Neil Gilbert
- Published in print:
- 2002
- Published Online:
- April 2004
- ISBN:
- 9780195140743
- eISBN:
- 9780199834921
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195140745.003.0008
- Subject:
- Political Science, Comparative Politics
On the basis of the analysis of the changes in the welfare state over the last decade of the twentieth century described in the book, the occurrence of a paradigm shift is identified. The relative ...
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On the basis of the analysis of the changes in the welfare state over the last decade of the twentieth century described in the book, the occurrence of a paradigm shift is identified. The relative stances of the Left and Right on the changes in the welfare state, and the role of the free market in shaping the future course of welfare are discussed. The dangers of the enabling state as a handmaiden to the market are noted, and approaches to creating a healthier balance between the enabling state and market forces, and reviving the public sphere to some extent, are outlined.Less
On the basis of the analysis of the changes in the welfare state over the last decade of the twentieth century described in the book, the occurrence of a paradigm shift is identified. The relative stances of the Left and Right on the changes in the welfare state, and the role of the free market in shaping the future course of welfare are discussed. The dangers of the enabling state as a handmaiden to the market are noted, and approaches to creating a healthier balance between the enabling state and market forces, and reviving the public sphere to some extent, are outlined.
David Miller
- Published in print:
- 1990
- Published Online:
- November 2003
- ISBN:
- 9780198278641
- eISBN:
- 9780191599903
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198278640.003.0014
- Subject:
- Political Science, Political Theory
Explores the contemporary relevance of market socialism as a political ideal. It asks whether the benefits market socialism offers are benefits that people actually want, and whether it imposes ...
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Explores the contemporary relevance of market socialism as a political ideal. It asks whether the benefits market socialism offers are benefits that people actually want, and whether it imposes requirements that are incompatible in practice. There is evidence that most citizens do attach value to control of their workplaces, to achieving greater economic equality, and to more active political participation. There is no reason to think that employees who are more directly exposed to market forces are less likely to perform well as democratic citizens.Less
Explores the contemporary relevance of market socialism as a political ideal. It asks whether the benefits market socialism offers are benefits that people actually want, and whether it imposes requirements that are incompatible in practice. There is evidence that most citizens do attach value to control of their workplaces, to achieving greater economic equality, and to more active political participation. There is no reason to think that employees who are more directly exposed to market forces are less likely to perform well as democratic citizens.
Bar-Gill Oren
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199663361
- eISBN:
- 9780191751660
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199663361.003.0001
- Subject:
- Law, Company and Commercial Law
This introductory chapter first sets out the book's main focus, namely consumer contracts. It traces design features common among multiple types of consumer contracts and explores and explains the ...
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This introductory chapter first sets out the book's main focus, namely consumer contracts. It traces design features common among multiple types of consumer contracts and explores and explains the forces responsible for these design features. The discussion then turns to market forces and consumer psychology, social costs of the behavioural market failure, and toward more effective disclosure mandates.Less
This introductory chapter first sets out the book's main focus, namely consumer contracts. It traces design features common among multiple types of consumer contracts and explores and explains the forces responsible for these design features. The discussion then turns to market forces and consumer psychology, social costs of the behavioural market failure, and toward more effective disclosure mandates.
Peter Grindley
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198288077
- eISBN:
- 9780191684562
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198288077.003.0009
- Subject:
- Business and Management, Innovation, Strategy
Telepoint is a leading public cordless telephone system in the UK that provides a valuable example of an attempt to use market forces within a regulated framework. This chapter discusses the main ...
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Telepoint is a leading public cordless telephone system in the UK that provides a valuable example of an attempt to use market forces within a regulated framework. This chapter discusses the main problem that the telepoint has encountered. Telepoint's systems product needs standards but was never established, as the initial services were withdrawn within two years, and the succeeding service was also withdrawn. The aim here is not to question the intentions of the key players in this technology but rather to show that if the standards policy is wrong then their efforts may be largely in vain. This chapter points out how many strategic problems had roots in the government's policy, and that whilst its intention was to allow the market to determine the standard, for one reason or another the market was not allowed to work.Less
Telepoint is a leading public cordless telephone system in the UK that provides a valuable example of an attempt to use market forces within a regulated framework. This chapter discusses the main problem that the telepoint has encountered. Telepoint's systems product needs standards but was never established, as the initial services were withdrawn within two years, and the succeeding service was also withdrawn. The aim here is not to question the intentions of the key players in this technology but rather to show that if the standards policy is wrong then their efforts may be largely in vain. This chapter points out how many strategic problems had roots in the government's policy, and that whilst its intention was to allow the market to determine the standard, for one reason or another the market was not allowed to work.
Amit Bhaduri
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199254033
- eISBN:
- 9780191698187
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199254033.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Nationalism is a complex notion, which encompasses society, the state, and the economy. It comprises a complex nexus of multiple loyalties of an individual as a member of the society, duties and ...
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Nationalism is a complex notion, which encompasses society, the state, and the economy. It comprises a complex nexus of multiple loyalties of an individual as a member of the society, duties and rights of the citizen in a reciprocal political arrangement with the state, and the role of the individual as a producer and consumer in the economy. While the balance among these different aspects of nationalism evolved historically, in the present area of globalisation this balance seems to be shifting in favour of global market forces. Its consequences for the nation state, and the new role that it needs to define for itself, especially in terms of economic policy, is the theme of this chapter. Through several centuries in Western political philosophy, the relationship between the political authority of the state and the historical formation of the society, viewed as the voluntary association of individuals, posed a major problem.Less
Nationalism is a complex notion, which encompasses society, the state, and the economy. It comprises a complex nexus of multiple loyalties of an individual as a member of the society, duties and rights of the citizen in a reciprocal political arrangement with the state, and the role of the individual as a producer and consumer in the economy. While the balance among these different aspects of nationalism evolved historically, in the present area of globalisation this balance seems to be shifting in favour of global market forces. Its consequences for the nation state, and the new role that it needs to define for itself, especially in terms of economic policy, is the theme of this chapter. Through several centuries in Western political philosophy, the relationship between the political authority of the state and the historical formation of the society, viewed as the voluntary association of individuals, posed a major problem.
Adrian Cadbury
- Published in print:
- 2002
- Published Online:
- September 2011
- ISBN:
- 9780199252008
- eISBN:
- 9780191698088
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199252008.003.0012
- Subject:
- Business and Management, Corporate Governance and Accountability, Strategy
This chapter focuses on the two main sets of forces which will continue to bring about change on the agendas of corporate governance worldwide. First to be considered are market forces, primarily ...
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This chapter focuses on the two main sets of forces which will continue to bring about change on the agendas of corporate governance worldwide. First to be considered are market forces, primarily driven by investors and the providers of corporate funds, but also by the ever-rising expectations of society. Then there are regulatory forces of one kind or another pursued by national and international authorities. It is these whose impact is easiest to discern, because their form is precise and they are the product of a predictable procedure.Less
This chapter focuses on the two main sets of forces which will continue to bring about change on the agendas of corporate governance worldwide. First to be considered are market forces, primarily driven by investors and the providers of corporate funds, but also by the ever-rising expectations of society. Then there are regulatory forces of one kind or another pursued by national and international authorities. It is these whose impact is easiest to discern, because their form is precise and they are the product of a predictable procedure.
Oren Bar-Gill
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199663361
- eISBN:
- 9780191751660
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199663361.001.0001
- Subject:
- Law, Company and Commercial Law
Consumers routinely enter into long-term contracts with providers of goods and services — from credit cards, mortgages, mobile phones, insurance, TV, and internet services to household appliances, ...
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Consumers routinely enter into long-term contracts with providers of goods and services — from credit cards, mortgages, mobile phones, insurance, TV, and internet services to household appliances, events, health clubs, magazines, and transportation. Across these consumer markets certain design features of contracts are recurrent, and puzzling. Why do sellers design contracts to provide short-term benefits and impose long-term costs? Why are low introductory prices so common? Why are the contracts themselves so complex, with numerous fees and interest rates, tariffs, and penalties? This book explains how consumer contracts emerge from the interaction between market forces and consumer psychology. Consumers are short-sighted and optimistic, so sellers compete to offer short-term benefits, while imposing long-term costs. Consumers are imperfectly rational, so sellers hide the true costs of products and services in complex contracts. Consumers are seduced by contracts that increase perceived benefits, without actually providing more benefits, and decrease perceived costs, without actually reducing the costs that consumers ultimately bear. Competition does not help this behavioural market failure. It may even exacerbate it. Sellers, operating in a competitive market, have no choice but to align contract design with the psychology of consumers. Put bluntly, competition forces sellers to exploit the biases and misperceptions of their customers. This book argues that better legal policy can help consumers and enhance market efficiency. Disclosure mandates provide a promising avenue for regulatory intervention. Simple, aggregate disclosures can help consumers make better choices. Comprehensive disclosures can facilitate the work of intermediaries, enabling them better to advise consumers. Effective disclosure would expose the seductive nature of consumer contracts and, as a result, reduce sellers' incentives to write inefficient contracts.Less
Consumers routinely enter into long-term contracts with providers of goods and services — from credit cards, mortgages, mobile phones, insurance, TV, and internet services to household appliances, events, health clubs, magazines, and transportation. Across these consumer markets certain design features of contracts are recurrent, and puzzling. Why do sellers design contracts to provide short-term benefits and impose long-term costs? Why are low introductory prices so common? Why are the contracts themselves so complex, with numerous fees and interest rates, tariffs, and penalties? This book explains how consumer contracts emerge from the interaction between market forces and consumer psychology. Consumers are short-sighted and optimistic, so sellers compete to offer short-term benefits, while imposing long-term costs. Consumers are imperfectly rational, so sellers hide the true costs of products and services in complex contracts. Consumers are seduced by contracts that increase perceived benefits, without actually providing more benefits, and decrease perceived costs, without actually reducing the costs that consumers ultimately bear. Competition does not help this behavioural market failure. It may even exacerbate it. Sellers, operating in a competitive market, have no choice but to align contract design with the psychology of consumers. Put bluntly, competition forces sellers to exploit the biases and misperceptions of their customers. This book argues that better legal policy can help consumers and enhance market efficiency. Disclosure mandates provide a promising avenue for regulatory intervention. Simple, aggregate disclosures can help consumers make better choices. Comprehensive disclosures can facilitate the work of intermediaries, enabling them better to advise consumers. Effective disclosure would expose the seductive nature of consumer contracts and, as a result, reduce sellers' incentives to write inefficient contracts.
John Sinclair
- Published in print:
- 1998
- Published Online:
- October 2011
- ISBN:
- 9780198159308
- eISBN:
- 9780191673580
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198159308.003.0001
- Subject:
- Literature, Film, Media, and Cultural Studies
In order to understand how the globalisation of television production and distribution has developed, it is necessary to take language and culture into account as primary ‘market forces’ which enable ...
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In order to understand how the globalisation of television production and distribution has developed, it is necessary to take language and culture into account as primary ‘market forces’ which enable the major producers and distributors of television programmes and services to gain access to markets outside their nations of origin. In this context, it becomes helpful to discard the metaphor of the ‘worlds’ which share a common language in favour of the concept of ‘geolinguistic regions’. In the geolinguistic regions of Spanish and Portuguese, particular media corporations have arisen which have been able to exploit the massive size of the domestic markets. The crucial fact is that the most popular programmes, indeed entire television genres such as the Latin American soap opera or telenovela in particular, are in the language and cultural ambit of the countries which so avidly consume them as imports.Less
In order to understand how the globalisation of television production and distribution has developed, it is necessary to take language and culture into account as primary ‘market forces’ which enable the major producers and distributors of television programmes and services to gain access to markets outside their nations of origin. In this context, it becomes helpful to discard the metaphor of the ‘worlds’ which share a common language in favour of the concept of ‘geolinguistic regions’. In the geolinguistic regions of Spanish and Portuguese, particular media corporations have arisen which have been able to exploit the massive size of the domestic markets. The crucial fact is that the most popular programmes, indeed entire television genres such as the Latin American soap opera or telenovela in particular, are in the language and cultural ambit of the countries which so avidly consume them as imports.
Nicholas Barr
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199246595
- eISBN:
- 9780191595936
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199246599.003.0011
- Subject:
- Economics and Finance, Public and Welfare
Information problems constrain the usefulness of consumer choice about school education, suggesting that the state will continue to provide the bulk of finance for school education and, separately, ...
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Information problems constrain the usefulness of consumer choice about school education, suggesting that the state will continue to provide the bulk of finance for school education and, separately, will continue to be the major provider. In contrast, consumer choice is useful for tertiary education, where consumers are better informed than central planners. This argument is strengthened by the growing diversity of post‐compulsory education and training. These arguments underpin the case for market forces in higher education discussed in detail in Ch. 13. Imperfect information is also a problem in capital markets. Conventional loans (for example, to buy a house), when applied to investment in human capital, present borrowers and, for different reasons, lenders with significant risk and uncertainty.Less
Information problems constrain the usefulness of consumer choice about school education, suggesting that the state will continue to provide the bulk of finance for school education and, separately, will continue to be the major provider. In contrast, consumer choice is useful for tertiary education, where consumers are better informed than central planners. This argument is strengthened by the growing diversity of post‐compulsory education and training. These arguments underpin the case for market forces in higher education discussed in detail in Ch. 13. Imperfect information is also a problem in capital markets. Conventional loans (for example, to buy a house), when applied to investment in human capital, present borrowers and, for different reasons, lenders with significant risk and uncertainty.
Nicholas Barr
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199246595
- eISBN:
- 9780191595936
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199246599.003.0015
- Subject:
- Economics and Finance, Public and Welfare
Post‐communist transition has two central elements: a move from central planning to market forces and a move from totalitarian to more democratic government. Because of the resulting economic, ...
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Post‐communist transition has two central elements: a move from central planning to market forces and a move from totalitarian to more democratic government. Because of the resulting economic, political, and social disruption, the reforming countries fail even more sharply than western countries to conform to the assumptions of the simple model described in Ch. 2. Information is highly imperfect, risk greater, and uncertainty pervasive. Two conclusions about the welfare state follow. Firstly, the role of the state is perhaps greater than in the advanced industrial countries. Secondly, – the subject of this chapter – the welfare state needs systematically to change to meet the needs of a market economy. The first part of the chapter establishes the simple analytics of transition. Subsequent sections parallel the rest of the book, discussing insurance issues, particularly in connection with labour‐market adjustment, the reform of pensions, and necessary changes in the education system.Less
Post‐communist transition has two central elements: a move from central planning to market forces and a move from totalitarian to more democratic government. Because of the resulting economic, political, and social disruption, the reforming countries fail even more sharply than western countries to conform to the assumptions of the simple model described in Ch. 2. Information is highly imperfect, risk greater, and uncertainty pervasive. Two conclusions about the welfare state follow. Firstly, the role of the state is perhaps greater than in the advanced industrial countries. Secondly, – the subject of this chapter – the welfare state needs systematically to change to meet the needs of a market economy. The first part of the chapter establishes the simple analytics of transition. Subsequent sections parallel the rest of the book, discussing insurance issues, particularly in connection with labour‐market adjustment, the reform of pensions, and necessary changes in the education system.
James Pattison
- Published in print:
- 2014
- Published Online:
- August 2014
- ISBN:
- 9780199639700
- eISBN:
- 9780191756085
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199639700.003.0010
- Subject:
- Political Science, International Relations and Politics, Political Theory
This chapter summarizes the problems of private military force by providing an account of the general problems with a global market for force.
This chapter summarizes the problems of private military force by providing an account of the general problems with a global market for force.
A. J. Nicholls
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198208525
- eISBN:
- 9780191678059
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198208525.003.0019
- Subject:
- History, European Modern History
This chapter provides a conclusion regarding various aspects and theories of social market economy implemented in West Germany after the Great Depression. Income generated by the market was not ...
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This chapter provides a conclusion regarding various aspects and theories of social market economy implemented in West Germany after the Great Depression. Income generated by the market was not necessarily distributed with social justice or with social conditions acceptable to civilized people. A state's budget redistributed income, and it was important to establish the proper principles of social justice upon which such taxation measures are based, always assuming they were in conformity with the market. The West German economy has been a tremendous advertisement for the blessings of market forces and competition. Even the most determined workers could not satisfy the needs of their fellow citizens effectively without a market-orientated economy. Even though protectionism and the price-fixing of German industrial practice were not abolished completely, they did lose respectability. Anti-cartel and anti-monopolistic policies were more weakly applied, but the propaganda campaign which accompanied them served to inculcate the idea of competition into the political culture of West Germany as something positive. The market worked in a semi-automatic fashion, and required ‘sensible management’ (sinnvolle Bedienung), since the organization of credit and money could not in practice be set up as a self-operating mechanism.Less
This chapter provides a conclusion regarding various aspects and theories of social market economy implemented in West Germany after the Great Depression. Income generated by the market was not necessarily distributed with social justice or with social conditions acceptable to civilized people. A state's budget redistributed income, and it was important to establish the proper principles of social justice upon which such taxation measures are based, always assuming they were in conformity with the market. The West German economy has been a tremendous advertisement for the blessings of market forces and competition. Even the most determined workers could not satisfy the needs of their fellow citizens effectively without a market-orientated economy. Even though protectionism and the price-fixing of German industrial practice were not abolished completely, they did lose respectability. Anti-cartel and anti-monopolistic policies were more weakly applied, but the propaganda campaign which accompanied them served to inculcate the idea of competition into the political culture of West Germany as something positive. The market worked in a semi-automatic fashion, and required ‘sensible management’ (sinnvolle Bedienung), since the organization of credit and money could not in practice be set up as a self-operating mechanism.
Helga Drummond
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198289531
- eISBN:
- 9780191684722
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198289531.003.0013
- Subject:
- Business and Management, Organization Studies, HRM / IR
The London Stock Exchange (LSE) invested over five years and 80 million pounds in Project Taurus. The market allegedly spent 400 million pounds in preparation for dematerialization plus countless ...
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The London Stock Exchange (LSE) invested over five years and 80 million pounds in Project Taurus. The market allegedly spent 400 million pounds in preparation for dematerialization plus countless hours of executive time spent in meetings and reading copious documentation. On March 12, 1993 the LSE publicly admitted that it had all been for nothing. This chapter examines the LSE board's decision to accept chief executive Peter Rawlins's recommendation to cancel Taurus. The actions of other players, including the market and the Taurus monitoring group, are also considered. The role of power in this decision is discussed. The resolution of the story is important because most of the escalation literature concentrates on persistence as distinct from withdrawal. Decision dilemma theory predicts that market forces eventually curb unwarranted persistence, while social-psychological theory asserts that market forces are often slow to act, that decision-makers persist with failing projects long after the rational point for withdrawal has been reached.Less
The London Stock Exchange (LSE) invested over five years and 80 million pounds in Project Taurus. The market allegedly spent 400 million pounds in preparation for dematerialization plus countless hours of executive time spent in meetings and reading copious documentation. On March 12, 1993 the LSE publicly admitted that it had all been for nothing. This chapter examines the LSE board's decision to accept chief executive Peter Rawlins's recommendation to cancel Taurus. The actions of other players, including the market and the Taurus monitoring group, are also considered. The role of power in this decision is discussed. The resolution of the story is important because most of the escalation literature concentrates on persistence as distinct from withdrawal. Decision dilemma theory predicts that market forces eventually curb unwarranted persistence, while social-psychological theory asserts that market forces are often slow to act, that decision-makers persist with failing projects long after the rational point for withdrawal has been reached.
Nicholas Barr
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199246595
- eISBN:
- 9780191595936
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199246599.003.0013
- Subject:
- Economics and Finance, Public and Welfare
This chapter draws together economic theory and the experience of different countries, and discusses how higher education might be organized and funded in ways that are efficient and equitable, ...
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This chapter draws together economic theory and the experience of different countries, and discusses how higher education might be organized and funded in ways that are efficient and equitable, taking account of information problems and other technical problems such as externalities. Issues discussed include the role of market forces, who should pay, and the role of the state in a market‐oriented system of higher education. Countries discussed include the UK, USA, the Netherlands, Sweden, Australia, and New Zealand. The chapter also discusses misleading guides to policy design, and concludes by setting out a strategy for financing tertiary education involving tuition fees, income‐contingent student loans, and active measures to promote access.Less
This chapter draws together economic theory and the experience of different countries, and discusses how higher education might be organized and funded in ways that are efficient and equitable, taking account of information problems and other technical problems such as externalities. Issues discussed include the role of market forces, who should pay, and the role of the state in a market‐oriented system of higher education. Countries discussed include the UK, USA, the Netherlands, Sweden, Australia, and New Zealand. The chapter also discusses misleading guides to policy design, and concludes by setting out a strategy for financing tertiary education involving tuition fees, income‐contingent student loans, and active measures to promote access.
Norman Birnbaum
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780195158595
- eISBN:
- 9780199849352
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195158595.001.0001
- Subject:
- History, Political History
The 20th century witnessed a profound shift in both socialism and social reform. In the early 1900s, social reform seemed to offer a veritable religion of redemption, but by the century's end, while ...
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The 20th century witnessed a profound shift in both socialism and social reform. In the early 1900s, social reform seemed to offer a veritable religion of redemption, but by the century's end, while socialism remained a vibrant force in European society, a culture of extreme individualism and consumption all but squeezed the welfare state out of existence. Documenting this historic change, this book looks at the course of social reform and Western politics after Communism. It traces in detail the forces that have shifted social concern over the course of a century, from the devastation of two world wars, to the post-war golden age of economic growth and democracy, to the ever-increasing dominance of the market. It makes sense of the historical trends that have created a climate in which politicians proclaim the arrival of a new historical epoch but rarely offer solutions to social problems that get beyond cost-benefit analyses. It goes one step further and proposes a strategy for bringing the market back into balance with the social needs of the people. It advocates a reconsideration of the notion of work, urges that market forces be brought under political control, and stresses the need for education that teaches the rights and responsibilities of citizenship. This book examines the state of social reform past, present, and future.Less
The 20th century witnessed a profound shift in both socialism and social reform. In the early 1900s, social reform seemed to offer a veritable religion of redemption, but by the century's end, while socialism remained a vibrant force in European society, a culture of extreme individualism and consumption all but squeezed the welfare state out of existence. Documenting this historic change, this book looks at the course of social reform and Western politics after Communism. It traces in detail the forces that have shifted social concern over the course of a century, from the devastation of two world wars, to the post-war golden age of economic growth and democracy, to the ever-increasing dominance of the market. It makes sense of the historical trends that have created a climate in which politicians proclaim the arrival of a new historical epoch but rarely offer solutions to social problems that get beyond cost-benefit analyses. It goes one step further and proposes a strategy for bringing the market back into balance with the social needs of the people. It advocates a reconsideration of the notion of work, urges that market forces be brought under political control, and stresses the need for education that teaches the rights and responsibilities of citizenship. This book examines the state of social reform past, present, and future.
T.N. Srinivasan
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198076384
- eISBN:
- 9780199080854
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198076384.003.0003
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses the period from 1992–3 up to 2008–9, the year of the impact of the global financial crisis on India. The introduction of systemic economic reforms in 1991 opened the economy ...
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This chapter discusses the period from 1992–3 up to 2008–9, the year of the impact of the global financial crisis on India. The introduction of systemic economic reforms in 1991 opened the economy significantly to external competition and investment, removed the import and capacity licensing, devalued the rupee, and floated it under the watchful management of the RBI, defanged the MRTP Act, and allowed market forces to play a much greater role than before in the economy. The growth rate revived, from its drastic fall in the crisis year of 1991–2 to 1.42 per cent, and eventually averaged at rates exceeding 9 per cent a year in the years 2005–6 to 2007–8 or prior to the impact of the global financial crisis which lowered it to 6.8 per cent in 2008–9.Less
This chapter discusses the period from 1992–3 up to 2008–9, the year of the impact of the global financial crisis on India. The introduction of systemic economic reforms in 1991 opened the economy significantly to external competition and investment, removed the import and capacity licensing, devalued the rupee, and floated it under the watchful management of the RBI, defanged the MRTP Act, and allowed market forces to play a much greater role than before in the economy. The growth rate revived, from its drastic fall in the crisis year of 1991–2 to 1.42 per cent, and eventually averaged at rates exceeding 9 per cent a year in the years 2005–6 to 2007–8 or prior to the impact of the global financial crisis which lowered it to 6.8 per cent in 2008–9.
Richard Coopey
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198289449
- eISBN:
- 9780191684708
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198289449.003.0003
- Subject:
- Business and Management, Business History
Despite the opposition of certain of its own shareholders and the difficult economic circumstances in which it was set up, Industrial and Commercial Finance Corporation (ICFC) was to prosper steadily ...
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Despite the opposition of certain of its own shareholders and the difficult economic circumstances in which it was set up, Industrial and Commercial Finance Corporation (ICFC) was to prosper steadily throughout the 1950s and into the 1960s. This was in large part due to the often innovatory methods developed by a small, highly motivated team under the leadership of William Piercy, ICFC's first Chairman. Piercy believed in being an executive chairman, and devoted considerable energies to the everyday business of building ICFC up to become what he fervently hoped would be a great and lasting institution. In order to do this ICFC had to establish a modus operandi capable of identifying worthwhile enterprise and structuring financial packages accordingly.Less
Despite the opposition of certain of its own shareholders and the difficult economic circumstances in which it was set up, Industrial and Commercial Finance Corporation (ICFC) was to prosper steadily throughout the 1950s and into the 1960s. This was in large part due to the often innovatory methods developed by a small, highly motivated team under the leadership of William Piercy, ICFC's first Chairman. Piercy believed in being an executive chairman, and devoted considerable energies to the everyday business of building ICFC up to become what he fervently hoped would be a great and lasting institution. In order to do this ICFC had to establish a modus operandi capable of identifying worthwhile enterprise and structuring financial packages accordingly.
James Pattison
- Published in print:
- 2014
- Published Online:
- August 2014
- ISBN:
- 9780199639700
- eISBN:
- 9780191756085
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199639700.003.0007
- Subject:
- Political Science, International Relations and Politics, Political Theory
This chapter considers two further negative externalities of the use of PMSCs at the international level. First, it argues that there are several problems with treating security as a commodity to be ...
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This chapter considers two further negative externalities of the use of PMSCs at the international level. First, it argues that there are several problems with treating security as a commodity to be traded on the market. In doing so, it outlines and defends the ‘Insecurity Argument’, which claims that the use of PMSCs leads to inadequate access to security provision. Second, it presents the ‘Instability Argument’. This claims that the market for force has additional negative effects for international stability that are not covered by the previous arguments. Third, the chapter considers—and rejects—the claim that the market for force has some positive externalities for international stability that counteract these negative externalities.Less
This chapter considers two further negative externalities of the use of PMSCs at the international level. First, it argues that there are several problems with treating security as a commodity to be traded on the market. In doing so, it outlines and defends the ‘Insecurity Argument’, which claims that the use of PMSCs leads to inadequate access to security provision. Second, it presents the ‘Instability Argument’. This claims that the market for force has additional negative effects for international stability that are not covered by the previous arguments. Third, the chapter considers—and rejects—the claim that the market for force has some positive externalities for international stability that counteract these negative externalities.
G. R. Searle
- Published in print:
- 1998
- Published Online:
- October 2011
- ISBN:
- 9780198206989
- eISBN:
- 9780191677410
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198206989.001.0001
- Subject:
- History, British and Irish Modern History
In this lively and interesting study, the author tackles the conundrum at the heart of Victorian life: how could capitalist values be harmonized with Christian beliefs and with concepts of public ...
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In this lively and interesting study, the author tackles the conundrum at the heart of Victorian life: how could capitalist values be harmonized with Christian beliefs and with concepts of public morality and social duty? Middle-class Victorians who broadly welcomed industrial growth and embraced the doctrines of ‘political economy’ were sensitive to the charge that theirs was a selfish and materialistic creed. Consequently, if public morality was to be reconciled with the market, wage-labour had to be distinguished from slavery, investment from speculation, and entrepreneurial acumen from dishonesty and fraud. These ideas about citizenship and public virtue offered a greater challenge to rampant capitalism than any pressing need to alleviate poverty. Through its exploration of ‘Victorian values’, this book provides lessons for all those engaged in the present-day debate about the moral and social consequences of unleashing free market forces.Less
In this lively and interesting study, the author tackles the conundrum at the heart of Victorian life: how could capitalist values be harmonized with Christian beliefs and with concepts of public morality and social duty? Middle-class Victorians who broadly welcomed industrial growth and embraced the doctrines of ‘political economy’ were sensitive to the charge that theirs was a selfish and materialistic creed. Consequently, if public morality was to be reconciled with the market, wage-labour had to be distinguished from slavery, investment from speculation, and entrepreneurial acumen from dishonesty and fraud. These ideas about citizenship and public virtue offered a greater challenge to rampant capitalism than any pressing need to alleviate poverty. Through its exploration of ‘Victorian values’, this book provides lessons for all those engaged in the present-day debate about the moral and social consequences of unleashing free market forces.
Stephen J. A. Ward
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195370805
- eISBN:
- 9780199776610
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195370805.003.0009
- Subject:
- Philosophy, Moral Philosophy
Today, journalists face the prospect of another ethical invention. They need a new model that responds to a revolution in media communication of global proportions. The rise of an interactive online ...
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Today, journalists face the prospect of another ethical invention. They need a new model that responds to a revolution in media communication of global proportions. The rise of an interactive online journalism that emphasizes immediacy, interpretation, and transparency challenges an older professional model of journalism that stresses careful editorial controls and verification. This chapter studies the invention of news objectivity, philosophically and historically. After distinguishing three senses of objectivity, it outlines how news objectivity was the result of a four-hundred-year-old interaction between the shifting nature of journalism and the shifting notions of objective knowledge and practice. The chapter then explains the doctrine of news objectivity and notes its decline, then concludes with its own attempt at ethical invention. It outlines an alternate understanding of objectivity, called “pragmatic objectivity,” to replace the traditional notion of news objectivity.Less
Today, journalists face the prospect of another ethical invention. They need a new model that responds to a revolution in media communication of global proportions. The rise of an interactive online journalism that emphasizes immediacy, interpretation, and transparency challenges an older professional model of journalism that stresses careful editorial controls and verification. This chapter studies the invention of news objectivity, philosophically and historically. After distinguishing three senses of objectivity, it outlines how news objectivity was the result of a four-hundred-year-old interaction between the shifting nature of journalism and the shifting notions of objective knowledge and practice. The chapter then explains the doctrine of news objectivity and notes its decline, then concludes with its own attempt at ethical invention. It outlines an alternate understanding of objectivity, called “pragmatic objectivity,” to replace the traditional notion of news objectivity.
