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Armed with the knowledge of today, a scholar revisits the US historical experience with fiscal federalism and learns how it avoided three pitfalls now facing the euro area.The lingering crisis of the euro area has made leading observers call for the completion of the economic and monetary union with fiscal federalism. They point to the US federation as the example to emulate. Opponents can point to evidence from US history that strong fiscal capacities at the federal level lead to free-riding at the member state level, with “spectacular debt accumulation and disastrous failures of macroeconomic policy” (Rodden, 2006: 2) in its wake. This paper revisits the historical US evidence with the knowledge of today. It takes lessons from the euro area crisis to see whether they apply to the history of the US dollar area. The first lesson asks whether political-fiscal union should come before monetary union; a second lesson concerns the need for fiscal union; and the final lesson is about the question where fiscal discipline should be located in a monetary union. Lessons from the euro area crisis reveal trade-offs that neither monetary union can evade. This becomes apparent if one looks at the interfaces of a fiscal federation with financial and monetary integration.
As new federations take shape and old ones are revived around the world, a difficult challenge is to create incentives for fiscal discipline. By combining theory, quantitative analysis, and historical and contemporary case studies, this book lays out the first systematic explanation of why decentralized countries have had dramatically different fiscal experiences. It provides insights into current policy debates from Latin America to the European Union, and a new perspective on a tension between the promise and peril of federalism that has characterized the literature since The Federalist Papers.
A radical reconsideration of the meaning of freedom and morality in the modern world.
This anthology, the first to bring together the most importantphilosophical essays on the paradoxes, analyses the concepts underlyingthe Prisoner's Dilemma and Newcomb's Problem and evaluates theproposed solutions. The relevant theories have been developed over thepast four decades in a variety of disciplines: mathematics, economics,psychology, political science, biology, and philosophy. And theproblems these paradoxes uncover can arise in many different forms: indebates over nuclear disarmament, labour-management disputes, maritalconflicts, Calvinist theology, and even in the evolution of diseasethrough the "cooperation" of microorganisms. Thepossibilities for application are virtually limitless.
No amateur or math authority can be without this ultimate compendium of classic puzzles, paradoxes, and puzzles from America's best-loved mathematical expert. 320 line drawings.
Of all of the Founding Fathers of the American republic none, with the possible exception of Thomas Jefferson, has evoked more passions and aroused more controversy than Alexander Hamilton. In this absorbing new biography, eminent historian Lawrence Kaplan examines Hamilton's conception of America's role in the world and the foreign policies that followed from his vision. Kaplan looks at how Hamilton acted upon his views in shaping the course of American foreign relations. The author provides a focused, accessible biography of Hamilton and a nuanced assessment of his impact on Federalist Era foreign policy. In the Jefferson-Jackson era Hamilton's persona as an elitist urban aristocrat condemned him as an enemy of an expanding democratic America-an Anglophile at a time when Great Britain was the major adversary. Such was his reputation as an enemy of the common man that his deep-seated opposition to the institution of slavery won little recognition from northern abolitionists. This book will fascinate readers with its insights into Hamilton and the formative years of the United States of America.
Here is a vividly written and compact overview of the brilliant, flawed, and quarrelsome group of lawyers, politicians, merchants, military men, and clergy known as the "Founding Fathers"--who got as close to the ideal of the Platonic "philosopher-kings" as American or world history has ever seen. In The Founding Fathers Reconsidered, R. B. Bernstein reveals Washington, Franklin, Jefferson, Adams, Hamilton, and the other founders not as shining demigods but as imperfect human beings--people much like us--who nevertheless achieved political greatness. They emerge here as men who sought to transcend their intellectual world even as they were bound by its limits, men who strove to lead the new nation even as they had to defer to the great body of the people and learn with them the possibilities and limitations of politics. Bernstein deftly traces the dynamic forces that molded these men and their contemporaries as British colonists in North America and as intellectual citizens of the Atlantic civilization's Age of Enlightenment. He analyzes the American Revolution, the framing and adoption of state and federal constitutions, and the key concepts and problems--among them independence, federalism, equality, slavery, and the separation of church and state--that both shaped and circumscribed the founders' achievements as the United States sought its place in the world.
This volume includes the latest diagnostic criteria for PCOS and comprises the most up-to-date information about the genetic features and pathogenesis of PCOS. It critically reviews the methodological approaches and the evidence for various PCOS susceptibility genes. The book also discusses additional familial phenotypes of PCOS and their potential genetic basis. All four editors of this title are extremely prominent in the field of PCOS.
For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
“Barash . . . brilliantly integrat[es] science, literature, and pop culture into elegant and insightful commentaries on the most interesting and important questions of our time. A delightful read.”—Michael Shermer, author of The Science of Good and Evil “Entertaining and thought-provoking.”—Steven Pinker, author of The Blank Slate If we are, in part, a product of our genes, can free will exist? Incisive and engaging, this indispensable tour of evolutionary biology runs the gamut of contemporary debates, from science and religion to our place in the universe.