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Is it true that the Social Security system is in serious trouble and must be repaired? As baby boomers begin to retire, will they inevitably, by force of their sheer numbers, bankrupt the system? Is Social Security a big Ponzi scheme that will leave future generations with little to show for their lifetime of contributions? Is the only way to solve the Social Security crisis through radical changes like privatization or bolstering it with massive new taxes?

According to the authors of this important new study, the answer to these questions is a resounding no. In Social Security: The Phony Crisis, economists Dean Baker and Mark Weisbrot argue that there is no economic, demographic, or actuarial basis for the widespread belief that the program needs to be fixed.

As the authors emphasize, there is virtually no disagreement about the facts of Social Security's finances, or even the projections for its future. Rather, the Social Security debate has been foundering on misconceptions, confusion, and lack of agreement on the meaning of crucial terms.

The authors also take on related issues: that privatization would help save Social Security, that America has a pressing need to increase its national savings, and that future generations will suffer from the costs—especially for health care—of supporting a growing elderly population.

As New York Times columnist Fred Brock recently wrote, "So-called reform of the Social Security system is looking more and more like a solution in search of a problem." In this accessible and insightful work, Baker and Weisbrot seek to cut through some of the myths and fallacies surrounding this crucial policy issue.

"Dean Baker and Mark Weisbrot have no trouble at all demonstrating that even on highly conservative assumptions about economic growth, the much-forecast insolvency of the Social Security system by about 2030 is most unlikely to happen then, if indeed ever."—The Economist
"The authors challenge basic assumptions with vigor and intelligence. . . . An absolutely relevant and important analysis, presented with force and clarity, that asks, basically, what kind of a nation we really are."—Kirkus Reviews

"Proponents—like George W. Bush—of Social Security privatization . . . typically ignore prospects for a stagnant or falling stock market. In Social Security: The Phony Crisis, [Baker and Weisbrot] show how a falling stock market could place pressure on both future Social Security payments and privatization schemes because earnings from the trust fund could actually fall."—Jeff Madrick, New York Review of Books

Socialism after Hayek recasts and reinvigorates the socialist quest for class justice by rendering it compatible with Hayek's social and economic theories. Theodore A. Burczak puts forth a conception of socialism from a postmodern perspective, drawing from the apparently opposing ideas of Marx and Hayek (the latter of whom achieved worldwide recognition in the twentieth century as a champion of the free market and fierce opponent of government interference in markets). Burczak sketches an institutional structure that would promote a democratic socialist notion of distributive justice and his own interpretation of Marx's notion of freely associated labor, while avoiding Hayek's criticisms of centrally planned socialism.
 
Burczak's version of market socialism is one in which privately owned firms are run democratically by workers, governments engage in ongoing redistribution of wealth to support human development, and markets are otherwise unregulated. Burczak poses this model of "free market socialism" against other models of socialism, especially those developed by John Roemer, Michael Albert, and Robin Hahnel.

Throughout the twentieth century socialism and war were intimately connected. The unprecedented upheavals wrought by the two world wars and the Great Depression provided both opportunity and impetus for a variety of socialist experiments. This volume in The Collected Works of F. A. Hayek documents the evolution of Hayek's thought on socialism and war during the dark decades of the 1930s and 1940s.

Opening with Hayek's arguments against market socialism, the volume continues with his writings on the economics of war, many in response to the proposals made in John Maynard Keynes's famous pamphlet, How to Pay for the War. The last section presents articles that anticipated The Road to Serfdom, Hayek's classic meditation on the dangers of collectivism. An appendix contains a number of topical book reviews written by Hayek during this crucial period, and a masterful introduction by the volume editor, Bruce Caldwell, sets Hayek's work in context.

Socialism and War will interest not just fans of The Road to Serfdom, but anyone concerned with the ongoing debates over the propriety of government intervention in the economy.

"When he wrote The Road to Serfdom, [Hayek's] was a voice in the wilderness. Now the fight [has] been taken up by people all over the world, by institutions and movements, and the ideas that seemed so strange to many in 1944 can be found from scholarly journals to television programs."—Thomas Sowell, Forbes

"Intellectually [Hayek] towers like a giant oak in a forest of saplings."—Chicago Tribune

"Each new addition to The Collected Works of F. A. Hayek, the University of Chicago's painstaking series of reissues and collections, is a gem."—Liberty on Volume IX of The Collected Works of F. A. Hayek

More than thirty years after the collapse of the USSR, the critique of state socialism is still used to deny alternatives to capitalism, irrespective of global capitalist ecological and social devastation. There is seemingly nothing worthwhile salvaging from decades of state socialist experiences.

As the climate crisis deepens, Engel-Di Mauro argues that we need to re-evaluate the environmental practices and policies of state socialism, especially as they had more environmentally beneficial than destructive effects. Rather than dismissing state socialism’s heritage out of hand, we should reclaim it for contemporary eco-socialist ends.

By means of a comparative and multiple-scaled approach, Engel-Di Mauro points to highly diverse and environmentally constructive state socialist experiences. Taking the reader from the USSR to China and Cuba, this is a fiery and contentious look at what worked, what didn’t, and how we can move towards an eco-socialist future.

More than thirty years after the collapse of the USSR, the critique of state socialism is still used to deny alternatives to capitalism, irrespective of global capitalist ecological and social devastation. There is seemingly nothing worthwhile salvaging from decades of state socialist experiences.

As the climate crisis deepens, Engel-Di Mauro argues that we need to re-evaluate the environmental practices and policies of state socialism, especially as they had more environmentally beneficial than destructive effects. Rather than dismissing state socialism’s heritage out of hand, we should reclaim it for contemporary eco-socialist ends.

By means of a comparative and multiple-scaled approach, Engel-Di Mauro points to highly diverse and environmentally constructive state socialist experiences. Taking the reader from the USSR to China and Cuba, this is a fiery and contentious look at what worked, what didn’t, and how we can move towards an eco-socialist future.

Popular conceptions hold that capitalism is driven almost entirely by the pursuit of profit and self-interest. Challenging that assumption, this major new study of American business associations shows how market and non-market relations are actually profoundly entwined at the heart of capitalism.

In Solidarity in Strategy, Lyn Spillman draws on rich documentary archives and a comprehensive data set of more than four thousand trade associations from diverse and obscure corners of commercial life to reveal a busy and often surprising arena of American economic activity. From the Intelligent Transportation Society to the American Gem Trade Association, Spillman explains how business associations are more collegial than cutthroat, and how they make capitalist action meaningful not only by developing shared ideas about collective interests but also by articulating a disinterested solidarity that transcends those interests.

Deeply grounded in both economic and cultural sociology, Solidarity in Strategy provides rich, lively, and often surprising insights into the world of business, and leads us to question some of our most fundamental assumptions about economic life and how cultural context influences economic.

In 1890 the Lauerman brothers opened a general store in the lumber-boom town of Marinette, Wisconsin. The business prospered, and soon the brothers abandoned their small quarters on Main Street for a magnificent department store on Dunlap Square in the heart of Marinette. Thanks to the Lauermans’ devotion to offering diverse merchandise, superior customer service, and loyalty to their employees, the store would remain a lively, vital part of the Marinette fabric for one hundred years.

This book traces the history of the Lauerman enterprise and its importance to the community of Marinette and dozens of counties in northern Wisconsin and the UP. The author takes readers on a tour of the store’s most memorable and delightful features, from the plethora of merchandise offered to the record-listening booths to the famous frosted malt cones. Along the way we hear the recollections of dozens of former customers and employees whose memories form a unique tapestry of family, business, and community story. As it brings to life the people who worked and shopped at Lauermans, Something for Everyone will have readers fondly recalling their own favorite shopping destinations during the golden age of department stores.

Dr. Nguyen Anh Tuan, former Minister of Finance of the Republic of South Vietnam, addresses a common perception of Vietnam: that South Vietnam was a fragmented society which did not deserve to succeed because of its internal weaknesses. According to Tuan, however, South Vietnam in the last decade of its life developed considerable governmental cohesion and internal social strength. Before the final failure of will, the South and its defenders were well on the way to becoming a viable society that had managed with American assistance to lift itself by its bootstraps to the point to economic take-off. Tuan argues that South Vietnam’s fall was not inevitable. This controversial book will be of great interest to all those concerned with the Vietnamese experience during the period 1954-1975.

The first collection of its kind to examine tourism as a complicated and vital force in southern history, culture, and economics

Anyone who has seen Rock City, wandered the grounds of Graceland, hiked in Great Smoky Mountains National Park, or watched the mermaids swim at Weeki Wachee knows the southern United States offers visitors a rich variety of scenic, cultural, and leisure activities. Tourism has been, and is still, one of the most powerful economic forces in the modern South. It is a multibillion-dollar industry that creates jobs and generates revenue while drawing visitors from around the world to enjoy the region’s natural and man-made attractions.
 
This collection of 11 essays explores tourism as a defining force in southern history by focusing on particular influences and localities. Alecia Long examines sex as a fundamental component of tourism in New Orleans in the early 20th century, while Brooks Blevins describes how tourism served as a modernizing influence on the Arkansas Ozarks, even as the region promoted itself as a land of quaint, primitive hillbillies. Anne Whisnant chronicles the battle between North Carolina officials building the Blue Ridge Parkway and the owner of Little Switzerland, who fought for access and advertising along the scenic highway. One essay probes the racial politics behind the development of Hilton Head Island, while another looks at the growth of Florida's
panhandle into a “redneck Riviera,” catering principally to southerners, rather than northern tourists.
 
Southern Journeys is a pioneering work in southern history. It introduces a new window through which to view the region's distinctiveness. Scholars and students of environmental history, business history, labor history, and social history will all benefit from a consideration of the place of tourism in southern life.
 

What should serve as money, who should control its creation and circulation, and according to what rules? For more than two hundred years, the “money question” shaped American social thought, becoming a central subject of political debate and class conflict.  Sovereign of the Market reveals how and why this happened.

Jeffrey Sklansky’s wide-ranging study comprises three chronological parts devoted to major episodes in the career of the money question. First, the fight over the innovation of paper money in colonial New England. Second, the battle over the development of commercial banking in the new United States. And third, the struggle over the national banking system and the international gold standard in the late nineteenth century. Each section explores a broader problem of power that framed each conflict in successive phases of capitalist development: circulation, representation, and association. The three parts also encompass intellectual biographies of opposing reformers for each period, shedding new light on the connections between economic thought and other aspects of early American culture. The result is a fascinating, insightful, and deeply considered contribution to the history of capitalism.

From 1840 to 1900, midwestern Americans experienced firsthand the profound economic, cultural, and structural changes that transformed the nation from a premodern, agrarian state to one that was urban, industrial, and economically interdependent. Midwestern commercial farmers found themselves at the heart of these changes. Their actions and reactions led to the formation of a distinctive and particularly democratic consumer ethos, which is still being played out today.

By focusing on the consumer behavior of midwestern farmers, Sowing the American Dream provides illustrative examples of how Americans came to terms with the economic and ideological changes that swirled around them. From the formation of the Grange to the advent of mail-order catalogs, the buying patterns of rural midwesterners set the stage for the coming century.

Carefully documenting the rise and fall of the powerful purchasing cooperatives, David Blanke explains the shifting trends in collective consumerism, which ultimately resulted in a significant change in the way that midwestern consumers pursued their own regional identity, community, and independence.

Since the terrorist acts of September 11, 2001, finance and security have become joined in new ways to produce particular targets of state surveillance. In Speculative Security, Marieke de Goede describes how previously unscrutinized practices such as donations and remittances, especially across national borders, have been affected by security measures that include datamining, asset freezing, and transnational regulation. These “precrime” measures focus on transactions that are perfectly legal but are thought to hold a specific potential to support terrorism. The pursuit of suspect monies is not simply an issue of financial regulation, she shows, but a broad political, social, and even cultural phenomenon with profound effects on everyday life.

Speculative Security offers a range of examples that illustrate the types of security interventions employed today, including the extralegal targeting and breaking up of the al-Barakaat financial network that was accompanied by raids in the United States, asset freezes in Sweden, and the incarceration of a money remitter at Guantánamo Bay. De Goede develops the paradigm of “speculative security” as a way to understand the new fusing of finance and security, denoting the speculative nature of both the means and the ends of the war on terrorist financing.

Ultimately, de Goede reveals how the idea of creating “security” appeals to multiple imaginable—and unimaginable—futures in order to enable action in the present.

Roman public and private law regulated many aspects of life in Antiquity. The legal sources, statutes, juristic opinions, textbooks, documents and reports preserve a wealth of information that illuminates Roman society and economy. However, the use of this kind of evidence can be extremely difficult. With this volume, classicists, historians, and legal scholars propose various ways to integrate the legal evidence with other sources for ancient social and economic history.
Speculum Iuris examines the complex relationship between law and social practice from the particular angle of Roman legislation and jurisprudence as conditioned by or reacting to a specific social, economic, and political context. Using various strategies, the editors and contributors mine a huge body of texts to study attitudes and behaviors of the Roman upper class, whose social concerns are reflected in the development of legal rules.
A close reading of juristic opinions and Republican or imperial legislation allows the contributors to find rationales behind rules and decisions in order to explain practices and mentalities of the elite within a larger social context. This book demonstrates clearly that Roman law was not divorced from the realities of daily life, even if some jurists may have been working with purely hypothetical cases.
Speculum Iuris provides a multidisciplinary approach to the question of the interplay of legal and social forces in the Roman world. As such, it will be a helpful study for general classicists and ancient historians, as well as for legal historians, social historians, economic historians, sociologists, and cultural anthropologists.
Jean-Jacques Aubert is Professor of Latin Language and Literature, University of Neuchâtel, Switzerland. Boudewijn Sirks is Professor of the History of Ancient Law, the History of European Private Law, and German Civil Law, Institute for the History of Law, Germany.

One important aim of social science research is to provide unbiased information that can help guide public policies. However, social science is often construed as politics by other means. Nowhere is the polarized nature of social science research more visible than in the heated debate over charter schools. In Spin Cycle, noted political scientist and education expert Jeffrey Henig explores how controversies over the charter school movement illustrate the use and misuse of research in policy debates. Henig's compelling narrative reveals that, despite all of the political maneuvering on the public stage, research on school choice has gradually converged on a number of widely accepted findings. This quiet consensus shows how solid research can supersede partisan cleavages and sensationalized media headlines. In Spin Cycle, Henig draws on extensive interviews with researchers, journalists, and funding agencies on both sides of the debate, as well as data on federal and foundation grants and a close analysis of media coverage, to explore how social science research is "spun" in the public sphere. Henig looks at the consequences of a highly controversial New York Times article that cited evidence of poor test performance among charter school students. The front-page story, based on research findings released by the American Federation of Teachers (AFT), sparked an explosive debate over the effectiveness of charter schools. In the ensuing drama, reputable scholars from both ends of the political spectrum launched charges and counter-charges over the research methodology and the implications of the data. Henig uses this political tug-of-war to illustrate broader problems relating to social science: of what relevance is supposedly non-partisan research when findings are wielded as political weapons on both sides of the debate? In the case of charter schools, Henig shows that despite the political posturing in public forums, many researchers have since revised their stances according to accumulating new evidence and have begun to find common ground. Over time, those who favored charter schools were willing to admit that in many instances charter schools are no better than traditional schools. And many who were initially alarmed by the potentially destructive consequences of school choice admitted that their fears were overblown. The core problem, Henig concludes, has less to do with research itself than with the way it is often sensationalized or misrepresented in public discourse. Despite considerable frustration over the politicization of research, until now there has been no systematic analysis of the problem. Spin Cycle provides an engaging narrative and instructive guide with far-reaching implications for the way research is presented to the public. Ultimately, Henig argues, we can do a better job of bringing research to bear on the task of social betterment.

Gathered here are seventeen sound investment principles that will help people make sensible choices for financial security. What is surprising, however, is how applicable these principles are to life.

 

College students are now regarded as consumers, not students, and nowhere is the growth and exploitation of the university more obvious than in the realm of college sports, where the evidence is in the stadiums built with corporate money, and the crowded sporting events sponsored by large conglomerates. 

The contributors to Sport and the Neoliberal University examine how intercollegiate athletics became a contested terrain of public/private interests. They look at college sports from economic, social, legal, and cultural perspectives to cut through popular mythologies regarding intercollegiate athletics and to advocate for increased clarity about what is going on at a variety of campuses with regard to athletics. Focusing on current issues, including the NCAA, Title IX, recruitment of high school athletes, and the Penn State scandal, among others, Sport and the Neoliberal University shows the different ways institutions, individuals, and corporations are interacting with university athletics in ways that are profoundly shaped by neoliberal ideologies.  

A new sports stadium has an outsized impact on a city’s landscape and image of itself. Each stadium also plays a central role in media institutions, technologies, and culture as a catalyst for urban change and flashy neighborhood anchor, cornerstone of regional identity and purveyor of multimedia experiences. Helen Morgan Parmett analyzes sports stadiums in Atlanta, Seattle, and Minneapolis to demonstrate the role that media institutions, technologies, and culture play in sports and examine their impact on the urban landscape. These interconnected factors impact struggles over city space, identity, and urban governing. As Morgan Parmett shows, stadiums exist as more than just buildings and sporting places—they are central nodes in the city that connect, disconnect, and distribute resources, people, information, and, ultimately, power. Morgan Parmett demonstrates how the “sportification” of place is influenced by the specific histories, geography, and sporting cultures of a city while explaining their relationship to broader forces at work in media, sport, and urbanism. Original and incisive, Stadium City offers a beyond-the-playing-field analysis of sports stadiums and their impact on our cities and our lives.

From Shamu the dancing whale at Sea World to Hawaiian lu'au shows, Staging Tourism analyzes issues of performance in a wide range of tourist venues. Jane C. Desmond argues that the public display of bodies—how they look, what they do, where they do it, who watches, and under what conditions—is profoundly important in structuring identity categories of race, gender, and cultural affiliation. These fantastic spectacles of corporeality form the basis of hugely profitable tourist industries, which in turn form crucial arenas of public culture where embodied notions of identity are sold, enacted, and debated.

Gathering together written accounts, postcards, photographs, advertisements, films, and oral histories as well as her own interpretations of these displays, Desmond gives us a vibrant account of U.S. tourism in Waikiki from 1900 to the present. She then juxtaposes cultural tourism with "animal tourism" in the United States, which takes place at zoos, aquariums, and animal theme parks. In each case, Desmond argues, the relationship between the viewer and the viewed is ultimately based on concepts of physical difference harking back to the nineteenth century.

Globalization, technological change, and deregulation have made the American marketplace increasingly competitive in recent decades, but for many workers this "new economy" has entailed heightened job insecurity, lower wages, and scarcer benefits. As the job market has grown more volatile, a variety of labor market intermediaries—organizations that help job seekers find employment—have sprung up, from private temporary agencies to government "One-Stop Career Centers." In Staircases or Treadmills? Chris Benner, Laura Leete, and Manuel Pastor investigate what approaches are most effective in helping workers to secure jobs with decent wages and benefits, and they provide specific policy recommendations for how job-matching organizations can better serve disadvantaged workers. Staircases or Treadmills? is the first comprehensive study documenting the prevalence of all types of labor market intermediaries and investigating how these intermediaries affect workers' employment opportunities. Benner, Leete, and Pastor draw on years of research in two distinct regional labor markets—"old economy" Milwaukee and "new economy" Silicon Valley—including a first-of-its-kind random survey of the prevalence and impacts of intermediaries, and a wide range of interviews with intermediary agencies' staff and clients. One of the main obstacles that disadvantaged workers face is that social networks of families and friends are less effective in connecting job-seekers to stable, quality employment. Intermediaries often serve as a substitute method for finding a job.  Which substitute is chosen, however, matters: The authors find that the most effective organizations—including many unions, community colleges, and local non-profits—actively foster contacts between workers and employers, tend to make long-term investments in training for career development, and seek to transform as well as satisfy market demands. But without effective social networks to help workers locate the best intermediaries, most rely on private temporary agencies and other organizations that offer fewer services and, statistical analysis shows, often channel their participants into jobs with low wages and few benefits. Staircases or Treadmills? suggests that, to become more effective, intermediary organizations of all types need to focus more on training workers, teaching networking skills, and fostering contact between workers and employers in the same industries. A generation ago, rising living standards were broadly distributed and coupled with relatively secure employment. Today, many Americans fear that heightened job insecurity is overshadowing the benefits of dynamic economic growth. Staircases or Treadmills? is a stimulating guide to how private and public job-matching institutions can empower disadvantaged workers to share in economic progress.

Poland in the 1980s was filled with shuttered restaurants and shops that bore such imaginative names as “bread,” “shoes,” and “milk products,” from which lines could stretch for days on the mere rumor there was something worth buying. But you’d be hard-pressed to recognize the same squares—buzzing with bars and cafés—today. In the years since the collapse of communism, Poland’s GDP has almost tripled, making it the eighth-largest economy in the European Union, with a wealth of well-educated and highly skilled workers and a buoyant private sector that competes in international markets. Many consider it one of the only European countries to have truly weathered the financial crisis.
           
As the Warsaw bureau chief for the Financial Times, Jan Cienski spent more than a decade talking with the people who did something that had never been done before: recreating a market economy out of a socialist one. Poland had always lagged behind wealthier Western Europe, but in the 1980s the gap had grown to its widest in centuries. But the corrupt Polish version of communism also created the conditions for its eventual revitalization, bringing forth a remarkably resilient and entrepreneurial people prepared to brave red tape and limited access to capital. In the 1990s, more than a million Polish people opened their own businesses, selling everything from bicycles to leather jackets, Japanese VCRs, and romance novels. The most business-savvy turned those primitive operations into complex corporations that now have global reach.

Well researched and accessibly and entertainingly written, Start-Up Poland tells the story of the opening bell in the East, painting lively portraits of the men and women who built successful businesses there, what their lives were like, and what they did to catapult their ideas to incredible success. At a time when Poland’s new right-wing government plays on past grievances and forms part of the populist and nationalist revolution sweeping the Western world, Cienski’s book also serves as a reminder that the past century has been the most successful in Poland’s history.
 

Starting and Running a Nonprofit Organization is a book for people who are forming new small nonprofits; thinking about converting an informal, grassroots group into tax-exempt status; reorganizing an existing agency; or currently managing a nonprofit. It provides practical and basic how-to information on legal, tax, organizational, and other issues particular to nonprofits. 

This one-of-a-kind resource has been a valuable guide to nonprofit management for decades. While much of the information originated in an earlier era of nonprofit formation, it remains highly useful for gaining an overview and creating an action plan for people entering this realm of organizational management. Its compact format provides information in an easy-to-understand style. The book describes, step-by-step, the typical phases of creating and operating a new nonprofit, including incorporation, establishing a board of directors, writing bylaws, obtaining tax-exempt status, creating a strategic plan, budgeting and grant seeking, understanding accounting principles, managing human resources, and creating a community relations plan. 

The Center for Nonprofit Management is a department of the Graduate School of Business at the University of St. Thomas in Minneapolis and St. Paul. It provides training and guidance in all aspects of the nonprofit sector to existing organizations as well as individuals or groups who are seeking help in starting a nonprofit. 

Two hundred years ago, Samuel Johnson observed that a society's level of civilization could be gauged by the manner in which it treated its poor. By that measure, the United States today is steadily losing ground. Whereas the number of officially defined poor dwindled steadily from the enactment of the Great Society programs in the mid-1960s, reaching a low of 24.5 million people in 1978, it has since risen to more than 32 million people. Although the economy continues to generate large numbers of new jobs, the basic unemployment rate continues to rise and current projections show little likelihood of unemployment rates consistently below 10 percent until some time after 1984, if then. In the years to come, the creation of an equitable and workable employment policy will be a major agenda item for politicians and policy makers at the state level, as well as for national leaders.

The growth of global finance since 1960 constitutes one of the most important transformations in social relations during the twentieth century. Using historical, statistical, and graphical techniques, State Institutions, Private Incentives, and Global Capital examines three important aspects of this phenomenal shift in the international political economy. First, Andrew Sobel explores the reawakening of the international financial markets, mapping their extraordinary transformation since the early 1960s and discussing the role of politics in that metamorphosis. The author then offers a fresh understanding of the systematic differences in access for borrowers in this rapidly transforming and expanding global capital pool. He then demonstrates the influence of political factors in producing differential access to the global capital pool. Showing how the character and stability of a country's political system affects investors's decisions to invest in that country, Sobel breaks new ground in understanding the basis for the frequent admonitions by the World Bank and others that a stable political and legal system are essential for states to attract significant foreign investment.

With the growing debate about the effect of financial interdependence on the ability of states to conduct economic policy and indeed to preserve their independence in the face of unprecedented economic linkages, this book will be of interest to political scientists and economists as well as policy makers concerned with the impact of financial globalization and the causes of differentials in access to capital.

Andrew C. Sobel is Assistant Professor of Political Science and Resident Fellow, Center in Political Economy, Washington University, St. Louis. He is the author of Domestic Choices, International Markets: Dismantling National Barriers and Liberalizing Securities Markets.

This volume discusses the problems of state governments in coping with contemporary issues of redesigning taxation policies to encourage economic growth.

The University of Michigan Press is pleased to announce the first volume in an annual series, The World Trade Forum. The Forum's members include scholars, lawyers, and government and business practitioners working in the area of international trade, law, and policy. They meet annually and discuss integration issues in international economic relations, focusing on a new theme each year.

The central topic of the first World Trade Forum is state trading. To what extent has trade liberalization, as we have experienced it over the last fifty years, affected property ownership? Contributors to the 1998 World Trade Forum explore this question, examining both state practice and the regulatory framework. Their discussions are divided into three parts: Part 1 looks at the World Trade Organization's legal framework for state trading enterprises, taking on such issues as monopolies and state enterprises, the WTO Antidumping Agreement and the economies in transition, and relationship of state trading and the Government Purchasing Act. Part 2 deals with regional experiences in state trading (for the EC, United States, Canada, Japan, China, and Russia). Part 3 examines conceptual issues such as auctions as a trade policy instrument and rule-making alternatives for entities with exclusive rights. The conclusion synthesizes the foregoing chapters in discussing the reach of modern international trade law.

Contributors are Frederick Abbott, Ichiro Araki, Christian Bach, Jacques H. J. Bourgeois, Thomas Cottier, William J. Davey, Vladimir Dbrentsov, Toni Haniotis, Bernard M. Hoekman, Gary Horlick, Henrik Horn, Robert Howse, Patrick Low, Will Martin, Mitsuo Matsushita, Petros Mavroidis, Aaditya Mattoo, Patrick Messerlin, Constantine Michalopoulos, Kristin Heim Mowry, Stilpon Nestor, Damien Neven, N. David Palmeter, Ernst-Ulrich Petersmann, André Sapir, Diane P. Wood, and Werner Zdouc.

Petros Mavroidis is Professor of Law, University of Neuchatel. Thomas Cottier is Professor of Law, Institute of European and International Economic Law, University of Bern Law School.

Addressing the disparity in test scores between black and white children remains one of the greatest social challenges of our time. Between the 1960s and 1980s, tremendous strides were made in closing the achievement gap, but that remarkable progress halted abruptly in the mid 1980s, and stagnated throughout the 1990s. How can we understand these shifting trends and their relation to escalating economic inequality? In Steady Gains and Stalled Progress, interdisciplinary experts present a groundbreaking analysis of the multifaceted reasons behind the test score gap—and the policies that hold the greatest promise for renewed progress in the future. Steady Gains and Stalled Progress shows that while income inequality does not directly lead to racial differences in test scores, it creates and exacerbates disparities in schools, families, and communities—which do affect test scores. Jens Ludwig and Jacob Vigdor demonstrate that the period of greatest progress in closing the gap coincided with the historic push for school desegregation in the 1960s and 1970s. Stagnation came after efforts to integrate schools slowed down. Today, the test score gap is nearly 50 percent larger in states with the highest levels of school segregation.  Katherine Magnuson, Dan Rosenbaum, and Jane Waldfogel show how parents' level of education affects children's academic performance: as educational attainment for black parents increased in the 1970s and 1980s, the gap in children's test scores narrowed. Sean Corcoran and William Evans present evidence that teachers of black students have less experience and are less satisfied in their careers than teachers of white students. David Grissmer and Elizabeth Eiseman find that the effects of economic deprivation on cognitive and emotional development in early childhood lead to a racial divide in school readiness on the very first day of kindergarten. Looking ahead, Helen Ladd stresses that the task of narrowing the divide is not one that can or should be left to schools alone. Progress will resume only when policymakers address the larger social and economic forces behind the problem. Ronald Ferguson masterfully interweaves the volume's chief findings to highlight the fact that the achievement gap is the cumulative effect of many different processes operating in different contexts. The gap in black and white test scores is one of the most salient features of racial inequality today. Steady Gains and Stalled Progress provides the detailed information and powerful insight we need to understand a complicated past and design a better future.

Is the United States justified in seeing itself as a meritocracy, where stark inequalities in pay and employment reflect differences in skills, education,and effort? Or does racial discrimination still permeate the labor market, resulting in the systematic under hiring and underpaying of racial minorities, regardless of merit? Throughout the 1980s and early 1990s African Americans have lost ground to whites in the labor market, but this widening racial inequality is most often attributed to economic restructuring, not the racial attitudes of employers. It is argued that the educational gap between blacks and whites, though narrowing, carries greater penalties now that we are living in an era of global trade and technological change that favors highly educated workers and displaces the low-skilled. Stories Employers Tell demonstrates that this conventional wisdom is incomplete. Racial discrimination is still a fundamental part of the explanation of labor market disadvantage. Drawing upon a wide-ranging survey of employers in Atlanta, Boston, Detroit, and Los Angeles, Moss and Tilly investigate the types of jobs employers offer, the skills required, and the recruitment, screening and hiring procedures used to fill them. The authors then follow up in greater depth on selected employers to explore the attitudes, motivations, and rationale underlying their hiring decisions, as well as decisions about where to locate a business. Moss and Tilly show how an employer's perception of the merit or suitability of a candidate is often colored by racial stereotypes and culture-bound expectations. The rising demand for soft skills, such as communication skills and people skills, opens the door to discrimination that is rarely overt, or even conscious, but is nonetheless damaging to the prospects of minority candidates and particularly difficult to police. Some employers expressed a concern to race-match employees with the customers they are likely to be dealing with. As more jobs require direct interaction with the public, race has become increasingly important in determining labor market fortunes. Frequently, employers also take into account the racial make-up of neighborhoods when deciding where to locate their businesses. Ultimately, it is the hiring decisions of employers that determine whether today's labor market reflects merit or prejudice. This book, the result of years of careful research, offers us a rare opportunity to view the issue of discrimination through the employers' eyes. A Volume in the Multi-City Study of Urban Inequality

The financial crisis and the recession that followed caught many people off guard, including experts in the financial sector whose jobs involve predicting market fluctuations. Financial analysis offices in most international banks are supposed to forecast the rise or fall of stock prices, the success or failure of investment products, and even the growth or decline of entire national economies. And yet their predictions are heavily disputed. How do they make their forecasts—and do those forecasts have any actual value?
 
Building on recent developments in the social studies of finance, Stories of Capitalism provides the first ethnography of financial analysis. Drawing on two years of fieldwork in a Swiss bank, Stefan Leins argues that financial analysts construct stories of possible economic futures, presenting them as coherent and grounded in expert research and analysis. In so doing, they establish a role for themselves—not necessarily by laying bare empirically verifiable trends but rather by presenting the market as something that makes sense and is worth investing in. Stories of Capitalism is a nuanced look at how banks continue to boost investment—even in unstable markets—and a rare insider’s look into the often opaque financial practices that shape the global economy.

During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.

The "Argentine disappointment"—why Argentina persistently failed to achieve sustained economic stability during the twentieth century—is an issue that has mystified scholars for decades. In Straining the Anchor, Gerardo della Paolera and Alan M. Taylor provide many of the missing links that help explain this important historical episode. Written chronologically, this book follows the various fluctuations of the Argentine economy from its postrevolutionary volatility to a period of unprecedented prosperity to a dramatic decline from which the country has never fully recovered. The authors examine in depth the solutions that Argentina has tried to implement such as the Caja de Conversión, the nation's first currency board which favored a strict gold-standard monetary regime, the forerunner of the convertibility plan the nation has recently adopted.

With many countries now using—or seriously contemplating—monetary arrangements similar to Argentina's, this important and persuasive study maps out one of history's most interesting monetary experiments to show what works and what doesn't.

Offering new research on strategic factors in the development of the nineteenth century American economy—labor, capital, and political structure—the contributors to this volume employ a methodology innovated by Robert W. Fogel, one of the leading pioneers of the "new economic history." Fogel's work is distinguished by the application of economic theory and large-scale quantitative evidence to long-standing historical questions.

These sixteen essays reveal, by example, the continuing vitality of Fogel's approach. The authors use an astonishing variety of data, including genealogies, the U.S. federal population census manuscripts, manumission and probate records, firm accounts, farmers' account books, and slave narratives, to address collectively market integration and its impact on the lives of Americans. The evolution of markets in agricultural and manufacturing labor is considered first; that concerning capital and credit follows. The demography of free and slave populations is the subject of the third section, and the final group of papers examines the extra-market institutions of governments and unions.

The philanthropic landscape is changing dramatically as a new generation of wealthy donors seeks to leave its mark on the public sphere. Peter Frumkin reveals in Strategic Giving why these donors could benefit from having a comprehensive plan to guide their giving. And with this thoughtful and timely book, he provides the much-needed framework to understand and develop this kind of philanthropic strategy. 

After listening for years to scores of individual and institutional funders discuss the challenges of giving wisely, Frumkin argues here that contemporary philanthropy requires a thorough rethinking of its underlying logic. Philanthropy should be seen, he contends, as both a powerful way to meet public needs and a meaningful way to express private beliefs and commitments. He demonstrates that finding a way to simultaneously fulfill both of these functions is crucial to the survival of philanthropy and its potential to support pluralism in society. And he goes on to identify the five essential elements donors must consider when developing a philanthropic strategy—the vehicle through which giving will flow, the way impact will be achieved, the level of engagement and profile sought, the time frame for giving, and the underlying purpose of the gift. Frumkin’s point is that donors must understand strategic giving as the integration of these five critical dimensions to giving. 

Essential reading for donors, researchers, and anyone involved with the world of philanthropy, Strategic Giving provides a new basis for understanding philanthropic effectiveness and a promising new way for philanthropy to achieve the legitimacy that has at times eluded it.