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Why Australia Prospered
This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries.
Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.
eBook
The case for people's quantitative easing
\"As the 2008 financial crisis ravaged economies, central banks turned to quantitative easing to prevent a return to the 1930s. There wasn't a repeat of the Great Depression, but there certainly wasn't a recovery. Instead, there was a decade of stagnation. It's clear: QE failed. In this book, Frances Coppola makes the case for a different type of QE\"-- Provided by publisher.
Book
Economic Crises and the Breakdown of Authoritarian Regimes
Why do some authoritarian regimes topple during financial crises, while others steer through financial crises relatively unscathed? In this book, Thomas B. Pepinsky uses the experiences of Indonesia and Malaysia and the analytical tools of open economy macroeconomics to answer this question. Focusing on the economic interests of authoritarian regimes' supporters, Pepinsky shows that differences in cross-border asset specificity produce dramatically different outcomes in regimes facing financial crises. When asset specificity divides supporters, as in Indonesia, they desire mutually incompatible adjustment policies, yielding incoherent adjustment policy followed by regime collapse. When coalitions are not divided by asset specificity, as in Malaysia, regimes adopt radical adjustment measures that enable them to survive financial crises. Combining rich qualitative evidence from Southeast Asia with cross-national time-series data and comparative case studies of Latin American autocracies, Pepinsky reveals the power of coalitions and capital mobility to explain how financial crises produce regime change.
eBook
Awakening Giants, Feet of Clay
The recent economic rise of China and India has attracted a great deal of attention--and justifiably so. Together, the two countries account for one-fifth of the global economy and are projected to represent a full third of the world's income by 2025. Yet, many of the views regarding China and India's market reforms and high growth have been tendentious, exaggerated, or oversimplified.Awakening Giants, Feet of Clayscrutinizes the phenomenal rise of both nations, and demolishes the myths that have accumulated around the economic achievements of these two giants in the last quarter century. Exploring the challenges that both countries must overcome to become true leaders in the international economy, Pranab Bardhan looks beyond short-run macroeconomic issues to examine and compare China and India's major policy changes, political and economic structures, and current general performance.
Bardhan investigates the two countries' economic reforms, each nation's pattern and composition of growth, and the problems afflicting their agricultural, industrial, infrastructural, and financial sectors. He considers how these factors affect China and India's poverty, inequality, and environment, how political factors shape each country's pattern of burgeoning capitalism, and how significant poverty reduction in both countries is mainly due to domestic factors--not global integration, as most would believe. He shows how authoritarianism has distorted Chinese development while democratic governance in India has been marred by severe accountability failures.
Full of valuable insights,Awakening Giants, Feet of Clayprovides a nuanced picture of China and India's complex political economy at a time of startling global reconfiguration and change.
eBook
Liberal Protectionism
What does organized trade portend for the future of the post-World
War II trading order? Are we seeing a transition from liberalism to
protectionism? These questions are central to Vinod K. Aggarwal's
penetrating analysis of conflict and cooperation in trade among
developed and less developed countries. In his examination of the
evolution of organized trade, Aggarwal specifically analyses
international regimes in textile and apparel trade. The author uses
an original theoretical approach to investigate international
regimes. Why are regimes desirable? Aggarwal shows how such accords
can protect broader arrangements, allow countries to control one
another's behavior, and minimize information and organization costs
in negotiations. Several factors account for the form of regimes.
The strength of regimes is enhanced by an asymmetry of
international power. A hegemon is more willing and able to maintain
a regime. Both the nature and scope of regimes are determined by
the relative degree of trade competition and cognitive consensus
among actors. As trade competition increases, and actors decide to
link related issues, regimes become more protectionist in their
goals and wider in their coverage. Aggarwal's theory successfully
accounts for the transformation of international regimes in textile
trade, demonstrating the importance of systematically incorporating
international level factors into our theories. His empirical work
is based on extensive archival research and interviews with key
negotiators. Aggarwal concludes that the pattern of international
cooperation which evolved in textile trade provides a portrait of
the future for trade in other industrial sectors. He finds the
trend of arrangements in textile trade disturbing and argues that
organized trade will not prevent-and may in fact promote a slide
from liberalism to protectionism. Regimes originally developed to
counter protectionism may evolve into systems of organized
protection that encourage neither efficiency nor equity. A lucid
analysis of recent historical developments in textile trade, this
study sheds light on the movement toward increasing protection in
other sectors of trade as well. It is a significant work that will
prove valuable to those who study international trade and regimes.
This title is part of UC Press's Voices Revived program,
which commemorates University of California Press's mission to seek
out and cultivate the brightest minds and give them voice, reach,
and impact. Drawing on a backlist dating to 1893, Voices
Revived makes high-quality, peer-reviewed scholarship
accessible once again using print-on-demand technology. This title
was originally published in 1986.
eBook
Priests of Prosperity
Priests of Prosperityexplores the unsung revolutionary campaign to transform postcommunist central banks from command-economy cash cows into Western-style monetary guardians. Juliet Johnson conducted more than 160 interviews in seventeen countries with central bankers, international assistance providers, policymakers, and private-sector finance professionals over the course of fifteen years. She argues that a powerful transnational central banking community concentrated in Western Europe and North America integrated postcommunist central bankers into its network, shaped their ideas about the role of central banks, and helped them develop modern tools of central banking.
Johnson's detailed comparative studies of central bank development in Hungary, the Czech Republic, Slovakia, Russia, and Kyrgyzstan take readers from the birth of the campaign in the late 1980s to the challenges faced by central bankers after the global financial crisis. As the comfortable certainties of the past collapse around them, today's central bankers in the postcommunist world and beyond find themselves torn between allegiance to their transnational community and its principles on the one hand and their increasingly complex and politicized national roles on the other.Priests of Prosperitywill appeal to a diverse audience of scholars in political science, finance, economics, geography, and sociology as well as to central bankers and other policymakers interested in the future of international finance, global governance, and economic development.
eBook