In 1980, when the Cabazon Band first opened a small poker club on their Indian reservation in the isolated desert of California, they knew local authorities would challenge them. Cabazon persisted and ultimately won, defeating the State of California in a landmark case before the Supreme Court. By fighting for their right to operate a poker club, Cabazon opened up the possibility for native nations across the United States to open casinos on their own reservations, spurring the growth of what is now a $30 billion industry.
Cahuilla Nation Activism and the Tribal Casino Movement tells the bigger story of how the Cahuilla nations—including the Cabazon—have used self-reliance and determination to maintain their culture and independence against threats past and present. From California’s first governor’s “war of extermination” against native peoples through today’s legal and political challenges, Gordon shows that successful responses have depended on the Cahuilla’s ability to challenge non-natives’ assumptions and misconceptions.
Modern political culture features a deep-seated faith in the power of numbers to find answers, settle disputes, and explain how the world works. Whether evaluating economic trends, measuring the success of institutions, or divining public opinion, we are told that numbers don’t lie. But numbers have not always been so revered. Calculated Values traces how numbers first gained widespread public authority in one nation, Great Britain.
Into the seventeenth century, numerical reasoning bore no special weight in political life. Complex calculations were often regarded with suspicion, seen as the narrow province of navigators, bookkeepers, and astrologers, not gentlemen. This changed in the decades following the Glorious Revolution of 1688. Though Britons’ new quantitative enthusiasm coincided with major advances in natural science, financial capitalism, and the power of the British state, it was no automatic consequence of those developments, William Deringer argues. Rather, it was a product of politics—ugly, antagonistic, partisan politics. From Parliamentary debates to cheap pamphlets, disputes over taxes, trade, and national debt were increasingly conducted through calculations. Some of the era’s most pivotal political moments, like the 1707 Union of England and Scotland and the 1720 South Sea Bubble, turned upon calculative conflicts.
As Britons learned to fight by the numbers, they came to believe, as one calculator wrote in 1727, that “facts and figures are the most stubborn evidences.” Yet the authority of numbers arose not from efforts to find objective truths that transcended politics, but from the turmoil of politics itself.
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations.
In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.
The 1990s witnessed several acute currency crises among developing nations that invariably spread to other nearby at-risk countries. These episodes—in Mexico, Thailand, South Korea, Russia, and Brazil—were all exacerbated by speculative foreign investments and high-volume movements of capital in and out of those countries. Insufficient domestic controls and a sluggish international response further undermined these economies, as well as the credibility of external oversight agencies like the International Monetary Fund. This timely volume examines the correlation between volatile capital mobility, currency instability, and the threat of regional contagion, focusing particular attention on the emergent economies of Latin America, Southeast Asia, and Eastern Europe.
Together these studies offer a new understanding of the empirical relationship between capital flows, international trade, and economic performance, and also afford key insights into realms of major policy concern.
“A timely account of how the 1% holds on to their wealth…Ought to keep wealth managers awake at night.”
—Wall Street Journal
“Harrington advises governments seeking to address inequality to focus not only on the rich but also on the professionals who help them game the system.”
—Richard Cooper, Foreign Affairs
“An insight unlike any other into how wealth management works.”
—Felix Martin, New Statesman
“One of those rare books where you just have to stand back in awe and wonder at the author’s achievement…Harrington offers profound insights into the world of the professional people who dedicate their lives to meeting the perceived needs of the world’s ultra-wealthy.”
—Times Higher Education
How do the ultra-rich keep getting richer, despite taxes on income, capital gains, property, and inheritance? Capital without Borders tackles this tantalizing question through a groundbreaking multi-year investigation of the men and women who specialize in protecting the fortunes of the world’s richest people. Brooke Harrington followed the money to the eighteen most popular tax havens in the world, interviewing wealth managers to understand how they help their high-net-worth clients dodge taxes, creditors, and disgruntled heirs—all while staying just within the letter of the law. She even trained to become a wealth manager herself in her quest to penetrate the fascinating, shadowy world of the guardians of the one percent.
Edited by Joseph P. H. Fan and Randall Morck University of Chicago Press, 2012 Library of Congress HC427.95.C365 2012 | Dewey Decimal 330.951
China’s economic boom over the last two decades has taken many analysts by surprise, given the ongoing role of central government planning. Its current growth trajectory suggests that the size of its economy could soon surpass that of the United States. Some argue that continued growth and the expanding middle class will ultimately exert pressure on the government to bring about greater openness of the financial market.
To better understand China’s recent economic performance, this volume examines the distinctive system it has developed: “market socialism with Chinese characteristics.” While its formal institutional makeup resembles that of a free-market economy, many of its practices remain socialist, including strategically placed state-owned enterprises that wield influence both directly and through controlled business groups, and Communist Party cells whose purpose is to maintain control of many segments of the economy. China’s economic system, the contributors find, also retains many historical characteristics that play a central role in managing the economy. These and other issues are examined in chapters on China’s financial regulations, corporate governance codes, bankruptcy laws, taxation, and disclosure rules.
Capitalizing on Crisis offers a political sociology of the rise of finance in the U.S. economy over the last three decades. Krippner’s core argument is that successive U.S. administrations embraced policy choices that heightened financialization as a way to escape direct confrontation with the pressing issues of fiscal crisis and legitimation crisis that emerged in the late 1960’s, rather than as a policy goal of its own. This is an extremely important argument for understanding the last forty years of U.S. politics and social development and it helps reconnect economic sociology to political sociology. Krippner focuses on state actions that were crucial to creating a macroenvironment conducive to financialization: (1) the deregulation of financial markets during the 1970s and 1980s; (2) policies that encouraged foreign capital inflows into the U.S. economy in the context of large fiscal imbalances in the early 1980s; and (3) changes in the conduct of monetary policy following the shift to tight monetary policies (high interest rates) in 1979.
In this work, author E. Malcolm Greenlees provides detailed information about the role of state governments in the regulation of gaming. He also discusses the dominance of slot machines as the major revenue source in most casinos; he provides information about changes in the types and operation of slot machines, as well as accounting procedures for slot revenues.
The book covers every aspect of the financial management of a casino, from the details of licensing and regulation to revenue taxation; the management of slot machines and other gaming devices, table games, and betting operations; revenue flows and internal cash controls; cashiering; accounting; and financial reporting.
Casino Accounting and Financial Management has been recognized as the essential manual for gaming industry professionals since its first publication in 1988. This 2008 edition is updated throughout and greatly expands the original text, addressing growth and changes in the casino industry as gaming has spread into new venues both nationwide and internationally, incorporated new games and new technology, and become subject to new management policies and new government regulations.
Casualties of Credit
Carl Wennerlind Harvard University Press, 2011 Library of Congress HG3754.5.G7W46 2011 | Dewey Decimal 332.094209032
With a circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal-military state that instilled fear and facilitated the first industrial revolution. Yet this new system of credit was precarious and prone to accidents, and it depended on trust, public opinion, and ultimately violence.
This volume, consisting of papers presented at a conference held at Williamsburg, Va., 2-3 April 1981, is a progress report on the National Bureau of Economic Research project, The Changing Roles of Debt and Equity in Financing U.S. Capital Formation. The National Bureau has undertaken this project—including the conference, the research described in this volume, and the publication of the volume itself—with the support of the American Council of Life Insurance.
In Circling the Bases, leading sports economist Andrew Zimbalist continues his discussion and analysis of the major issues and challenges confronting the sports industry in the second decade of the 21st century. Presenting a general overview of the sports business at both the college and professional levels, this volume places concerns such as the antitrust status of sports leagues, the stalled progress of gender equity in college sports, and the control of Performance Enhancing Drugs in historical context.
Zimbalist also provides a deeper understanding of how sports have fared and changed with the sharpening financial crisis and 2009 economic downturn—from the morphing role of salary caps and revenue distribution and the rapid escalation of college coaches' compensation to the financing of sports facilities and the economic impact of hosting the Olympic Games.
In Circling the Bases, Zimbalist continues to show how the business of sports is evolving and how the sports industry is becoming more closely linked with the corporate sector and thus more vulnerable to the vicissitudes of the U.S. and world economies. Zimbalist deftly shows how sports are facing the uncertainties of the future and what the implications are for sports fans, players, owners, and leagues.
In 1863 black communities owned less than 1 percent of total U.S. wealth. Today that number has barely budged. Mehrsa Baradaran pursues this wealth gap by focusing on black banks. She challenges the myth that black banking is the solution to the racial wealth gap and argues that black communities can never accumulate wealth in a segregated economy.
By the turn of the century, the largest generation of Americans in history, the "Baby Boomers," will be approaching 65 years old. But as the demand for health and long-term care is growing dramatically, health care programs have been shrinking instead of expanding to meet the older generation's needs. In this timely book, John R. Wolfe offers practical solutions to the coming health crisis, exploring innovative ways of developing insurance plans for the care of the large, aging "Baby Boom" generation and beyond.
In previous decades, when younger Americans far outnumbered older ones, retirees could depend on financial support through taxes from the population at large. But as "Boomers" retire and the work force begins to shrink, there will be a disproportionately large population of retirees to workers. With such a big jump in the percentage of older Americans in the population, fewer workers will be able to to transfer funds, through taxes, to retirees. Moreover, other traditionally reliable sources of financial assistance—Social Security, Medicare, and Medicaid—have faced serious financial difficulties in recent years. Who will the aged turn to for assistance?
The Coming Health Crisis suggests that as funds from all quarters dwindle, older Americans will have to look to alternative programs for financial assistance. Wolfe urges immediate action to develop new saving programs and increase existing transfer schemes to head off an imminent crisis. Although tax increases might provide some resources, he demonstrates that it is more important to accumulate capital to create solid reserves for the future. Wolfe also explores two roles for government: prefunding new or existing social insurance programs and promoting private insurance options. By exempting insurance fund income from corporate taxation and permitting people at all income levels to defer income tax on accounts earmarked for long-term care, he shows how government could greatly encourage and expand personal saving.
Finally, this work assesses the value of other recent health and long-term-care innovations: social/health maintenance organizations, long-term-care individual retirement accounts, and reverse annuity mortgages, in addition to vouchers, care rationing, mandatory public insurance, and expanded private coverage. Through this wide-ranging survey, Wolfe demonstrates that, through a combination of these programs, we can care for the aging "Baby Boom" generation by anticipating their needs and saving now.
Awash in a sea of data that seems to have no meaning and bombarded by images and sounds transmitted from around the globe 24/7, people are no longer sure what is real and what is fake. Artists recycle ads in their paintings and businesses use images of artists in their ads; politicians mount campaigns based on hit films; and bankers make billions trading incomprehensible financial products backed by nothing more than abstract figures and signs.
In Confidence Games, Mark C. Taylor considers the implications of these developments for our digital and increasingly virtual economy. According to Taylor, money and markets do not exist in a vacuum but grow in a profoundly cultural medium, reflecting and in turn shaping their world. To understand the recent changes in our economy, it is not enough to analyze the impact of politics and technology—one must consider the influence of art, philosophy, and religion as well.
Bringing John Calvin, G. W. F. Hegel, and Adam Smith to Wall Street by way of Las Vegas, Taylor first explores the historical and psychological origins of money, the importance of religious beliefs and practices for the emergence of markets, and the unexpected role of religion and art in the classical understanding of economics. He then moves to an account of economic developments during the past four decades, exploring the dawn of our new information age, the growing virtuality of money and markets, and the complexity of the networks by which monetary value is now negotiated.
Returning full circle to a version of the market first proposed by Adam Smith when he used theology and aesthetics to rethink economics, Confidence Games closes with a plea for a conception of life that embraces uncertainty and insecurity as signs of the openness of the future. Like religion and economics, life is a confidence game in which the challenge is not to find redemption but to learn to live without it.
"Before the global credit system began its collapse in 2007, Mark Taylor had connected the dots between increasingly complex financial instruments and larger cultural forces. Anyone who wants to understand the disappearing foundation of our financial markets needs to read this book immediately."—Michael Lewitt, editor, The HCM Market Letter
“Beyond simply dealing with ‘money and markets,’ Confidence Games is a fascinating and wide-ranging tour of modern and postmodern ideas and conditions from Aristotle to Nietzsche, from Wall Street to Las Vegas.”—Craig Bay, Journal of Markets & Morality
The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Over the past few decades, significant changes have occurred across capital markets. Shareholder activists have become more prominent, institutional investors have begun to wield more power, and intermediaries like investment advisory firms have greatly increased their influence. These changes to the economic environment in which corporations operate have outpaced changes in basic corporate law and left corporations uncertain of how to respond to the new dynamics and adhere to their fiduciary duties to stockholders.
With The Corporate Contract in Changing Times, Steven Davidoff Solomon and Randall Stuart Thomas bring together leading corporate law scholars, judges, and lawyers from top corporate law firms to explore what needs to change and what has prevented reform thus far. Among the topics addressed are how the law could be adapted to the reality that activist hedge funds pose a more serious threat to corporations than the hostile takeovers and how statutory laws, such as the rules governing appraisal rights, could be reviewed in the wake of appraisal arbitrage. Together, the contributors surface promising paths forward for future corporate law and public policy.
Over the past thirty-five years, federal courts have dramatically retreated from actively promoting school desegregation. In the meantime, state courts have taken up the mantle of promoting the vision of educational equity originally articulated in Brown v. Board of Education. Courts and Kids is the first detailed analysis of why the state courts have taken on this active role and how successful their efforts have been.
Since 1973, litigants have challenged the constitutionality of education finance systems in forty-five states on the grounds that they deprive many poor and minority students of adequate access to a sound education. While the plaintiffs have won in the majority of these cases, the decisions are often branded “judicial activism”—a stigma that has reduced their impact. To counter the charge, Michael A. Rebell persuasively defends the courts’ authority and responsibility to pursue the goal of educational equity. He envisions their ideal role as supervisory, and in Courts and Kids he offers innovative recommendations on how the courts can collaborate with the executive and legislative branches to create a truly democratic educational system.
Big Ten football fans pack gridiron cathedrals that hold up to 100,000 spectators. The conference's fourteen member schools share a broadcast network and a 2016 media deal worth $2.64 billion. This cultural and financial colossus grew out of a modest 1895 meeting that focused on football's brutality and encroaching professionalism in the game. Winton U. Solberg explores the relationship between higher education and collegiate football in the Big Ten's first fifty years. This formative era saw debates over eligibility and amateurism roil the sport. In particular, faculty concerned with academics clashed with coaches, university presidents, and others who played to win. Solberg follows the conference's successful early efforts to put the best interests of institutions and athletes first. Yet, as he shows, commercial concerns undid such work after World War I as sports increasingly eclipsed academics. By the 1940s, the Big Ten's impact on American sports was undeniable. It had shaped the development of intercollegiate athletics and college football nationwide while serving as a model for other athletic conferences.
Drawing on a mix of political, economic, literary, and filmic texts, Crisis Cultures challenges current cultural histories of the neoliberal period by arguing that financialization, and not just neoliberalism, has been at the center of the dramatic transformations in Latin American societies in the last thirty years. Starting from political economic figures such as crisis, hyperinflation, credit, and circulation and exemplary cultural texts, Whitener traces the interactions between culture, finance, surplus populations, and racialized state violence after 1982 in Mexico and Brazil. Crisis Culturesmakes sense of the emergence of new forms of exploitation and terrifying police and militarized violence by tracking the cultural and discursive forms, including real abstraction and the favela and immaterial cadavers and voided collectivities, that have emerged in the complicated aftermath of the long downturn and global turn to finance.
The Crisis of Neoliberalism
Gérard Duménil Harvard University Press, 2013 Library of Congress HB3717 2008.D86 2010 | Dewey Decimal 330.973
This is a work of empirical economics, in which Dumenil and Levy adduce a wide range of evidence to argue that capitalism has entered a phase characterized by rapid technological change, increasing returns to capital, and financial instability. While the authors focus on the interpretation of contemporary capitalism, they also integrate an historical perspective, showing that in the immediate post-World-War II era from 1945 till 1975, now considered a golden age of capitalism in which economic growth was high, inflation low, and income inequality decreasing, returns to capital decreased. In the 1970s this trend reversed, and real interest rates started rising, returns to capital increased, and income inequality widened. This cycle occurred in earlier eras, including one that began in the late nineteenth century and ended in The Great Depression. The authors argue that the similarity between the late nineteenth early 20th century and the past two decades is remarkable. Following the depression of the 1890s, more favorable profitability trends were established as a result of the managerial revolution, in the context of the original assertion of the political and economic hegemony of finance. This course of capitalism culminated in The Great Depression. Will the second hegemony of finance end as the first one did in collapse? The authors do not conclude that a crisis similar to the Great Depression is on the agenda, but a major adjustment will be required. Whether it is a new phase of neoliberalism or a new distinct social order is an open question.