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Author: Robert Sirico
Publisher: Simon and Schuster
ISBN: 1596988118
Category : Political Science
Languages : en
Pages : 226
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Book Description
Thirty years ago, the economic system of the Soviet empire—socialism—seemed definitively discredited. Today, the most popular figures in the Democratic Party embrace it, while the shapers of public opinion treat capitalism as morally indefensible. Is there a moral case for capitalism? Consumerism is an appalling spectacle. Free markets may be efficient, but are they fair? Aren’t there some things that we can’t afford to leave to the vicissitudes of the market? Robert Sirico, a onetime leftist, shows how a free economy—including private property, legally enforceable contracts, and prices and interest rates freely agreed to by the parties to a transaction—is the best way to meet society’s material needs. In fact, the free market has lifted millions out of dire poverty—far more people than state welfare or private charity has ever rescued from want. But efficiency isn’t its only virtue. Economic freedom is indispensable for the other freedoms we prize. And it’s not true that it makes things more important than people—just the reverse. Only if we have economic rights can we protect ourselves from government encroachment into the most private areas of our lives—including our consciences. Defending the Free Market is a powerful vindication of capitalism and a timely warning for a generation flirting with disaster.
Author: Robert Sirico
Publisher: Simon and Schuster
ISBN: 1596988118
Category : Political Science
Languages : en
Pages : 226
Get Book Here
Book Description
Thirty years ago, the economic system of the Soviet empire—socialism—seemed definitively discredited. Today, the most popular figures in the Democratic Party embrace it, while the shapers of public opinion treat capitalism as morally indefensible. Is there a moral case for capitalism? Consumerism is an appalling spectacle. Free markets may be efficient, but are they fair? Aren’t there some things that we can’t afford to leave to the vicissitudes of the market? Robert Sirico, a onetime leftist, shows how a free economy—including private property, legally enforceable contracts, and prices and interest rates freely agreed to by the parties to a transaction—is the best way to meet society’s material needs. In fact, the free market has lifted millions out of dire poverty—far more people than state welfare or private charity has ever rescued from want. But efficiency isn’t its only virtue. Economic freedom is indispensable for the other freedoms we prize. And it’s not true that it makes things more important than people—just the reverse. Only if we have economic rights can we protect ourselves from government encroachment into the most private areas of our lives—including our consciences. Defending the Free Market is a powerful vindication of capitalism and a timely warning for a generation flirting with disaster.
Author: Organisation for Economic Co-operation and Development
Publisher: OECD Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
The benefits of open markets are tangible. In the last decade, countries that have been more open to trade and investment have achieved double the average annual growth of more closed economies. More individuals, firms and nations than ever before depend on the gains from trade and investment liberalisation. Yet anxiety about the effects of greater market integration remains. It is essential for long-term world prosperity that countries' commitment to trade and investment liberalisation be sustained. To be credible, that commitment must be rooted in and enjoy broad public support and understanding. This makes it all the more important to communicate what trade and investment liberalisation can and cannot do and be held responsible for. Trade and investment liberalisation is not painless. It should not be viewed as a cure-all nor presented as an end in itself. It is, however, an essential component of any coherent set of policies aimed at helping societies adjust to - and take advantage of - technology-driven transformations whose pace and depth are unprecedented. The stakes are high. This book examines the various channels through which open markets deliver considerable benefits to societies and their citizens; recalls the real pocket-book costs of protectionism; and addresses the full range of concerns that feature prominently in ongoing discussions over the effects of market liberalisation on employment, income distribution, environmental protection and national sovereignty. A central message of this book is that liberalisation forms part of the solution to the concerns of citizens, rather than being their root cause. The book's comprehensive treatment of the ins and outs of trade and investment liberalisation should make an important contribution to the public debate. It is essential reading for public officials, business leaders and private citizens who wish to take an active part in it.
Author: Wilhelm Röpke
Publisher: Open Road Media
ISBN: 1497636426
Category : Biography & Autobiography
Languages : en
Pages : 287
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Book Description
“A Humane Economy is like a seminar on integral freedom conducted by a professor of uncommon brilliance.” —Wall Street Journal “If any person in our contemporary world is entitled to a hearing it is Wilhelm Röpke.” —New York Times A Humane Economy offers one of the most accessible and compelling explanations of how economies operate ever written. The masterwork of the great twentieth-century economist Wilhelm Röpke, this book presents a sweeping, brilliant exposition of market mechanics and moral philosophy. Röpke cuts through the jargon and statistics that make most economic writing so obscure and confusing. Over and over, the great Swiss economist stresses one simple point: you cannot separate economic principles from human behavior. Röpke’s observations are as relevant today as when they were first set forth a half century ago. He clearly demonstrates how those societies that have embraced free-market principles have achieved phenomenal economic success—and how those that cling to theories of economic centralization endure stagnation and persistent poverty. A Humane Economy shows how economic processes and government policies influence our behavior and choices—to the betterment or detriment of life in those vital and highly fragile human structures we call communities. “It is the precept of ethical and humane behavior, no less than of political wisdom,” Röpke reminds us, “to adapt economic policy to man, not man to economic policy.”
Author: Martín Uribe
Publisher: Princeton University Press
ISBN: 0691158770
Category : Business & Economics
Languages : en
Pages : 646
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Book Description
A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes
Author: Bernard E. Harcourt
Publisher: Harvard University Press
ISBN: 0674971329
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
It is widely believed today that the free market is the best mechanism ever invented to efficiently allocate resources in society. Just as fundamental as faith in the free market is the belief that government has a legitimate and competent role in policing and the punishment arena. This curious incendiary combination of free market efficiency and the Big Brother state has become seemingly obvious, but it hinges on the illusion of a supposedly natural order in the economic realm. The Illusion of Free Markets argues that our faith in “free markets” has severely distorted American politics and punishment practices. Bernard Harcourt traces the birth of the idea of natural order to eighteenth-century economic thought and reveals its gradual evolution through the Chicago School of economics and ultimately into today’s myth of the free market. The modern category of “liberty” emerged in reaction to an earlier, integrated vision of punishment and public economy, known in the eighteenth century as “police.” This development shaped the dominant belief today that competitive markets are inherently efficient and should be sharply demarcated from a government-run penal sphere. This modern vision rests on a simple but devastating illusion. Superimposing the political categories of “freedom” or “discipline” on forms of market organization has the unfortunate effect of obscuring rather than enlightening. It obscures by making both the free market and the prison system seem natural and necessary. In the process, it facilitated the birth of the penitentiary system in the nineteenth century and its ultimate culmination into mass incarceration today.
Author: Weiss Dieter
Publisher: OECD Publishing
ISBN: 9264163603
Category :
Languages : en
Pages : 231
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Book Description
This book explains why Egypt is lagging behind other countries in the Mediterranean region in reforming its economy.
Author: Winifred Barr Rothenberg
Publisher: University of Chicago Press
ISBN: 9780226729534
Category : Business & Economics
Languages : en
Pages : 308
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Book Description
Through innovative use of little used archival material, Rothenberg finds that the relevant economic magnitudes - farm commodity prices, wages for day and monthly farm labor, and the determinants of rural wealth holding - behaved as if they had been formed in a market. This ground breaking discovery reveals how an agricultural economy that lacked both an important export staple and technological change could experience market-led growth. To understand this impressive economic development, Rothenberg discusses a number of provocative questions.
Author: Jeffrey Sachs
Publisher: MIT Press
ISBN: 9780262691741
Category : Business & Economics
Languages : en
Pages : 146
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Book Description
In Poland's jump to the Market Economy, Jeffrey Sachs provides an insider's analysis of the political events and economic strategy behind the country's swift transition to capitalism and democracy. The greatest challenges to economic reform, Sachs points out, have been primarily political in nature, rather than social or even economic.Sachs reviews Poland's striking progress since the start of the economic reforms three years ago, which he helped to design. He discusses the gains - more than half of employment and GDP is now in the private sector, exports to Western Europe have more than doubled, and economic growth and confidence are returning - as well as the serious problems that remain - high unemployment, a chronic fiscal deficit, the slow pace of privatization of large industrial enterprises, and the fragility of multiparty coalition governments.Sachs points out that leadership is crucial to economic reform in a newly democratic setting, as is the West's timely economic assistance. In Poland's case, the Zloty Stabilization Fund and the two-stage debt cancellation have been essential to keeping the reform program on track.Poland's example has had a powerful impact on reforms throughout the region, including the former Soviet Union, and has done much to dispel the fear that the citizens themselves, allegedly made lazy by decades of socialism, would reject the competitive rigors of a market economy. Overall, Sachs remains firmly convinced of the potential for successful economic reforms. in Poland and the rest of the region.Jeffrey Sachs is Galen L. Stone Professor of International Trade at Harvard University, and has been an economic advisor to more than a dozen countries around the world, including Bolivia, Mongolia, Poland, and Russia.
Author: Peter Temin
Publisher: Princeton University Press
ISBN: 0691177945
Category : History
Languages : en
Pages : 317
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Book Description
What modern economics can tell us about ancient Rome The quality of life for ordinary Roman citizens at the height of the Roman Empire probably was better than that of any other large group of people living before the Industrial Revolution. The Roman Market Economy uses the tools of modern economics to show how trade, markets, and the Pax Romana were critical to ancient Rome's prosperity. Peter Temin, one of the world's foremost economic historians, argues that markets dominated the Roman economy. He traces how the Pax Romana encouraged trade around the Mediterranean, and how Roman law promoted commerce and banking. Temin shows that a reasonably vibrant market for wheat extended throughout the empire, and suggests that the Antonine Plague may have been responsible for turning the stable prices of the early empire into the persistent inflation of the late. He vividly describes how various markets operated in Roman times, from commodities and slaves to the buying and selling of land. Applying modern methods for evaluating economic growth to data culled from historical sources, Temin argues that Roman Italy in the second century was as prosperous as the Dutch Republic in its golden age of the seventeenth century. The Roman Market Economy reveals how economics can help us understand how the Roman Empire could have ruled seventy million people and endured for centuries.
Author: Carlos A. Vegh
Publisher: MIT Press
ISBN: 026201890X
Category : Business & Economics
Languages : en
Pages : 911
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Book Description
A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets. This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of “real anchors.” Finally, the book analyzes in detail specific topics such as inflation stabilization, “dollarization,” balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.
