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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.

"Economic Development makes an important contribution of the literature on economic development, especially as it incorporates ideas on a theme that informs our concern for social justice, individual and social freedom, identify, and community."—Winston E. Langley, Annals of the American Academy of Political and Social Science

The claim that open trade promotes peace has sparked heated debate among scholars and policymakers for centuries. Until recently, however, this claim remained untested and largely unexplored. Economic Interdependence and International Conflict clarifies the state of current knowledge about the effects of foreign commerce on political-military relations and identifies the avenues of new research needed to improve our understanding of this relationship. The contributions to this volume offer crucial insights into the political economy of national security, the causes of war, and the politics of global economic relations.
Edward D. Mansfield is Hum Rosen Professor of Political Science and Co-Director of the Christopher H. Browne Center for International Politics at the University of Pennsylvania.
Brian M. Pollins is Associate Professor of Political Science at Ohio State University and a Research Fellow at the Mershon Center.

Drawing from their experience as government insiders, George P. Shultz and Kenneth W. Dam show how economic policy is shaped at the highest levels of government. They reveal the interconnections between economic, social, and international policy, covering issues such as the advocacy system and the role of the individual in shaping policy. A new chapter, 'A Changed World,' explores the various influences of our increasingly global economy on economic strategy. With rare candor, authority and breadth of vision, Shultz and Dam have produced a brilliant introduction to economic policy, its principles, and practice.

"A model of brevity and lucidity . . . [Economic Policy Beyond the Headlines] incorporates a unique and rewarding blend of economic reasoning with a high level of political awareness . . . enriched by the wide personal experience in government of the authors."—Albert T. Sommers, Across the Board

"[Shultz and Dam] help foreign readers to understand why the world looks so different from Washington. . . . This book should provide the model."—The Economist

"A wise and valuable book showing great insight into the realities of economic policy making."—Henry A. Kissinger

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.

In the 1980s, the formerly planned markets of the Soviet Union and Eastern Europe and the developing nations of Latin America and East Asia embarked upon unprecedented efforts to alter their economic regimes. These first-stage reforms involved a major reconceptualization of the principal elements of the economy, private property, and trade. But in the wake of these reforms, the need for second-stage reforms—the implementation of more structural changes—arose; without the development of new regulatory agencies, tax reform initiatives, adjustments to trade policies, and enhancements in education, labor, and telecommunications, the prospects for economic growth engendered during the first-stage reforms might not be realized.

Economic Policy Reform: The Second Stage provides an incisive overview of the context of these crucial second-stage reforms with a thorough examination of the issues confronting the policymakers involved. Edited by Anne O. Krueger, it features studies from distinguished experts in various fields of economics. Each chapter of this book addresses a key issue in economic policy, examines the progress of reforms in the markets considered, and then explores what research might further aid leaders as they embark on fundamental changes.

Both a handbook for economists and practitioners and a theoretical exploration of the most significant challenges currently facing the economic world, this new book will be indispensable to anyone involved in the global economic scene.

Contributors:
Vittorio Corbo
Cimon Cowan
Sebastian Edwards
Stephan Haggard
Michael Kremer
Steven Matusz
Frederic S. Mishkin
Jonathan Morduch
Roger G. Noll
Miguel A. Savastano
T. Paul Shultz
Mary M. Shirley
T.N. Srinivasan
Joseph E. Stiglitz
Vito Tanzi
David Tarr
Aaron Tornell

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.

An ambitious successor to W. Max Corden's highly acclaimed Inflation,
Exchange Rates, and the World Economy, this book addresses topics in
international macroeconomics that have come to the forefront of economic
policy debates in recent years. Covering exchange rate policy, the
European Monetary System, protection and competition, and the
international "non-system" since the collapse of Bretton Woods, Corden
provides a probing analysis of significant economic trends associated
with the increasing integration of the world capital market.

Beginning with essays on exchange rate policy, the current account, and
external effects of fiscal policy, Corden lays out the foundations of
balance-of-payments theory in relation to wage rates, income
distribution, and inflation. Chapters on the European Monetary System
focus on monetary integration and look skeptically at European proposals
to move toward monetary union. Other topical essays discuss the
"competitiveness" problem and the relation between protection and
macroeconomic policy.

Corden summarizes and clarifies a vast range of work on the coordination
of macroeconomic policies and critically reviews various proposals for
reforming the international monetary system.

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.

Articulate and provocative, Richardo Ffrench-Davis offers the most comprehensive and timely assessment available of Chilean economic reform, from the military dictatorship of Pinochet in the 1970s up to the "reforms of reforms" made by the democratic governments in the 1990s.
Written in accessible and readable prose, Economic Reforms in Chile begins with an overview of the Chilean economy during the last fifty years. This historical time frame is divided into three periods of economic reform. The first period covers the Pinochet regime, during which the more orthodox neoliberalism was implemented. The second period includes the Pinochet dictatorship, during which economic policy shifted toward pragmatism, particularly in the areas of trade and finance; it also includes the crisis of 1982 and its effects. The third period begins in 1990 with the return to democratic elections and the significant reforms to prior reforms. This section also examines the search for growth-with-equity, success in investment and growth performance, macroeconomic sustainability, and the reduction of poverty. Ffrench-Davis addresses several "paradoxes," or results that defy the expectations of policymakers, in order to analyze the significance of comprehensive macroeconomic equilibrium and its implications for sustainable stability, growth, and equity.
Economic Reforms in Chile will be of interest to economists, political scientists, and policymakers involved with the economies of emerging and developing countries.
Ricardo Ffrench-Davis is Principal Regional Advisor, ECLAC, Santiago, and Professor of Economics, University of Chile.

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.

Contributors:
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

Over forty years after the formal end of colonialism, suffocating ties to Western financial systems continue to prevent African countries from achieving any meaningful monetary sovereignty.

Economic and Monetary Sovereignty in 21st Century Africa traces the recent history of African monetary and financial dependencies, looking at the ways African nations are resisting colonial legacies. Using a comparative, multi-disciplinary approach, this book uncovers what went wrong after the Pan-African approaches that defined the early stages of independence, and how most African economies fell into the firm grip of the IMF, World Bank, and the EU’s strict neoliberal policies.

This collection is the first to offer a wide-ranging, comparative and historical look at how African societies have attempted to increase their policy influence and move beyond neoliberal orthodoxy and US-dollar dependency. Economic and Monetary Sovereignty in 21st Century Africa is essential reading for anyone interested in the African quest for self-determination in a turbulent world of recurring economic and financial crises.

Does a government’s fate at the ballot box hinge on the state of the economy? Is it inflation, unemployment, or income that makes the difference? What triggers economic voting for or against the incumbent – do voters look at their pocketbooks, or at the national accounts? Do economic voters “punish” rulers for bad times, but fail to “reward” them for the good times? Are voter’s judgments based on past economic performance or future policy promises? These are some of the questions considered by Michael Lewis-Beck in this major cross-national study of the effect of economic conditions on voting behavior in the Western European democracies and the United States.
 

This classic text has proven its worth in university classrooms and as a tool kit in research--selling over 40,000 copies in the United States and abroad in its first edition alone. Users have included undergraduate and graduate students of economics and business, and students and researchers in political science, sociology, and other fields where regression models and their extensions are relevant. The book has also served as a handy reference in the "real world" for people who need a clear and accurate explanation of techniques that are used in empirical research.
Throughout the book the emphasis is on simplification whenever possible, assuming the readers know college algebra and basic calculus. Jan Kmenta explains all methods within the simplest framework, and generalizations are presented as logical extensions of simple cases. And while a relatively high degree of rigor is preserved, every conflict between rigor and clarity is resolved in favor of the latter. Apart from its clear exposition, the book's strength lies in emphasizing the basic ideas rather than just presenting formulas to learn and rules to apply.
The book consists of two parts, which could be considered jointly or separately. Part one covers the basic elements of the theory of statistics and provides readers with a good understanding of the process of scientific generalization from incomplete information. Part two contains a thorough exposition of all basic econometric methods and includes some of the more recent developments in several areas.
As a textbook, Elements of Econometrics is intended for upper-level undergraduate and master's degree courses and may usefully serve as a supplement for traditional Ph.D. courses in econometrics. Researchers in the social sciences will find it an invaluable reference tool.
A solutions manual is also available for teachers who adopt the text for coursework.
Jan Kmenta is Professor Emeritus of Economics and Statistics, University of Michigan.

In this timely addition to the Ohio Short Histories of Africa series, Pamela Scully takes us from the 1938 birth of Nobel Peace Prize winner and two-time Liberian president Ellen Johnson through the Ebola epidemic of 2014–15. Charting her childhood and adolescence, the book covers Sirleaf’s relationship with her indigenous grandmother and urban parents, her early marriage, her years studying in the United States, and her career in international development and finance, where she developed her skill as a technocrat. The later chapters cover her years in and out of formal Liberian politics, her support for women’s rights, and the Ebola outbreak.

Sirleaf’s story speaks to many of the key themes of the twenty-first century. Among these are the growing power of women in the arenas of international politics and human rights; the ravaging civil wars in which sexual violence is used as a weapon; and the challenges of transitional justice in building postconflict societies. Ellen Johnson Sirleaf is an astute examination of the life of a pioneering feminist politician.

Until the New Deal, most groups seeking protection from imports were successful in obtaining relief from Congress. In general the cost of paying the tariffs for consumers was less than the cost of mounting collective action to stop the tariffs. In 1934, with the passage of the Reciprocal Trade Agreements Act, all of this changed. The six decades that followed have produced a remarkable liberalization of trade policy in the United States. This occurred despite the fact that domestic politics, according to some of the best developed theories, should have prevented this liberalization.

Michael Gilligan argues that liberalization has succeeded because it has been reciprocal with liberalization in other countries. Our trade barriers have been reduced as an explicit quid pro quo for reduction of trade barriers in other countries. Reciprocity, Gilligan argues, gives exporters the incentive to support free trade policies because it gives them a clear gain from free trade and thus enables the exporters to overcome collective action problems. The lobbying by exporters, balancing the interests of groups seeking protection, changes the preferences of political leaders in favor of more liberalization.

Gilligan tests his theory in a detailed exploration of the history of American trade policy and in a quantitative analysis showing increases in the demand for liberalization as the result of reciprocity in trade legislation from 1890 to the present. This book should appeal to political scientists, economists, and those who want to understand the political underpinnings of American trade policy.

Michael J. Gilligan is Assistant Professor of Politics, New York University.

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.

In his topical new book, Ethical Borders, Bill Ong Hing asks, why do undocumented immigrants from Mexico continue to enter the United States and, what would discourage this surreptitious traffic?  An expert on immigration law and policy, Hing examines the relationship between NAFTA, globalization, and undocumented migration, and he considers the policy options for controlling immigration. He develops an ethical rationale for opening up the U.S./Mexican border, as well as improving conditions in Mexico so that its citizens would have little incentive to migrate.

In Ethical Borders Hing insists that reforming NAFTA is vital to ameliorating much of the poverty that drives undocumented immigration and he points to the European Union's immigration and economic development policies as a model for North America. Hing considers the world-wide economic crisis and the social problems that attend labor migration into homogenous countries, arguing for a spectrum of changes, including stricter border enforcement and more effective barriers; a path to citizenship for undocumented migrants; or a guest worker program.

Hing also situates NAFTA and its effects in the larger, and rapidly shifting, context of globalization—particularly the recent rise of China as the world's economic giant. Showing how NAFTA’s unforeseen consequences have been detrimental to Mexico, Hing passionately argues that the United States is ethically bound to address the problems in a way that puts prosperity within the grasp of all North Americans.

Reforms in Myanmar (formerly Burma) have eased restrictions on citizens' political activities. Yet for most Burmese, Ardeth Maung Thawnghmung shows, eking out a living from day to day leaves little time for civic engagement. Citizens have coped with extreme hardship through great resourcefulness. But by making bad situations more tolerable in the short term, these coping strategies may hinder the emergence of the democratic values needed to sustain the country's transition to a more open political environment.

Thawnghmung conducted in-depth interviews and surveys of 372 individuals from all walks of life and across geographical locations in Myanmar between 2008 and 2015. To frame her analysis, she provides context from countries with comparable political and economic situations. Her findings will be welcomed by political scientists and policy analysts, as well by journalists and humanitarian activists looking for substantive, reliable information about everyday life in a country that remains largely in the shadows.

In this highly acclaimed, provocative book, Robert Kuttner disputes the laissez-faire direction of both economic theory and practice that has been gaining in prominence since the mid-1970s. Dissenting voices, Kuttner argues, have been drowned out by a stream of circular arguments and complex mathematical models that ignore real-world conditions and disregard values that can't easily be turned into commodities. With its brilliant explanation of how some sectors of the economy require a blend of market, regulation, and social outlay, and a new preface addressing the current global economic crisis, Kuttner's study will play an important role in policy-making for the twenty-first century.

"The best survey of the limits of free markets that we have. . . . A much needed plea for pragmatism: Take from free markets what is good and do not hesitate to recognize what is bad."—Jeff Madrick, Los Angeles Times

"It ought to be compulsory reading for all politicians—fortunately for them and us, it is an elegant read."—The Economist

"Demonstrating an impressive mastery of a vast range of material, Mr. Kuttner lays out the case for the market's insufficiency in field after field: employment, medicine, banking, securities, telecommunications, electric power."—Nicholas Lemann, New York Times Book Review

"A powerful empirical broadside. One by one, he lays on cases where governments have outdone markets, or at least performed well."—Michael Hirsh, Newsweek

"To understand the economic policy debates that will take place in the next few years, you can't do better than to read this book."—Suzanne Garment, Washington Post Book World