Markets Or Governments
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| Author | : Charles Wolf, Jr. |
| Publisher | : MIT Press |
| Total Pages | : 260 |
| Release | : 1993-09-02 |
| Genre | : Business & Economics |
| ISBN | : 9780262731041 |
Provides a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket institutions as foundations, universities, and government. A theory of market failures is well established in economics, but the same has not been true for the study of nonmarket failures. Markets or Governments remedies this situation by providing a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket institutions as foundations, universities, and government. This new edition updates the data and results contained in the first edition and includes references and applications of the theory to the ongoing process of system transformation in Russia, Ukraine, and Eastern Europe. The discussion of earlier literature that is relevant to the theory of nonmarket failure has been expanded.
| Author | : Steven K. Vogel |
| Publisher | : Oxford University Press |
| Total Pages | : 201 |
| Release | : 2018-02-01 |
| Genre | : Political Science |
| ISBN | : 0190699876 |
Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus "marketcraft" represents a core function of government comparable to statecraft and requires considerable artistry to govern markets effectively. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft. In Marketcraft, Steven Vogel builds his argument upon the recognition that all markets are crafted then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a free market. Markets are institutions, and contemporary markets are all heavily regulated. The "free market revolution" that began in the 1980s did not see a deregulation of markets, but rather a re-regulation. Vogel looks at a wide range of policy issues to support this concept, focusing in particular on the US and Japan. He examines how the US, the "freest" market economy, is actually among the most heavily regulated advanced economies, while Japan's effort to liberalize its economy counterintuitively expanded the government's role in practice. Marketcraft demonstrates that market institutions need government to function, and in increasingly complex economies, governance itself must feature equally complex policy tools if it is to meet the task. In our era-and despite what anti-government ideologues contend-governmental officials, regardless of party affiliation, should be trained in marketcraft just as much as in statecraft.
| Author | : Eliot Spitzer |
| Publisher | : MIT Press |
| Total Pages | : 96 |
| Release | : 2011-04-18 |
| Genre | : Political Science |
| ISBN | : 0262295113 |
In his first book, the former New York governor and current CNN cohost offers a manifesto on the economy and the public interest. As New York State Attorney General from 1998 to 2006, Eliot Spitzer successfully pursued corporate crime, including stock price inflation, securities fraud, and predatory lending practices. Drawing on those experiences, in this book Spitzer considers when and how the government should intervene in the workings of the market. The 2009 American bank bailout, he argues, was the wrong way: it understandably turned government intervention into a flashpoint for public disgust because it socialized risk, privatized benefit, and left standing institutions too big to fail, incompetent regulators, and deficient corporate governance. That's unfortunate, because good regulatory policy, he claims, can make markets and firms work efficiently, equitably, and in service of fundamental public values. Spitzer lays out the right reasons for government intervention in the market: to guarantee transparency, to overcome market failures, and to guard our core values against the market's unfair biases such as racism. With specific proposals to serve those ends—from improving corporate governance to making firms responsible for their own risky behavior—he offers a much-needed blueprint for the proper role of government in the market. Finally, taking account of regulatory changes since the crash of 2008, he suggests how to rebuild public trust in government so real change is possible. Responses to Spitzer by Sarah Binder, Andrew Gelman, and John Sides, Dean Baker, and Robert Johnson, raise issues of politics, ideology, and policy.
| Author | : Karen Knop |
| Publisher | : UBC Press |
| Total Pages | : 370 |
| Release | : 1995-02-01 |
| Genre | : Political Science |
| ISBN | : 9780774805001 |
!DOCTYPE html PUBLIC "-//IETF//DTD HTML 2.0//EN" meta name="generator" content="HTML Tidy, see www.w3.org" Federalism is at once a set of institutions -- the division of public authority between two or more constitutionally defined orders of government -- and a set of ideas which underpin such institutions. As an idea, federalism points us to issues such as shared and divided sovereignty, multiple loyalties and identities, and governance through multi-level institutions. Seen in this more complex way, federalism is deeply relevant to a wide range of issues facing contemporary societies. Global forces -- economic and social -- are forcing a rethinking of the role of the central state, with power and authority diffusing both downwards to local and state institutions and upwards to supranational bodies. Economic restructuring is altering relationships within countries, as well as the relationships of countries with each other. At a societal level, the recent growth of ethnic and regional nationalisms -- most dramatically in Eastern Europe and the former Soviet Union, but also in many other countries in western Europe and North America -- is forcing a rethinking of the relationship between state and nation, and of the meaning and content of 'citizenship.' Rethinking Federalism explores the power and relevance of federalism in the contemporary world, and provides a wide-ranging assessment of its strengths, weaknesses, and potential in a variety of contexts. Interdisciplinary in its approach, it brings together leading scholars from law, economics, sociology, and political science, many of whom draw on their own extensive involvement in the public policy process. Among the contributors, each writing with the authority of experience, are Tommaso Padoa-Schioppa and Jacques Pelkmans on the European Union, Paul Chartrand on Aboriginal rights, Samuel Beer on North American federalism, Alan Cairns on identity, and Vsevolod Vasiliev on citizenship after the breakup of the Soviet Union. The themes refracted through these different disciplines and political perspectives include nationalism, minority protection, representation, and economic integration. The message throughout this volume is that federalism is not enough -- rights protection and representation are also of fundamental importance in designing multi-level governments.
| Author | : Paul de Grauwe |
| Publisher | : Oxford University Press |
| Total Pages | : 182 |
| Release | : 2017 |
| Genre | : Business & Economics |
| ISBN | : 0198784287 |
Paul De Grauwe examines why a healthy mix of market and state seems so difficult and analyses the internal and external limits of the market and the government, and the swing between these two points.
| Author | : Edward J. Balleisen |
| Publisher | : Cambridge University Press |
| Total Pages | : 579 |
| Release | : 2010 |
| Genre | : Business & Economics |
| ISBN | : 0521118484 |
After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
| Author | : Charles Wolf |
| Publisher | : MIT Press (MA) |
| Total Pages | : 220 |
| Release | : 1988-01-01 |
| Genre | : Capitalism |
| ISBN | : 9780262231343 |
Economic studies historically have either extolled the virtues of perfect markets or decried the market's shortcomings, proposing that governments correct market failure. This book proposes as a counterweight to these views a theory of nonmarket failure, and examines in great detail the shortcomings of government efforts to replace or to regulate markets. It is an unusually thorough analysis that can be used to make more systematic comparisons between markets and governments and to arrive at more intelligent choices between them.After reviewing the existing theory of market shortcomings, Wolf develops a parallel framework for analyzing the shortcomings of government, elaborating the inherent characteristics of government operations and the problems they present. He then considers how these predictable types of nonmarket failure can be taken into account in improving the formulation of public policy. And he compares market and nonmarket alternatives, both in their theoretical and empirical aspects.Wolf concludes that, while both markets and governments have inherent shortcomings, and the choice between them is never a pure one (real-world situations always involve some combination of the two alternatives), markets do a better job than governments. They are more efficient according to both static and dynamic criteria. With respect to equity and other non-efficiency considerations, however, both markets and governments have strengths and weaknesses. Finally, Wolf points out that government can play an important role in improving and extending the functioning of markets. And, perhaps most controversially, he argues that market forces themselves can play an important role in improving thefunctioning of government. They can reduce the incidence of nonmarket failure by injecting market incentives into government operations.Charles Wolf, Jr. is Dean of the RAND Graduate School of Policy Studies and director of the RAND Corporation's Research Program in International Economic Policy. He was chairman of RAND's Economics Department for 12 years, and has written widely in the fields of economics, defense policy, and foreign policy. A RAND Corporation Research Study.
| Author | : Douglas A. Irwin |
| Publisher | : University of Chicago Press |
| Total Pages | : 873 |
| Release | : 2017-11-29 |
| Genre | : Political Science |
| ISBN | : 022639901X |
A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs
| Author | : Steven K. Vogel |
| Publisher | : Cornell University Press |
| Total Pages | : 313 |
| Release | : 2018-05-31 |
| Genre | : Political Science |
| ISBN | : 1501717308 |
Over the past fifteen years, the United States, Western Europe, and Japan have transformed the relationship between governments and corporations. The changes are complex and the terms used to describe them often obscure the reality. In Freer Markets, More Rules, Steven K. Vogel dispenses with euphemisms and makes sense of this recent transformation. In defiance of conventional wisdom, Vogel contends that the deregulation revolution of the 1980s and 1990s never happened. The advanced industrial countries moved toward liberalization or freer markets at the same time that they imposed reregulation or more rules. Moreover, the countries involved did not converge in regulatory practice but combined liberalization and reregulation in markedly different ways. The state itself, far more than private interest groups, drove the process of regulatory reform. Thus, the story of deregulation is one rich in paradox: a movement aimed at reducing regulation increased it; a movement propelled by global forces reinforced national differences; and a movement that purported to reduce state power was led by the state itself. Vogel's astute and far-reaching analysis compares deregulation in Britain and Japan, with special attention to the telecommunication and financial services industries. He also considers such important sectors as broadcasting, transportation, and utilities in the United States, France, and Germany.
| Author | : Clifford Winston |
| Publisher | : Brookings Institution Press and AEI |
| Total Pages | : 152 |
| Release | : 2006 |
| Genre | : Business & Economics |
| ISBN | : |
When should government intervene in market activity? When is it best to let market forces simply take their natural course? How does existing empirical evidence about government performance inform those decisions? Brookings economist Clifford Winston uses these questions to frame a frank empirical assessment of government economic intervention in Government Failure vs.
