For Eastern European and other countries, market democracy offers an organizing principle for reform, a model on which to base movement toward a market economy. Macesich stresses the importance of such an organizing principle, asserting that without it the state will again assume dominance and the political and economic structure will be taken over by well-organized special interests to the detriment of the rest of society. In such a scenario, reform simply perpetuates the interests of the ever-active political elite and bureaucracy. Market democracy, the culmination of more than three...
For Eastern European and other countries, market democracy offers an organizing principle for reform, a model on which to base movement toward a ma...
These essays, which focus on the critical issues that now confront the country in its continuing search for reform, stability, and unity, were written prior to recognition of the independence of Slovenia, Croatia, and Bosnia-Herzegovina by countries of the European Community, the United States, and others. The newly independent countries of the former Yugoslav federation will continue to occupy the same geographic and economic space. Their future economic and sociopolitical relations will provide many other opportunities for association. These essays provide valuable insight into the...
These essays, which focus on the critical issues that now confront the country in its continuing search for reform, stability, and unity, were writ...
Macesich's latest book argues that the poor performance of monetary policy can be attributed to the ease with which money slips into the political arena to become a singularly important political issue. Discretionary authority facilitates monetary manipulation for political ends, thereby increasing uncertainty and casting doubt on money, the monetary system, and indeed the monetary authority itself. The author traces the evolution of the debate over rules versus discretionary authority and discusses various methods that economists have proposed for constrain the monetary authority. If...
Macesich's latest book argues that the poor performance of monetary policy can be attributed to the ease with which money slips into the political ...
The transformation of Eastern and Central Europe into functioning market democracies can be facilitated by incorporating the lessons of cooperation theory into standard economic theory. By doing so, the countries are more likely to achieve the fruits and benefits of a market democracy so long denied their citizens. Institutional, theoretical, and empirical results of game theory and policy analysis are woven together to present a timely understanding of this complex issue. Policy makers with key roles in the transformation processes, general economists, political scientists, and laypersons...
The transformation of Eastern and Central Europe into functioning market democracies can be facilitated by incorporating the lessons of cooperation...
Radical change seems to be the only panacea for inefficient economies. This work takes a look at the financial system and its function in socialist central planning economies. It provides an explanation of the partial reforms in socialist economies from the 1950s to 1988. With Yugoslavia as the example, the work discusses financial and monetary reforms and adjustments in socialist economies. An explanation of monetary reform includes the changes in the role of financial intermediation and monetary policy goals, target and instruments, and methodological questions. General conclusions about...
Radical change seems to be the only panacea for inefficient economies. This work takes a look at the financial system and its function in socialist...
This study argues that owing to the wide diversity of nations, their often conflicting policies, and insistence on preserving their sovereignty, the processes of worldwide integration are facilitated by tying these countries together in a system of flexible exchange rates externally, while putting in place a rules-oriented monetary regime internally. The examination of the various issues involved in such an arrangement focuses on money and monetary policy drawing on historical, theoretical, philosophical, and empirical results.
This study argues that owing to the wide diversity of nations, their often conflicting policies, and insistence on preserving their sovereignty, th...
The economics and history of the closing years of the 20th century may turn out to mark the era of transformation when the nation-states lose most of their ability to maneuver in economics as finance and investment become transnationalized. In the European Community and similar associations, the nation-state loses some formal powers and has to modify its policies to fit those of its neighbors and the association. An economically sustainable social democracy may be beyond the reach of any one nation, and reforms based in a single middle-sized country may be impossible.
The economics and history of the closing years of the 20th century may turn out to mark the era of transformation when the nation-states lose most ...
Accelerating globalization of world markets and increasing interdependence of the economies of the world has made policy-making very complex, especially in the United States. One of the most debated subjects in recent years has been whether the U.S. is capable of simultaneously dealing with serious domestic challenges and economic challenges from the rest of the world. It is becoming more important for the generalist in economics, political science, business, and other areas to understand the issues confronting the American economy in relation to rapid global economic change.
Accelerating globalization of world markets and increasing interdependence of the economies of the world has made policy-making very complex, espec...
At the close of the 20th century, the world economy is at a crossroads. After the increase in both inflation and unemployment in the 1970s, the postwar economic paradigm based on the supposed trade-off between unemployment and inflation collapsed, sending shock waves through much of the economics profession and stimulating the search for a new paradigm. That search continues. This study examines the critical issues underlying the search for a new paradigm and outlines the new global political economy that seems to be emerging and replacing the old policy consensus.
The challenge for...
At the close of the 20th century, the world economy is at a crossroads. After the increase in both inflation and unemployment in the 1970s, the pos...
In the years since World War II, the United States and other countries have created a new economic order which has produced one of the broadest and most sustained periods of prosperity in world history. The essence of this new economic order is a system of rules to govern, facilitate, and promote trade in goods and services. The result is applauded by some and condemned by others. This study discusses the roles of money, systems, and growth in the emerging, new economic order.
Studying the roles of money, systems, and growth are important for gaining insight into the likely behavior of...
In the years since World War II, the United States and other countries have created a new economic order which has produced one of the broadest and...
