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The World Trade Organisation cannot be deemed truly international without the full participation of China, a massive market with an increasing number of highly sophisticated sectors. Yet'although China did accede to the WTO in 2001, after fifteen years of negotiations'WTO members persist in classifying China as a non-market economy, with all the trade restrictions such labelling entails. The EC in particular continues to curtail the flow of Chinese-European trade, despite some recent liberalisation in EC import and antidumping regulations. In this important book Dr. Hoogmartens clearly points the way to an equitable resolution of the complex problems raised by the friction between China's planned economy and EC trade policy instruments. The 'economic interface' he constructs takes account of such crucial elements as the following: China's 'unfinished' legal and economic reforms;the danger that the EC may develop an abusive protectionist stance;the challenge to the EC of increased Chinese competition;the persistence of Chinese state-owned enterprises;the absence of a satisfactory methodology to deal with the Chinese variant of a non-market economy;the possible adjustment of EC antidumping regulations vis-à-vis China;emergency safeguards;the role of the rule of law in trade regulation; andthe 'translatability' of Western social and political institutions. Addressing as it does a highly salient present and future aspect of the global economy, EC Trade Law Following China's WTO Accession will be of enormous value to policymakers in international economic law at all national and supranational levels. The author's reasoned and cautious analysis builds a sound platform for the ongoing development of peaceful and mutually beneficial commercial relations between Europe and China.
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
The transition from socialism to capitalism in former socialist economies has transformed the economic structure. This book provides an overview of research on the issues raised by the shift from collective to private ownership.
'One of the most powerful books in the social sciences ever written. ... A must-read' Thomas Piketty 'The twentieth century's most prophetic critic of capitalism' Prospect Karl Polanyi's landmark 1944 work is one of the earliest and most powerful critiques of unregulated markets. Tracing the history of capitalism from the great transformation of the industrial revolution onwards, he shows that there has been nothing 'natural' about the market state. Instead of reducing human relations and our environment to mere commodities, the economy must always be embedded in civil society. Describing the 'avalanche of social dislocation' of his time, Polanyi's hugely influential work is a passionate call to protect our common humanity. 'Polanyi's vision for an alternative economy re-embedded in politics and social relations offers a refreshing alternative' Guardian 'Polanyi exposes the myth of the free market' Joseph Stiglitz With a new introduction by Gareth Dale
Economists insist that recovery is at hand, yet unemployment remains high, real estate values continue to drop, and governments stagger under record deficits. The End of Growth proposes a startling diagnosis: humanity has reached a fundamental turning point in its economic history. The expansionary trajectory of industrial civilization is colliding with non-negotiable, natural limits. Richard Heinberg's latest landmark work goes to the heart of the ongoing financial crisis, explaining how and why it occurred, and what we must do to avert the worst potential outcomes. Written in an engaging, highly readable style, it shows why growth is being blocked by three factors: Resource depletion; Environmental impacts, and; Crushing levels of debt. These converging limits will force us to re-evaluate cherished economic theories, and to reinvent money and commerce. The End of Growth describes what policy makers, communities and families can do to build a new economy that operates within Earth's budget of energy and resources. We can thrive during the transition if we set goals that promote human and environmental well-being, rather than continuing to pursue the now-unattainable prize of ever-expanding Gross Domestic Product.
Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.
Peter F. Drucker argues that what underlies the current malaise of so many large and successful organizations worldwide is that their theory of the business no longer works. The story is a familiar one: a company that was a superstar only yesterday finds itself stagnating and frustrated, in trouble and, often, in a seemingly unmanageable crisis. The root cause of nearly every one of these crises is not that things are being done poorly. It is not even that the wrong things are being done. Indeed, in most cases, the right things are being done—but fruitlessly. What accounts for this apparent paradox? The assumptions on which the organization has been built and is being run no longer fit reality. These are the assumptions that shape any organization's behavior, dictate its decisions about what to do and what not to do, and define what an organization considers meaningful results. These assumptions are what Drucker calls a company's theory of the business. The Harvard Business Review Classics series offers you the opportunity to make seminal Harvard Business Review articles a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world—and will have a direct impact on you today and for years to come.
Wolfgang Streeck has written extensively on comparative political economy and institutional theory. In this book he addresses some of the key issues in this field: the role of history in institutional analysis, the dynamics of slow institutional change, the limitations of rational design and economic-functionalist explanations of institutional stability, and the recurrent difficulties of restraining the effects of capitalism on social order. In the classification of the 'Varieties of Capitalism' school, Germany has always been taken as the chief exemplar of a 'European', coordinated market economy. Streeck explores to what extent Germany actually conforms to this description. His argument is supported by original empirical research on wage-setting and wage structure, the organization of business and labor in business associations and trade unions, social policy, public finance, and corporate governance. From this evidence, Bringing Capitalism Back In traces the current liberalization of the postwar economy of democratic capitalism by means of an historically-grounded approach to institutional change. This is an important book in comparative political economy and key reading across the social sciences for academics, researchers, and advanced students of Political Economy, Sociology, comparative business systems.