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Statism with Chinese Characteristics offers a fresh perspective on the Chinese economy and its impact on the world. By diving into details and data such as the private nature of rural enterprises, early financial reforms, and the critical role of initial political openness, Yasheng Huang challenges the popular view that credits China's success to a unique blend of government interventions and autocratic governance. Huang shows how China's growth was driven by private entrepreneurship and gradual liberalization, not by infrastructural development, statist finance, and meritocratic autocracy. He confronts assumptions regarding the conventional wisdom about the Chinese economy, explicitly engaging with the policy pivot from the 1980s to the 1990s and infrastructure as a crucial factor behind China's growth. Underscoring the significant role of politics in shaping economic outcomes, this second edition explores the challenges facing the Chinese economy today, emphasizing how political changes dictate economic reforms, rather than the opposite.
Ronald Coase's Nobel work outlined gains by reducing transaction costs and promoting property rights and markets to confront externalities. Countering market failure assertions and calls for centralized government intervention, Coase retorted that decentralized market negotiations could be welfare-improving by promoting collaborative, efficient problem solving, and releasing resources to the general economy. Despite this, his approach is not central to any US environmental law implemented after 1970. Federal government mandates dominate. Where's Coase? explains why. The private objectives of political agents lead to policies that are likely to be too costly and inequitable, despite provision of public goods. Citizens face high collective action costs and lack information to distinguish between public goods and private agent benefits. Examining three major environmental laws: the Clean Air Act, the Magnuson Stevens Fishery Act, and the Endangered Species Act, the book explores policy development and assesses the resulting costs relative to Coase's framework.
In Illiberal Law and Development, Susan H. Whiting advances institutional economic theory with original survey and fieldwork data, addressing two puzzles in Chinese political economy: how economic development has occurred despite insecure property rights and weak rule of law; and how the Chinese state has maintained political control amid unrest. Whiting answers these questions by focusing on the role of illiberal law in reassigning property rights and redirecting grievances. The book reveals that, in the context of technological change, a legal system that facilitates reassignment of land rights to higher-value uses plays an important and under-theorized role in promoting economic development. This system simultaneously represses conflict and asserts legitimacy. Comparing China to post-Glorious Revolution England and contemporary India, Whiting presents an exciting new argument that brings the Chinese case more directly into debates in comparative politics about the role of the state in specifying property rights and maintaining authoritarian rule.
What happens when states experience a rapid increase in resource wealth? This book examines the significant diamond find in eastern Zimbabwe in 2006, possibly the largest in over 100 years, and its influence on the institutional trajectory of the country. Nathan Munier examines how this rapid increase in resource production shaped the policies available to political actors, providing a fresh understanding of the perpetuation of ZANU-PF rule and the variation in the trajectory of institutions in Zimbabwe compared to other Southern African states. This study places Zimbabwe amongst the overall population of resource-wealthy countries such as such as Angola, Botswana, Namibia and South Africa, especially those that experience a significant increase in production. In doing so, Munier contributes to the understanding of resource politics, political economy, and comparative African politics.
Establishing economic property rights is a ubiquitous human activity that is key to the creation of wealth. Why the Rush? combines economic and historical analysis to argue that the institution of homesteading, as established in the US through the Homestead Act of 1862, was a method to establish meaningful, economic property rights on the American frontier. It explains how homesteading rushed millions of people into specific areas, established a meaningful sovereignty without the use of military force and became the means by which the US Thwarted military and legal challenges. Using fine-grained data, along with a detailed theoretical analysis and exhaustive institutional content, this book makes a serious contribution to the study of economic property rights and institutions providing the definitive analysis of the economics of homesteading and its role in American economic history.
The modern international tax system is a complex framework of national laws, bilateral treaties, and multilateral agreements aimed at coordinating state tax entitlements. Historically, taxation was based on political allegiance, but globalization and increased mobility introduces new challenges. As more people and businesses operate across borders, it becomes harder to determine which states have the right to tax them. Fragmentation of individuals' economic and political lives has complicated states' abilities to balance liberty, justice, and collective decision-making. Taxing People addresses taxes on individuals, which are crucial for providing public goods, promoting justice, and legitimizing state power. Exploring the future of individual taxation, the book focuses on global tax governance, social changes like remote work, and the evolving relationship between people and states in a globalized economy. This title is part of the Flip it Open Programme and may also be available open access. Check our website Cambridge Core for details.
When people wonder about the appropriate course of action in a given situation, they are already engaging in moral reasoning. This also applies to the field of business, where an understanding of ethics could help businesspeople and market participants make morally informed decisions. This book aims to enlarge the body of ethical theories available in Business Ethics by illustrating three moral principles relevant to economic agents based on the ideas of Immanuel Kant, Antonio Genovesi, and Adam Smith. All three authors were prominent figures in the eighteenth-century European Enlightenment movement and have much to teach us about the origins of modern economics. Additionally, the book provides specific examples relating to contemporary business situations, focusing on the ethical challenges posed by incomplete contracts. Overall, this book demonstrates that the historical evolution of economic and philosophical concepts remains pertinent to current dialogues in Business Ethics.
By the late 19th century, China had degenerated into one of the world's poorest economies. Despite generations of effort for national rejuvenation, China did not reverse its fate until the market-oriented reform. Since then, China has become the most dynamic economy in the world and is likely to regain its position as the world's largest economy before 2030. Demystifying the Chinese Economy, provides insightful answers to why China was so advanced in premodern times and what caused it to become so poor for almost two centuries. It explains how China maintained stability and grew rapidly in its transition to an open, market economy. Featuring three new chapters (and five new appendices) on challenges facing China's economic development and structural reform, this new edition covers topical issues such as the origins of US-Sino trade frictions, the impact of Donald Trump's presidency, and the development of the 'Belt and Road' initiative.
James Meade was a highly influential British economist who made significant contributions to both theoretical economics and economic policy. He was awarded a Nobel Prize for his work on the theory of international economic policy and was one of the first economists to serve in the wartime Economic Section of the Cabinet Offices, becoming Director in 1946. Among his many successes in applying theory to policy are the first official national income accounts, 'Keynesian' employment policies and the General Agreement on Tariffs and Trade. This comprehensive biography of Meade's life and career, based on archival sources, covers both his achievements in theoretical economics and his contributions to the development of British and international economic policy during and after the Second World War. It will be of interest to anyone interested in the history of economics in the twentieth century.
Political institutions have been depicted by academics as a marketplace where citizens transact with each other to accomplish collective ends difficult to accomplish otherwise. This depiction supports a romantic notion of democracy in which democratic governments are accountable to their citizens, and act in their best interests. In Politics as Exchange, Randall Holcombe explains why this view of democracy is too optimistic. He argues that while there is a political marketplace in which public policy is made, access to the political marketplace is limited to an elite few. A small group of well-connected individuals-legislators, lobbyists, agency heads, and others-negotiate to produce public policies with which the masses must comply. Examining the political transactions that determine policy, Holcombe discusses how political institutions, citizen mobility, and competition can limit the ability of elites to abuse their power.
While the concept of economic nationalism is frequently deployed it is poorly defined, posited as the cause of protectionism in some cases while providing a rationale for liberalization in others. This Element provides a more rigorous articulation by analyzing variation in foreign investment regulation in postwar India and Brazil. Conventional approaches cite India's leftist ”socialism” and Brazil's right-wing authoritarianism to explain why India resisted foreign direct investment (FDI) while Brazil welcomed foreign firms in this period. However, this ignores puzzling industry-level variation: India restricted FDI in auto manufacturing but allowed multinationals in oil while Brazil welcomed foreign auto companies but prohibited FDI in oil. This variation is inadequately explained by pluralist theories, structural-material approaches, or constructivist theories. Policymakers' preferences were shaped by contrasting colonial experiences that generated distinct economic nationalisms and policies and patterns of industrialization in both countries. This title is also available as Open Access on Cambridge Core.
Crude Calculations charts a ground-breaking link between autocratic regime stability and economic liberalization amid the global transition to lower-carbon energy sources. It introduces the rent-conditional reform theory to explain how preserving regime stability constrains economic liberalization in resource-wealthy autocracies and hybrid-regimes. Using comparative case studies of Nigeria and Saudi Arabia, the book traces almost one hundred years of political and legal history to provide a framework for understanding the future of economic liberalization in fossil fuel-rich autocracies. Drawing from archival documents and contemporary interviews, this book explains how natural resource rents are needed to placate threats to regime stability and argues that, contrary to conventional literature, non-democratic, resource-wealthy regimes liberalize their economies during commodity booms and avoid liberalization during downturns. Amid the global energy transition, Crude Calculations details the future political challenges to economic liberalization in fossil fuel-rich autocracies—and why autocracies rich in battery minerals may pursue economic liberalization.
This authoritative volume offers a comprehensive exploration of China's rapidly evolving economy from a team of leading specialists. Readers will gain crucial insights into productivity dynamics, innovation, shifting demographics, and the country's ever-changing industrial landscape –encompassing firms, real estate, and trade flows. With a keen focus on the RMB, regulatory frameworks, and the pursuit of common prosperity, this book seamlessly blends cutting-edge research, real-world case studies, and forward-thinking analysis. It delivers a balanced examination of challenges and opportunities, fostering an informed discussion on China's critical role in the global marketplace. Ideal for academics, policymakers, business professionals, and curious readers alike, this timely and accessible resource unveils the many facets of the Chinese economy, guiding you through its complexities and highlighting strategic implications for the future.
This book traces the origins and evolution of alcohol prohibition in India, drawing on extensive archival research and rich vernacular sources to explain its surprising resilience over time. Since its inception, prohibition has functioned as both an ideal and a tool of state power—a dual role that has worked to shape its shifting trajectories. Each phase of prohibition's enforcement has served to reaffirm its founding logic, thereby further embedding it in the machinery of governance. Foregrounding intersections with caste and gender, the book illuminates how diverse social responses have made prohibition a deeply contested—'sobering'— yet remarkably enduring project. While prohibition may be a thing of the past in the West, in India, history keeps it alive as a manifestation of postcolonial governmentality.
István Hont (1947–2013) defected from Communist Hungary in the 1970s and became renowned globally as a scholarly visionary in European political ideas. Following his death, a wealth of unpublished material from an early project rewriting the history of liberty, politics and political economy from Samuel Pufendorf to Karl Marx was discovered. This book brings together seven of Hont's previously unpublished papers, providing a revolutionary intellectual history of the Marxian notion of communism and revealing its origin in seventeenth-century natural jurisprudence. Hont aspired to integrate the history and theory of politics and economics, to infuse present-day concerns with a knowledge of past events and theoretical responses. The essays selected for this volume realise Hont's historical imagination, range and intellectual ambition, exploring his belief that Marxism ought to be abandoned and explaining how to do it.
Economic Displacement examines China's economic displacement of the United States in Latin America and the Caribbean (LAC), and its implications for global geopolitics. Through data analysis and case studies, Francisco Urdinez demonstrates how China has filled the economic void left by US retrenchment from 2001 to 2020. He argues that this economic shift has led to a significant erosion of US political influence in the region, affecting public opinion, elite perspective, and voting patterns in international organizations. Providing a multifaceted view of this geopolitical transformation in this timely and important book, the author offers crucial insights into the changing landscape of global influence and the future of US–China rivalry in Latin America.