Yaacov Lev
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9781474459235
- eISBN:
- 9781474480789
- Item type:
- book
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9781474459235.001.0001
- Subject:
- Society and Culture, Middle Eastern Studies
This book discusses how justice was administrated and applied in medieval Egypt. The model that evolved during the early middle ages involved four judicial institutions: the cadi, the court of ...
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This book discusses how justice was administrated and applied in medieval Egypt. The model that evolved during the early middle ages involved four judicial institutions: the cadi, the court of complaints (mazalim), the police (shurta), responsible for criminal justice, and the Islamised market law (hisba), administrated by the market supervisor (the muhtasib). Literary and non-literary sources are used to highlight how these institutions worked in real-time situations such as the famine of 1024-1025, which posed tremendous challenges to both the market supervisor and the ruling establishment. The inner workings of the court of complaint during the Fatimid period (10th-12th century) are also extensively discussed. The discussion is extended to include the way the courts of non-Muslim communities were perceived and functioned during the Fatimid period. The discussion also provides insights into the scope of non-Muslim self-rule/judicial autonomy in medieval Islam.Less
This book discusses how justice was administrated and applied in medieval Egypt. The model that evolved during the early middle ages involved four judicial institutions: the cadi, the court of complaints (mazalim), the police (shurta), responsible for criminal justice, and the Islamised market law (hisba), administrated by the market supervisor (the muhtasib). Literary and non-literary sources are used to highlight how these institutions worked in real-time situations such as the famine of 1024-1025, which posed tremendous challenges to both the market supervisor and the ruling establishment. The inner workings of the court of complaint during the Fatimid period (10th-12th century) are also extensively discussed. The discussion is extended to include the way the courts of non-Muslim communities were perceived and functioned during the Fatimid period. The discussion also provides insights into the scope of non-Muslim self-rule/judicial autonomy in medieval Islam.
Leah F. Vosko
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199574810
- eISBN:
- 9780191722080
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199574810.003.0007
- Subject:
- Business and Management, Political Economy, HRM / IR
This chapter examines responses to the destabilization of the employment relationship and labour market insecurities coming in its train. The regulation of principal focus is the ILO Recommendation ...
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This chapter examines responses to the destabilization of the employment relationship and labour market insecurities coming in its train. The regulation of principal focus is the ILO Recommendation on the Employment Relationship (2006), marking a shift from equal treatment to effective protection. The empirical focus is Industrialized Market Economy Countries experiencing a rise of self‐employment resembling paid employment, a subset of which was precarious, in the late 20th century. Two approaches to self‐employment are scrutinized: the approach advanced in Australia at the federal level, characterized by the promotion of independent contracting, and the approach pursued in several EU countries as well as at the Community level, characterized by measures supporting entrepreneurship while aiming to limit insecurities among the self‐employed. Among these approaches, EU‐level proposals addressing ‘economically dependent work’ hold promise. However, even they retain the binary division between paid or subordinate employment and self‐employment rather than extending labour protection to all workers.Less
This chapter examines responses to the destabilization of the employment relationship and labour market insecurities coming in its train. The regulation of principal focus is the ILO Recommendation on the Employment Relationship (2006), marking a shift from equal treatment to effective protection. The empirical focus is Industrialized Market Economy Countries experiencing a rise of self‐employment resembling paid employment, a subset of which was precarious, in the late 20th century. Two approaches to self‐employment are scrutinized: the approach advanced in Australia at the federal level, characterized by the promotion of independent contracting, and the approach pursued in several EU countries as well as at the Community level, characterized by measures supporting entrepreneurship while aiming to limit insecurities among the self‐employed. Among these approaches, EU‐level proposals addressing ‘economically dependent work’ hold promise. However, even they retain the binary division between paid or subordinate employment and self‐employment rather than extending labour protection to all workers.
George Cheney, Daniel J. Lair, Dean Ritz, and Brenden E. Kendall
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780195182774
- eISBN:
- 9780199871001
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195182774.003.0002
- Subject:
- Business and Management, Corporate Governance and Accountability
This chapter explores how we have limited our own understanding and application of ethics at work through our everyday talk about it. The chapter begins by arguing that how we frame ethics is as ...
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This chapter explores how we have limited our own understanding and application of ethics at work through our everyday talk about it. The chapter begins by arguing that how we frame ethics is as important, and sometimes more important, than the specific ethical decisions we make. The chapter explains how a perspective on ethics that is grounded in communication and rhetoric can illuminate how we unnecessarily restrain the influence of ethics at work. The chapter makes the case for examining popular culture and everyday talk for clues to how ethics is treated in our professional lives. Turning the saying “talk is cheap” on its head, the chapter urges a serious consideration of what it means to say, for example, that one's work is “just a job” or that we should “let the market decide.” Thus, the reader is urged to find ethical implications in diverse messages and cases, ranging from codes and handbooks, to television shows and Internet advertising, to everyday conversation, including sayings that become part of who we are.Less
This chapter explores how we have limited our own understanding and application of ethics at work through our everyday talk about it. The chapter begins by arguing that how we frame ethics is as important, and sometimes more important, than the specific ethical decisions we make. The chapter explains how a perspective on ethics that is grounded in communication and rhetoric can illuminate how we unnecessarily restrain the influence of ethics at work. The chapter makes the case for examining popular culture and everyday talk for clues to how ethics is treated in our professional lives. Turning the saying “talk is cheap” on its head, the chapter urges a serious consideration of what it means to say, for example, that one's work is “just a job” or that we should “let the market decide.” Thus, the reader is urged to find ethical implications in diverse messages and cases, ranging from codes and handbooks, to television shows and Internet advertising, to everyday conversation, including sayings that become part of who we are.
George Cheney, Daniel J. Lair, Dean Ritz, and Brenden E. Kendall
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780195182774
- eISBN:
- 9780199871001
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195182774.003.0007
- Subject:
- Business and Management, Corporate Governance and Accountability
This chapter focuses on ethics at the market level, arguing that, contrary to popular wisdom, the market is not amoral. In typical contemporary framings, the market is presumed to be both inherently ...
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This chapter focuses on ethics at the market level, arguing that, contrary to popular wisdom, the market is not amoral. In typical contemporary framings, the market is presumed to be both inherently good-as in, the best way to do business and organize society-and yet amoral, in terms of bracketing out or holding at bay ethical judgments. The chapter includes a detailed discussion of the meanings of the market in everyday talk in addition to including accounts of historical and contemporary cases where the presumed “super-agency” of the market led people and societies astray. The chapter also reviews relevant research on happiness, especially as it bears on conceptions of economic productivity and success. The chapter concludes with a consideration of the possibilities for the ethical reform of the market through making visible what we mean when we invoke the term “market.”Less
This chapter focuses on ethics at the market level, arguing that, contrary to popular wisdom, the market is not amoral. In typical contemporary framings, the market is presumed to be both inherently good-as in, the best way to do business and organize society-and yet amoral, in terms of bracketing out or holding at bay ethical judgments. The chapter includes a detailed discussion of the meanings of the market in everyday talk in addition to including accounts of historical and contemporary cases where the presumed “super-agency” of the market led people and societies astray. The chapter also reviews relevant research on happiness, especially as it bears on conceptions of economic productivity and success. The chapter concludes with a consideration of the possibilities for the ethical reform of the market through making visible what we mean when we invoke the term “market.”
Leandro Conte, Gianni Toniolo, and Giovanni Vecchi
- Published in print:
- 2006
- Published Online:
- January 2012
- ISBN:
- 9780197263471
- eISBN:
- 9780191734786
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197263471.003.0011
- Subject:
- Economics and Finance, Economic History
This chapter examines the effects of monetary unification on market integration. It offers a new perspective on the Euro's likely effectiveness in achieving the ‘Single Market’ goal of European ...
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This chapter examines the effects of monetary unification on market integration. It offers a new perspective on the Euro's likely effectiveness in achieving the ‘Single Market’ goal of European economic integration, by examining the impact of a nineteenth-century national currency reform. It looks back at the experience of Italian monetary unification after 1861 and describes how rapidly the prices of the basic factors of production, wages, and interest rates began to converge after the introduction of the national currency.Less
This chapter examines the effects of monetary unification on market integration. It offers a new perspective on the Euro's likely effectiveness in achieving the ‘Single Market’ goal of European economic integration, by examining the impact of a nineteenth-century national currency reform. It looks back at the experience of Italian monetary unification after 1861 and describes how rapidly the prices of the basic factors of production, wages, and interest rates began to converge after the introduction of the national currency.
David L. Wykes
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199215300
- eISBN:
- 9780191706929
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199215300.003.0002
- Subject:
- Religion, History of Christianity
This chapter examines the changes in Priestley's religious opinions against the background of his life, his work as a minister and teacher, and the impact of his theological and other ideas upon the ...
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This chapter examines the changes in Priestley's religious opinions against the background of his life, his work as a minister and teacher, and the impact of his theological and other ideas upon the development of modern Unitarianism. Topics discussed include Priestley's early life and education, his admission into the Daventry Academy; his early ministries: Needham Market and Nantwich; his invitation to become a tutor at Warrington Academy; his ministry at Mill Hill, Leeds; and his adoption of Unitarian opinions. It is argued that Priestley's most lasting contribution was his role in Unitarianism replacing Arianism as the main form of anti-Trinitarian speculation in Britain.Less
This chapter examines the changes in Priestley's religious opinions against the background of his life, his work as a minister and teacher, and the impact of his theological and other ideas upon the development of modern Unitarianism. Topics discussed include Priestley's early life and education, his admission into the Daventry Academy; his early ministries: Needham Market and Nantwich; his invitation to become a tutor at Warrington Academy; his ministry at Mill Hill, Leeds; and his adoption of Unitarian opinions. It is argued that Priestley's most lasting contribution was his role in Unitarianism replacing Arianism as the main form of anti-Trinitarian speculation in Britain.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0014
- Subject:
- Economics and Finance, Economic History, Financial Economics
The Big Bang described in the last chapter appeared to have answered the doubts over the future of the London Stock Exchange, but from the late 1980s onwards into the 1990s, it both waned in ...
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The Big Bang described in the last chapter appeared to have answered the doubts over the future of the London Stock Exchange, but from the late 1980s onwards into the 1990s, it both waned in importance within the British financial system and faced increasing competition from rival foreign stock exchanges. This chapter discusses the reasons for this, starting in the first section with relations with government, since one uncertainty was the level of freedom from government control that the Stock Exchange was to enjoy. With the disappearance of the Stock Exchange's quasi‐official status in the 1990s, there still remained doubts over the role that it had to play in the area of securities market supervision, and the next section of the chapter discusses this situation, the effect of the changing nature of its membership, the disaster over settlement services (the replacement of the successful TALISMAN (Transfer Accounting and Lodgement for Investors, Stock Management for Jobbers) by TAURUS (Transfer and Automated Registration of Uncertificated Stock) and the subsequent failure of TAURUS), and the eventual successful replacement of the SEAQ (Stock Exchange Automated Quotations) trading system by the SEQUENCE trading system from 1993 onwards. The third section of the chapter looks at the provision of the market, and the fact that with the proposed introduction of specialists or sole traders in 1992, the Stock Exchange had once again been brought to the attention of the Office of Fair Trading; competition was also forcing a re‐examination of the way the Stock Exchange's market was organized, and this resulted in the introduction in 1997 of order‐driven trading in the form of SETS (Stock Exchange Trading Service); this section also looks at the abandonment of the traded options market to LIFFE (London International Financials Futures Exchange) and of any pretensions to the futures market, the decline of the USM (Unlisted Securities Market) and its replacement by AIM (Alternative Investment Market), negotiations with various foreign stock markets, and the changing investment environment. The last part of the chapter looks specifically at the changing membership of the Stock Exchange.Less
The Big Bang described in the last chapter appeared to have answered the doubts over the future of the London Stock Exchange, but from the late 1980s onwards into the 1990s, it both waned in importance within the British financial system and faced increasing competition from rival foreign stock exchanges. This chapter discusses the reasons for this, starting in the first section with relations with government, since one uncertainty was the level of freedom from government control that the Stock Exchange was to enjoy. With the disappearance of the Stock Exchange's quasi‐official status in the 1990s, there still remained doubts over the role that it had to play in the area of securities market supervision, and the next section of the chapter discusses this situation, the effect of the changing nature of its membership, the disaster over settlement services (the replacement of the successful TALISMAN (Transfer Accounting and Lodgement for Investors, Stock Management for Jobbers) by TAURUS (Transfer and Automated Registration of Uncertificated Stock) and the subsequent failure of TAURUS), and the eventual successful replacement of the SEAQ (Stock Exchange Automated Quotations) trading system by the SEQUENCE trading system from 1993 onwards. The third section of the chapter looks at the provision of the market, and the fact that with the proposed introduction of specialists or sole traders in 1992, the Stock Exchange had once again been brought to the attention of the Office of Fair Trading; competition was also forcing a re‐examination of the way the Stock Exchange's market was organized, and this resulted in the introduction in 1997 of order‐driven trading in the form of SETS (Stock Exchange Trading Service); this section also looks at the abandonment of the traded options market to LIFFE (London International Financials Futures Exchange) and of any pretensions to the futures market, the decline of the USM (Unlisted Securities Market) and its replacement by AIM (Alternative Investment Market), negotiations with various foreign stock markets, and the changing investment environment. The last part of the chapter looks specifically at the changing membership of the Stock Exchange.
Georgia Levenson Keohane
- Published in print:
- 2016
- Published Online:
- September 2017
- ISBN:
- 9780231178020
- eISBN:
- 9780231541664
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231178020.001.0001
- Subject:
- Business and Management, Business Ethics and Corporate Social Responsibility
Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, ...
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Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity.
Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.Less
Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity.
Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.
Roberta Wue
- Published in print:
- 2014
- Published Online:
- September 2017
- ISBN:
- 9789888208463
- eISBN:
- 9789888313280
- Item type:
- book
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888208463.001.0001
- Subject:
- Art, Art History
The growth of Shanghai in the late nineteenth century gave rise to an exciting new art world in which a flourishing market in popular art became a highly visible part of the treaty port’s ...
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The growth of Shanghai in the late nineteenth century gave rise to an exciting new art world in which a flourishing market in popular art became a highly visible part of the treaty port’s commercialized culture. Art Worlds examines the relationship between the city’s visual artists and their urban audiences. Through a discussion of images ranging from fashionable painted fans to lithograph-illustrated magazines, the book explores how popular art intersected with broader cultural trends. It also investigates the multiple roles played by the modern Chinese artist as image-maker, entrepreneur, celebrity, and urban sojourner. Focusing on industrially produced images, mass advertisements, and other hitherto neglected sources, the book offers a new interpretation of late Qing visual culture at a watershed moment in the history of modern Chinese art.Less
The growth of Shanghai in the late nineteenth century gave rise to an exciting new art world in which a flourishing market in popular art became a highly visible part of the treaty port’s commercialized culture. Art Worlds examines the relationship between the city’s visual artists and their urban audiences. Through a discussion of images ranging from fashionable painted fans to lithograph-illustrated magazines, the book explores how popular art intersected with broader cultural trends. It also investigates the multiple roles played by the modern Chinese artist as image-maker, entrepreneur, celebrity, and urban sojourner. Focusing on industrially produced images, mass advertisements, and other hitherto neglected sources, the book offers a new interpretation of late Qing visual culture at a watershed moment in the history of modern Chinese art.
Emily Pawley
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226693835
- eISBN:
- 9780226693972
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226693972.001.0001
- Subject:
- History, Environmental History
The Nature of the Future examines a place and period of enormous agricultural vitality—antebellum New York State—and follows thousands of “improving agriculturists,” part of the largest, most ...
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The Nature of the Future examines a place and period of enormous agricultural vitality—antebellum New York State—and follows thousands of “improving agriculturists,” part of the largest, most diverse, and most active scientific community in nineteenth-century America. The book shows that these improvers saw profit and agricultural development not only as a goal but also as the underlying purpose of the natural world. However, their sense of the natural future was not unified—improvement began as a developmental tool for large landholders but its meanings split and fragmented as wealthy urbanites, middling farmers, and agrarian radical tenants took hold of improving institutions. This disparate group was bound together by a commercial network of warehouses, nurseries, printers, and manufacturers who acted as experts and focused improving attention more and more upon saleable goods. Far from producing a more rational vision of nature, improvers practiced a form of science where conflicting visions of the future landscape appeared and evaporated in quick succession, where theories of value were contested. Improving networks laid the groundwork both for later industrial agriculture and organic “alternative” agriculture.Less
The Nature of the Future examines a place and period of enormous agricultural vitality—antebellum New York State—and follows thousands of “improving agriculturists,” part of the largest, most diverse, and most active scientific community in nineteenth-century America. The book shows that these improvers saw profit and agricultural development not only as a goal but also as the underlying purpose of the natural world. However, their sense of the natural future was not unified—improvement began as a developmental tool for large landholders but its meanings split and fragmented as wealthy urbanites, middling farmers, and agrarian radical tenants took hold of improving institutions. This disparate group was bound together by a commercial network of warehouses, nurseries, printers, and manufacturers who acted as experts and focused improving attention more and more upon saleable goods. Far from producing a more rational vision of nature, improvers practiced a form of science where conflicting visions of the future landscape appeared and evaporated in quick succession, where theories of value were contested. Improving networks laid the groundwork both for later industrial agriculture and organic “alternative” agriculture.
Thomas Docherty
- Published in print:
- 2018
- Published Online:
- January 2019
- ISBN:
- 9781526132741
- eISBN:
- 9781526138965
- Item type:
- book
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9781526132741.001.0001
- Subject:
- Education, Educational Policy and Politics
This book addresses the condition of the university today. There has been a fundamental betrayal of the institution by the political class, perverting it from its proper social and cultural ...
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This book addresses the condition of the university today. There has been a fundamental betrayal of the institution by the political class, perverting it from its proper social and cultural functions. The betrayal has narrowed the scope of the university, through the commercial financialisation of knowledge as such. In short, the sector has been politicized, and now works explicitly to advance and serve a market-fundamentalist ideology. When all human values are measured by money, then wealth is mistaken for ‘the good’. Social, cultural and political corruption follow.
The University’s leadership has become complicit in a yet more fundamental betrayal of society, as an ever-widening wedge is driven between the lives of ordinary citizens and the self-interest of the privileged and wealthy. It is no wonder that ‘experts’ are in the dock today.
In 1927, the philosopher Julien Benda accused intellectuals of treason. His argument was that their thinking had been politicized, polluted by a nationalism that could only culminate in war. In 1939, Nazism explicitly corrupted the University and the intellectuals, demanding ideological allegiance instead of thought. We continue to live through the aftermath of this, only worse: by endorsing an entire ideology of ‘competition’, intellectuals have established a neo-Hobbesian war of all against all as the new cornerstone of societies. This now threatens human ecological survival.
In light of this, the intellectual and the University have a duty to extend democracy and social justice. This book calls upon the intellectual to assist in the survival of the species.Less
This book addresses the condition of the university today. There has been a fundamental betrayal of the institution by the political class, perverting it from its proper social and cultural functions. The betrayal has narrowed the scope of the university, through the commercial financialisation of knowledge as such. In short, the sector has been politicized, and now works explicitly to advance and serve a market-fundamentalist ideology. When all human values are measured by money, then wealth is mistaken for ‘the good’. Social, cultural and political corruption follow.
The University’s leadership has become complicit in a yet more fundamental betrayal of society, as an ever-widening wedge is driven between the lives of ordinary citizens and the self-interest of the privileged and wealthy. It is no wonder that ‘experts’ are in the dock today.
In 1927, the philosopher Julien Benda accused intellectuals of treason. His argument was that their thinking had been politicized, polluted by a nationalism that could only culminate in war. In 1939, Nazism explicitly corrupted the University and the intellectuals, demanding ideological allegiance instead of thought. We continue to live through the aftermath of this, only worse: by endorsing an entire ideology of ‘competition’, intellectuals have established a neo-Hobbesian war of all against all as the new cornerstone of societies. This now threatens human ecological survival.
In light of this, the intellectual and the University have a duty to extend democracy and social justice. This book calls upon the intellectual to assist in the survival of the species.
Tommaso Padoa-Schioppa
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241767
- eISBN:
- 9780191596742
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241767.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This is a guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty in 1992. The 2000 edition has only a few changes, but has been ...
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This is a guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty in 1992. The 2000 edition has only a few changes, but has been expanded six years after the original publication date to assess the economic, monetary, political, and institutional significance of the euro. It also reconsiders the rationale and underlying philosophy of European Monetary Union (EMU) in the light of the developments of the previous decade. A central theme is the proposition that a group of sovereign countries cannot for long sustain free trade, unrestricted capital movements, fixed exchange rates, and full autonomy of national macroeconomic policies, so they need to move towards monetary union and a single currency. Issues that are extensively discussed include the single currency, the tasks of a European Central Bank (ECB), the European Currency Unit (ECU), the role of budgetary rules, currency competition, and the relationship between the EMU and political union. Appendices contain extracts from official documents dealing with EMU and an extensive chronology. The book is directed at academic and business economists interested in the issues surrounding EMU, commentators, and policy‐makers.Less
This is a guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty in 1992. The 2000 edition has only a few changes, but has been expanded six years after the original publication date to assess the economic, monetary, political, and institutional significance of the euro. It also reconsiders the rationale and underlying philosophy of European Monetary Union (EMU) in the light of the developments of the previous decade. A central theme is the proposition that a group of sovereign countries cannot for long sustain free trade, unrestricted capital movements, fixed exchange rates, and full autonomy of national macroeconomic policies, so they need to move towards monetary union and a single currency. Issues that are extensively discussed include the single currency, the tasks of a European Central Bank (ECB), the European Currency Unit (ECU), the role of budgetary rules, currency competition, and the relationship between the EMU and political union. Appendices contain extracts from official documents dealing with EMU and an extensive chronology. The book is directed at academic and business economists interested in the issues surrounding EMU, commentators, and policy‐makers.
Guillermo A. Calvo and Ernesto Talvi
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534081
- eISBN:
- 9780191714658
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534081.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter shows that the Russian 1998 crisis had a big impact on capital flows to Emerging Market Economies (EMEs), especially in Latin America, and that the impact of the Russian shock differs ...
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This chapter shows that the Russian 1998 crisis had a big impact on capital flows to Emerging Market Economies (EMEs), especially in Latin America, and that the impact of the Russian shock differs quite markedly across EMEs. To illustrate this statement, the polar cases of Chile and Argentina are compared. While Chile exhibited a significant economic slowdown after August 1998, it did not suffer the excruciating collapse suffered by Argentina, where even the payments system came to a full stop. This difference is attributed to the fact that Chile is more open to trade than Argentina, and that it appears to suffer much less from balance-sheet currency-denomination mismatch that was rampant in Argentina before the 2002 crisis (due to large domestic liability dollarization). The chapter is essentially descriptive but is in line with and, thus, complements econometric studies like Calvo, Izquierdo, and Mejia (NBER Working Paper 10520). The final section addresses policy issues in light of the chapter's findings and conjectures.Less
This chapter shows that the Russian 1998 crisis had a big impact on capital flows to Emerging Market Economies (EMEs), especially in Latin America, and that the impact of the Russian shock differs quite markedly across EMEs. To illustrate this statement, the polar cases of Chile and Argentina are compared. While Chile exhibited a significant economic slowdown after August 1998, it did not suffer the excruciating collapse suffered by Argentina, where even the payments system came to a full stop. This difference is attributed to the fact that Chile is more open to trade than Argentina, and that it appears to suffer much less from balance-sheet currency-denomination mismatch that was rampant in Argentina before the 2002 crisis (due to large domestic liability dollarization). The chapter is essentially descriptive but is in line with and, thus, complements econometric studies like Calvo, Izquierdo, and Mejia (NBER Working Paper 10520). The final section addresses policy issues in light of the chapter's findings and conjectures.
Zdenek Kudrna
- Published in print:
- 2011
- Published Online:
- September 2011
- ISBN:
- 9780199596225
- eISBN:
- 9780191729140
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199596225.003.0005
- Subject:
- Political Science, European Union, International Relations and Politics
The joint-decision trap complicates the adoption of financial market regulations in the EU. This chapter examines the capacity of the Lamfalussy procedure to provide an exit from the trap by ...
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The joint-decision trap complicates the adoption of financial market regulations in the EU. This chapter examines the capacity of the Lamfalussy procedure to provide an exit from the trap by supporting complex, yet consistently enforceable, technical compromises. The member states' preferences over key regulatory measures remain divided and tend to split them into two equally sized policy coalitions. In the case of the 1993 Investment Services Directive, the contested compromises proved too ambiguous to be enforced consistently across the EU. In 2001, the EU introduced the Lamfalussy procedure that delegated certain rule-making and monitoring powers to technocratic committees. As a result, the recent regulations, such as the 2004 Market in Financial Instruments Directive, are based on more complex technical compromises that are expensive to implement but can be monitored and enforced consistently, thus supporting EU regulatory integration.Less
The joint-decision trap complicates the adoption of financial market regulations in the EU. This chapter examines the capacity of the Lamfalussy procedure to provide an exit from the trap by supporting complex, yet consistently enforceable, technical compromises. The member states' preferences over key regulatory measures remain divided and tend to split them into two equally sized policy coalitions. In the case of the 1993 Investment Services Directive, the contested compromises proved too ambiguous to be enforced consistently across the EU. In 2001, the EU introduced the Lamfalussy procedure that delegated certain rule-making and monitoring powers to technocratic committees. As a result, the recent regulations, such as the 2004 Market in Financial Instruments Directive, are based on more complex technical compromises that are expensive to implement but can be monitored and enforced consistently, thus supporting EU regulatory integration.
John Jenkin
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199235209
- eISBN:
- 9780191715631
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199235209.003.0001
- Subject:
- Physics, History of Physics
William Henry Bragg was born in 1862 at his parents' Cumberland farm (Stoneraise Place) and, with his mother's encouragement, early showed his intellectual gifts. Two brothers, Jack and Jimmy, ...
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William Henry Bragg was born in 1862 at his parents' Cumberland farm (Stoneraise Place) and, with his mother's encouragement, early showed his intellectual gifts. Two brothers, Jack and Jimmy, followed; but in 1869 William's happy childhood world was shattered by the death of his mother during her fourth pregnancy. He was sent to live with his Uncle William, a stern, Victorian disciplinarian, at Market Harborough in far-off Leicestershire. Unable to fully comprehend, William withdrew into himself.Less
William Henry Bragg was born in 1862 at his parents' Cumberland farm (Stoneraise Place) and, with his mother's encouragement, early showed his intellectual gifts. Two brothers, Jack and Jimmy, followed; but in 1869 William's happy childhood world was shattered by the death of his mother during her fourth pregnancy. He was sent to live with his Uncle William, a stern, Victorian disciplinarian, at Market Harborough in far-off Leicestershire. Unable to fully comprehend, William withdrew into himself.
Tommaso Padoa‐Schioppa
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241767
- eISBN:
- 9780191596742
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241767.003.0006
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The problems now facing the European Union are the result of the decisions taken in 1985 to enlarge the (then) European Community by accepting applications from Spain and Portugal, and to create a ...
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The problems now facing the European Union are the result of the decisions taken in 1985 to enlarge the (then) European Community by accepting applications from Spain and Portugal, and to create a single market without internal frontiers by 1992. This chapter examines the problems posed by the Single European Act: actual implementation of the programme; the logical consistency of the programme; and the cohesion of the community and distribution of income within it. Guidelines and recommendations for action are proposed. These are based on the report ‘Efficiency, Stability and Equity’ prepared at the request of the EC Commission by a group of experts chaired by the author.Less
The problems now facing the European Union are the result of the decisions taken in 1985 to enlarge the (then) European Community by accepting applications from Spain and Portugal, and to create a single market without internal frontiers by 1992. This chapter examines the problems posed by the Single European Act: actual implementation of the programme; the logical consistency of the programme; and the cohesion of the community and distribution of income within it. Guidelines and recommendations for action are proposed. These are based on the report ‘Efficiency, Stability and Equity’ prepared at the request of the EC Commission by a group of experts chaired by the author.
John H. Dunning
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199250011
- eISBN:
- 9780191596216
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199250014.003.0007
- Subject:
- Economics and Finance, International
The impact of the completion of the European Internal Market Programme (IMP) on the geographical distribution of economic activity within the European Community (now Union) is considered. More ...
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The impact of the completion of the European Internal Market Programme (IMP) on the geographical distribution of economic activity within the European Community (now Union) is considered. More particularly, the empirical validity of a number of hypotheses, drawn from foreign direct investment (FDI) theory, on the likely effect of the removal of tariff barriers on intra‐EC and extra‐EC trade and FDI flows and the relationship between the two are considered. The evidence strongly suggests that the twin forces of regionalization and localization have been accelerated by recent European integration, and that the balance between the two is strongly determined by the knowledge intensity and mobility of the economic activities involved.Less
The impact of the completion of the European Internal Market Programme (IMP) on the geographical distribution of economic activity within the European Community (now Union) is considered. More particularly, the empirical validity of a number of hypotheses, drawn from foreign direct investment (FDI) theory, on the likely effect of the removal of tariff barriers on intra‐EC and extra‐EC trade and FDI flows and the relationship between the two are considered. The evidence strongly suggests that the twin forces of regionalization and localization have been accelerated by recent European integration, and that the balance between the two is strongly determined by the knowledge intensity and mobility of the economic activities involved.
Wuyang Hu
- Published in print:
- 2017
- Published Online:
- January 2018
- ISBN:
- 9780813168685
- eISBN:
- 9780813169941
- Item type:
- chapter
- Publisher:
- University Press of Kentucky
- DOI:
- 10.5810/kentucky/9780813168685.003.0022
- Subject:
- Biology, Ecology
Market-based tools are first suggested in the 1960s considering how society could achieve long-term reductions in pollution without causing an undue burden on the economy. Instead of the government ...
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Market-based tools are first suggested in the 1960s considering how society could achieve long-term reductions in pollution without causing an undue burden on the economy. Instead of the government imposes controls (i.e., limiting the right to pollute), market incentives governed by economic principles could be used to guide individual players’ behavior. One of the strategies is to let polluters reallocate the pollution they generate among themselves, or in other words, they decide who actually does the pollution abatement. Those with high costs pollute more (abate less) and those with low costs pollute less (abate more). This type of reallocating through trading could save large amounts of money.Less
Market-based tools are first suggested in the 1960s considering how society could achieve long-term reductions in pollution without causing an undue burden on the economy. Instead of the government imposes controls (i.e., limiting the right to pollute), market incentives governed by economic principles could be used to guide individual players’ behavior. One of the strategies is to let polluters reallocate the pollution they generate among themselves, or in other words, they decide who actually does the pollution abatement. Those with high costs pollute more (abate less) and those with low costs pollute less (abate more). This type of reallocating through trading could save large amounts of money.
Ser-Huang Poon and Richard Stapleton
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199271443
- eISBN:
- 9780191602559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271445.003.0007
- Subject:
- Economics and Finance, Financial Economics
‘Bond Pricing, Interest-rate Processes, and the LIBOR Market Model’ uses the complete market, pricing kernel approach to value bonds, given stochastic interest rates. To value interest-rate ...
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‘Bond Pricing, Interest-rate Processes, and the LIBOR Market Model’ uses the complete market, pricing kernel approach to value bonds, given stochastic interest rates. To value interest-rate derivatives, one important and practical problem is to model bond prices and interest rates with the correct drifts. The authors derive here the drift of the bond prices and interest rates under the period-by-period risk-neutral measure. As a special case, they derive the drift of the forward London Interbank Offer Rate (LIBOR) in what is generally known as the LIBOR Market Model.Less
‘Bond Pricing, Interest-rate Processes, and the LIBOR Market Model’ uses the complete market, pricing kernel approach to value bonds, given stochastic interest rates. To value interest-rate derivatives, one important and practical problem is to model bond prices and interest rates with the correct drifts. The authors derive here the drift of the bond prices and interest rates under the period-by-period risk-neutral measure. As a special case, they derive the drift of the forward London Interbank Offer Rate (LIBOR) in what is generally known as the LIBOR Market Model.
James Kin-ching Lee
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9789888083497
- eISBN:
- 9789882209107
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888083497.003.0008
- Subject:
- History, Asian History
Using comparisons with the experience in Singapore, this chapter reflects on the philosophical foundations of Hong Kong's land-supply and housing policies, arguing for a justification of government ...
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Using comparisons with the experience in Singapore, this chapter reflects on the philosophical foundations of Hong Kong's land-supply and housing policies, arguing for a justification of government intervention on the grounds both of efficiency, because of market failures, and of equity, because of the need to ensure access to housing and home finance, particularly for the lower-paid. In a review of recent volatility and policy errors, the chapter argues for policies that are less fixated on home ownership.Less
Using comparisons with the experience in Singapore, this chapter reflects on the philosophical foundations of Hong Kong's land-supply and housing policies, arguing for a justification of government intervention on the grounds both of efficiency, because of market failures, and of equity, because of the need to ensure access to housing and home finance, particularly for the lower-paid. In a review of recent volatility and policy errors, the chapter argues for policies that are less fixated on home ownership.
