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Chinese Privatization: Between Plan and Market
CHINESE PRIVATIZATION: BETWEEN PLAN AND MARKET LAN CAO* I INTRODUCTION Since 1978, when China adopted its open-door policy and allowed its economy to be exposed to the international market, it has adhered to what Deng Xiaoping called "socialism with Chinese characteristics."1 As a result, it has produced an economy with one of the most rapid growth rates in the world by steadfastly embarking on a developmental strategy of gradual, market-oriented measures while simultaneously remaining nominally socialistic. As I discuss in this article, this strategy of reformthe mere adoption of a market economy while retaining a socialist ownership baseshould similarly be characterized as "privatization with Chinese characteristics,"2 even though it departs markedly from the more orthodox strategy most commonly associated with the term "privatization," at least as that term has been conventionally understood in the context of emerging market or transitional economies. The Russian experience of privatization, for example, represents the more dominant and more favored approach to privatizationcertainly from the point of view of the West and its advisersand is characterized by immediate privatization of the state sector, including the swift and unequivocal transfer of assets from the publicly owned state enterprises to private hands. On the other hand, "privatization with Chinese characteristics" emphasizes not the immediate privatization of the state sector but rather the retention of the state sector with the Copyright © 2001 by Lan Cao This article is also available at http://www.law.duke.edu/journals/63LCPCao. * Professor of Law, College of William and Mary Marshall-Wythe School of Law. At the time the article was written, the author was Professor of Law at Brooklyn Law School. -
Alfred Marshall on Big Business
ALFRED MARSHALL ON BIG BUSINESS Jaques Kerstenetzky1 This paper is about the way Alfred Marshall, the champion of the family-owned and -managed firm, approached the phenomenon which Alfred Chandler considered as the emergence of a new kind of capitalism and enterprise, characterized by the presence of corporations.2 The examination of the theme involves history and theory. And, following Marshall’s judgment that history is not a purely inductive practice, nor is theory a purely deductive one, it is an opportunity for reflecting on the historical and institutional content of Marshall’s perusal of firm's nature, size, organization and coordination. The task includes the identification of some connections among the work of the two Alfreds. The theme inevitably refers to the classical issue of the dilemma of increasing returns and competition. The dilemma will be presented as the theoretical context and will work as a unifying thread through the paper. The paper is organized in two parts. The first part is an introduction to the Marshallian approach on business organization issues. It shall place Marshall’s work into historical context, and characterize Marshall’s work in a way which is different from how he is read and was incorporated into economic theory by mainstream economics. The second part specifically approaches Industry and Trade, the book in which Marshall discussed business organization in depth.3 1. Introduction to Marshall’s work on business organization 1.1 The historical and theoretical context of Marshall’s work on business organization The historical economic context of Marshall’s writings is the second industrial revolution, hatched in the last quarter of the nineteenth century. -
Speculation: Futures and Capitalism in India: Opening Statement
Laura Bear, Ritu Birla, Stine Simonsen Puri Speculation: futures and capitalism in India: opening statement Article (Accepted version) (Refereed) Original citation: Bear, Laura, Birla, Ritu and Puri, Stine Simonsen (2015) Speculation: futures and capitalism in India: opening statement. Comparative Studies of South Asia, Africa and the Middle East. pp. 1-7. ISSN 1089-201X (In Press) © 2015 Duke University Press This version available at: http://eprints.lse.ac.uk/61802/ Available in LSE Research Online: May 2015 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. This document is the author’s final accepted version of the journal article. There may be differences between this version and the published version. You are advised to consult the publisher’s version if you wish to cite from it. Speculation: Futures and Capitalism in India Opening Statement Laura Bear, Ritu Birla, Stine Simonsen Puri Keywords: Speculation, Divination, Finance, Economic Governance, Uncertainty, Vernacular Capitalism Speculation: New Vistas on Capitalism and the Global This special section of Comparative Studies in South Asia, Africa and Middle East investigates speculation as a crucial conceptual tool for analyzing contemporary capitalism. -
Markets in Higher Education: Can We Still Learn from Economics' Founding Fathers?* Abstract
Research & Occasional Paper Series: CSHE.4.06 UNIVERSITY OF CALIFORNIA, BERKELEY http://cshe.berkeley.edu/ MARKETS IN HIGHER EDUCATION: CAN WE STILL LEARN * FROM ECONOMICS’ FOUNDING FATHERS? March 2006 Pedro Nuno Teixeira Assistant Professor of Economics; Research Associate, CEMPRE and CIPES University of Porto and Visiting Scholar, Center for Studies in Higher Education, UC Berkeley Copyright 2006 Pedro Nuno Teixeira, all rights reserved. ABSTRACT Markets or market-like mechanisms are playing an increasing role in higher education, with visible consequences both for the regulation of higher education systems as a whole, as well as for the governance mechanisms of individual institutions. This article traces the history of economists’ views on the role of education, from Adam Smith, John Stuart Mill, Alfred Marshall, and Milton Friedman, to present-day debates about the relevance of market economies to higher education policy. Recent developments in higher education policy reflect both the rising strength of market mechanisms in higher education worldwide, and a certain ambivalence about these developments. The author argues that despite the peculiarities of the higher education sector, economic theory can be a very useful tool for the analysis of the current state of higher education systems and recent trends in higher education policy. Introduction Markets or market-like mechanisms are playing an increasing role in higher education, with visible consequences both for the regulation of higher education (HE) * The author is Assistant Professor in the Economics Department at the University of Porto and Research Associate of CEMPRE (Centre for Macroeconomics and Forecasting) and CIPES (Portuguese National Research Centre on Higher Education Policy). -
Speculation in the United States Government Securities Market
Authorized for public release by the FOMC Secretariat on 2/25/2020 Se t m e 1, 958 p e b r 1 1 To Members of the Federal Open Market Committee and Presidents of Federal Reserve Banks not presently serving on the Federal Open Market Committee From R. G. Rouse, Manager, System Open Market Account Attached for your information is a copy of a confidential memorandum we have prepared at this Bank on speculation in the United States Government securities market. Authorized for public release by the FOMC Secretariat on 2/25/2020 C O N F I D E N T I AL -- (F.R.) SPECULATION IN THE UNITED STATES GOVERNMENT SECURITIES MARKET 1957 - 1958* MARKET DEVELOPMENTS Starting late in 1957 and carrying through the middle of August 1958, the United States Government securities market was subjected to a vast amount of speculative buying and liquidation. This speculation was damaging to mar- ket confidence,to the Treasury's debt management operations, and to the Federal Reserve System's open market operations. The experience warrants close scrutiny by all interested parties with a view to developing means of preventing recurrences. The following history of market events is presented in some detail to show fully the significance and continuous effects of the situation as it unfolded. With the decline in business activity and the emergence of easier Federal Reserve credit and monetary policy in October and November 1957, most market elements expected lower interest rates and higher prices for United States Government securities. There was a rapid market adjustment to these expectations. -
Transforming Government Through Privatization
20th Anniversary Edition Annual Privatization Report 2006 Transforming Government Through Privatization Reflections from Pioneers in Government Reform Prime Minister Margaret Thatcher Governor Mitch Daniels Governor Mark Sanford Robert W. Poole, Jr. Reason Foundation Reason Foundation’s mission is to advance a free society by developing, apply- ing, and promoting libertarian principles, including individual liberty, free markets, and the rule of law. We use journalism and public policy research to influence the frameworks and actions of policymakers, journalists, and opin- ion leaders. Reason Foundation’s nonpartisan public policy research promotes choice, competition, and a dynamic market economy as the foundation for human dignity and prog- ress. Reason produces rigorous, peer-reviewed research and directly engages the policy pro- cess, seeking strategies that emphasize cooperation, flexibility, local knowledge, and results. Through practical and innovative approaches to complex problems, Reason seeks to change the way people think about issues, and promote policies that allow and encourage individuals and voluntary institutions to flourish. Reason Foundation is a tax-exempt research and education organization as defined under IRS code 501(c)(3). Reason Foundation is supported by voluntary contributions from individuals, foundations, and corporations. The views expressed in these essays are those of the individual author, not necessarily those of Reason Foundation or its trustees. Copyright © 2006 Reason Foundation. Photos used in this publication are copyright © 1996 Photodisc, Inc. All rights reserved. Authors Editor the Association of Private Correctional & Treatment Organizations • Leonard C. Gilroy • Chris Edwards is the director of Tax Principal Authors Policy Studies at the Cato Institute • Ted Balaker • William D. Eggers is the global director • Shikha Dalmia for Deloitte Research—Public Sector • Leonard C. -
Speculative Separation for Privatization and Reductions
Speculative Separation for Privatization and Reductions Nick P. Johnson Hanjun Kim Prakash Prabhu Ayal Zaksy David I. August Princeton University, Princeton, NJ yIntel Corporation, Haifa, Israel fnpjohnso, hanjunk, pprabhu, [email protected] [email protected] Abstract Memory Layout Static Speculative Automatic parallelization is a promising strategy to improve appli- Speculative LRPD [22] R−LRPD [7] cation performance in the multicore era. However, common pro- Privateer (this work) gramming practices such as the reuse of data structures introduce Dynamic PD [21] artificial constraints that obstruct automatic parallelization. Privati- Polaris [29] ASSA [14] zation relieves these constraints by replicating data structures, thus Static Array Expansion [10] enabling scalable parallelization. Prior privatization schemes are Criterion DSA [31] RSSA [23] limited to arrays and scalar variables because they are sensitive to Privatization Manual Paralax [32] STMs [8, 18] the layout of dynamic data structures. This work presents Privateer, the first fully automatic privatization system to handle dynamic and Figure 1: Privatization Criterion and Memory Layout. recursive data structures, even in languages with unrestricted point- ers. To reduce sensitivity to memory layout, Privateer speculatively separates memory objects. Privateer’s lightweight runtime system contention and relaxes the program dependence structure by repli- validates speculative separation and speculative privatization to en- cating the reused storage locations, producing multiple copies in sure correct parallel execution. Privateer enables automatic paral- memory that support independent, concurrent access. Similarly, re- lelization of general-purpose C/C++ applications, yielding a ge- duction techniques relax ordering constraints on associative, com- omean whole-program speedup of 11.4× over best sequential ex- mutative operators by replacing (or expanding) storage locations. -
The Many Sides of John Stuart M I L L ' S Political and Ethical Thought Howard Brian Cohen a Thesis Submitted I N Conformity
The Many Sides of John Stuart Mill's Political and Ethical Thought Howard Brian Cohen A thesis submitted in conformity with the requirements for the degree of Doctorate Graduate Department of Political Science University of Toronto O Copyright by Howard Brian Cohen 2000 Acquisitions and Acquisitions et Bbliogmphïc Services services bibiiimphiques The author has granted a non- L'auteur a accordé une Iicence non exclusive licence allowïng the exclusive permettant à la National Library of Canada to Bibliothèque nationale du Canada de reproduce, loan, distriiute or seil reproduire, prêter, distribuer ou copies of this thesis in microfonn, vendre des copies de cetté thèse sous paper or electronic formats. la forme de microfiche/nlm, de reproduction sur papier ou sur format électronique. The author retains ownefship of the L'auteur conserve la propriété du copyright in this thesis. Neither the droit d'auteur qui protège cette thèse. thesis nor substantial extracts fiom it Ni la thèse ni des extraits substantiels may be printed or otherwise de celle-ci ne doivent être imprimés reproduced without the author's ou autrement reproduits sans son permission. autorisation. This study is an attempt to account for the presence of discordant themes within the political and ethical writings of John Stuart Mill. It is argued that no existing account has adequately addressed the question of what possible function can be ascribed to conflict and contradiction within Mill's system of thought. It is argued that conflict and contradiction, are built into the -
Utilitarianism Without Utility: a Missed Opportunity in Alfred Marshall's Theory of Market Choice
Utilitarianism without Utility: A Missed Opportunity in Alfred Marshall’s Theory of Market Choice Marco Dardi In his early economic writings1 Alfred Marshall analyzed the basic mar- ket choice—whether to accept or turn down a proposed transaction—in terms of an internal confl ict between opposing desires: that of acquiring property or other rights, on the one hand, and that of keeping hold of what is required in exchange, on the other. Transactions in which the forces of the confl icting desires happen to balance constitute the so-called margin of indecision. Indeed, in modern societies practically all transactions are settled by means of money transfers. Thus, the desire for money can be taken to be a common ingredient of all these internal confl icts. In marginal transactions, the desire to keep or acquire the amount of money transferred offsets the net resultant force of all the other desires involved. Conse- quently, if it were possible to measure its force, the desire for money would provide a common measure of the net force of all the various desires, the satisfaction of which is attained through marginal transactions. Lacking such a measurement, we can at least take the amount of money transferred, which is measurable, as a rough, indirect indicator of force. Economics Correspondence may be addressed to Marco Dardi, Via delle Pandette 9, 50127 Firenze, Italy; e-mail: marco.dardi@unifi .it. I wish to thank three anonymous referees for comments and useful suggestions. 1. The relevant texts for the present discussion are the manuscript essays “Value” and “Money” (early 1870s), published in Marshall 1975, vol. -
Speculative Business Loss from Trading in Shares Cannot Be Set-Off Against Profits from the Business of Futures and Options Prio
22 May 2019 Speculative business loss from trading in shares cannot be set-off against profits from the business of futures and options prior to amendment in Section 73 of the Act – Supreme Court Recently, the Supreme Court in the case of Snowtex activities pertaining to futures and options Investment Ltd1 (the taxpayer) dealt with the issue of (derivatives) could not be treated as set-off of loss arising from trading in shares speculative transactions. The AO held that the loss (speculative business loss) against profits from the arising from share trading was speculation loss, and business of futures and options relating to the period such speculation loss cannot be set off against the prior to the amendment2 in Section 73 of the Income- profits from derivative business. The Commissioner tax Act, 1961 (the Act). The Supreme Court held that of Income-tax (Appeals) [CIT(A)] upheld the order of the loss which occurred to the taxpayer as a result of the AO. its activity of trading in shares (a loss arising from the business of speculation) was not capable of being The Tribunal held that the claim of the taxpayer for set off against the profits which it had earned against setting off the loss from share trading should be the business of futures and options since the latter allowed against the profits from transactions in did not constitute profits and gains of a speculative futures and options since the character of the business. The Supreme Court held that the activities was similar. The Tribunal held that the amendment introduced [with effect from 1 April 2015] taxpayer which was in the business of share trading in the Explanation to Section 73 of the Act, with had treated the entire activity of the purchase and respect to trading in shares, could not be regarded sale of shares which comprised both of delivery as clarificatory or retrospective in nature. -
Regulation and the Marginalist Revolution
Florida Law Review Volume 71 Issue 2 Article 4 Regulation and the Marginalist Revolution Herbert Hovenkamp Follow this and additional works at: https://scholarship.law.ufl.edu/flr Part of the Antitrust and Trade Regulation Commons Recommended Citation Herbert Hovenkamp, Regulation and the Marginalist Revolution, 71 Fla. L. Rev. 455 (). Available at: https://scholarship.law.ufl.edu/flr/vol71/iss2/4 This Article is brought to you for free and open access by UF Law Scholarship Repository. It has been accepted for inclusion in Florida Law Review by an authorized editor of UF Law Scholarship Repository. For more information, please contact [email protected]. Hovenkamp: Regulation and the Marginalist Revolution REGULATION AND THE MARGINALIST REVOLUTION Herbert Hovenkamp* Abstract The marginalist revolution in economics became the foundation for the modern regulatory State with its “mixed” economy. For the classical political economists, value was a function of past averages. Marginalism substituted forward looking theories based on expectations about firm and market performance. Marginalism swept through university economics, and by 1920 or so virtually every academic economist was a marginalist. This Article considers the historical influence of marginalism on regulatory policy in the United States. My view is at odds with those who argue that marginalism saved capitalism by rationalizing it as a more defensible buttress against incipient socialism. While marginalism did permit economists and policy makers to strike a middle ground between laissez faire and socialism, the “middle ground” tilted very strongly toward public control. Ironically, regulation plus private ownership was able to go much further in the United States than socialism ever could because it preserved the rhetoric of capital as privately owned, even as it deprived firms of many of the most important indicia of ownership. -
Broadening the Perspective on Ocean Privatizations: an Interdisciplinary Social Science Enquiry
Copyright © 2020 by the author(s). Published here under license by the Resilience Alliance. Schlüter, A., M. Bavinck, M. Hadjimichael, S. Partelow, A. Said, and I. Ertör. 2020. Broadening the perspective on ocean privatizations: an interdisciplinary social science enquiry. Ecology and Society 25(3):20. https://doi.org/10.5751/ES-11772-250320 Insight Broadening the perspective on ocean privatizations: an interdisciplinary social science enquiry Achim Schlüter 1,2, Maarten Bavinck 3,4, Maria Hadjimichael 5, Stefan Partelow 1, Alicia Said 6 and Irmak Ertör 7 ABSTRACT. Privatization of the ocean, in the sense of defining more exclusive property rights, is taking place in increasingly diverse ways. Because of more intensive and diversified use patterns and increasing sustainability challenges, it is likely that this process will continue into the future. We argue that the nature of privatization varies from one oceanic domain to another. We differentiate four ideal- typical domains: (1) resources, (2) space, (3) governance control, and (4) knowledge, and nine criteria for the assessment of privatization. We apply those criteria to a selection of examples from the realm of marine life (from micro-organisms to fish) to highlight similarities and differences and establish foundations for broader analysis. We aim hereby to develop the groundwork for a balanced, interdisciplinary perspective on ocean privatization. Our analysis demonstrates that privatization has multiple dimensions and cannot be condemned or embraced in its entirety. Instead it requires more nuanced assessment and deliberation. Key Words: ocean; privatization; property rights; sustainability INTRODUCTION minerals) alike; (2) space, such as for establishing wind parks, The oceans cover more than 70% of our planet but are arguably aquaculture farms, or marine protected areas (MPA); (3) still the least privatized asset of humankind.