János Kornai
- Published in print:
- 1992
- Published Online:
- November 2003
- ISBN:
- 9780198287766
- eISBN:
- 9780191596551
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198287763.003.0021
- Subject:
- Economics and Finance, Economic Systems
This chapter discusses the phenomenon of market socialism in the state sector. The practical changes involved in this constitute one of the major tendencies in the move away from classical socialism. ...
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This chapter discusses the phenomenon of market socialism in the state sector. The practical changes involved in this constitute one of the major tendencies in the move away from classical socialism. Aspects addressed are ideological antecedents; the application of market socialism in selected socialist countries (Yugoslavia, Hungary, China, Poland, Vietnam, and the Soviet Union); alternative strategies for deregulation; the firm's vertical dependence; the softness and hardness of budget constraint, and the firm's responsiveness to prices; the affinity between public ownership and bureaucratic coordination; horizontal relations of firms in public ownership; the relative proportions of bureaucratic and market coordination, and the interactions between them; and the relation between publicly owned firms and the private sector.Less
This chapter discusses the phenomenon of market socialism in the state sector. The practical changes involved in this constitute one of the major tendencies in the move away from classical socialism. Aspects addressed are ideological antecedents; the application of market socialism in selected socialist countries (Yugoslavia, Hungary, China, Poland, Vietnam, and the Soviet Union); alternative strategies for deregulation; the firm's vertical dependence; the softness and hardness of budget constraint, and the firm's responsiveness to prices; the affinity between public ownership and bureaucratic coordination; horizontal relations of firms in public ownership; the relative proportions of bureaucratic and market coordination, and the interactions between them; and the relation between publicly owned firms and the private sector.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0013
- Subject:
- Business and Management, Marketing
This chapter shows how the firm should coordinate its advertising decisions with the other elements of the marketing mix such as price and promotion, especially when demand is uncertain. It shows how ...
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This chapter shows how the firm should coordinate its advertising decisions with the other elements of the marketing mix such as price and promotion, especially when demand is uncertain. It shows how the firm should vary its advertising spending over the product life cycle and the business cycle. In particular, it shows how marketing-finance fusion allows the firm to maximize its long-run performance under uncertainty.Less
This chapter shows how the firm should coordinate its advertising decisions with the other elements of the marketing mix such as price and promotion, especially when demand is uncertain. It shows how the firm should vary its advertising spending over the product life cycle and the business cycle. In particular, it shows how marketing-finance fusion allows the firm to maximize its long-run performance under uncertainty.
Francis Green
- Published in print:
- 2014
- Published Online:
- April 2015
- ISBN:
- 9780199355327
- eISBN:
- 9780190261313
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199355327.003.0016
- Subject:
- Economics and Finance, History of Economic Thought
This chapter provides a critical examination of Israel Kirzner’s writings on coordination and discovery. Kirzner is best known for his work on the role of discovery and entrepreneurship in economic ...
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This chapter provides a critical examination of Israel Kirzner’s writings on coordination and discovery. Kirzner is best known for his work on the role of discovery and entrepreneurship in economic affairs, viewing entrepreneurial alertness as the vital human faculty for capturing opportunities for one’s betterment. Kirzner’s insights about discovery make a contrast to the kind of economics that regards human beings as interpretively flat and fixed. Kirzner strives to integrate his discovery ideas into theories of market coordination, emphasizing that in market activity, successful voluntary entrepreneurial action necessarily enhances coordination.Less
This chapter provides a critical examination of Israel Kirzner’s writings on coordination and discovery. Kirzner is best known for his work on the role of discovery and entrepreneurship in economic affairs, viewing entrepreneurial alertness as the vital human faculty for capturing opportunities for one’s betterment. Kirzner’s insights about discovery make a contrast to the kind of economics that regards human beings as interpretively flat and fixed. Kirzner strives to integrate his discovery ideas into theories of market coordination, emphasizing that in market activity, successful voluntary entrepreneurial action necessarily enhances coordination.
Paula Jarzabkowski, Rebecca Bednarek, and Paul Spee
- Published in print:
- 2015
- Published Online:
- April 2015
- ISBN:
- 9780199664764
- eISBN:
- 9780191811487
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199664764.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
Reinsurance is financial market trading in the risk of unpredictable and devastating disasters—e.g. Hurricane Katrina or the Tōhoku earthquake and tsunami—that are increasing in frequency, severity, ...
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Reinsurance is financial market trading in the risk of unpredictable and devastating disasters—e.g. Hurricane Katrina or the Tōhoku earthquake and tsunami—that are increasing in frequency, severity, and cost. Reinsurance insures insurance companies, enabling them to pay claims arising from their losses; a market mechanism that provide a critical social and economic safety net. To demonstrate how risk is calculated and traded globally, this book uses real-life tales from an ethnographic, “fly-on-the-wall” study of the global reinsurance industry over three annual cycles. Underwriters were shadowed around the world as they traded risks through multiple disasters. Readers witness the desperate hours of pricing Japanese risks during March 2011, while the devastating aftermath of the Tōhoku earthquake is unfolding. There are authentic observations of reinsurers in Bermuda, London, Continental Europe, and South East Asia as they evaluate, price and compete for different risks during their everyday practice. Understanding how this market for disasters works has never been more critical, given the impact of climate change and increased global connectivity, where a flood in one country can trigger losses to supply chains around the world. The book develops a novel concept of how global markets work, advancing scholarship and challenging current thinking about how financial markets trade in intangible assets such as risk.Less
Reinsurance is financial market trading in the risk of unpredictable and devastating disasters—e.g. Hurricane Katrina or the Tōhoku earthquake and tsunami—that are increasing in frequency, severity, and cost. Reinsurance insures insurance companies, enabling them to pay claims arising from their losses; a market mechanism that provide a critical social and economic safety net. To demonstrate how risk is calculated and traded globally, this book uses real-life tales from an ethnographic, “fly-on-the-wall” study of the global reinsurance industry over three annual cycles. Underwriters were shadowed around the world as they traded risks through multiple disasters. Readers witness the desperate hours of pricing Japanese risks during March 2011, while the devastating aftermath of the Tōhoku earthquake is unfolding. There are authentic observations of reinsurers in Bermuda, London, Continental Europe, and South East Asia as they evaluate, price and compete for different risks during their everyday practice. Understanding how this market for disasters works has never been more critical, given the impact of climate change and increased global connectivity, where a flood in one country can trigger losses to supply chains around the world. The book develops a novel concept of how global markets work, advancing scholarship and challenging current thinking about how financial markets trade in intangible assets such as risk.
Paula Jarzabkowski, Rebecca Bednarek, and Paul Spee
- Published in print:
- 2015
- Published Online:
- April 2015
- ISBN:
- 9780199664764
- eISBN:
- 9780191811487
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199664764.003.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
Chapter 1 explains the structure of, and key players in, the reinsurance market; the insurers (cedents), reinsurers, and brokers. This book focuses on the reinsurers who, despite being competitors, ...
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Chapter 1 explains the structure of, and key players in, the reinsurance market; the insurers (cedents), reinsurers, and brokers. This book focuses on the reinsurers who, despite being competitors, collectively bear the risk of unpredictable disasters, which is transferred to them from insurance companies around the world. The chapter particularly examines the practice of reinsurance underwriters who evaluate, price and trade these risks from their hubs in Lloyd’s of London, Bermuda, Continental Europe, and Singapore. This chapter opens with an evocative account of the devastating Tohoku earthquake and tsunami, 2011, as an example of the unpredictable disasters that reinsurers underwrite. The chapter then explains the basic principles of the way that this market works and how risk is traded. The remainder of the chapter introduces our social practice theory approach and the novel framework of making markets through relationality, nested relationality and relational presence that is developed in this book.Less
Chapter 1 explains the structure of, and key players in, the reinsurance market; the insurers (cedents), reinsurers, and brokers. This book focuses on the reinsurers who, despite being competitors, collectively bear the risk of unpredictable disasters, which is transferred to them from insurance companies around the world. The chapter particularly examines the practice of reinsurance underwriters who evaluate, price and trade these risks from their hubs in Lloyd’s of London, Bermuda, Continental Europe, and Singapore. This chapter opens with an evocative account of the devastating Tohoku earthquake and tsunami, 2011, as an example of the unpredictable disasters that reinsurers underwrite. The chapter then explains the basic principles of the way that this market works and how risk is traded. The remainder of the chapter introduces our social practice theory approach and the novel framework of making markets through relationality, nested relationality and relational presence that is developed in this book.
Paula Jarzabkowski, Rebecca Bednarek, and Paul Spee
- Published in print:
- 2015
- Published Online:
- April 2015
- ISBN:
- 9780199664764
- eISBN:
- 9780191811487
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199664764.003.0007
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
Chapter 7 offers a novel theoretical framework for understanding market-making, based on relationality, nested relationality, and relational presence. Relationality occurs between actors, their ...
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Chapter 7 offers a novel theoretical framework for understanding market-making, based on relationality, nested relationality, and relational presence. Relationality occurs between actors, their practices and the collective practice of the market. Nested relationality captures the interdependent practice of a global market, coordinating individuals from different geographic locations and different firms, writing different types of risk, with different calculative practices into a coherent pattern of trading. Relational presence refers to the social resources that connect and coordinate underwriters around the world, despite a lack of direct or real-time interaction. This theory of market making allows practice scholars to address big questions about market practice, including some of the questions about financial collapse in other financial markets. The chapter concludes with a strong message of caution for the reinsurance market about the potential for social and economic collapse as the multiple, small, taken-for-granted, and critically interrelated practices of this market are eroded.Less
Chapter 7 offers a novel theoretical framework for understanding market-making, based on relationality, nested relationality, and relational presence. Relationality occurs between actors, their practices and the collective practice of the market. Nested relationality captures the interdependent practice of a global market, coordinating individuals from different geographic locations and different firms, writing different types of risk, with different calculative practices into a coherent pattern of trading. Relational presence refers to the social resources that connect and coordinate underwriters around the world, despite a lack of direct or real-time interaction. This theory of market making allows practice scholars to address big questions about market practice, including some of the questions about financial collapse in other financial markets. The chapter concludes with a strong message of caution for the reinsurance market about the potential for social and economic collapse as the multiple, small, taken-for-granted, and critically interrelated practices of this market are eroded.
Robert Schütze
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780198803379
- eISBN:
- 9780191841576
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198803379.003.0001
- Subject:
- Law, EU Law, Constitutional and Administrative Law
This Introduction offers an overview of the general argument as well as the structure of the book. It presents the idea of market integration and the three main market models that will be used to ...
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This Introduction offers an overview of the general argument as well as the structure of the book. It presents the idea of market integration and the three main market models that will be used to analyse the evolution of the European internal market.Less
This Introduction offers an overview of the general argument as well as the structure of the book. It presents the idea of market integration and the three main market models that will be used to analyse the evolution of the European internal market.
Sylvester Mashamba and Paul Collier
- Published in print:
- 2014
- Published Online:
- December 2014
- ISBN:
- 9780199660605
- eISBN:
- 9780191749179
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660605.003.0017
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Investment in housing is vital if cities are to provide decent living conditions. In Zambia the process has gone badly wrong: most urban households live in slums. This is the result of past policy ...
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Investment in housing is vital if cities are to provide decent living conditions. In Zambia the process has gone badly wrong: most urban households live in slums. This is the result of past policy mistakes. Building standards are too high for formal housing to be affordable. Legal rights are insufficiently secure for ordinary housing to serve as collateral for finance. Supporting infrastructure has not been provided in advance of settlement. Rather than trying to build houses itself, the government should focus on rectifying these mistakes so that ordinary households can buy affordable privately constructed homes. Only policy reforms coordinated across a range of ministries can rectify these failures.Less
Investment in housing is vital if cities are to provide decent living conditions. In Zambia the process has gone badly wrong: most urban households live in slums. This is the result of past policy mistakes. Building standards are too high for formal housing to be affordable. Legal rights are insufficiently secure for ordinary housing to serve as collateral for finance. Supporting infrastructure has not been provided in advance of settlement. Rather than trying to build houses itself, the government should focus on rectifying these mistakes so that ordinary households can buy affordable privately constructed homes. Only policy reforms coordinated across a range of ministries can rectify these failures.
