Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely.
Globalization is not a new phenomenon, nor is it irreversible. In Gobalization and History, Kevin O'Rourke and Jeffrey Williamson present a coherent picture of trade, migration, and international capital flows in the Atlantic economy in the century prior to 1914--the first great globalization boom, which anticipated the experience of the last fifty years.The authors estimate the extent of globalization and its impact on the participating countries, and discuss the political reactions that it provoked.
We live in a dynamic economic and commerical world, surrounded by objects of remarkable complexity and power. In many industries, changes in products and technologies have brought with them new kinds of firms and forms of organization. We are discovering news ways of structuring work, of bringing buyers and sellers together, and of creating and using market information. Although our fast-moving economy often seems to be outside of our influence or control, human beings create the things that create the market forces.
The papers in this volume reflect David Bradford's dual experience as a theoretical economist and as Deputy Assistant Secretary of the United States Treasury for Tax Policy and Director of the Treasury's Office of Tax Analysis. While at the Treasury, Bradford was involved in producing the 1977 report entitled Blueprints for Basic Tax Reform. Blueprints describes two models for fundamental income tax reform. One is based on the Haig-Simons income concept, which still dominates American income tax thinking.
Charles P. Kindleberger's rich and distinguised career has spanned nearly six decades. The essays collected here reflect the author's shift in interests from foreign exchange to international trade, economic growth, and economic history, especially financial history. They also contain dollops of sociology and political science. Kindleberger views himself as a historical economist who tests economic propositions against the historical record in more than one setting. The collection contains many of the jewels of Kindleberger's work.
Recent commentators on Russia's economic reforms have almost uniformly declared them a disappointing and avoidable—failure. In this book, two American scholars take a new and more balanced look at the country's attempts to build capitalism on the ruins of Soviet central planning. They show how and why the Russian reforms achieved remarkable breakthroughs in some areas but came undone in others.
"Crossing Boundaries is not only characteristic of the physical moves I have undertaken (or had to undertake) in the course of my life: it is also distinctive of the interdisciplinary travels I have engaged in ever since I started to write." —Albert O. Hirschman, from Crossing Boundaries
The collapse of communism in Europe was one of the most important world events since the end of World War II. Although China has taken major steps in the direction of capitalism, in Eastern Europe, China, and Central Asia the transformation has been only partly accomplished; in Cuba and North Korea it has not even begun. In Eastern Europe and Russia, economic reforms were accompanied by huge falls in output, followed by some recovery in Eastern Europe, especially in Poland. By contrast, in China output has grown steadily at a rate never seen in Europe.
The unification of Germany is one of the most wrenching and dramatic transitions in economic history. A policy issue of worldwide interest, it holds key lessons for the remaining post-socialist economies. In Jumpstart two well-known German economists synthesize a vast body of literature to present the first well-structured, clearly argued analytical account of the reunification process and the policy alternatives. The Sinns' authoritative and primarily nontechnical account will Interest nonspecialists who want to keep up with economic events.