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A timely and incisive look at austerity measures that succeed--and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. In this masterful book, three of today's leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Looking at thousands of fiscal measures adopted by sixteen advanced economies since the late 1970s, Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases. Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis. Bringing needed clarity to one of today's most challenging subjects, Austerity charts a sensible approach based on data analysis rather than ideology.
David K. Johnson tells the story of the physique magazine produced by and for gay men to show how gay commerce was not a byproduct of the gay-rights movement but an important catalyst for it. He offers a vivid look into the lives of physique entrepreneurs and their customers, presenting a wealth of illustrations.
This book analyzes the Central Asian economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan, from their buffeting by the commodity boom of the early 2000s to its collapse in 2014. Richard Pomfret examines the countries' relations with external powers and the possibilities for development offered by infrastructure projects as well as rail links between China and Europe. The transition of these nations from centrally planned to market-based economic systems was essentially complete by the early 2000s, when the region experienced a massive increase in world prices for energy and mineral exports. This raised incomes in the main oil and gas exporters, Kazakhstan and Turkmenistan; brought more benefits to the most populous country, Uzbekistan; and left the poorest countries, the Kyrgyz Republic and Tajikistan, dependent on remittances from migrant workers in oil-rich Russia and Kazakhstan. Pomfret considers the enhanced role of the Central Asian nations in the global economy and their varied ties to China, the European Union, Russia, and the United States. With improved infrastructure and connectivity between China and Europe (reflected in regular rail freight services since 2011 and China's announcement of its Belt and Road Initiative in 2013), relaxation of United Nations sanctions against Iran in 2016, and the change in Uzbekistan's presidency in late 2016, a window of opportunity appears to have opened for Central Asian countries to achieve more sustainable economic futures.
The CEO's Boss is the definitive guide to a productive working relationship between corporate boards and CEOs. In this revised edition, William M. Klepper renews the paradigm set forth in The CEO's Boss, with new case studies of companies such as Wells Fargo, BP, Hewlett-Packard, and Proctor & Gamble.
What can we learn from looking at married partners who live apart? In Commuter Spouses, Danielle Lindemann explores how couples cope when they live apart to meet the demands of their dual professional careers. Based on the personal stories of almost one-hundred commuter spouses, Lindemann shows how these atypical relationships embody (and sometimes disrupt!) gendered constructions of marriage in the United States. These narratives of couples who physically separate to maintain their professional lives reveal the ways in which traditional dynamics within a marriage are highlighted even as they are turned on their heads. Commuter Spouses follows the journeys of these couples as they adapt to change and shed light on the durability of some cultural ideals, all while working to maintain intimacy in a non-normative relationship. Lindemann suggests that everything we know about marriage, and relationships in general, promotes the idea that couples are focusing more and more on their individual and personal betterment and less on their marriage. Commuter spouses, she argues, might be expected to exemplify in an extreme manner that kind of self-prioritization. Yet, as this book details, commuter spouses actually maintain a strong commitment to their marriage. These partners illustrate the stickiness of traditional marriage ideals while simultaneously subverting expectations.
Three International Monetary Fund economists show that the increase in inequality has been a political choice--and explain what policies we should choose instead to achieve a more inclusive economy. Confronting Inequality is a rigorous and empirically rich book that is crucial for a time when many fear a new Gilded Age.
How a vast network of shadow credit financed European growth long before the advent of banking Prevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of cleverly collected loan data from France to reveal how credit abounded well before banks opened their doors. This incisive book shows how a vast system of shadow credit enabled nearly a third of French families to borrow in 1740, and by 1840 funded as much mortgage debt as the American banking system of the 1950s. Dark Matter Credit traces how this extensive private network outcompeted banks and thrived prior to World War I--not just in France but in Britain, Germany, and the United States--until killed off by government intervention after 1918. Overturning common assumptions about banks and economic growth, the book paints a revealing picture of an until-now hidden market of thousands of peer-to-peer loans made possible by a network of brokers who matched lenders with borrowers and certified the borrowers' creditworthiness. A major work of scholarship, Dark Matter Credit challenges widespread misperceptions about French economic history, such as the notion that banks proliferated slowly, and the idea that financial innovation was hobbled by French law. By documenting how intermediaries in the shadow credit market devised effective financial instruments, this compelling book provides new insights into how countries can develop and thrive today.
Economics for People and the Planet, a collection of essays by James K. Boyce on the environment, inequality and the economy, argues that there is not an inexorable trade-off between advancing human well-being and having a clean and safe environment. The goal of economic policy should be to grow the good things that improve our well-being and environmental quality and reduce the bad things that harm humans and nature. To reorient the economy for these ends, we will need to achieve a more egalitarian distribution of wealth and power. Global climate change - the most pressing environmental challenge of our time - adds urgency to this task and creates historic opportunities for moving towards a greener future.
What do we want from economic growth? What sort of a society are we aiming for?
In everyday economics, there is no such thing as enough, or too much, growth. Yet in the world’s most developed countries, growth has already brought unrivalled prosperity: we have ‘arrived’.
More than that, through debt, inequality, climate change and fractured politics, the fruits of growth may rot before everyone has a chance to enjoy them. It’s high time to ask where progress is taking us, and are we nearly there yet?
In fact, Trebeck and Williams claim in this ground-breaking book, the challenge is now to make ourselves at home with this wealth, to ensure, in the interests of equality, that everyone is included. They explore the possibility of ‘Arrival’, urging us to move from enlarging the economy to improving it, and the benefits this would bring for all.
Recent policies have replaced direct government funding for teaching with fees paid by students. As well as saddling graduates with enormous debt, satisfaction rates are low, a high proportion of graduates are in non-graduate jobs, and public debt from unpaid loans is rocketing. This timely and challenging analysis combines theoretical and data analysis and insights gained from running a university, to give robust new policy proposals: lower fees; reintroduce maintenance awards; impose student number caps; maintain taxpayer funding; cancel the TEF; re-build the external examiner system; restructure the contingent-repayment loan scheme; and establish different roles for different types of institutions, to encourage excellence and ultimately benefit society.
A comprehensive analysis of European craft guilds through eight centuries of economic history Guilds ruled many crafts and trades from the Middle Ages to the Industrial Revolution, and have always attracted debate and controversy. They were sometimes viewed as efficient institutions that guaranteed quality and skills. But they also excluded competitors, manipulated markets, and blocked innovations. Did the benefits of guilds outweigh their costs? Analyzing thousands of guilds that dominated European economies from 1000 to 1880, The European Guilds uses vivid examples and clear economic reasoning to answer that question. Sheilagh Ogilvie's book features the voices of honourable guild masters, underpaid journeymen, exploited apprentices, shady officials, and outraged customers, and follows the stories of the "vile encroachers"--women, migrants, Jews, gypsies, bastards, and many others--desperate to work but hunted down by the guilds as illicit competitors. She investigates the benefits of guilds but also shines a light on their dark side. Guilds sometimes provided important services, but they also manipulated markets to profit their members. They regulated quality but prevented poor consumers from buying goods cheaply. They fostered work skills but denied apprenticeships to outsiders. They transmitted useful techniques but blocked innovations that posed a threat. Guilds existed widely not because they corrected market failures or served the common good but because they benefited two powerful groups--guild members and political elites. Exploring guilds' inner workings across eight centuries, The European Guilds shows how privileged institutions and exclusive networks shape the wider economy--for good or ill.
Choose your hours, choose your work, be your own boss, control your own income. Welcome to the sharing economy, a nebulous collection of online platforms and apps that promise to transcend capitalism. Supporters argue that the gig economy will reverse economic inequality, enhance worker rights, and bring entrepreneurship to the masses. But does it? In Hustle and Gig, Alexandrea J. Ravenelle shares the personal stories of nearly eighty predominantly millennial workers from Airbnb, Uber, TaskRabbit, and Kitchensurfing. Their stories underline the volatility of working in the gig economy: the autonomy these young workers expected has been usurped by the need to maintain algorithm-approved acceptance and response rates. The sharing economy upends generations of workplace protections such as worker safety; workplace protections around discrimination and sexual harassment; the right to unionize; and the right to redress for injuries. Discerning three types of gig economy workers--Success Stories, who have used the gig economy to create the life they want; Strugglers, who can't make ends meet; and Strivers, who have stable jobs and use the sharing economy for extra cash--Ravenelle examines the costs, benefits, and societal impact of this new economic movement. Poignant and evocative, Hustle and Gig exposes how the gig economy is the millennial's version of minimum-wage precarious work.
An interdisciplinary group of prominent scholars scrutinizes how the rules of global economic governance--or the lack thereof--determine the extent and growth of inequality. With a focus on achievable reforms, this book offers concrete steps capable of counteracting inequitable wealth distribution and bringing about fairer economic growth.
'The Labyrinth of Sustainability' offers the first comprehensive effort to analyze corporate sustainability systematically in the Latin American context--and to extract lessons for companies across the developing world. Featuring an introduction by the prizewinning author and Yale professor Daniel Esty, the book starts off with examining the "sustainability imperative"--the notion that businesses must work toward sustainability to be successful in today's marketplace. The 12 chapters that follow present a collection of carefully developed and tightly framed case studies from companies across Latin America highlighting how they are addressing this imperative. Contributions from leading experts around the region bring a freshness and authenticity as well as a nuanced and grounded approach that make this volume a must-read for business leaders, government officials, non-governmental organization advocates, journalists and academics in Latin America and across the world.
This book is a primer for readers of all levels on the coming energy transition and its global consequences. Bruce Usher provides a concise yet comprehensive explanation for the growth in wind and solar energy; the trajectory of the transition from fossil fuels to renewables; and the implications for industries, countries, and the climate.
How silver influenced two hundred years of world history, and why it matters today This is the story of silver's transformation from soft money during the nineteenth century to hard asset today, and how manipulations of the white metal by American president Franklin D. Roosevelt during the 1930s and by the richest man in the world, Texas oil baron Nelson Bunker Hunt, during the 1970s altered the course of American and world history. FDR pumped up the price of silver to help jump start the U.S. economy during the Great Depression, but this move weakened China, which was then on the silver standard, and facilitated Japan's rise to power before World War II. Bunker Hunt went on a silver-buying spree during the 1970s to protect himself against inflation and triggered a financial crisis that left him bankrupt. Silver has been the preferred shelter against government defaults, political instability, and inflation for most people in the world because it is cheaper than gold. The white metal has been the place to hide when conventional investments sour, but it has also seduced sophisticated investors throughout the ages like a siren. This book explains how powerful figures, up to and including Warren Buffett, have come under silver's thrall, and how its history guides economic and political decisions in the twenty-first century.
During the last 150 years, we have stressed the oceans, warmed the planet and overextended almost every natural resource. To create real change will require a generation of leaders and businesses that think and act differently. "Sustainability Is the New Advantage" identifies the skill sets, best practices, and new ideas needed to teach a new generation to start, grow, and manage sustainable organizations.
The Visionary Realism of German Economics forms a collection of Erik S. Reinert's essays bringing the more realistic German economic tradition into focus as an alternative to Anglo-Saxon neoclassical mainstream economics. Together the essays form a holistic theory explaining why economic development--by its very nature--is a very uneven process. Herein lie the important policy implications of the volume.