Christian de Perthuis and Pierre-André Jouvet
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780231171403
- eISBN:
- 9780231540360
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231171403.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Many believe economic growth is incompatible with ecological preservation. Green Capital challenges this argument by shifting our focus away from the scarcity of raw materials and toward the ...
More
Many believe economic growth is incompatible with ecological preservation. Green Capital challenges this argument by shifting our focus away from the scarcity of raw materials and toward the deterioration of the great natural regulatory functions (such as the climate system, the water cycle, and biodiversity). Although we can find substitutes for scarce natural resources, we cannot replace a natural regulatory system, which is incredibly complex. It is therefore critical that we introduce a new price into the economy that measures the costs of damage to these regulatory functions. This change in perspective justifies such innovations as the carbon tax, which addresses not the scarcity of carbon but the inability of the atmosphere to absorb large amounts of carbon without upsetting the climate system. Brokering a sustainable peace between ecology and the economy, Green Capital describes a range of valuation schemes and their contribution to the goals of green capitalism, proposing a new approach to natural resources that benefits both businesses and the environment.Less
Many believe economic growth is incompatible with ecological preservation. Green Capital challenges this argument by shifting our focus away from the scarcity of raw materials and toward the deterioration of the great natural regulatory functions (such as the climate system, the water cycle, and biodiversity). Although we can find substitutes for scarce natural resources, we cannot replace a natural regulatory system, which is incredibly complex. It is therefore critical that we introduce a new price into the economy that measures the costs of damage to these regulatory functions. This change in perspective justifies such innovations as the carbon tax, which addresses not the scarcity of carbon but the inability of the atmosphere to absorb large amounts of carbon without upsetting the climate system. Brokering a sustainable peace between ecology and the economy, Green Capital describes a range of valuation schemes and their contribution to the goals of green capitalism, proposing a new approach to natural resources that benefits both businesses and the environment.
Y. Y. Kueh
- Published in print:
- 2012
- Published Online:
- May 2013
- ISBN:
- 9789888083824
- eISBN:
- 9789888180158
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888083824.003.0004
- Subject:
- History, Political History
This chapter aims at highlighting the salient aspects of Guangdong's economic aspiration against the background of institutional and policy adjustments since the early 1980s. Apart from elucidating ...
More
This chapter aims at highlighting the salient aspects of Guangdong's economic aspiration against the background of institutional and policy adjustments since the early 1980s. Apart from elucidating the economic significance of Guangdong vis-à-vis China and the four East Asian dragons, this chapter also analyses the nature and impact of economic growth and structural change both within the province itself and relative to the country as a whole. Besides, it glances at the roles of investment and foreign capital, foreign trade, and Guangdong's links with Hong Kong. Last but not least, the future prospects for the aspiring fifth little dragon are briefly assessed.Less
This chapter aims at highlighting the salient aspects of Guangdong's economic aspiration against the background of institutional and policy adjustments since the early 1980s. Apart from elucidating the economic significance of Guangdong vis-à-vis China and the four East Asian dragons, this chapter also analyses the nature and impact of economic growth and structural change both within the province itself and relative to the country as a whole. Besides, it glances at the roles of investment and foreign capital, foreign trade, and Guangdong's links with Hong Kong. Last but not least, the future prospects for the aspiring fifth little dragon are briefly assessed.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0005
- Subject:
- Society and Culture, Asian Studies
Sir John Cowperthwaite, Financial Secretary from 1961 to 1971, said that the aggregate of decisions of individual businessmen in a free economy is more likely to do good than the centralized ...
More
Sir John Cowperthwaite, Financial Secretary from 1961 to 1971, said that the aggregate of decisions of individual businessmen in a free economy is more likely to do good than the centralized decisions of a government. The chapter examines the ways in which the Hong Kong government becomes less limited, and analyzes the extent to which it might evolve into a deep contradiction. In additiion, the consequences in terms of economic vitality and economic growth brought by a limited government are also examined.Less
Sir John Cowperthwaite, Financial Secretary from 1961 to 1971, said that the aggregate of decisions of individual businessmen in a free economy is more likely to do good than the centralized decisions of a government. The chapter examines the ways in which the Hong Kong government becomes less limited, and analyzes the extent to which it might evolve into a deep contradiction. In additiion, the consequences in terms of economic vitality and economic growth brought by a limited government are also examined.
Michael Haliassos
- Published in print:
- 2013
- Published Online:
- January 2015
- ISBN:
- 9780262018296
- eISBN:
- 9780262305495
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262018296.003.0009
- Subject:
- Economics and Finance, Financial Economics
Financial markets play an instrumental role in the efficient allocation of productive resources and are an important factor for long-run economic growth. However, recent financial crises have ...
More
Financial markets play an instrumental role in the efficient allocation of productive resources and are an important factor for long-run economic growth. However, recent financial crises have demonstrated that finance can exacerbate the trade-off between economic efficiency and macroeconomic stability. Financial markets can facilitate the accumulation of debt in good times, leading to a mutually reinforcing dynamic between the real and the financial sector whereby the financial system amplifies the business cycle and generates financial instability. This capacity has in the past been manifested in a host of feedback mechanisms, such as procyclical capital and collateral requirements, procyclical financial innovation, or pro-cyclical risk-taking and compensation schemes. Increasing the resilience of the financial sector without endangering its capacity to sustain economic activity is an important aspect of the tasks that the newly established macroprudential regulators on both sides of the Atlantic are charged with.Less
Financial markets play an instrumental role in the efficient allocation of productive resources and are an important factor for long-run economic growth. However, recent financial crises have demonstrated that finance can exacerbate the trade-off between economic efficiency and macroeconomic stability. Financial markets can facilitate the accumulation of debt in good times, leading to a mutually reinforcing dynamic between the real and the financial sector whereby the financial system amplifies the business cycle and generates financial instability. This capacity has in the past been manifested in a host of feedback mechanisms, such as procyclical capital and collateral requirements, procyclical financial innovation, or pro-cyclical risk-taking and compensation schemes. Increasing the resilience of the financial sector without endangering its capacity to sustain economic activity is an important aspect of the tasks that the newly established macroprudential regulators on both sides of the Atlantic are charged with.
Jesper Rangvid
- Published in print:
- 2021
- Published Online:
- February 2021
- ISBN:
- 9780198866404
- eISBN:
- 9780191898549
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198866404.001.0001
- Subject:
- Economics and Finance, Financial Economics
From Main Street to Wall Street examines the relation between the economy and the stock market. It discusses the academic theories and empirical facts, and guides readers through the fascinating ...
More
From Main Street to Wall Street examines the relation between the economy and the stock market. It discusses the academic theories and empirical facts, and guides readers through the fascinating interaction between economic activity and financial markets. Itexamines what causes long-run economic growth and shorter-term business-cycle fluctuations and analyses their impact on stock markets. From Main Street to Wall Street also discusses how investors can use knowledge of economic activity and financial markets to formulate expectations to future stock returns. The book relies on data, and figures and tables illustrate arguments and theories in intuitive ways.In the end, From Main Street to Wall Street helps academic scholars and practitioners navigate financial markets by understanding the economy.Less
From Main Street to Wall Street examines the relation between the economy and the stock market. It discusses the academic theories and empirical facts, and guides readers through the fascinating interaction between economic activity and financial markets. Itexamines what causes long-run economic growth and shorter-term business-cycle fluctuations and analyses their impact on stock markets. From Main Street to Wall Street also discusses how investors can use knowledge of economic activity and financial markets to formulate expectations to future stock returns. The book relies on data, and figures and tables illustrate arguments and theories in intuitive ways.In the end, From Main Street to Wall Street helps academic scholars and practitioners navigate financial markets by understanding the economy.
Yin-Wong Cheung and Frank Westermann (eds)
- Published in print:
- 2013
- Published Online:
- May 2014
- ISBN:
- 9780262019804
- eISBN:
- 9780262314442
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262019804.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
One lens through which to view global economic interdependence and the spillover of shocks is that of decoupling (and then recoupling). Decoupling between developed and developing countries can be ...
More
One lens through which to view global economic interdependence and the spillover of shocks is that of decoupling (and then recoupling). Decoupling between developed and developing countries can be seen in the strong economic performance of China and India relative to that of the United States and Europe in the early 2000s. Recoupling then took place as developing countries sank along with the developed world during the deepening financial crisis of 2008. This volume examines patterns of global economic interdependence and the propagation of shocks in an increasingly integrated world economy. The contributors discuss such topics as the transmission of exogenous shocks; causes of business cycle synchronicity; the differences between global and regional shocks; the South-South trade relationship and its effect on decoupling; vertical specialization and Mexico’s manufacturing exports; growth prospects in China, the United States, and Europe after the financial crisis; and the evolving role of the U.S. dollar in international monetary architecture.Less
One lens through which to view global economic interdependence and the spillover of shocks is that of decoupling (and then recoupling). Decoupling between developed and developing countries can be seen in the strong economic performance of China and India relative to that of the United States and Europe in the early 2000s. Recoupling then took place as developing countries sank along with the developed world during the deepening financial crisis of 2008. This volume examines patterns of global economic interdependence and the propagation of shocks in an increasingly integrated world economy. The contributors discuss such topics as the transmission of exogenous shocks; causes of business cycle synchronicity; the differences between global and regional shocks; the South-South trade relationship and its effect on decoupling; vertical specialization and Mexico’s manufacturing exports; growth prospects in China, the United States, and Europe after the financial crisis; and the evolving role of the U.S. dollar in international monetary architecture.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0011
- Subject:
- Society and Culture, Asian Studies
The author entertains the notion that in the long run, Hong Kong's economic growth counts critically on the creativity and innovation of the citizens. Positive non-interventionism has long been the ...
More
The author entertains the notion that in the long run, Hong Kong's economic growth counts critically on the creativity and innovation of the citizens. Positive non-interventionism has long been the guiding principle in managing local economic affairs, and therefore, conspicuously there is merely limited room for positive intervention to prevail in society. This chapter puts forward an argument selective intervention for promoting policies and building institutions to foster creativity and innovation.Less
The author entertains the notion that in the long run, Hong Kong's economic growth counts critically on the creativity and innovation of the citizens. Positive non-interventionism has long been the guiding principle in managing local economic affairs, and therefore, conspicuously there is merely limited room for positive intervention to prevail in society. This chapter puts forward an argument selective intervention for promoting policies and building institutions to foster creativity and innovation.
Yvonne Rydin
- Published in print:
- 2013
- Published Online:
- May 2014
- ISBN:
- 9781447308416
- eISBN:
- 9781447312062
- Item type:
- book
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447308416.001.0001
- Subject:
- Sociology, Urban and Rural Studies
The planning system has always sought to support greater prosperity in local areas, but has achieved mixed success. Inequality, social deprivation and environmental injustice remain persistent ...
More
The planning system has always sought to support greater prosperity in local areas, but has achieved mixed success. Inequality, social deprivation and environmental injustice remain persistent features of urban and rural areas. This has been true even in more nationally buoyant economic times but now the planning system is faced with the prospect of operating through years of economic stagnation. The existing approach which is dependent on market-based economic growth to achieve social benefits in localities is unlikely to work. Yet government policy is responding by proposing a presumption in favour of sustainable development - understood clearly to be market-led development. It is time to re-examine this approach and consider alternatives. This book provides a timely critique of existing assumptions about planning’s relationship to economic demand and its role in relation to market-led development. It proposes an alternative approach based on a mix of protection of community and low-value assets and land uses with ways of promoting development and use of the built and natural environment that meet community needs. It builds on the arguments of the last chapter in The Purpose of Planning (Policy Press, 2010), and feeds into contemporary debates about public policy, planning and sustainability.Less
The planning system has always sought to support greater prosperity in local areas, but has achieved mixed success. Inequality, social deprivation and environmental injustice remain persistent features of urban and rural areas. This has been true even in more nationally buoyant economic times but now the planning system is faced with the prospect of operating through years of economic stagnation. The existing approach which is dependent on market-based economic growth to achieve social benefits in localities is unlikely to work. Yet government policy is responding by proposing a presumption in favour of sustainable development - understood clearly to be market-led development. It is time to re-examine this approach and consider alternatives. This book provides a timely critique of existing assumptions about planning’s relationship to economic demand and its role in relation to market-led development. It proposes an alternative approach based on a mix of protection of community and low-value assets and land uses with ways of promoting development and use of the built and natural environment that meet community needs. It builds on the arguments of the last chapter in The Purpose of Planning (Policy Press, 2010), and feeds into contemporary debates about public policy, planning and sustainability.
Antonio Fatás
- Published in print:
- 2016
- Published Online:
- August 2016
- ISBN:
- 9780198754688
- eISBN:
- 9780191816260
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198754688.003.0002
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Structural reforms have been part of the economic policy discussions of European governments since the 1970s, but, during the last decade, the global financial crisis has created a sense of urgency ...
More
Structural reforms have been part of the economic policy discussions of European governments since the 1970s, but, during the last decade, the global financial crisis has created a sense of urgency because of the low performance of many European economies. In this chapter, empirical analysis first shows that there exists a strong correlation between policies, institutions, and economic performance. Reforms are happening and they are happening faster in the countries that need them the most. However, the speed of reforms is not always fast enough, reforms happen in an isolated manner, and their effects are not as large as planned. The chapter concludes with some thoughts on what it would take to accelerate the reform process and the potential role of Europe and its institutions.Less
Structural reforms have been part of the economic policy discussions of European governments since the 1970s, but, during the last decade, the global financial crisis has created a sense of urgency because of the low performance of many European economies. In this chapter, empirical analysis first shows that there exists a strong correlation between policies, institutions, and economic performance. Reforms are happening and they are happening faster in the countries that need them the most. However, the speed of reforms is not always fast enough, reforms happen in an isolated manner, and their effects are not as large as planned. The chapter concludes with some thoughts on what it would take to accelerate the reform process and the potential role of Europe and its institutions.
Y. Y. Kueh
- Published in print:
- 2012
- Published Online:
- May 2013
- ISBN:
- 9789888083824
- eISBN:
- 9789888180158
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888083824.003.0008
- Subject:
- History, Political History
‘How did the SAR government cope with the Asian financial crisis and would there have been better alternatives?’ This raises a number of associated questions listed as follows, and the major problems ...
More
‘How did the SAR government cope with the Asian financial crisis and would there have been better alternatives?’ This raises a number of associated questions listed as follows, and the major problems involved are highlighted as well in this chapter. 1) Would the present policy approach bring about an early economic recovery? Could it prevent similar crises in the future? 2) Can China continue to be wholly insulated from similar regional financial disruption? 3) What preventive policy measures have been taken in China? Would they be effective? 4) What would the long-term implications be for the country's economic growth?Less
‘How did the SAR government cope with the Asian financial crisis and would there have been better alternatives?’ This raises a number of associated questions listed as follows, and the major problems involved are highlighted as well in this chapter. 1) Would the present policy approach bring about an early economic recovery? Could it prevent similar crises in the future? 2) Can China continue to be wholly insulated from similar regional financial disruption? 3) What preventive policy measures have been taken in China? Would they be effective? 4) What would the long-term implications be for the country's economic growth?
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0016
- Subject:
- Society and Culture, Asian Studies
Understanding the factors and implications of income inequality in our society is of paramount importance. It tells us what has to be done to reduce inequality and alleviate the poverty problem. This ...
More
Understanding the factors and implications of income inequality in our society is of paramount importance. It tells us what has to be done to reduce inequality and alleviate the poverty problem. This chapter centres on the economic aspects of income inequality, and examines this phenomenon through the revenue perspective and the concept of positive economics. Inequality is considered the result of a race between technology and education, and in general, inequality occurs when educational changes lag far behind technological advances. Increasing the supply of skilled manpower can be achieved in four distinct ways, and they are instrumental in reducing income inequality in the long run. Education is construed by the author as an indispensable vehicle for arresting the trend of growing income inequality and promoting economic growth.Less
Understanding the factors and implications of income inequality in our society is of paramount importance. It tells us what has to be done to reduce inequality and alleviate the poverty problem. This chapter centres on the economic aspects of income inequality, and examines this phenomenon through the revenue perspective and the concept of positive economics. Inequality is considered the result of a race between technology and education, and in general, inequality occurs when educational changes lag far behind technological advances. Increasing the supply of skilled manpower can be achieved in four distinct ways, and they are instrumental in reducing income inequality in the long run. Education is construed by the author as an indispensable vehicle for arresting the trend of growing income inequality and promoting economic growth.
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0001
- Subject:
- Economics and Finance, Economic History
This chapter introduces Gallman’s capital stock project. It traces its origin and evolution. It relates several of Gallman’s key observations about the pace and pattern of US economic growth.in the ...
More
This chapter introduces Gallman’s capital stock project. It traces its origin and evolution. It relates several of Gallman’s key observations about the pace and pattern of US economic growth.in the nineteenth century.Less
This chapter introduces Gallman’s capital stock project. It traces its origin and evolution. It relates several of Gallman’s key observations about the pace and pattern of US economic growth.in the nineteenth century.
Yue Chim Richard Wong
- Published in print:
- 2017
- Published Online:
- January 2018
- ISBN:
- 9789888390625
- eISBN:
- 9789888390373
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888390625.003.0005
- Subject:
- Economics and Finance, Public and Welfare
The crucial driver of the difference in growth rates between Hong Kong and Singapore – two of the freest market economies in the world – is their different rates of growth in human capital. Free ...
More
The crucial driver of the difference in growth rates between Hong Kong and Singapore – two of the freest market economies in the world – is their different rates of growth in human capital. Free markets in labor, capital, and land allow these resources to be allocated more efficiently, but you cannot achieve growth and productivity increases if you do not invest in capital. In a modern economy, the most important form of capital is human capital. Human capital markets are imperfect, so there is an important role for government and nongovernment charities and voluntary organizations to play in fostering and financing investment in human capital.Hong Kong must not lose any more time getting its act together on human capital.Less
The crucial driver of the difference in growth rates between Hong Kong and Singapore – two of the freest market economies in the world – is their different rates of growth in human capital. Free markets in labor, capital, and land allow these resources to be allocated more efficiently, but you cannot achieve growth and productivity increases if you do not invest in capital. In a modern economy, the most important form of capital is human capital. Human capital markets are imperfect, so there is an important role for government and nongovernment charities and voluntary organizations to play in fostering and financing investment in human capital.Hong Kong must not lose any more time getting its act together on human capital.
Dotan Leshem
- Published in print:
- 2016
- Published Online:
- January 2017
- ISBN:
- 9780231177764
- eISBN:
- 9780231541749
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231177764.003.0006
- Subject:
- History, History of Ideas
The sixth chapter (From Ecclesiastical to Market Economy) revises some of the main aspects of Arendt’s and Foucault’s critical accounts of modernity. It also discusses the definition of: the economy; ...
More
The sixth chapter (From Ecclesiastical to Market Economy) revises some of the main aspects of Arendt’s and Foucault’s critical accounts of modernity. It also discusses the definition of: the economy; economic desire and its desired object; politics; and philosophy in pre-Christian Greek antiquity, Christianity, Liberalism and Neoliberalism. the chapter concludes looking for venues to surpass the latter by going beyond Arendt and Foucault.Less
The sixth chapter (From Ecclesiastical to Market Economy) revises some of the main aspects of Arendt’s and Foucault’s critical accounts of modernity. It also discusses the definition of: the economy; economic desire and its desired object; politics; and philosophy in pre-Christian Greek antiquity, Christianity, Liberalism and Neoliberalism. the chapter concludes looking for venues to surpass the latter by going beyond Arendt and Foucault.
AJ. Arnold and Robert G. Greenhill
- Published in print:
- 1994
- Published Online:
- September 2018
- ISBN:
- 9780969588542
- eISBN:
- 9781786944887
- Item type:
- chapter
- Publisher:
- Liverpool University Press
- DOI:
- 10.5949/liverpool/9780969588542.003.0006
- Subject:
- History, Maritime History
This essay discusses the negotiation of postal contracts between the government and the private sector, and asks whether the state provided private sector shipping companies with excess returns. The ...
More
This essay discusses the negotiation of postal contracts between the government and the private sector, and asks whether the state provided private sector shipping companies with excess returns. The essay also describes the operation of Royal Mail’s mail contracts and the development of its non-contract revenues; its commercial and financial returns, and finally compares its results with financial returns in the second half of the 19th century.Less
This essay discusses the negotiation of postal contracts between the government and the private sector, and asks whether the state provided private sector shipping companies with excess returns. The essay also describes the operation of Royal Mail’s mail contracts and the development of its non-contract revenues; its commercial and financial returns, and finally compares its results with financial returns in the second half of the 19th century.
Assaf Razin
- Published in print:
- 2018
- Published Online:
- September 2018
- ISBN:
- 9780262037341
- eISBN:
- 9780262344234
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262037341.001.0001
- Subject:
- Political Science, Political Economy
The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book ...
More
The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book spells out, empirically, how the globalization played a crucial role in advancing Israel's economic progress. That is, economists and policy makers can gain insights as to how a globalized economy takes advantage of international trade, labor mobility, its international financial links, and at the same time push up against globalization headwinds, such as those triggered by the 2008 global financial crisis. A general lesson which comes out is that once a gradual opening up process is set, time-consistent macroeconomic policy is adapted, and well-regulated institutional setup is put in place, Israel’s economy has been able ride on growth-enhancing globalization flows, and weather its chilly storms. The book analyzes these game-changing events, evaluates their role in Israel remarkable development, and compares these developments to groups of developed and emerging- market economies in similar circumstances. To gain broader perspective, the book also looks back into recent history. The unique saga of Israel’s high-inflation crisis and the long period where it rebuilt the major financial, and monetary institutions, and regulatory bodies. These elements provided better macroeconomic stability and help mitigate business cycle fluctuations, and get the economy through military conflicts and boycotts. The book also surveys trending developments that remain challenging. The exceptionally high fertility among ultra-Orthodox Jews, and Arab minority, increasing portions of the population, is the main reason for the flagging labor-force participation. High fertility diminishes skill attainment. A rise in income inequality in all advanced economies, which also takes place in Israel, has a potential for setting off social-political divide. In the case of Israel, its fast development came, however, at the cost of rising income inequality and social polarization. Israel now has the most unequal distribution of income among OECD countries and its public education has declined from one of the best to one of the worst in the OECD. Israel’s income redistributive policies, from rich to poor, from healthy to the sick and from young to old, is significantly less comprehensive in scope, compared to the European systems. It has been becoming even less so over the last decades. Israel has an unusually high fertility rate among the developed economies. The book endeavors to marry economic theory, empirical evidence, and narrative presentation. It does so in a way that is enlightening to the specialist, but remains digestible for the non-professional reader. It provides an opportunity for the reader to look through the rear mirror at the saga of Israel’s high-inflation, and the inflation conquest. To connect to the earlier literature, the book provides a review of books surveys of the earlier phases in the development of the economy of Israel. There could be at least two potential groups of readers: a. Policy makers, academic and non-academic (international institutions, banks, etc.) researchers and students interested in the Israeli Economy; b. Policy makers, academic and non-academic researches, interested in the effects of globalization; and, c. Advanced undergraduate, and graduate students in international macroeconomics courses.Less
The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book spells out, empirically, how the globalization played a crucial role in advancing Israel's economic progress. That is, economists and policy makers can gain insights as to how a globalized economy takes advantage of international trade, labor mobility, its international financial links, and at the same time push up against globalization headwinds, such as those triggered by the 2008 global financial crisis. A general lesson which comes out is that once a gradual opening up process is set, time-consistent macroeconomic policy is adapted, and well-regulated institutional setup is put in place, Israel’s economy has been able ride on growth-enhancing globalization flows, and weather its chilly storms. The book analyzes these game-changing events, evaluates their role in Israel remarkable development, and compares these developments to groups of developed and emerging- market economies in similar circumstances. To gain broader perspective, the book also looks back into recent history. The unique saga of Israel’s high-inflation crisis and the long period where it rebuilt the major financial, and monetary institutions, and regulatory bodies. These elements provided better macroeconomic stability and help mitigate business cycle fluctuations, and get the economy through military conflicts and boycotts. The book also surveys trending developments that remain challenging. The exceptionally high fertility among ultra-Orthodox Jews, and Arab minority, increasing portions of the population, is the main reason for the flagging labor-force participation. High fertility diminishes skill attainment. A rise in income inequality in all advanced economies, which also takes place in Israel, has a potential for setting off social-political divide. In the case of Israel, its fast development came, however, at the cost of rising income inequality and social polarization. Israel now has the most unequal distribution of income among OECD countries and its public education has declined from one of the best to one of the worst in the OECD. Israel’s income redistributive policies, from rich to poor, from healthy to the sick and from young to old, is significantly less comprehensive in scope, compared to the European systems. It has been becoming even less so over the last decades. Israel has an unusually high fertility rate among the developed economies. The book endeavors to marry economic theory, empirical evidence, and narrative presentation. It does so in a way that is enlightening to the specialist, but remains digestible for the non-professional reader. It provides an opportunity for the reader to look through the rear mirror at the saga of Israel’s high-inflation, and the inflation conquest. To connect to the earlier literature, the book provides a review of books surveys of the earlier phases in the development of the economy of Israel. There could be at least two potential groups of readers: a. Policy makers, academic and non-academic (international institutions, banks, etc.) researchers and students interested in the Israeli Economy; b. Policy makers, academic and non-academic researches, interested in the effects of globalization; and, c. Advanced undergraduate, and graduate students in international macroeconomics courses.
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock ...
More
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock as a proxy to measure of economic growth. The chapter documents the early importance of capital accumulation in structures and land improvement. It also performs a growth accounting exercise for the whole nineteenth century.Less
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock as a proxy to measure of economic growth. The chapter documents the early importance of capital accumulation in structures and land improvement. It also performs a growth accounting exercise for the whole nineteenth century.
Nicola Amendola
- Published in print:
- 2017
- Published Online:
- March 2017
- ISBN:
- 9780199944590
- eISBN:
- 9780190218850
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199944590.003.0009
- Subject:
- Economics and Finance, Economic History
Any history of the wellbeing of the Italians that ignores the sphere of economic inequality would be incomplete and unsatisfactory. That is why this chapter presents a quantitative reconstruction of ...
More
Any history of the wellbeing of the Italians that ignores the sphere of economic inequality would be incomplete and unsatisfactory. That is why this chapter presents a quantitative reconstruction of income inequality in Italy since 1861, the year the Kingdom of Italy was founded. Estimates are based on a most innovative and unique collection of family accounts—the Italian Household Budget Database—where more than 20,000 family records have been organized and linked to modern survey data. For no other countries do such long-run, methodologically consistent and theoretically grounded series exist. In the long run Italian economic growth has been accompanied by a decrease in income inequality: this makes Italy a little-known success story. Inequality has started to increase again since the early 1990s and the barometer of the country’s social indices by now points to a clear worsening of the situation.Less
Any history of the wellbeing of the Italians that ignores the sphere of economic inequality would be incomplete and unsatisfactory. That is why this chapter presents a quantitative reconstruction of income inequality in Italy since 1861, the year the Kingdom of Italy was founded. Estimates are based on a most innovative and unique collection of family accounts—the Italian Household Budget Database—where more than 20,000 family records have been organized and linked to modern survey data. For no other countries do such long-run, methodologically consistent and theoretically grounded series exist. In the long run Italian economic growth has been accompanied by a decrease in income inequality: this makes Italy a little-known success story. Inequality has started to increase again since the early 1990s and the barometer of the country’s social indices by now points to a clear worsening of the situation.
Robyn Klingler-Vidra
- Published in print:
- 2018
- Published Online:
- May 2019
- ISBN:
- 9781501723377
- eISBN:
- 9781501723384
- Item type:
- book
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9781501723377.001.0001
- Subject:
- Political Science, Political Economy
The Venture Capital State investigates the diffusion of the globally acclaimed Silicon Valley venture capital (VC) policy model. The spread of this model has been ubiquitous, with at least 45 states ...
More
The Venture Capital State investigates the diffusion of the globally acclaimed Silicon Valley venture capital (VC) policy model. The spread of this model has been ubiquitous, with at least 45 states across a range of countries, in terms of geography, culture, and size, attempting to build local VC markets. In contrast to the transcendent exuberance for VC, policymakers in each and every state have implemented a distinct set of policies. Even states of similar population and economic sizes that are geographically and culturally proximate, and at comparable levels of industrialization, have not implemented similar policies. This book explains why: policymakers are “contextually rational” in their learning; their context-rooted norms shape preferences, underpinning their distinct valuations of studied models. The normative context of those learning about the policy – how they see themselves and what they deem as locally appropriate – informs their design. Findings are based upon deep investigations of VC policymaking in an East Asian cluster of states: Hong Kong, Taiwan, and Singapore. These states’ VC successes reflects their ability to effectively adapt the highly-lauded model for their local context, not their policymakers’ approximation of the Silicon Valley policy model.Less
The Venture Capital State investigates the diffusion of the globally acclaimed Silicon Valley venture capital (VC) policy model. The spread of this model has been ubiquitous, with at least 45 states across a range of countries, in terms of geography, culture, and size, attempting to build local VC markets. In contrast to the transcendent exuberance for VC, policymakers in each and every state have implemented a distinct set of policies. Even states of similar population and economic sizes that are geographically and culturally proximate, and at comparable levels of industrialization, have not implemented similar policies. This book explains why: policymakers are “contextually rational” in their learning; their context-rooted norms shape preferences, underpinning their distinct valuations of studied models. The normative context of those learning about the policy – how they see themselves and what they deem as locally appropriate – informs their design. Findings are based upon deep investigations of VC policymaking in an East Asian cluster of states: Hong Kong, Taiwan, and Singapore. These states’ VC successes reflects their ability to effectively adapt the highly-lauded model for their local context, not their policymakers’ approximation of the Silicon Valley policy model.
Anders Åslund and Simeon Djankov
- Published in print:
- 2017
- Published Online:
- January 2017
- ISBN:
- 9780190499204
- eISBN:
- 9780190499235
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780190499204.003.0002
- Subject:
- Economics and Finance, International
Europe’s overgrasping problem is low economic growth. Since the mid-1970s Europe has not converged any further with the United States. Nor is any convergence forecast in the future. Specifically, ...
More
Europe’s overgrasping problem is low economic growth. Since the mid-1970s Europe has not converged any further with the United States. Nor is any convergence forecast in the future. Specifically, Europe is lagging behind in productivity, employment, innovation, and the development of digital and service markets. Europe has experienced waves of migration, which pose threats but also offer opportunities. The European country that currently manages migration most successfully appears to be Ireland. Europe has far from full employment, with some countries having low employment, while employees work short hours in other countries, suggesting distortion of incentives and regulation. Europe’s greatest prides are eminent human capital and excellent rule of law. The key question is how to enhance labor productivity.Less
Europe’s overgrasping problem is low economic growth. Since the mid-1970s Europe has not converged any further with the United States. Nor is any convergence forecast in the future. Specifically, Europe is lagging behind in productivity, employment, innovation, and the development of digital and service markets. Europe has experienced waves of migration, which pose threats but also offer opportunities. The European country that currently manages migration most successfully appears to be Ireland. Europe has far from full employment, with some countries having low employment, while employees work short hours in other countries, suggesting distortion of incentives and regulation. Europe’s greatest prides are eminent human capital and excellent rule of law. The key question is how to enhance labor productivity.
