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"New Economic Policy"
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The New Biological Economy
For over a century, New Zealand has built its economy through a series of commodity-based booms--from wood and wool to beef and butter.Now the country faces new challenges.In a world where value is increasingly rooted in capital- and technology-intensive industries, can countries dependent on agriculture really sustain its high living standards.
eBook
In Search of Prosperity
The economics of growth has come a long way since it regained center stage for economists in the mid-1980s. Here for the first time is a series of country studies guided by that research. The thirteen essays, by leading economists, shed light on some of the most important growth puzzles of our time. How did China grow so rapidly despite the absence of full-fledged private property rights? What happened in India after the early 1980s to more than double its growth rate? How did Botswana and Mauritius avoid the problems that other countries in sub--Saharan Africa succumbed to? How did Indonesia manage to grow over three decades despite weak institutions and distorted microeconomic policies and why did it suffer such a collapse after 1997?
What emerges from this collective effort is a deeper understanding of the centrality of institutions. Economies that have performed well over the long term owe their success not to geography or trade, but to institutions that have generated market-oriented incentives, protected property rights, and enabled stability. However, these narratives warn against a cookie-cutter approach to institution building.
The contributors are Daron Acemoglu, Maite Careaga, Gregory Clark, J. Bradford DeLong, Georges de Menil, William Easterly, Ricardo Hausmann, Simon Johnson, Daniel Kaufmann, Massimo Mastruzzi, Ian W. McLean, Lant Pritchett, Yingyi Qian, James A. Robinson, Devesh Roy, Arvind Subramanian, Alan M. Taylor, Jonathan Temple, Barry R. Weingast, Susan Wolcott, and Diego Zavaleta.
eBook
Zero to one : notes on startups, or how to build the future
\"Thiel starts from the bold premise that we live in an age of technological stagnation, even if we're too distracted by our new mobile devices to notice. Progress has stalled in every industry except computers, and globalization is hardly the revolution people think it is. It's true that the world can get marginally richer by building new copies of old inventions, making horizontal progress from ' to n.' But true innovators have nothing to copy. The most valuable companies of the future will make vertical progress from '0 to 1,' creating entirely new industries and products that have never existed before\"-- Provided by publisher.
Book
Malaysia’s New Economic Policy: Fifty Years of Polarization and Impasse
The New Economic Policy has transformed Malaysia since 1971. Pro-Bumiputera affirmative action has been intensively pursued and continuously faced pushback. This paper revisits three key junctures in the NEP’s fifty-year history that heightened policy debates—and the ensuing persistent polarization and stalemate in policy discourses. First, at its inception in the early 1970s, despite substantial clarity in its two-pronged poverty alleviation and social restructuring structure, the NEP was marred by gaps and omissions, notably its ambiguity on policy mechanisms and long-term implications, and inordinate emphasis on Bumiputera equity ownership. Broader discourses have imbibed these elements, and they tend to be more selective than systematic in policy critique. Second, during the late 1980s, rousing deliberations on the successor to the NEP settled on a growth-oriented strategy that basically retained the NEP framework and extended ethnicity-driven compromises. Third, since 2010, notions of reform and alternatives to the NEP’s affirmative action program have been propagated, which despite bold proclamations again amount to partial and selective—not comprehensive—change. Affirmative action presently drifts along, with minor modifications and incoherent reform rhetoric stemming from conflation of the NEP’s two prongs. Breaking out of the prevailing polarization and impasse requires a systematic and constructive rethink.
Journal Article
So much to do : a full life of business, politics, and confronting fiscal crises
\"Every city and every state needs a Richard Ravitch. In sixty years on the job, whether working in business or government, he was the man willing to tackle some of the most complex challenges facing New York. Trained as a lawyer, he worked briefly for the House of Representatives, then began his career in his family's construction business. He built high-profile projects like the Whitney Museum and Citicorp Center but his primary energy was devoted to building over 40,000 units of affordable housing including the first racially integrated apartment complex in Washington, D.C. He dealt with architects, engineers, lawyers, bureaucrats, politicians, union leaders, construction workers, bankers, and tenants-virtually all of the people who make cities and states work. It was no surprise that those endeavors ultimately led to a life of public service. In 1975, Ravitch was asked by then New York Governor Hugh Carey to arrange a rescue of the New York State Urban Development Corporation, a public entity that had issued bonds to finance over 30,000 affordable housing units but was on the verge of bankruptcy. That same year, Ravitch was at Carey's side when New York City's biggest banks said they would no longer underwrite its debt and he became instrumental to averting the city's bankruptcy. Throughout his career, Ravitch divided his time between public service and private enterprise. He was chairman of the Metropolitan Transportation Authority from 1979 to 1983 and is generally credited with rebuilding the system. He turned around the Bowery Savings Bank, chaired a commission that rewrote the Charter of the City of New York, served on two Presidential Commissions, and became chief labor negotiator for Major League Baseball. Then, in 2008, after Governor Eliot Spitzer resigned in a prostitution scandal and New York State was in a post-financial-crisis meltdown, Spitzer's successor, David Paterson, appointed Ravitch Lieutenant Governor and asked him to make recommendations regarding the state's budgeting plan. What Ravitch found was the result of not just the economic downturn but years of fiscal denial. And the closer he looked, the clearer it became that the same thing was happening in most states. Budgetary pressures from Medicaid, pension promises to public employees, and deceptive budgeting and borrowing practices are crippling our states' ability to do what only they can do--invest in the physical and human infrastructure the country needs to thrive. Making this case is Ravitch's current public endeavor and it deserves immediate attention from both public officials and private citizens\"-- Provided by publisher.
Book
When the Farm Gates Opened
The economic reforms launched by the 1984 David Lange-led Labour government changed New Zealand forever.Agriculture bore the brunt of those changes and Rogernomics, the name by which the era came to be known, became an historical reference point for the primary sector: a defining and pivotal moment when financial subsidies abruptly ended and.
eBook
Three attempts at market reform of the Soviet economy: A comparative analysis
This article presents a comparative overview of the three main attempts to introduce market approaches into the economy of the Soviet Union during its seventy-year history: the New Economic Policy (NEP) of 1921–1928, the Kosygin reform of 1965, and perestroika from 1985 to 1991. The research aims to analyze and compare the nature, political conditions, institutional challenges, and ultimate consequences of these three initiatives, which sought to improve the Soviet system through incremental market integration without changing the core political power structure. Each of the three reform efforts initially triggered a period of accelerated growth, outperforming previous economic trends. However, these successes were short-lived, and all reforms were quickly rolled back. The study’s main finding indicates a fundamental structural incompatibility between market mechanisms and the Soviet political order. This contradiction, rooted in the communist idea, meant that when central control weakened, immediate interests (wages, consumption) outweighed long-term interests (investment). The reforms also differed significantly in their approach to private property: the NEP allowed it as a “temporary retreat,” the Kosygin reform strictly prohibited it, and perestroika gradually permitted private enterprise, eventually evolving into a “real revolution.” In the end, all three attempts failed to create a stable, durable system. The Soviet experience clearly demonstrates that, within its specific historical context, it was impossible to combine Soviet political power with market efficiency. The political core consistently rejected the necessary deep changes, leading to the strategic failure of all liberalization efforts.
Journal Article