This volume deals with the monetary history of Italy from its independence in 1861 to 1992. It provides the first complete analysis of a country which has experienced diverse and often dramatic monetary conditions. The authors interpret Italian monetary history through the looking glass of a model which, while monetarist in flavour, is open to other interpretations. A key theme is that public finance is at the root of the (relatively) high Italian inflation rates. The authors argue that there is a strong relationship between the government budget deficit and monetary policy, and that the monetary authorities are too dependent on government. The book contributes in a novel way not only to the monetary debate, but also to fiscal and institutional questions. It combines economic theory, statistical data and history in an accessible way which should prove useful to both economic historians and monetary economists.
Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
Corporate governance is an active area of research and public debate. The recent generalization of 'shareholder value' ideas and institutional investment, the establishment of codes of best practice for boards of directors, and the controversy about whether market oriented or bank-relations oriented systems are better for economic performance provide cogent examples. The outcome of the debate is important for industrialized nations, developing countries, and transition economies. The volume takes stock of research in the topic, criticizes the standard agency view, and presents ideas and analysis about the role of competition, the political economy of corporate governance, the effects of different systems on growth and performance, the governance system by venture capital in the Silicon Valley, and human capital and control in the new corporation.
Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
In this book, Itai Sened examines the political institution of property and other individual rights. His argument is that the foundation of such rights is to be found in the political and economic institutions which grant and enforce them and not in any set of moral principles or 'nature'. The book further argues that individual rights are instituted through a political process, and not by any hidden market forces. The origin of rights is placed in a social contract that evolves as a political process in which governments grant and protect property and other individual rights to constituents, in return for economic and political support. Extending neo-institutional theory to the subject, and using a positive game theoretic approach in its analysis, this book is an original contribution to scholarship on the evolution of rights.
In this 1994 book Graeme Gill traces the disintegration of the Communist Party of the Soviet Union from 1985 until the dissolution of the USSR in December 1991. Based principally on the contemporary Soviet press, the book to follows the debates in the party over the implications of Gorbachev's reforms and how the party should respond to them. It is an in-depth analysis of the institutional dynamics of a party under pressure. When it came under challenge and it could no longer use the weapon of suppression, the party was unable to mount a serious defence of its position and role. Confronted from the top by Gorbachev's call to reform itself and by his changes to the political arena, and from the bottom by new political forces taking advantage of that arena, the party's unity collapsed and with it any sense of purpose or possibility of survival.
Originally published in 1996, this book is an exploration and analysis of the electricity industry in the context of uncertainty following the energy crisis of the 1970s and concern over the greenhouse effect. Few industries demand a similar level of foresight and planning, or such vast amounts of capital. The book examines five well-known Australian, Canadian and New Zealand cases and closely analyses the ways in which various agencies have sought ends to serve the means at their disposal. Electricity has long been regarded as a natural monopoly, but questions of privatisation, regulation and government control are increasingly prevalent. The book explores these issues and also notes the experiences of other countries in its analysis of institutional reform. Aynsley Kellow argues for different approaches to electricity planning, which offer much by way of economic savings and minimisation of environmental problems.
In this book, nine scholars representing various perspectives examine institutions that govern economic activity in the United States and the dramatic changes they have undergone since the late nineteenth century. They investigate how and why these changes occurred and continue to occur as markets become more volatile, technology changes and international competition becomes more intense. They also address general questions about the governance of capitalist economies by considering several governance mechanisms such as markets, bureaucratic hierarchies, associations and informal networks and by exploring how such mechanisms emerge to coordinate economic activity and affect economic performance. The first part of the book describes the important characteristics of these organisational forms and provides an overview of institutional development in the US economy. The second part includes case studies of the institutional development of eight economic sectors. Finally, based on data from
In an important and provocative contribution to the debate on 'the British disease' in the 1980s, Walter Williams draws on his extensive American experience of central government management and analysis to recommend critical structure changes in the organisation of government in Britain. In this book, first published in 1988, Williams sees such radical upheaval as the only solution to her besetting economic and social problems, and calls for two interlocking revolutions - one in the structure of central government in Britain, and the other in the critical economic institutions of the nation. The latter can only succeed if the former has occurred, and Professor Williams focuses sharply on the managerial and analytic changes necessary. He argues that only with wholesale modernisation can any government, of whatever political hue, provide the institutional capacity to cope with the problems of a nation in deep social and economic decline. Written in a lucid and highly accessible style, Wa
The most controversial aspect of institutional regeneration in North America and Europe has been the restructuring of labour relations. Media attention has been drawn to the resulting claims of excess employer power: however, supporters of union reform point to the spate of strikes in Western Europe as the predicament that the UK has escaped. In this book, Martyn Wright examines how competitive crisis affected the management of work relations in Britain between 1979 and 1991. Using longitudinal analysis and a wealth of case study material from companies and employers associations, the study moves beyond the normal cross-sectional survey to reveal a complex pattern of procedural and substantive rule change, and illustrates considerable variation in the context to which competitive crisis was harnessed by employers to generate an ongoing momentum for change. Managing Competitive Crisis is a must for students of organisational change.
This is an innovative analysis of the agrarian world and growth of government in early modern Germany through the medium of pre-industrial society's most basic material resource, wood. Paul Warde offers a regional study of south-west Germany from the late fifteenth to the early eighteenth century, demonstrating the stability of the economy and social structure through periods of demographic pressure, warfare and epidemic. He casts light on the nature of 'wood shortages' and societal response to environmental challenge, and shows how institutional responses largely based on preventing local conflict were poor at adapting to optimise the management of resources. Warde further argues for the inadequacy of models that oppose the 'market' to a 'natural economy' in understanding economic behaviour. This is a major contribution to debates about the sustainability of peasant society in early modern Europe, and to the growth of ecological approaches to history and historical geography.
The regulation of innovation and the optimal design of legal institutions in an environment of uncertainty are two of the most important policy challenges of the twenty-first century. Innovation is critical to economic growth. Regulatory design decisions and, in particular, competition policy and intellectual property regimes can have profound consequences for economic growth. However, remarkably little is known about the relationship between innovation, competition and regulatory policy. Any legal regime must attempt to assess the trade-offs associated with rules that will affect incentives to innovate, allocative efficiency, competition, and freedom of economic actors to commercialize the fruits of their innovative labors. The essays in this book approach this critical set of problems from an economic perspective, relying on the tools of microeconomics, quantitative analysis and comparative institutional analysis to explore and begin to provide answers to the myriad challenges facing
This volume deals with the monetary history of Italy from its independence in 1861 to 1992. It provides the first complete analysis of a country which has experienced diverse and often dramatic monetary conditions. The authors interpret Italian monetary history through the looking glass of a model which, while monetarist in flavour, is open to other interpretations. A key theme is that public finance is at the root of the (relatively) high Italian inflation rates. The authors argue that there is a strong relationship between the government budget deficit and monetary policy, and that the monetary authorities are too dependent on government. The book contributes in a novel way not only to the monetary debate, but also to fiscal and institutional questions. It combines economic theory, statistical data and history in an accessible way which should prove useful to both economic historians and monetary economists.
As the world's only major industrial society yet to emerge from outside the Western tradition, Japan has evolved into an industrial state very different from those of the West. Robert Smith argues that this difference is found not so much in organisational and institutional forms as in the Japanese view of the relationship of individuals to one another and to society as a whole. He traces the origin of this difference to the historical traditions of Japan, which rest on cultural premises quite unlike those of the Western world. His compelling and convincing analysis of contemporary Japanese society has far-reaching implications for our understanding of the nature of the modern industrial world.
The European Union's motto 'United in Diversity' contrasts with the cultural standardization entailed in the formation of nation-states and the forging of political identities in Europe. So what does being 'united in diversity' mean? Focusing on language politics and policies, this book offers a thorough assessment of the implications of cultural and linguistic diversity for the process of constructing a European polity. It sheds light on some of the most pressing problems associated with contemporary identity politics. It is often claimed that the recurrent celebration of diversity in Europe's programmatic declarations has an effective political impact. Kraus offers a critical analysis of how the EU has responded to the normative challenge of creating an institutional frame for integration which allows cultural differences to be transcended without ignoring them.
This book addresses two of the most important trends in political economy during the last two decades - globalization and decentralization - in the context of the world's most rapidly growing economic power, China. The intent is to provide a better understanding of how local political and economic institutions shape the ability of Chinese state-owned firms to utilize foreign direct investment (FDI) to remake themselves in the transition from inefficient and technologically backward firms into powerful national champions. In a global economy, the author argues, local governments are increasingly the agents of industrial transformation at the level of the firm. Local institutions are durable over time, and they have important economic consequences. Through an analysis of five Chinese regions, the treatment seeks to specify the opportunities and constraints that alternative institutional structures create, how they change over time, and ultimately, how they prepare Chinese firms for the c
Policy discussions play an important role in labour law, and labour lawyers draw on a wide range of disciplines and approaches in order to construct their arguments. This overview of the basic principles of labour law and the related policy arguments introduces two of the main perspectives used in the analysis of labour law today – human rights and economics. It offers a brief history of the influence of human rights and economics on labour law since the 1950s, explains neoclassical and new institutional economics and summarises the historical development of international human rights law. The insights of rights theorists and economists are then applied to a selection of topics in labour law, including anti-discrimination law, dismissal, working time, pay, consultation and collective bargaining, trade union membership and industrial action, in order to demonstrate the interplay between the two perspectives.
The Robust Federation offers a comprehensive approach to the study of federalism. Jenna Bednar demonstrates how complementary institutions maintain and adjust the distribution of authority between national and state governments. These authority boundaries matter - for defense, economic growth, and adequate political representation - and must be defended from opportunistic transgression. From Montesquieu to Madison, the legacy of early institutional analysis focuses attention on the value of competition between institutions, such as the policy moderation produced through separated powers. Bednar offers a reciprocal theory: in an effective constitutional system, institutions complement one another; each makes the others more powerful. Diverse but complementary safeguards - including the courts, political parties, and the people - cover different transgressions, punish to different extents, and fail under different circumstances. The analysis moves beyond equilibrium conceptions and expla
The European Union's motto 'United in Diversity' contrasts with the cultural standardization entailed in the formation of nation-states and the forging of political identities in Europe. So what does being 'united in diversity' mean? Focusing on language politics and policies, this book offers a thorough assessment of the implications of cultural and linguistic diversity for the process of constructing a European polity. It sheds light on some of the most pressing problems associated with contemporary identity politics. It is often claimed that the recurrent celebration of diversity in Europe's programmatic declarations has an effective political impact. Kraus offers a critical analysis of how the EU has responded to the normative challenge of creating an institutional frame for integration which allows cultural differences to be transcended without ignoring them.
The socially minded linguistic study of storytelling in everyday life has been rapidly expanding. This book provides a critical engagement with this dynamic field of narrative studies, addressing long-standing questions such as definitions of narrative and views of narrative structure but also more recent preoccupations such as narrative discourse and identities, narrative language, power and ideologies. It also offers an overview of a wide range of methodologies, analytical modes and perspectives on narrative from conversation analysis to critical discourse analysis, to linguistic anthropology and ethnography of communication. The discussion engages with studies of narrative in multiple situational and cultural settings, from informal-intimate to institutional. It also demonstrates how recent trends in narrative analysis, such as small stories research, positioning analysis and sociocultural orientations, have contributed to a new paradigm that approaches narratives not simply as text
