Globalization, Privatisation and Market Economy

EBook Description: Globalisation, privatisation and li!>eralisation have become dominant forces shaping societies and economies the world over. With the fall of communism and the decline of socialism in most parts of the world. These three processes are interrelated phenomena. Globalised economies are likely to be more privatized and liberalised economies. Globalisation, privatisation and liberalisation are multidimensional phenomena that have implications not only for the economic but also the sociocultural and environmental aspects of countries and societies. The three phenomena that form the focus of this volume also have differing impacts on different units of analysis. For purposes of understanding and analysing these three forces, the units of analysis can be conceived at regional, country, industry and organizational levels. The chapters in this book deal with all of these, reflecting the multilevel aspects of globalisation, privatisation and liberalisation forces shaping world economies. One of the major consequences of globalisation, privatisation and liberalisation is the acceleration in foreign direct investment flows. While foreign direct investment has been increasing for some time among the developed triad countries, in recent years it has spread to other parts of the world, especially to the giant emerging economies. The privatisation and liberalization policies pursued by these emerging economies have created new opportunities for foreign direct investment International investors now face difficult problems such as choosing countries, evaluating risk-return relationships and assessing profitability in private and public sectors. The Market is about economy. The Market is not what people do and think and how they interact when they buy and sell, give and take. Instead, it is a conception people have about an idealised form of buying and selling. This conception is important. It is invoked, implicitly or explicitly. It is invoked when the British debate selling state-owned industries or the Common Market or labour legislation. These debates concern many issues and reflect many interests. However, running through them, on one side or another, is a claim and a belief that a certain sort of buying and selling benefits all those involved economically, politically, socially and even morally. And that that is the sort of buying and selling associated with the Free Market The idea of the Market has many roots, butits most important historical ones are lodged in British soil, in the writings of political economists However, in popular consciousness the idea flourishes best in the United States, with its long traditions of that secular, acquisitive individualism and concern with equality of process rather than of outcome that form part of the Market. I have consulted various authors and derived much from their thinking and thoughts. I am grateful to them and record my thanks. Also, I ~thank my family for extending wholehearted support during the compilation of this book. And finally, my thanks are due to Aavishkar Publishers, Distributors for bringing out this book in a pleasing and attractive manner.

Dr Gault has been on the forefront of innovation measurement and indicators for many years. With the publication of Innovation Strategies for a Global Economy, he has moved substantially beyond the realm of measurement. In this volume he has succinctly linked the role of measuring innovation to the development and implementation of innovation strategies. The volume is unique in addressing both the measurement and implementation of appropriate innovation strategies in developing nations. Over the last decade Dr Gault has become an expert in this area and his expertise is clearly on display. Without a doubt, this volume is the definitive primer on the measurement of innovation and the implementation of strategies for innovation.' - Lynda D. Carlson, PhD `Innovation Strategies for a Global Economy skilfully connects the challenge of developing innovation policies with the development of statistics and indicators needed to evaluate and monitor these policies. Fred Gault brings an insider view to both areas which is exceedingly rare and badly needed.' - Andrew Wyckoff, OECD, France `For decades, many in the indicators community have looked to Fred Gault for new ideas and organizing principles. Gault continues to play this informative and inspiring role in his new book on the intersection between policy and indicators. His ideas will make a substantive contribution to the way in which innovation policy is made.` - Eric Von Hippel, Massachusetts Institute of Technology Sloan School of Management, US `This path-breaking book integrates theory, case studies, data and policy insight into a unique take on innovation processes and government action. It is a much-needed advance in the intellectual foundations of innovation policy.' - Keith Smith, Imperial College, London, UK This book is about innovation strategies for a global economy, their development, implementation, measurement and management. Following the global economic crisis, people are asking: what went wrong? Here, Fred Gault illustrates that a part of the problem was innovation in financial services, which resulted in the release of attractive new products to the market that diffused rapidly and then lost value. This book considers innovation and how policies are developed and implemented to support it. In so doing, framework conditions such as market regulation and the cost of doing business are examined to discover how future problems could be avoided. A better understanding of innovation and innovation policy may result in improved economic and social outcomes from these activities. The book therefore begins with an exploration of the language and system framework used to discuss innovation, and the statistical indicators needed to describe it. The author provides a critical assessment of innovation policy development, monitoring and evaluation, and considers innovation strategies, their components and management. He concludes by prescribing directions for new work in developed and developing countries. Academics engaged in the study of innovation policy, its monitoring and evaluation, will find this book to be of great interest, as will graduate students in the fields of business and management, and sociology. It will also strongly appeal to governmental policymakers and statisticians responsible for innovation statistics.

Market Upside Down

The Market Crisis Has Just Begun� Protect Your Wealth Through the Longest, Deepest Down Market in History

�Vinh Tran�s deep knowledge of global economic events and his skill as a market participant shine through in Market Upside Down, wherein he illuminates the structural problems that exist in the U.S. economy and the ongoing risks these problems pose to investors. The book gives investors practical strategies for thriving in turbulent times and is important for anyone who wants to understand the new normal of the investing landscape.�

�Tony Crescenzi, Strategist and Portfolio Manager, PIMCO and Author of Investing from the Top Down and The Strategic Bond Investor

�The fall in real estate values, credit market crises, and the stock market crash of 2008 and their effects worldwide put into question all that we have learned about investing. Vinh Tran provides the first best guide to making investment decisions for the future.�
�Ronald W. Sellers, Chairman, CEO, Atlantic Asset Management

�Market Upside Down is a cautionary tale of the evils of debt. Our economic woes won�t end with the resolution of the mortgage-backed securities crisis. Investors are facing a new crisis caused by massive government debt. But, fear not, Vinh Tran doesn�t leave his readers unprotected. In his insightful book, he shares his strategies for profiting in down markets by investing in assets that promote liquidity, are diverse, help preserve capital, and manage unforeseen risks.�


�Thong M. Nguyen, Group Executive, Fiduciary Solutions, Bank of America, Global Wealth and Investment Management

��This is a provocative and well-documented book, full of interesting ideas. It deserves your attention.�
�Annette Thau, Ph.D., Author of the bestselling The Bond Book

About the Author
Dr. Vinh Q. Tran has spent more than 20 years as a money manager for global financial institutions including Morgan Stanley, Bank of America, and Aetna Life & Casualty, where he managed global investments, hedged equities and alternative investments, and advised wealthy individual and institutional investors. Throughout his career, Dr. Tran has earned high acclaim for his investment performance from Fortune, The New York Times, Morningstar, and others.

Dr. Tran has taught advanced investment as adjunct professor of Finance at NYU�s Stern School of Business. He holds a Ph.D. and MBA in Finance from George Washington University, and graduated magna cum laude in both Accounting and Political Science from the University of Dalat, Vietnam.

Dr. Tran is the author of Evaluating Hedge Fund Performance and Foreign Exchange Management in Multinational Firms. He resides in Greenwich, Connecticut with his wife and two children.

The Leisure Economy

For the past three decades, we have been steadily creating an extreme �time-crunch economy� that has affected jobs, portfolios, businesses and lives. But the �time-crunch economy� is turning into �the leisure economy� and it will mean wrenching adjustments for our lives and institutions. Everyone from consumers, investors, businesses, and policy-makers will need to understand the changes afoot.

The Leisure Economy posits profound economic changes in North America due to both the retirement of the baby boomers and the attitudes of ascendant generations X and Y. Looking at trends in demographics, economics and generational change, this book looks at how to stay ahead of the leisure economy and predicts who will be the winners and losers in the seismic shift ahead.

Powerful Finance and Innovation Trends in a High-Risk Economy

In the 1970s, the large size of enterprises was one of the symbols of the mass production system's rigidity. The second symbol was state interventionism--blamed for the economic difficulties of the period: growing unemployment and upsurge of inflation. Globalisation is characterised by the predominance of deregulated finance ("big finance") over economic activities. Between free enterprise capitalism and monopoly capitalism stands finance-based capitalism. The financial sphere is mobilised to promote variety and reinforce selection.

This book presents in its first part the financial determinants of innovation processes considered in a macro-economic perspective, which are limited by short-term constraints and studies in its second part the linkages existing between the necessity to innovate in order to survive and the constant attention given to financial results.

The Oxford Handbook of Political Economy

Over its long lifetime, "political economy" has had many different meanings: the science of managing the resources of a nation so as to provide wealth to its inhabitants for Adam Smith; the study of how the ownership of the means of production influenced historical processes for Marx; the study of the inter-relationship between economics and politics for some twentieth-century commentators; and for others, a methodology emphasizing individual rationality (the economic or "public choice" approach) or institutional adaptation (the sociological version). This Handbook views political economy as a grand (if imperfect) synthesis of these various strands, treating political economy as the methodology of economics applied to the analysis of political behavior and institutions.

This Handbook surveys the field of political economy, with fifty-eight chapters ranging from micro to macro, national to international, institutional to behavioral, methodological to substantive. Chapters on social choice, constitutional theory, and public economics are set alongside ones on voters, parties and pressure groups, macroeconomics and politics, capitalism and democracy, and international political economy and international conflict.

Fuzzy Sets in Management, Economy & Marketing

The rapid changes that have taken place globally on the economic, social and business fronts characterized the 20th century. The magnitude of these changes has formed an extremely complex and unpredictable decision-making framework, which is difficult to model through traditional approaches. The main purpose of this book is to present the most recent advances in the development of innovative techniques for managing the uncertainty that prevails in the global economic and management environments. These techniques originate mainly from fuzzy sets theory. However, the book also explores the integration of fuzzy sets with other decision support and modelling disciplines, such as multicriteria decision aid, neural networks, genetic algorithms, machine learning, chaos theory, and so on. The presentation of the advances in these fields and their real world applications adds a new perspective to the broad fields of management science and economics.

China's Economy

This book opens with an overview on the economic geography of China, such as geographical features, demographic characteristics, natural resources, rural and urban planning, and environmental protection strategies. It then describes how China's economy developed over the past 60 years starting from the initial 'Five-Year Plan,' the transitions brought about by campaigns such as the Great Leap Forward, the People's Commune, the Cultural Revolution, and also how the reform and opening-up led to a socialist market-oriented economy promulgated by Deng Xiaoping. Following that, the book describes China's basic economic system and how economic policies have benefited the Chinese people. Finally, the book illustrates China's economic achievements with official statistics and graphs and introduces the future economic plan and strategies mapped out by the central government.

Table of Contents
1. China's Economic Geography.
2. China's Economy: History and Development.
3. China's Basic Economic System and Policies.
4. China's Economic Development: Standards and Achievements.
5. China's Challenges and Her Economic Development Trends.
6. China's Role and Position in the Global Economy.

Ahead Of The Market

Wall Street spends over $1 billion a year analyzing stocks. Too bad much of that analysis is garbage, says author Zacks. He should know: he's v-p of the respected firm Zacks Investment Research, and he's witnessed how the cozy relationship between companies and their investment bankers have corrupted investing over the years. Now he's come out with not only a denunciation of sketchy analysts, but a handbook for individual investors for spotting winning stocks on their own. (A hint: it's all about the earnings estimates; firms whose projected earnings are being revised upwards are the ones to bet on.) Zacks's prose is crisp and swift, and he tackles tricky subjects with dispatch. Sometimes the book veers into an advertisement for the firm and its Web site, but the trove of clear-headed market wisdom is well worth the occasional self-promotion.

The Economy of Prestige

This is a book about one of the great untold stories of modern cultural life: the remarkable ascendancy of prizes in literature and the arts. Such prizes and the competitions they crown are almost as old as the arts themselves, but their number and power--and their consequences for society and culture at large--have expanded to an unprecedented degree in our day. In a wide-ranging overview of this phenomenon, James F. English documents the dramatic rise of the awards industry and its complex role within what he describes as an economy of cultural prestige.

Observing that cultural prizes in their modern form originate at the turn of the twentieth century with the institutional convergence of art and competitive spectator sports, English argues that they have in recent decades undergone an important shift--a more genuine and far-reaching globalization than what has occurred in the economy of material goods. Focusing on the cultural prize in its contemporary form, his book addresses itself broadly to the economic dimensions of culture, to the rules or logic of exchange in the market for what has come to be called "cultural capital." In the wild proliferation of prizes, English finds a key to transformations in the cultural field as a whole. And in the specific workings of prizes, their elaborate mechanics of nomination and election, presentation and acceptance, sponsorship, publicity, and scandal, he uncovers evidence of the new arrangements and relationships that have refigured that field.

Rebalancing the Global Economy: A Primer for Policymaking

Such was the concern about the adverse consequences for the world economy of "imbalances" that G-20 Leaders, meeting in Pittsburgh in September 2009, adopted a Framework for Strong, Sustainable, and Balanced Growth. This step followed a growing body of expert opinion that took the view that large, persistent current account imbalances in the major industrialised economies and emerging markets since 2000 had, at the very least, contributed to the global financial crisis witnessed in 2007-8 and to the subsequent Great Recession. The purpose of this electronic book is to provide policymakers and their advisers with up-to-date, comprehensive analyses of the central facets of global economic imbalances and to identify and evaluate potential national and systemic responses to this challenge. To break down the many facets of this collective economic challenge, leading experts were asked to address one of the following policy-relevant questions. 1. How large are contemporary current account imbalances? Why do they persist? 2. What are the systemic costs of imbalances? 3. What are the lessons from previous attempts to rebalance the global economy? 4. What would rebalancing entail? Which policies must change? Is collective action needed? 5. What is the political viability of proposals to rebalance national economies? 6. Are new system-wide accords needed to promote rebalancing or to discourage persistent imbalances? This volume will be of interest to policymakers, their advisers, senior officials, as well as to anyone interested in the matter of limiting global economic imbalances.

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