W. V. Harris (ed.)
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.001.0001
- Subject:
- Classical Studies, European History: BCE to 500CE
Most people have some idea what Greeks and Romans coins looked like, but few know how complex Greek and Roman monetary systems eventually became. The contributors to this book are numismatists, ...
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Most people have some idea what Greeks and Romans coins looked like, but few know how complex Greek and Roman monetary systems eventually became. The contributors to this book are numismatists, ancient historians, and economists intent on investigating how these systems worked and how they both did and did not resemble a modern monetary system. Why did people first start using coins? How did Greeks and Romans make payments, large or small? What does money mean in Greek tragedy? Was the Roman Empire an integrated economic system? This volume can serve as an introduction to such questions, but it also offers the specialist the results of original research.Less
Most people have some idea what Greeks and Romans coins looked like, but few know how complex Greek and Roman monetary systems eventually became. The contributors to this book are numismatists, ancient historians, and economists intent on investigating how these systems worked and how they both did and did not resemble a modern monetary system. Why did people first start using coins? How did Greeks and Romans make payments, large or small? What does money mean in Greek tragedy? Was the Roman Empire an integrated economic system? This volume can serve as an introduction to such questions, but it also offers the specialist the results of original research.
Paul Ekins
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780197265536
- eISBN:
- 9780191760327
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197265536.003.0011
- Subject:
- Political Science, Environmental Politics
Tipping points may be discerned in earth systems and in planetary boundaries, even if the science is still incomplete. But for social systems, tipping points do not seem to appear too clearly, nor is ...
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Tipping points may be discerned in earth systems and in planetary boundaries, even if the science is still incomplete. But for social systems, tipping points do not seem to appear too clearly, nor is social learning either predictable or active at any particular point of apparent breakdown. In the socio-economic domain, tipping points are a mere intellectual construct, not even a metaphor, indicating only the possibility of disruptive change. And since those who are most likely to lose from such change are in a position to deny or avoid it or just charge through it, then only truly significant disruptions may offer a challenge. One of these might be the breakdown of global economic systems, and another could be the recognition that perverse response to one crisis speeds the onset of the next. There is no clear sense that present arrangements of economies and governments are ready to take the leap.Less
Tipping points may be discerned in earth systems and in planetary boundaries, even if the science is still incomplete. But for social systems, tipping points do not seem to appear too clearly, nor is social learning either predictable or active at any particular point of apparent breakdown. In the socio-economic domain, tipping points are a mere intellectual construct, not even a metaphor, indicating only the possibility of disruptive change. And since those who are most likely to lose from such change are in a position to deny or avoid it or just charge through it, then only truly significant disruptions may offer a challenge. One of these might be the breakdown of global economic systems, and another could be the recognition that perverse response to one crisis speeds the onset of the next. There is no clear sense that present arrangements of economies and governments are ready to take the leap.
Yung Chul Park
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199276776
- eISBN:
- 9780191603051
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199276773.001.0001
- Subject:
- Economics and Finance, South and East Asia
This book examines East Asia’s economic development and integration following the Asian crisis of 1997-1998. The book is divided into six parts. Part 1 describes the development experiences of East ...
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This book examines East Asia’s economic development and integration following the Asian crisis of 1997-1998. The book is divided into six parts. Part 1 describes the development experiences of East Asia’s emerging economies, their characteristics and accomplishments, and then provides an overview of some of the critical failures of the East Asian development model. Part 2 examines the causes and consequences of the Asian crisis, together with a reassessment of the IMF reform program. Part 3 covers the topics of corporate and institutional sector reform, the role of government, and the need for improved social welfare and industrial relations policies. Part 4 assesses the progress in three key areas for the region: reform of the financial sector, the pros and cons of a floating exchange rate regime, and the degree and effect of capital account liberalization. Part 5 reviews the key sectors of trade and financial integration in East Asia, the prospects for continued economic cooperation and integration, and the need for policy coordination with regard to the record foreign currency reserves held by East Asian economies, which resulted in a Transpacific trade imbalance. Part 6 considers the road ahead for East Asia and outlines the characteristics of a new paradigm for development. It is argued that merely adopting liberal economic reform measures will not ensure successful development. This new and evolving development paradigm — distinct from the old system yet not an Anglo-American system — is the key to ensuring success in the region.Less
This book examines East Asia’s economic development and integration following the Asian crisis of 1997-1998. The book is divided into six parts. Part 1 describes the development experiences of East Asia’s emerging economies, their characteristics and accomplishments, and then provides an overview of some of the critical failures of the East Asian development model. Part 2 examines the causes and consequences of the Asian crisis, together with a reassessment of the IMF reform program. Part 3 covers the topics of corporate and institutional sector reform, the role of government, and the need for improved social welfare and industrial relations policies. Part 4 assesses the progress in three key areas for the region: reform of the financial sector, the pros and cons of a floating exchange rate regime, and the degree and effect of capital account liberalization. Part 5 reviews the key sectors of trade and financial integration in East Asia, the prospects for continued economic cooperation and integration, and the need for policy coordination with regard to the record foreign currency reserves held by East Asian economies, which resulted in a Transpacific trade imbalance. Part 6 considers the road ahead for East Asia and outlines the characteristics of a new paradigm for development. It is argued that merely adopting liberal economic reform measures will not ensure successful development. This new and evolving development paradigm — distinct from the old system yet not an Anglo-American system — is the key to ensuring success in the region.
Włodzimierz Brus and Kazimierz Laski
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198283997
- eISBN:
- 9780191596032
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283997.003.0011
- Subject:
- Economics and Finance, Economic Systems
A cruel East European wisecrack defines socialism as ‘the painful road to capitalism’. It may be too much to see in MS simply a stage on this road (or slide, as some would say), but the analysis in ...
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A cruel East European wisecrack defines socialism as ‘the painful road to capitalism’. It may be too much to see in MS simply a stage on this road (or slide, as some would say), but the analysis in this book left little doubt that the disticntions between capitalist and socialist economic systems, as hitherto perceived, become under MS thoroughly blurred. The recourse to MS means that the very idea of a grand design of a supremely rational economy has been acknoledged as utterly fallacious despite the fact that a number of socialist values have to be incorporated into any economic system pursuing objectives worthy of human society.Less
A cruel East European wisecrack defines socialism as ‘the painful road to capitalism’. It may be too much to see in MS simply a stage on this road (or slide, as some would say), but the analysis in this book left little doubt that the disticntions between capitalist and socialist economic systems, as hitherto perceived, become under MS thoroughly blurred. The recourse to MS means that the very idea of a grand design of a supremely rational economy has been acknoledged as utterly fallacious despite the fact that a number of socialist values have to be incorporated into any economic system pursuing objectives worthy of human society.
N. Scott Arnold
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780195088274
- eISBN:
- 9780199853014
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195088274.003.0001
- Subject:
- Philosophy, Political Philosophy
This chapter begins by giving a definition of the terms capitalist economic system and socialist economic system. The former is defined using the concept of a free enterprise system, a system where ...
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This chapter begins by giving a definition of the terms capitalist economic system and socialist economic system. The former is defined using the concept of a free enterprise system, a system where most of the means of production are privately owned and where people are free to sell their labor in the market. The latter is harder to construct but in identifying the most common denominators among socialist systems, this chapter comes out with a system that prohibits most private ownership of the means of production and which mandates social control of the same. Dispute arises as to which system most approximates the concept of a good society. However, the complete theory of the good society is something which is rare to find and thus leads to issues in the criticism and defense of both economic systems. This chapter lays down the philosophical framework underlying the debate between capitalism and socialism.Less
This chapter begins by giving a definition of the terms capitalist economic system and socialist economic system. The former is defined using the concept of a free enterprise system, a system where most of the means of production are privately owned and where people are free to sell their labor in the market. The latter is harder to construct but in identifying the most common denominators among socialist systems, this chapter comes out with a system that prohibits most private ownership of the means of production and which mandates social control of the same. Dispute arises as to which system most approximates the concept of a good society. However, the complete theory of the good society is something which is rare to find and thus leads to issues in the criticism and defense of both economic systems. This chapter lays down the philosophical framework underlying the debate between capitalism and socialism.
J. E. Stiglitz
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter looks at the ethical aspects of globalization during the 1990s. It argues that in the way that they have sought to shape globalization, the advanced industrial countries and some of the ...
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This chapter looks at the ethical aspects of globalization during the 1990s. It argues that in the way that they have sought to shape globalization, the advanced industrial countries and some of the multilateral institutions that they control have violated some basic ethical norms. Three central issues in the context of global finance are analyzed: the design of debt contracts between developed and developing countries and other aspects of lending behavior; the consequences of excessive debt; and broader issues associated with the global reserve system. Three types of ethical problems are discussed: (1) where markets (or international institutions) take advantage of their “power” and the weaknesses of the developing country to pursue their own interests at the expense of or risk to those in the developing countries; (2) where international financial institutions provide advice that works to the disadvantage of the developing countries; and (3) where the markets, and especially the international financial institutions, have not done as much as they could for the well-being of the developed countries.Less
This chapter looks at the ethical aspects of globalization during the 1990s. It argues that in the way that they have sought to shape globalization, the advanced industrial countries and some of the multilateral institutions that they control have violated some basic ethical norms. Three central issues in the context of global finance are analyzed: the design of debt contracts between developed and developing countries and other aspects of lending behavior; the consequences of excessive debt; and broader issues associated with the global reserve system. Three types of ethical problems are discussed: (1) where markets (or international institutions) take advantage of their “power” and the weaknesses of the developing country to pursue their own interests at the expense of or risk to those in the developing countries; (2) where international financial institutions provide advice that works to the disadvantage of the developing countries; and (3) where the markets, and especially the international financial institutions, have not done as much as they could for the well-being of the developed countries.
Francesco Boldizzoni
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691144009
- eISBN:
- 9781400838851
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691144009.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter is the first of two that intends to show that it is possible to practice a different type of economic history from cliometrics, without lapsing into narrative history. It involves ...
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This chapter is the first of two that intends to show that it is possible to practice a different type of economic history from cliometrics, without lapsing into narrative history. It involves approaches that were molded in continental Europe but were not exclusive to Europe, and had the Annales school as their catalyst but were not coincident with it. The chapter discusses the model that Polish historian Witold Kula introduced in his An Economic Theory of the Feudal System (1962). In fewer than two hundred pages, it demolishes the claims of neoclassical microeconomics to universality and shows how its theorems are not applicable to preindustrial eastern Europe. Starting from an investigation of this context, it creates appropriate alternative theoretical tools for explaining it. But the usefulness of this type of history also extends to the present, suggesting that the workings of each particular economic system needs to be understood on its own.Less
This chapter is the first of two that intends to show that it is possible to practice a different type of economic history from cliometrics, without lapsing into narrative history. It involves approaches that were molded in continental Europe but were not exclusive to Europe, and had the Annales school as their catalyst but were not coincident with it. The chapter discusses the model that Polish historian Witold Kula introduced in his An Economic Theory of the Feudal System (1962). In fewer than two hundred pages, it demolishes the claims of neoclassical microeconomics to universality and shows how its theorems are not applicable to preindustrial eastern Europe. Starting from an investigation of this context, it creates appropriate alternative theoretical tools for explaining it. But the usefulness of this type of history also extends to the present, suggesting that the workings of each particular economic system needs to be understood on its own.
Reinhard H. Schmidt and Marcel Tyrell
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199253166
- eISBN:
- 9780191601651
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253161.003.0002
- Subject:
- Economics and Finance, Financial Economics
This is one of the two introductory chapters of the book. It first discusses what the term ‘financial system’ means and why the financial system of a country is important and for what it might be ...
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This is one of the two introductory chapters of the book. It first discusses what the term ‘financial system’ means and why the financial system of a country is important and for what it might be important and how a given financial system can be analysed, and provides a general overview of the German financial system. As in the entire book, the term financial system is used in this chapter in a broad sense, which sets it apart from the narrower concept of the financial sector and which includes, among other things, the demand for financial services, corporate governance, and financial accounting.Presents four approaches to analyse a financial system and applies them to the case of the German financial system. In addition, it provides a first indication of how the various elements of a financial system are related to each other and thus supports the claim that there is some merit in emphasising the systemic features of financial systems in general and that of Germany in particular.Less
This is one of the two introductory chapters of the book. It first discusses what the term ‘financial system’ means and why the financial system of a country is important and for what it might be important and how a given financial system can be analysed, and provides a general overview of the German financial system. As in the entire book, the term financial system is used in this chapter in a broad sense, which sets it apart from the narrower concept of the financial sector and which includes, among other things, the demand for financial services, corporate governance, and financial accounting.
Presents four approaches to analyse a financial system and applies them to the case of the German financial system. In addition, it provides a first indication of how the various elements of a financial system are related to each other and thus supports the claim that there is some merit in emphasising the systemic features of financial systems in general and that of Germany in particular.
Olivier Blanchard
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198293996
- eISBN:
- 9780191595998
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293992.001.0001
- Subject:
- Economics and Finance, Economic Systems
Transition in Central and Eastern Europe has led to a U‐shaped response of output, that is, a sharp decline in output followed by recovery. Six years after the beginning of transition, most of the ...
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Transition in Central and Eastern Europe has led to a U‐shaped response of output, that is, a sharp decline in output followed by recovery. Six years after the beginning of transition, most of the countries of Central Europe now seem firmly on the upside. Most of the countries of Eastern Europe are still close to the bottom of the U; an optimistic view is that they are now negotiating the turn.This U‐shaped response of output, its causes and its implications, is the subject of this book. That transition came with an often‐large initial decrease in output should be seen as a puzzle. After all, the previous economic system was characterized by myriad distortions. One might have expected that removing most of them would lead to a large increase, not decrease in output. This is not what happened. The purpose of this book is to understand why, and to draw general lessons.Less
Transition in Central and Eastern Europe has led to a U‐shaped response of output, that is, a sharp decline in output followed by recovery. Six years after the beginning of transition, most of the countries of Central Europe now seem firmly on the upside. Most of the countries of Eastern Europe are still close to the bottom of the U; an optimistic view is that they are now negotiating the turn.
This U‐shaped response of output, its causes and its implications, is the subject of this book. That transition came with an often‐large initial decrease in output should be seen as a puzzle. After all, the previous economic system was characterized by myriad distortions. One might have expected that removing most of them would lead to a large increase, not decrease in output. This is not what happened. The purpose of this book is to understand why, and to draw general lessons.
Simon Reich and Richard Ned Lebow
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691160429
- eISBN:
- 9781400850426
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691160429.003.0004
- Subject:
- Political Science, International Relations and Politics
This chapter documents the embryonic shift in custodial economic functions from the United States to Asia. Whether measured in terms of the purchasing of government and private debt, or the provision ...
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This chapter documents the embryonic shift in custodial economic functions from the United States to Asia. Whether measured in terms of the purchasing of government and private debt, or the provision of foreign direct investment and overseas aid, the United States plays a diminishing role in sustaining global capitalism. Asian countries—most notably China, and to a lesser extent, Japan—have increasingly assumed this role because their leaders see it in their national interest. As holders of trillions of dollars of U.S. debt, these countries arguably provide more stability to the global system than Washington does. The United States is the largest debtor in the world, and contrary to any claims of hegemony, is now a great source of economic instability.Less
This chapter documents the embryonic shift in custodial economic functions from the United States to Asia. Whether measured in terms of the purchasing of government and private debt, or the provision of foreign direct investment and overseas aid, the United States plays a diminishing role in sustaining global capitalism. Asian countries—most notably China, and to a lesser extent, Japan—have increasingly assumed this role because their leaders see it in their national interest. As holders of trillions of dollars of U.S. debt, these countries arguably provide more stability to the global system than Washington does. The United States is the largest debtor in the world, and contrary to any claims of hegemony, is now a great source of economic instability.
