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9780256130959

Comparative Economics in a Transforming World Economy

by ;
  • ISBN13:

    9780256130959

  • ISBN10:

    0256130957

  • Format: Hardcover
  • Copyright: 1996-01-01
  • Publisher: McGraw-Hill College

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Summary

This International Student Edition is not for sale in the U.S. and Canada This second edition of an innovative undergraduate text offers an approach to understanding different economic systems that reflects both recent transformations in the world economy and recent changes in the field of Comparative Economic Systems. The traditional way of teaching comparative economics, with its reliance on relatively simple dichotomies (private vs. state, planning vs. market) does not take into consideration the many variants and mixtures of economic systems that exist in the real world. The Rossers' introduction in the first edition of the concept of the "new traditional economy"--the effort by a developing country to embed a modern economic system into a traditional culture, usually religious--presented a new way to look at developing economies. Their innovative examination of Iran and its effort to develop a "revolutionary Islamic economy" as an alternative to market capitalism illustrates the use of this new tool in comparative economics. After a four-chapter theoretical and historical overview, the book focuses on fifteen country studies, organized by economic system. The chapters on advanced market capitalism examine the economies of the United States (a chapter new to this edition) Japan, France, Sweden, and Germany. The chapters examining transition in former socialist economies discuss Russia, the former Soviet Republics, Poland, Hungary, Yugoslavia (including expanded treatment of the most successful transition economy, that of Slovenia), and China. The chapters in the final section of the book discuss "alternative paths" taken by the developing economies of Iran, India (its complex mix of socialism, capitalism, and tradition is examined in a chapter new to this edition), Mexico, and South and North Korea. The book concludes with a look at future trends that will continue to transform the world economy.

Table of Contents

PART I Overview of Comparative Economics 1(124)
How Do We Compare Economies?
5(20)
Introduction
5(2)
Criteria for Classifying Economies
7(8)
Allocation Mechanisms
7(1)
Forms of Ownership
8(2)
The Role of Planning
10(1)
Types of Incentives
11(1)
Income Redistribution and Social Safety Nets
11(2)
The Role of Politics and Ideology
13(2)
Criteria for Evaluating Economies
15(6)
Summary and Conclusions
21(1)
Questions for Discussion
21(1)
Suggested Further Readings
22(3)
The Theory and Practice of Market Capitalism
25(32)
Introduction
25(2)
The Theoretical Efficiency of Market Capitalism
27(3)
Limits to the Efficiency of Laissez-Faire Market Capitalism
30(17)
Monopoly Power
30(4)
Externalities
34(3)
Trading in Offsets in the United States
37(1)
Collective Consumption Goods
38(3)
Imperfect Information
41(1)
Some Other Problems Regarding Laissez-Faire
42(5)
Macroeconomic Instability of Market Capitalism
47(4)
The General Picture
47(3)
Tools of Macroeconomic Policy
50(1)
A Recapitulation of the Strong Case for Laissez-Faire
51(1)
Summary and Conclusions
52(2)
Does Rent-Seeking Explain National Destinies?
53(1)
Questions for Discussion
54(1)
Suggested Further Readings
54(3)
The Theory and History of Marxism and Socialism
57(28)
Introduction
57(1)
The Development of Socialist Ideology
58(11)
Religious and Philosophical Precursors
58(1)
Utopian Socialism
59(1)
The Marxian World View
60(4)
Marxism as a Quasi-Religion
64(1)
Controversies in Socialism up to the Bolshevik Revolution
64(3)
Some Divisions of Socialism Since 1917
67(2)
A New Type of Marxism?
69(1)
The Theory of Economic Socialism
69(10)
The Socialist Planning Controversy
69(3)
The Theory of Command Socialist Central Planning
72(4)
The Participatory or Cooperative Alternative
76(3)
Summary and Conclusions
79(2)
Questions for Discussion
81(1)
Suggested Further Readings
81(4)
The Old Traditional Economy and Its Variations
85(16)
The Origins of the Economy and the Origins of Humanity
85(1)
A Traditional View of the Traditional Economy
86(5)
Household Economy
86(1)
Reciprocal Economy
87(1)
Redistributive Economy
88(1)
Can a Traditional Economy Also Be a Market Economy?
89(1)
A Primitive but Radically Market Capitalist Economy: The Kapauku of New Guinea
90(1)
Schools of Comparative Economic Anthropology
91(4)
Formalism versus Substantivism
91(1)
Evolutionism
92(1)
Marxism
93(1)
Cultural Ecology
93(2)
Empirical Data on Old Traditional Economies
95(2)
Primitive Monies
96(1)
Summary and Conclusions
97(1)
Questions for Discussion
98(1)
Suggested Further Readings
98(3)
Islamic Economics and the Economics of Other Religions
101(24)
Introduction: Appeal of the New Traditional Economy
101(1)
A Whirlwind Tour of Religions and Economics
102(7)
Buddhist Economics
102(2)
Confucian Economics
104(1)
Hindu Economics
104(1)
Judaic Economics
105(1)
Christian Economics
106(2)
Varieties of U. S. Protestant Fundamentalist Economic Views
108(1)
A Brief History of Islam
109(5)
The Prophet Muhammed and the Early Years
109(2)
The Rise and Fall of Islamic Civilization
111(1)
The New Traditional Islamic Revival
112(2)
The Principles of Islamic Economics
114(6)
Fundamental Concepts
114(1)
Zakat, or Almsgiving
114(1)
Hard Work and Fair Dealing
115(1)
Proper Consumption
116(1)
Gharar, or the Avoidance of Chance
116(1)
Qirad, or Profit Sharing
116(1)
Riba, or the Forbidding of Interest
117(2)
The Practice of Islamic Banking
119(1)
Summary and Conclusions
120(3)
Is Islam a Third Way between Capitalism and Socialism?
121(2)
Questions for Discussion
123(1)
Suggested Further Readings
124(1)
PART II Varieties of Advanced Market Capitalism 125(108)
Japan: Traditional Elements in a Planned Market Economy
127(30)
Introduction: Japan as a New Traditional Economy?
127(2)
Historical and Cultural Background of the Japanese Economy
129(3)
The Absorption of Chinese Culture
129(1)
The Tokugawa Shogunate and the Meiji Restoration
130(1)
The American Occupation and Its Aftermath
131(1)
The Microeconomic Foundations of the Japanese Economy
132(9)
The ``Three Sacred Treasures'' of Labor-Management Relations
132(2)
The Japanese Firm and the Japanese Manager
134(5)
Industrial Policy by Government
139(2)
Will Japan Become Number One?
141(7)
Macroeconomic Performance
141(1)
Macroeconomic Planning and Policy
142(1)
Quality of Life
143(2)
Is the ``Economic Miracle'' Over?
145(3)
Japan and the World Economy
148(4)
The Cultural Foundations of Japanese Technological Innovation
149(1)
Does Japan Follow a Long-Term Strategy?
150(2)
Summary and Conclusions
152(1)
Questions for Discussion
153(1)
Suggested Further Readings
153(4)
Whither Indicative Planning? The Case of France
157(22)
Introduction
157(2)
Historical and Political Background
159(2)
The Theory of Indicative Planning
161(2)
General Arguments
161(1)
Information Pooling, Concertation, and Coherence
162(1)
Informational Externalities and Economies of Scale
162(1)
Multiple Equilibria and Coordination Failure
163(1)
The Practice of French Indicative Planning
163(10)
The Institutions of French Indicative Planning
163(2)
The Plans and their Performance
165(3)
Industrial Policy
168(2)
Profitable State-Owned Enterprises in France?
170(1)
Labor and Management
171(1)
Regional Planning
172(1)
France, Europe, and the World Economy
173(3)
The Formation and Development of the European Union
175(1)
Summary and Conclusions
176(1)
Questions for Discussion
177(1)
Suggested Further Readings
177(2)
Sweden: The Crisis of the Corporatist Welfare State
179(24)
Introduction
179(3)
Historical and Cultural Roots of the Swedish Model
182(2)
Labor Market Institutions
184(4)
Corporatism
184(1)
The Rise and Fall of Swedish Corporatism
184(3)
Wage Solidarism
187(1)
Government Policies and the Labor Market
188(4)
Active Government Labor Policies
188(1)
The Welfare State, Taxes, and Labor Supply
188(1)
Sweden: Feminist, Feminine, or Both?
189(3)
Sweden and Europe: Can Growth Revive?
192(7)
Macroeconomic Policy and Performance
192(3)
Sweden and the European Union
195(1)
The Swedish Energy-Environment Trade-off
196(1)
Is the Swedish Model Dead?
197(2)
Summary and Conclusions
199(1)
Questions for Discussion
200(1)
Suggested Further Readings
201(2)
The Unification of Germany and the Unification of Europe
203(30)
Introduction
203(3)
Historical Background of the German Economy
206(3)
The Origins of the ``German Problem''
206(1)
The Rise and Fall of Imperial Germany
207(1)
The Weimar Republic and the Nazi Command Capitalist Economy
207(1)
The German Hyperinflation
208(1)
A Tale of Two Postwar German Economies
209(12)
The West German Wirtschaftswunder and Its Fading
209(4)
The Development of the East German Command Socialist Economy
213(3)
The Two Economies Compared
216(3)
Environmental Quality
219(1)
Macroeconomic Stability
220(1)
Distribution of Income and the Social Safety Net
220(1)
The Costs and Prospects of Unification
221(6)
The Process of Unification and Its General Prospects
221(2)
The Output Collapse in the East
223(1)
The Rise of Unemployment in the East
224(1)
The Privatization Process
225(1)
The Budget Deficit
226(1)
The ``Colonization of East Germany''?
227(1)
A ``European Germany or a German Europe''?
227(2)
Summary and Conclusions
229(1)
Questions for Discussion
230(1)
Suggested Further Readings
231(2)
PART III Varients of Transition Among Former Socialist Economies 233(150)
The Former Soviet Union: The Myth and Reality of the Command Economy
237(24)
Introduction
237(1)
Historical Background of the Soviet Economy
238(2)
The Setting
238(1)
The Economy of the Russian Empire before 1917
239(1)
The Formative Years of the Soviet Economy
240(1)
Command Economy: The Only Choice?
240(10)
Launching the Model
240(2)
Soviet Central Planning: The Beginning
242(2)
Soviet Central Planning and Its Implementation
244(2)
Soviet Agriculture: Peculiarity of the Soviet Model
246(2)
Closed Economy: Command Trade Isolationism
248(2)
Reform Cycle: Can a Command Economy Be Reformed from within?
250(5)
Reluctant Reform Thinking
250(1)
First Attempts at Reforms
251(2)
Reforms and Economic Stagnation
253(1)
Gorbachev's ``Revolution''
253(2)
Away from the Centrally Planned Economy: Where To?
255(2)
Economy: Where To?
255(2)
Summary and Conclusions
257(1)
Questions for Discussion
257(1)
Suggested Further Readings
258(3)
Alternative Paths of Development in the Former Soviet Republics
261(26)
Introduction
261(1)
Independence or Interdependence
262(12)
Economic Background of the Union Republics
262(1)
Divergence of Economic Cultures in the Former Union Republics
263(3)
The Economics of Interdependence
266(1)
Estonia and Its New Currency
267(3)
Monetary DisUnion
270(1)
Convoluted Paths of the Byelorussian Ruble
271(1)
Divergence or Convergence of the Pace Reform
272(2)
Agrarian Reforms
274(6)
Legacies of Soviet Agriculture and Reform Readiness
274(3)
The Progress of Agrarian Reforms in the Individual States
277(3)
Privatization: Reform Panacea?
280(3)
Summary and Conclusions
283(1)
Questions for Discussion
283(1)
Suggested Further Readings
284(3)
Poland: The Peril and Promise of Shock Therapy
287(22)
Introduction
287(2)
Historical Background to 1947
289(2)
Economic Policies of the Communist Regime
291(6)
The Periods of Communist Rule
291(2)
Overall Economic Performance of the Communist Regime
293(1)
The Distribution of Income
294(1)
Environmental Degradation in Poland
294(1)
The Curious Case of Polish Agriculture
295(2)
The Polish Economic Reforms and Their Consequences
297(6)
The Balcerowicz Plan
297(1)
The Shock and the Therapy
298(1)
The Political and Policy Reactions to Shock Therapy
298(2)
The Czech Republic: A Transition Success Story?
300(1)
An IMF Adviser's Perspective
301(1)
The Problem of Privatization in Poland
301(2)
Whither Poland in the World Economy?
303(2)
Summary and Conclusions
305(1)
Questions for Discussion
306(1)
Suggested Further Readings
306(3)
Hungary: Gradual Transformation of Market Socialism
309(22)
Introduction
309(2)
Historical Background
311(2)
Hungarian Economic Policies under Communism
313(4)
The Move to Stalinism, 1945-53
313(1)
The New Course, the Reaction, and the Revolution, 1953-56
314(1)
The Move to the ``Soft Dictatorship,'' 1957-67
314(1)
Introduction of the New Economic Mechanism, 1968-72
315(1)
A Period of Retrenchment, 1973-78
316(1)
The Return to Reform, 1979-84
316(1)
The Acceleration of Reform, 1985-89
316(1)
An Evaluation of Market Socialism in Hungary
317(4)
Was It Really Market Socialism?
317(1)
The Soft Budget Constraint and the Instability of Market Socialism
318(1)
Macroeconomic Performance
318(1)
The Distribution of Income and Broader Social Indicators
319(2)
The Post-1989 Transition
321(6)
General Political and Policy Changes
321(1)
The Hungarian Approach to Privatization
322(1)
Post-1989 Macroeconomic Performance
323(1)
The Collapse of Agriculture
324(1)
The Distribution of Income
324(1)
Privatization Pitfalls: Hungarian Agriculture
325(1)
Foreign Trade and Investment
325(2)
Summary and Conclusions
327(1)
Questions for Discussion
328(1)
Suggested Further Readings
329(2)
Worker-Managed Market Socialism: The Tragic Case of Yugoslavia
331(24)
Introduction
331(2)
Historical and Cultural Background
333(6)
Overview of the Republics and Their History to 1918
333(4)
1918 to 1950
337(2)
Worker-Management and Market Socialism in Yugoslavia
339(4)
Theoretical Issues
339(1)
Stages of Implementation of the System
340(1)
Ideological Foundations of the Yugoslav System
341(2)
The Breakdown of Yugoslav Worker-Managed Market Socialism
343(1)
Performance and Evaluation of the Yugoslav Economy
343(5)
Was It Really Worker-Managed Market Socialism?
343(1)
Output Growth and Inflation
344(1)
Capital Investment and Labor Employment
345(2)
Distribution of Income
347(1)
Foreign Economic Relations
347(1)
War, Blockade, and Collapse
348(2)
Summary and Conclusions
350(2)
Slovenia: The Success Story that Got Away
351(1)
Questions for Discussion
352(1)
Suggested Further Readings
352(3)
China's Socialist Market Economy: The Sleeping Giant Wakes
355(28)
Introduction
355(2)
Historical and Cultural Background
357(6)
Culture and Religion
357(2)
Social Structure and Land Tenure in Traditional China
359(1)
The Dynasty Cycle
360(1)
From the End of Empire to the Victory of Communism
361(2)
Maoist Economic Policies
363(4)
The Ideology of Maoism
363(1)
Implanting Socialism and the Stalinist Model, 1949-1957
364(1)
The Great Leap Forward, 1958-1961
364(1)
The Period of Adjustment, 1962-1965
365(1)
The Great Proletarian Cultural Revolution and the Late Maoist Aftermath, 1966-1978
366(1)
Dengism and the Move to a Market Economy, 1979 to the Present
367(9)
The Oscillations of the Reform Process
367(1)
Reforms in Agriculture
368(1)
Enterprise Reforms
369(2)
Special Economic Zones and Foreign Trade
371(1)
The Success of the Shenzen Special Economic Zone
372(1)
The Distribution of Income and the Standard of Living
373(1)
A Chinese Energy Environmental Crisis?
374(1)
China Compared with Populous South Asian Economies
375(1)
Hong Kong, Taiwan, and Mainland China
376(4)
Development of the Hong Kong Economy
376(1)
Development of the Taiwanese Economy
377(2)
The Three Chinas Compared
379(1)
Summary and Conclusions
380(1)
Questions for Discussion
381(1)
Suggested Further Readings
382(1)
PART IV Alternative Paths Among Developing Economies 383(92)
Iran: The Struggle for a Revolutionary Islamic Economy
387(24)
Introduction
387(1)
The Revolutionary Tradition in Shi'i Islam
388(2)
Historical Overview to the Revolution
390(2)
Iran's Economy before and after the Revolution
392(12)
The Revolution after the Revolution
392(1)
The Economy of Iran under the Pahlavis
393(2)
Policy and Performance after the Revolution
395(6)
Policies toward Women and Family Planning
401(3)
Is Iran the Model for the New Traditional Islamic Economy?
404(2)
Pakistan: The Most Authentic Islamic Economy?
405(1)
Summary and Conclusions
406(2)
Questions for Discussion
408(1)
Suggested Further Readings
408(3)
Revolution and Reform in the Mexican Economy
411(24)
Introduction
411(3)
Historical Background
414(3)
From Origins to Independence
414(1)
From Independence to the Revolution
415(1)
From the Revolution to the Present
416(1)
The Land Question
417(3)
Types of Land Tenure
417(1)
Reestablishment of the Ejidos
418(1)
The Emergence of Dual Agricultural Development
419(1)
The Oil Question and the External Debt Crisis of 1982
420(3)
Development of the Mexican Oil Industry
420(1)
The Nationalization of Oil
421(1)
The 1982 Crisis
421(2)
Transformation of the Mexican Economy
423(6)
Macroeconomic Performance under the Reforms
423(1)
Privatization
423(2)
Maquiladoras, NAFTA, and the Opening of the Mexican Economy
425(1)
The Environment
426(1)
NAFTA and the Mexican Financial Crisis
427(1)
The Distribution of Income and the General Quality of Life
428(1)
The Mexican Economy in Hemispheric Perspective
429(2)
Summary and Conclusions
431(1)
Questions for Discussion
432(1)
Suggested Further Readings
433(2)
Korea: The Lingering Shadow of the Cold War
435(28)
Introduction
435(2)
Historical and Cultural Background to 1953
437(4)
Premodern Korea
437(1)
The Opening Up of Korea and the Japanese Occupation
438(1)
The Division of Korea and the Korean War
439(2)
The North Korean Economy
441(4)
The Ideology of Kim II Sungism and Juche
441(2)
Stages of the North Korean Economy
443(2)
The South Korean Economy
445(8)
The Stages of Development and Indicative Planning
445(4)
Industrial Policy and the Chaebol
449(2)
South Korea among the NICs
451(1)
The Evolution of a Chaebol: Lucky-Goldstar
452(1)
The Economies of North and South Korea Directly Compared
453(6)
General Observations
453(1)
Growth of Per Capita GDP
454(1)
Composition of Output
454(2)
Social Indicators and the Distribution of Income
456(1)
International Trade
457(1)
The Threat of War and the Hope for Unification
458(1)
The South Korean Plan for Unification
459(1)
Summary and Conclusions
459(1)
Questions for Discussion
460(1)
Suggested Further Readings
461(2)
Future Trends of the Transforming World Economy
463(12)
Introduction
463(1)
The Trend to Privatization and Its Limits: The Case of Great Britain
464(3)
A Clash of Civilizations?
467(1)
Integration and Disintegration
468(1)
Can the Transforming World Economy Sustain Growth?
469(4)
Botswana: A Sub-Saharan African Success Story
471(2)
Questions for Discussion
473(1)
Suggested Further Readings
473(2)
Index 475

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