democracy.
Entrepreneurial Seoulite might be read as a memoir on Hongdae based on the author’s observations as a member of South Korea’s Generation X. During the 1990’s, Hongdae became widely known as a cool place associated with discourses on alternative music, independent labels, and club culture. Today, Hongdae is well known for its youth culture and nightlife, as well as its gentrification.
Recent research on Korean culture approaches the K-wave phenomenon from the perspectives of cultural consumption, media analysis, and cultural management and policy. Meanwhile, studies on Seoul have centered on its transformation as a global, creative city. Rather than examining the K-wave or the city itself, this book explores the experience of living through the city-in-transition, focusing on the relationship between “the ideology that justified engagement in capitalism” and the “subjectification process.” The book aims to understand the project to institutionalize a cultural district in Hongdae as a demonstration of the coevolution of ideologies and citizenship in a society undergoing rapid liberalization—politically, culturally, and economically.
A cultural turn took place in Korea during the 1990s, amid the economic prosperity driven by state-led industrialization and the collapse of the military dictatorship due to democratization movements. Cultural critiques, emerging as an alternative to social movements, proliferated to assert the freedom and autonomy of individuals against regulatory systems and institutions. The nation was hit by the Asian financial crisis in 1997, and witnessed massive economic restructuring including layoffs, stakeouts, and a prevalence of contingent employment. As a result, the entire nation had to find new engines of economic growth while experiencing a creative destruction. At the center of this national transformation, Seoul has sought to recreate itself from a mega city to a global city, equipped with cutting-edge knowledge industries and infrastructures.
By juxtaposing the cultural turn and cultural/creative city-making, Entrepreneurial Seoulite interrogates the formation of new citizen subjectivity, namely the enterprising self, in post-Fordist Seoul. What kinds of logic guide individuals in the engagement of new urban realities in rapidly liberalized Seoul—culturally and economically? In order to explore this query, Mihye Cho draws on Weber’s concept of “the spirit of capitalism” on the formation of a new economic agency focusing on the re-configuration of meanings, and seeks to capture a transformative moment detailing when and how capitalism requests a different spirit and lifestyle of its participants. Likewise, this book approaches the enterprising self as the new spirit of post-Fordist Seoul and explores the ways in which people in Seoul internalize and negotiate this new enterprising self.
How do economists decide what questions to address and how to choose their theories? How do they tackle the problems of the economic system and give advice on public policy? With these broad questions, Nobel laureate R. H. Coase, widely recognized for his seminal work on transaction costs, reflects on some of the most fundamental concerns of economists over the past two centuries.
In fifteen essays, Coase evaluates the contributions of a number of outstanding figures, including Adam Smith, Alfred Marshall, Arnold Plant, Duncan Black, and George Stigler, as well as economists at the London School of Economics in the 1930s.
Ronald H. Coase was awarded the Nobel Prize in Economic Science in 1991.
A deft selection of unpublished and little-known works by F. A. Hayek that will serve to enlighten and enliven debates around the ever-changing face of Western liberalism
Across seventeen volumes to date, the University of Chicago Press’s Collected Works of F. A. Hayek series has anthologized the diverse and prolific writings of the Austrian economist synonymous with classical liberalism. Essays on Liberalism and the Economy traces the author’s long and evolving writings on the cluster of beliefs he championed most: liberalism, its core tenets, and how its tradition represents the best hope for Western civilization.
This volume contains material from almost the entire span of Hayek’s career, the earliest from 1931 and the last from 1984. The works were written for a variety of purposes and audiences, and they include—along with conventional academic papers—encyclopedia entries, after-dinner addresses, a lecture for graduate students, a book review, newspaper articles, and letters to the editors of national newspapers. While many are available elsewhere, two have never appeared in print, and two others have not been published in English.
The varied formats collected here are enriched by Hayek’s changing voice at different stages of his life. Some of the pieces resonate as high-minded and noble; some are meant as cuts to “intellectuals” (a pejorative term when used by Hayek) like Keynes and Galbraith. All serve to distill important threads of his worldview.
On many fronts, European Union development policy is at a critical juncture: in the face of new obstacles, the EU has been forced to rethink trade, security, and its relationship with neighbors in North Africa and the Middle East. Contentious questions have centered on the effects of EU expansion, agricultural protectionism, and development-friendly trade policy in the EU and its member nations. To answer these questions and others, this expertly edited volume draws on analysis from well-known specialists in fields such as public policy and economic development, providing a critical overview of EU development policy and the challenges it must confront in an increasingly volatile and changing world.
Winner of the 1998 Paul A. Samuelson Award given by TIAA-CREF, The Evolution of Retirement is the first comprehensive economic history of retirement in America. With life expectancies steadily increasing, the retirement rate of men over age 64 has risen drastically. Dora L. Costa looks at factors underlying this increase and shows the dramatic implications of her findings for both the general public and the U.S. government. Using statistical, and demographic concepts, Costa sheds light on such important topics as rising incomes and retirement, work and disease, the job prospects of older workers, living arrangements of the elderly, the development of a retirement lifestyle, and pensions and politics.
"[Costa's] major contribution is to show that, even without Social Security and Medicare, retirement would have expanded dramatically."—Robert J. Samuelson, New Republic
"An important book on a topic which has become popular with historians and is of major significance to politicians and economists."—Margaret Walsh, Business History
Evolving Iran presents an overview of how the politics and policy decisions in the Islamic Republic of Iran have developed since the 1979 revolution and how they are likely to evolve in the near future. Despite the fact that the revolution ushered in a theocracy, its political system has largely tended to prioritize self-interest and pragmatism over theology and religious values, while continuing to reinvent itself in the face of internal and international threats.
The author also examines the prospects for democratization in Iran. Since the early years of the twentieth century, Iranians have attempted to make their political system more democratic, yet various attempts to produce a system where citizens have a meaningful voice in political decisions have failed. This book argues that greater democratization is unlikely to occur in the short term, especially in light of increased threats from the international community.
This accessible overview of Iran’s political system covers a broad array of subjects, including foreign policy, human rights, women’s struggle for equality, the development and evolution of elections, and the institutions of the political system including the Revolutionary Guards and Assembly of Experts. It will appeal to undergraduates and the general public who seek to understand a country and regime that has mystified Westerners for decades.
In this compelling and comprehensive look at the rise of Evo Morales and Bolivia’s Movimiento al Socialismo (MAS), Linda Farthing and Benjamin Kohl offer a thoughtful evaluation of the transformations ushered in by the western hemisphere’s first contemporary indigenous president. Accessible to all readers, Evo’s Bolivia not only charts Evo’s rise to power but also offers a history of and context for the MAS revolution’s place in the rising “pink tide” of the political left. Farthing and Kohl examine the many social movements whose agendas have set the political climate in Bolivia and describe the difficult conditions the administration inherited. They evaluate the results of Evo’s policies by examining a variety of measures, including poverty; health care and education reform; natural resources and development; and women’s, indigenous, and minority rights. Weighing the positive with the negative, the authors offer a balanced assessment of the results and shortcomings of the first six years of the Morales administration.
At the heart of this book are the voices of Bolivians themselves. Farthing and Kohl interviewed women and men in government, in social movements, and on the streets throughout the country, and their diverse backgrounds and experiences offer a multidimensional view of the administration and its progress so far. Ultimately the “process of change” Evo promised is exactly that: an ongoing and complicated process, yet an important example of development in a globalized world.
This volume argues that using social capital to eradicate poverty is unlikely to succeed because its mainstream approach mistakenly assumes that social capital necessarily benefits poor people. The inadequacy of that assumption, Sam Wong argues, calls for a reassessment of human motivations, institutional dynamics, and the complexity of structures in social capital building. Proposing a “pro-poor” perspective, in which poverty-specific outcomes are highlighted, he suggests an exploration of “unseen” social capital is in order—not only to challenge the mainstream understanding of “seen” social capital, but to demonstrate the need for everyday cooperation, which is shaped by social norms, influenced by conscious and unconscious motivations, and subject to changes in priority based on livelihood. A useful volume for both policy makers and practitioners, Exploring ‘Unseen’ Social Capital in Community Participation offers a fresh perspective in thinking about civic and social agency.
As the U.S. National Defense Strategy recognizes, the United States is currently locked in a great-power competition with Russia. This report seeks to define areas where the United States can compete to its own advantage. It examines Russian vulnerabilities and anxieties; analyzes potential policy options to exploit them; and assesses the associated benefits, costs, and risks, as well as the likelihood of successful implementation.