The global economy and its economic systems:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
[S.l.]
South-Western Cengage Learning
2014
|
| Ausgabe: | International ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVII, 685 S. Ill., graph. Darst., Kt. |
| ISBN: | 9781285167015 1285167015 |
Internformat
MARC
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| 245 | 1 | 0 | |a The global economy and its economic systems |c Paul R. Gregory ; Robert C. Stuart |
| 250 | |a International ed. | ||
| 264 | 1 | |a [S.l.] |b South-Western Cengage Learning |c 2014 | |
| 300 | |a XVII, 685 S. |b Ill., graph. Darst., Kt. | ||
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-025904325 | ||
Datensatz im Suchindex
| _version_ | 1804150221896155136 |
|---|---|
| adam_text | Contents
Preface
xv
Part I Introduction, Definition, and Measurement
1
1
Economic History and Economic Systems
3
Economic Systems in Historical Perspective
3
The Uneven Distribution of Economic Progress
5
A Warning for Those Who Want a Simpler Life
8
Economic Institutions and Economic Progress
9
Some Themes for the Twenty-First Century
10
Has History Ended, and What Do We Do Now?
10
Questioning the American Model and the Rise
of State Capitalism
12
Democracy versus Dictatorship
15
A Clash of Civilizations
16
Multtnationalism and Globalization
18
The Choice of Economic Systems in the Twenty-First Century
19
Summary
20
2
Definition and Classification of Economic Systems
23
Economic Systems: Definition and Classification
24
Enforcement Mechanisms
25
Organizations
26
Institutional Economics versus Comparative
Economic Systems
27
Five Types of Institutions
28
Characteristics of Economic Systems
29
Property Rights: Control and Income
29
The Organization of Decision Making
31
Market versus Plan: Institutions for the Provision
of Information and for Coordination
35
Incentive Mechanisms
39
Models of Public Choice
40
A Threefold Classification
41
Perceptional Measures: Freedom. Corruption. Governance
43
Summary
44
vi
Contents
3
Economie Systems and Economie
Outcomes
54
The Forces Influencing Economic Outcomes
54
Performance Criteria
56
Economic Growth
56
Efficiency
58
Income Distribution
60
Stability
62
Viability
63
Evaluating Performance: What Determines Success?
64
Weights
65
Social Norms
65
Maximizing According to Constraints
68
Measuring the Impact of the Economic System on Performance:
Applications
69
Natural Experiments
70
Evaluating System Performance without Natural Experiments
72
Perceptional Measures: Freedom, Corruption, Governance
73
Summary
74
4
How Economic Systems Change
79
Reform versus Transition
81
Marx s Theory of Change
82
Marxism after Marx
85
Schumpeter The Evolution of Capitalism
86
Hayeks Road to Serfdom
87
The Austrian School of
Mises
and Hayek: The Socialist Critique
88
Komai: The Economics of Shortage
89
Olson and Murrell: Critique of Socialism
91
Conclusions
92
Summary
93
5
The Setting of Economic Systems
98
Changes in the Economic Environment
99
Globalization
99
Rising Living Standards
101
Policy and System Change
102
Globalization and Competition
102
Deregulation
104
Privale
versus Public Ownership
106
Regulation and Corruption 1
11
The Role of Government: Share of Output
and Income Redistribution
111
Taxes and Redistribution
113
Taxes and Social Expenditures 1
14
Contents
vii
Taxes and Income Redistribution 11
9
Change in Socialist Economies
119
Backdrop of Reform
120
Socialist Reform Models
121
Record of Socialist Reform
122
The Collapse of Communism: Contemporary Transition
123
Summary
125
Part II Economic Systems in Theory
129
6
Theory of Capitalism
131
Moral Philosophers: Thomas Hobbes, John Locke,
and Adam Smith
132
Thomas Hobbes: The Leviathan State
132
John Locke: The Social Contract
132
Adam Smith: The Invisible Hand
134
How Markets Work
135
Market Equilibrium
135
Efficiency of Market Allocation
136
Markets and Institutions
138
Rationale for State Intervention
139
Monopoly 1
39
External Effects and Collective Action
141
Problems of Public Choice
143
Income Distribution
144
Macroeconomic
Instability
145
Self-Correcting Capitalism: Monetarism
and Rational Expectations
146
Growth and State Policy
147
The Performance of Capitalist Economic Systems: Hypotheses
148
Efficiency
149
Stability
149
Income Distribution
149
Economic Growth
150
Viability of the Capitalist System
150
Two Different Visions of Market Capitalism
150
Summary
151
7
Theory of Planned Socialism
158
Socialism: The Search for Basic Principles
159
Marx and Lenin: The New Socialist State
160
Dictatorship of the Proletariat
161
Distribution of Income: Socialism and Communism
162
Primitive Accumulation
163
How to Plan? The ABCs of Communism
164
viii Contents
The Socialist Controversy: The Feasibility of Socialism
165
Barone:
A Theoretical Framework
166
Economic Planning: Can the
Barone
Problem Be Solved?
166
The Challenge of
Mises
and Hayek
168
Solving Motivation Problems: The New Soviet Person
169
Resource Allocation under Planned Socialism
170
Origins: The Soviet Union in the
1920s 171
Material Balances in Practice
171
Powell s
Nonmarket
Signals
175
Horizontal Transactions and Opportunism
176
The Performance of Planned Socialism: Hypotheses
178
Income Distribution
178
Efficiency
179
Economic Growth
179
Stability
179
Viability
180
Summary
180
8
Theory and Practice of Market Socialism
186
Market Socialism: Theoretical Foundations
188
The
Lange
Model
188
Critics of the
Lange
Model
191
Market Socialism: The Cooperative Variant
192
Criticism of
lhe
Cooperative Model
195
Advantages of the Cooperative Model
196
The Cooperative Model: Empirical Studies
197
Democratic Socialism?
198
The Performance of Market Socialism: Hypotheses
202
Income Distribution
202
Economic Growth
202
Efficiency
202
Stability
203
Summary
203
Part
Ш
Economic Systems in Practice
209
9
Introducing the Anglo-Saxon, European,
and Asian Models
211
Three Models of Capitalism
21
1
Characteristics of
lhe
Three Models
212
Ownership
214
Raising Capital: Issue Stock or Borrow?
217
The Role of Government
220
Economic Freedom
221
The Legal System
223
Contents ix
Conclusions
226
Summary
226
10
The Anglo-Saxon Model: England during the Industrial
Revolution
229
Intellectual Foundations of the Anglo-Saxon Model
229
The English Industrial Revolution
230
Why England?
232
Enclosures of Agriculture and the Development of Factories
232
The Role of Government
234
Summary
236
11
The Anglo-Saxon Model: The U.S. Economy
239
The Rise of the United States
239
Constitutional Foundations of the U.S. Economy
240
Common Law and Economic Efficiency
243
The Private Sector versus the Public Sector
244
Business Organization
246
Legal Forms of Business
246
Competition and Businesses
247
Corporate Governance
249
The Market for Corporate Control
250
Corporate Incentives
252
Capital Markets
253
Full Disclosure
253
Venture Capital Markets and Dynamism
255
Regulation
258
Deregulation
265
The Labor Market
266
Unions
266
Government Regulation of the Labor Market
268
The Transfer Economy
268
The U.S. Federal Tax Code, Social Engineering, and the Percentage
Paying Income Taxes
272
Final Comments
273
Summary
274
12
The European Model
281
The European Union
282
European Union Governance
284
European Union Member Countries
284
Intellectual Foundations of the European Model
287
Mercantilism
288
Marx and Revisionism
288
Contents
Contemporary Social Democracy: The Third Way
290
Social Market Economy
291
Legal Foundations: Civil Law
292
Features of the European Model
295
Corporate Governance
295
Managerial Capitalism
295
Insider Trading
298
Transparency
300
Hostile Takeovers and the Market for Corporate Control
301
Co-determination
303
Mittelstand
(Small and Medium-Sized Businesses)
305
Capital Markets
307
German and European Banks
307
Advantages and Disadvantages of Bank Financing
308
The Labor Market
309
Europe as a Highly Regulated Labor Market
310
Tax Wedges and Labor Allocation
315
Public Enterprise: Nationalization and Privatization
318
Unions
322
Public Employment
322
Deregulation
323
The Limits of Income Security
325
Paying for the Welfare State
325
Sweden as a Case Study
328
The Looming Demographic Bomb
329
The Euro Crisis,
2011 330
Summary
330
13
The Asian Model
339
Ideological and Theoretical Foundations
340
Modern Japanese History
341
Religious Origins
341
Relative Backwardness and Japan
342
Growth in the Rest of Asia: The Four Tigers
345
Comparisons with Europe
348
Institutions of the Asian Model
349
Corporate Governance
350
Family Ownership
352
Rule of Law, Contracting, and the Market
for Corporate Control
354
Transparency and Accounting
356
The Capital Market
356
Labor Markets
362
Income Distribution
367
Industrial Policy
369
Contents xi
Provision
of Income Security
371
Summary
373
14
The Soviet Command Economy
381
Intellectual Origins
381
ABC of Communism and Socialism in One Country
382
The Experiments of the
1920s 383
The Industrialization Debate
384
Stalin s Great Break
384
The Institutions of the Soviet Economy
385
The Decision-Making Hierarchy
385
Motivation, Managers, and Principal-Agent Problems
388
Planning in Theory and Practice
392
Output and Supply Plans
393
Planning from the Achieved Level
393
Planning or Resource Management
394
Ruble Control
395
Prices and Money
396
Wholesale Prices and the Labor Theory of Value
396
Retail Prices and Turnover Taxes
398
Financial Planning and Money
399
Labor Markets and Jobs Rights
401
Capital Allocation
402
Market Forces: The Second Economy
404
International Trade
405
Economic Performance
407
Economic Growth
407
Dynamic Efficiency and Productivity Growth
410
Static Efficiency
411
Declining Performance
413
Income Distribution
413
Summary
415
15
China: Party Dictatorship, Markets, and Socialism
425
The Constitution: Is China a Socialist State or Something Else?
426
The Chinese Reforms
427
The Chinese Puzzle
427
The Setting
428
China s History of Revolution and Upheaval
429
The Early Years and the Soviet Model
429
The First Upheaval: The Great Leap Forward
431
1960-1978:
Development and Cultural Revolution
433
China s Modernization Reform: Deng Xiaoping
and His Successors
434
xii Contents
The Chinese
Economic
System 435
A Regionally Decentralized Authoritarian Regime
435
M-Form Versus U-Form Organizations
438
Agricultural Reform
441
Creating the Private Sector
443
Opening the Chinese Economy
444
SOEs and Private Enterprise
449
Corporate Governance, Corruption, and Property Rights
453
Capital Markets, Minority Shareholders, and Banks
455
Labor Markets
459
Economic Security
462
Income Distribution
462
Summary
463
Part IV Systemic Change in a Global Perspective:
Transition
475
16
An Introduction to Transition
477
Concepts and Context
477
The Background of Transition Economies:
Meaning and Impact
478
Effects of the Rapidity of Transition
483
Approaches to Transition: A Retrospective of Basic Themes
484
Modeling Transition: The Early Dichotomy
485
Differences in Output Performance: The Initial Collapse
486
Can We Account for the Early Collapse?
487
Transition in a Global Setting
489
Assessing Transition: Contemporary Perspectives
491
A Systems Perspective
492
The Framework of Transition: Theory and Evidence
493
Summary
494
17
Transition Economies: Output Patterns
and Measurement Issues
501
Explaining Patterns of Growth in Output Transition Economies
501
Initial Conditions and Distortion
501
Assessing Transition Patterns
505
Problems of Specification and Estimation
507
The Empirical Evidence: Collapse and Economic Growth
508
Data on Transition: What s
in
the Numbers?
510
Economic Growth and the Output Levels in Transition
511
The Transition Experience in the Twenty-First Century
512
Summary
517
Contents xiii
18
Introducing Markets: Privatization and the Decline
of Government
525
Privatization in Transition
525
The Background
525
The Context
529
The Transition Setting
531
The Stages of Privatization
531
The Privatization Process
532
Privatization: Assessing the Early Results
534
Summary
538
19
The Macroeconomy: Fiscal and Monetary Issues
545
Creating the Macroeconomy: The Early Years of Transition
546
A Macroeconomic Framework
547
Investment
548
Private Savings
548
The Government Balance
550
Inflation and Emerging Markets
552
The External Balance
555
The Macroeconomic Agenda and Its Early Evolution
556
Banking in Transition Economies
556
The Transition Macroeconomy in a Turbulent Era
559
Summary
561
20
Transition and the Global Economy: International
Trade and Finance
567
Collapse and the Early Years of Transition
568
Emerging Trading Arrangements: Regional and Political Issues
571
Transition and Emerging Outcomes in the Foreign Sector
574
Capital Rows: Aid and Foreign Direct Investment
575
The Integration of Transition Economies
578
Transition in a Turbulent Era
578
Summary
579
21
Transition and the Safety Net
584
The Labor Force in the Command Era
585
Labor in the Transition Era
586
Employment, Earnings, and the Safety Net
588
Demographic Issues and the Safety Net
590
Transition and the Social Sector
592
Transition. Inequality, and Levels of Well-Being
593
Summary
594
xiv Contents
Part V Assessing the World Economies in a New Era:
Performance
599
22
Prospects for
2050:
Economic Institutions and Economic
Performance
601
Has Capitalism Failed? Cycles versus Secular Trends
601
Economic Systems: Models and Performance
602
The Past Half Century: A Helicopter View
603
Other Economic Systems
605
Latin America
605
Africa
606
The World of Islam and the Islamic Economic Model
607
The Performance of Economic Systems: Institutional Quality
609
Economic Systems and Economic Performance
613
Economic Growth
613
Natural Experiments with Economic Growth
617
Efficiency» Invention, and Institutions
618
The Soviet Command Socialist Model
622
Science and Technical Advances and Economic Systems
624
Intellectual Property Rights
624
The Distribution of Income
630
The Welfare State
632
Effort and Leisure in Different Economic Systems
634
State Capitalism versus Private Enterprise
636
Summary
637
Glossary
641
Index
661
|
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| id | DE-604.BV040925270 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:35:29Z |
| institution | BVB |
| isbn | 9781285167015 1285167015 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025904325 |
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| publishDate | 2014 |
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| spelling | Gregory, Paul R. 1941- Verfasser (DE-588)170148297 aut The global economy and its economic systems Paul R. Gregory ; Robert C. Stuart International ed. [S.l.] South-Western Cengage Learning 2014 XVII, 685 S. Ill., graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Wirtschaftssystem (DE-588)4117663-7 gnd rswk-swf Wirtschaftssystem (DE-588)4117663-7 s DE-604 Stuart, Robert C. 1938- Verfasser (DE-588)170137848 aut Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025904325&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gregory, Paul R. 1941- Stuart, Robert C. 1938- The global economy and its economic systems Wirtschaftssystem (DE-588)4117663-7 gnd |
| subject_GND | (DE-588)4117663-7 |
| title | The global economy and its economic systems |
| title_auth | The global economy and its economic systems |
| title_exact_search | The global economy and its economic systems |
| title_full | The global economy and its economic systems Paul R. Gregory ; Robert C. Stuart |
| title_fullStr | The global economy and its economic systems Paul R. Gregory ; Robert C. Stuart |
| title_full_unstemmed | The global economy and its economic systems Paul R. Gregory ; Robert C. Stuart |
| title_short | The global economy and its economic systems |
| title_sort | the global economy and its economic systems |
| topic | Wirtschaftssystem (DE-588)4117663-7 gnd |
| topic_facet | Wirtschaftssystem |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025904325&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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