Book Description

A time-honored classic, this book provides thorough coverage of both theoretical and practical aspects of the major political and economic ideologies and value systems that shaped the twentieth century.It takes an in-depth look at Socialism, Capitalism, Fascism, Communism, and Libertarianism, and covers topics such as monetary policy, capitalism and democracy, cultural conservatism, the demise of the Soviet Union, and the Deng Era in China.For all those interested in the fields of comparative politics and economics—and the historical background that posed the major challenges and conflicts to the free way of life in the last 100 years. ... Read more

Reviews (7)

Disappointing
Based on 11 editions and 4/5 stars I was expecting much more. The chapter on socialism was extremely weak without even an attempt at a formal definition. The capitalism chapter described statism/mixed economy, as it exists in the U.S., and called it capitalism. I cut my losses on this book after the first two sections. This is an eighth-grade level survey of political theories.

great reference book
I use this book to help prepare lecture notes for the AP Govt classes I teach. It is quite readable and simply organized. Any instructor of govt or any serious student of govt should have this book.

Very confusing -- didnt even cover the basics!
*this review concerns the edition that did not discuss libertarianism.. that would be a welcome addition*
I give this two stars because there WERE parts of the book that were factual, interesting, and important. However, I found the entire book as a whole to be sloppy, confusing, and poorly written. For example, throughout the entire book, I was waiting to see a simple definition of socialism, or for a distinct difference between socialism and communism. However, not only does the author never do this, but he confuses the reader more and more by talking for dozens of pages on MARX in the SOCIALIST chapter, when Marx wrote the COMMUNIST manifesto!?! Does he explain the links or relationships between the two? Never. I was surprisingly disappointed in this book, as I would be very interested in a thorough, succinct, clear analysis of these philosophies.

A handbook of 20th century political ideas
This very concise book explains four major political structures that have shaped nations in the twentieth century. It is useful as an introduction to the theories of socialism, capitalism, fascism, and communism, but most people already have some idea of what these things are about. The greater benefit in reading this book may be in learning how these ideologies have been put into practice in different countries. In each section, the authors discuss the history and theory of the ideology, how it has been implemented, and then some other issues that relate to the topic. I was most curious about communism, and was glad to find that almost half the book is devoted to it. This book is for those who want a quick and informative overview on the varieties of political thinking that have been influential and continue to be influential in our world. In attempting to understand other nations, it is necessary to have some understanding of the politics that have shaped them.

The edition I read was the tenth.

I liked it, but think that previous editions were better
I liked it, but think that previous editions were better, the older edition I picked up in the library was much better I think. ... Read more

Book Description

This book takes a powerful new approach to a question central to comparative politics and economics: Why do some leaders of fragile democracies attain political success--culminating in reelection victories--when pursuing drastic, painful economic reforms while others see their political careers implode? Kurt Weyland examines, in particular, the surprising willingness of presidents in four Latin American countries to enact daring reforms and the unexpected resultant popular support. He argues that only with the robust cognitive-psychological insights of prospect theory can one fully account for the twists and turns of politics and economic policy in Argentina, Brazil, Peru, and Venezuela during the 1980s and 1990s.

Assessing conventional approaches such as rational choice, Weyland concludes that prospect theory is vital to any systematic attempt to understand the politics of market reform. Under this theory, if actors perceive themselves to be in a losing situation they are inclined toward risks; if they see a winning situation around them, they prefer caution.

In Latin America, Weyland finds, where the public faced an open crisis it backed draconian reforms. And where such reforms yielded an apparent economic recovery, many citizens and their leaders perceived prospects of gains. Successful leaders thus won reelection and the new market model achieved political sustainability. Weyland concludes this accessible book by considering when his novel approach can be used to study crises generally and how it might be applied to a wider range of cases from Latin America, Africa, and Eastern Europe.

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Reviews (1)

A novel and powerful cognitive-psychological theory
A pessimistic view about the vulnerability of Latin American democracies confronting the need to adopt harsh economic reforms predicted that any attempt at adjustment would be blocked by the population in order to avoid its high costs or, in the worst scenario, a painful reform could generate massive protests that would undermine the regime. However, the cases of Argentina and Peru refuted those predictions of incompatibility between democracy and market reforms. This book explains under what circumstances it is possible to implement successful economic reforms without destabilizing fragile democratic institutions.
Weyland applies a novel and powerful cognitive-psychological theory to explain the behavior of both policy makers and the public regarding the macroeconomic stabilization and structural adjustment programs implemented in four Latin American countries during the late 1980s and 1990s. He uses prospect theory to frame this unconventional analysis of "adjustment politics". The most fundamental findings of this theory of decision-making are that individuals behave as risk-seekers when they face losses and, on the contrary, individuals avoid risk when they are situated in the domain of gains. By using an empirically supported theory of the "new behavioral economics", Weyland challenge rational choice scholars that explain decisions according to the less plausible assumptions of expected utility theory. The latter theory would predict very different outcomes in the countries under analysis, supporting the pessimistic view of incompatibility between democracy and market-oriented reforms.
The central argument of this book stresses the role of severe economic problems in triggering intrepid market reforms. The author's theoretical framework suggests that both political leaders and common citizens are more likely to accept risky measures when they share the perception that the national and household economies are trapped by a grave crisis (e.g. hyperinflation). As an implication, this micro-foundation for the "crisis argument" should also explain why in fragile democracies it is possible to put into practice tough economic reforms without regime damage. In fact, the author claims, it is the other way around: "by empowering the populace, the institution of democracy - in the context of severe crises - paved the way for market reform" (p. 283).
The book contains a case-oriented study that takes into account context factors. It is a synthetic effort based on extensive field research. The first three chapters are an introduction to the research question, a discussion about the rival theories, and a summary of the theoretical framework used for the description of the cases. These chapters are especially enjoyable for those who are interested in solving theoretical puzzles. Chapters four through eight are the core of the book. The author analyzes the political economy of the mid-1980s (i.e. "heterodox experiments"), and the reforms of the 1990s (i.e. "neoliberal adjustment") implemented by the new leaders - if not political outsiders - of the four countries. He also describes the peculiar combination of populist politics and free-market oriented reforms, and explains the causes of differential outcomes: the political failure of reforms in Brazil and Venezuela, and the political sustainability of liberalization in Peru and Argentina. In the final chapter the author summarizes the central findings: "chief executives succeeded in enacting a large part of the market reform program where both aspects of the crisis - conjunctural and structural problems - were acute and grave. By contrast, where conjunctural or structural problems were less severe, as in Venezuela and Brazil, respectively, neoliberalism ran into serious political difficulties" (p. 252).
Definitively, the main notions of prospect theory are very important to understand individual choice. The key idea about how individuals respond to crises is, as Weyland suggests at the end of the book, a powerful one that most be applied in depth in the fertile soil of comparative politics. The seminal work of Kahneman and Tversky (1979) showing how people manage risk and uncertainty was the beginning of an impressive research agenda in several economics domains (e.g. stock market, labor economics, saving and consumption, and insurance). Yet in political science, only the international relations subfield scholars have been exploring the applicability of prospect theory. Thus, Weyland's book is one of the first attempts to apply the recent cognitive-psychological findings in the field of comparative politics.
Paradoxically, a shortcoming of this book is its ineffective use of prospect theory. There is a lack of formal modeling to explain with parsimony and deductive rigor the payoffs and probabilities that the actors have faced during the decision-making process. Weyland affirms that precise information about payoffs and probabilities attached to different decision options is unavailable and he recognizes that this limitation makes difficult to prove the hypotheses. Additionally, there is not a systematic procedure to demonstrate whether a political leader was in the domain of losses when he decided to take a risky measure. There are descriptions that assume a specific position of the subjects along the value function, but these assumptions are based on the subjects' choices in a later moment. There are many arguments about the level of risk that different policy options had, but it still unclear which was the riskiest. Without numbers or algebra, the fundamental distinction between "more or less risk" is difficult to grasp. Certainly, it is harder to measure the political behavior of the President and the common citizen in order to show risk aversion than the economic behavior of a customer to prove the "asymmetric price elasticities of consumer goods" (Camerer 1998). However, some degree of formalization is desirable for the advancement of this approach in comparative politics. Precisely because "prospect-theory explanations rest on well-established empirical findings, not on unrealistic ideal-typical postulates," (p. 7) it is necessary to organize the historical facts and context factors according to previous experiments. At least, it is crucial to know whether the conditions that can be controlled during an experiment are present in the real world.
This provocative book will be useful for graduate students who have interest in political economy, especially as a complement to the abundant literature on economic reforms in Latin America. ... Read more

Book Description

Why was the rise of capitalism in Germany and Japan associated not with liberal institutions and democratic politics, but rather with statist controls and authoritarian rule? A stellar group of international scholars addresses this classic issue in political development.

In The Origins of Nonliberal Capitalism, German sociologists and American and Japanese political scientists draw extensively on the work of economists and historians from their home countries, as well as from the United Kingdom and France. The contributors discuss the potential disappearance, evolution, and reconstitution of nonliberal capitalism in Germany and Japan by analyzing its historical origins from two perspectives: the emergence and survival of nonliberal capitalism, and the causes of differences between the systems of Germany and Japan. They also outline the requirements for internally coherent national models of an embedded capitalist economy. The histories of German and Japanese capitalism demonstrate that capitalism's structural forms and functional relations evolve by means of different processes with different goals. ... Read more

Book Description

Benchmarking is your key to becoming the BEST OF THE BEST. Find answers to the questions: What is Benchmarking? How do I perform benchmarking? and What are the results of its successful application?

This ground breaking reference is for middle managers in industry (in marketing, manufacturing, administrative and support, finance, and personnel functions), not-for-profit organizations and government agencies, as well as quality improvement projects. Detailed examples show you how to relate benchmarking to your own circumstances. Reference guides help you get started. Case histories provide examples of actual benchmarking investigations from beginning to end. The author's personal tips will allow you, with minimum effort, to effectively launch your quest for the best. ... Read more

Reviews (1)

Excellent how-to book on benchmarking - worth every minute
Camp does a marvelous job of providing the reader with the why's and wherefore's of the benchmarking process. Very easy reading yet quite complete and informative on the methodology and the use of benchmarking analyses. ... Read more

Book Description

Ronald Dore places recent developments in Japan in the broad context of gradual changes in modern patterns of capitalism common to all industrial societies--a process that he labels marketization plus financialization. His central focus is on the tendency for shareholder value to be preached as the sole legitimate objective of corporate executives, against the traditional aligment of Japan on the productivist,

employee-favoring side of the divide. ... Read more

Reviews (2)

Review of Journal of Economic Literature
This review appeared in JEL, Dec. 2002, by RICHARD A. WERNER Sophia University, Tokyo.

Hardly a day passes without the financial press asserting that Japan's economic structure is responsible for the long recession and demanding "badly needed" structural changes. The results of a decade of apparently vigorous counter-cyclical policies have been disappointing. It is therefore not surprising that many experts agree with the Bank of Japan's argument that deep structural reforms are needed to enhance growth. A similar story is being told about Germany. Recent economic weakness is seen by the European Central Bank as evidence that structural re-form is "needed"-a view enthusiastically sup-ported by the financial press (who, according to Dore, constitute an interested party benefiting from the "financialization" that results from introducing U.S.-style capitalism). As Francis Fukuyama argued, the "Anglo-Saxon" free market and stock market based system has become the global standard. It is this mainstream view that Ronald Dore's important and refreshing book is directed against. It deserves praise not just for Dore's courage in defending an unpopular cause.

The book is very timely: it points out the advantages of German/Japanese welfare capitalism just when it is becoming an endangered species. It is rich in detail, yet surprisingly concise. It is analytical, yet highly readable and full of illuminating examples. It combines an eye for macro-economic implications with sound micro-economic and management- level insights. Finally, Dore's book provides an analysis of the ongoing pressures on welfare capitalism and how its salient features are now changing. Dore's readers benefit from his decades of experience and seminal work on the Japanese firm. The relatively smaller weight given to Germany is the book's main (though acknowledged) weakness.

Dore identifies key features that make Ger-man/ Japanese capitalism different from the "Anglo- Saxon" variety familiar from textbooks. The former produces benefits due to its cooperative nature and long-term orientation. The Anglo-Saxon model is good for the shareholders. The Germans and Japanese maintained market mechanisms, but eliminated shareholders as the main beneficiaries. Instead of serving the few, a form of capitalism was born that succeeded in creating a decent quality of life for the many- employees and society at large.

Dore is a must-read for any economist, precisely because he challenges our preconceptions. As is increasingly recognized in the literature, once unrealistic assumptions such as perfect information and efficient markets are relaxed, there is no guarantee that markets left to their own devices will produce socially optimal results. The designers of the German and Japanese systems based their institutional designs on a more realistic description of the world. By focusing on mutually beneficial cooperation and coordination, they managed to internalize externalities, minimize information costs, and, most of all, motivate individuals. They recognized that "utility functions" are interdependent, people compete in hierarchical fashion and have a common desire for justice and fairness of organizational arrangements. Recent growth theories acknowledge the importance of the human resource aspect of "labor." While neglected in static models and policy advice, human resources are at the center of the German/Japanese model.

With regard to the premise that capital is the scarce resource and that "labor" will normally be in fairly abundant supply, Dore says, "It is amazing that anyone can seriously sustain this view in a world awash with so much liquidity that its movement from one country to another keeps exchange rates in perpetual motion" (p. 15). Human resource mobilization requires institutional design. "The whole discussion of modal behavioral dispositions as a factor in the functioning of economic systems tends to be avoided among economists who wish to believe that what they teach their students are theorems about THE economy, determined by the universal utility function of MAN" (p. 38). Not so in Japan, where people tend "to be good at discerning possibilities of cooperation which can be of general benefit, and at devising organizational forms which can reap those benefits in ways which all participants can consider fair" (p. 38).

One such organizational form is the system of industry associations, which are modern incarnations of the medieval guild structure. Due to their public goods character, resulting cartels may be welfare-enhancing. The cooperative orientation does not mean there is no competition. As Dore explains well, competition can be fierce, as the system combines markets and hierarchies. The tendency towards the formation of cartels is counteracted by relatively low concentration ratios in many industries (due to bank finance and cross-shareholdings which result in fewer hostile takeovers) and inter-firm rivalry due to lifetime employment.

Just when economists are beginning to recognize these issues, Germany and Japan are moving toward adopting the Anglo-Saxon model. These changes increase "financialization" and thus the share of economic activity devoted to profit-seeking by shifting ownership certificates from A to B. Adopting U.S.-style capitalism means that Germany and Japan are importing its disadvantages and social problems. Dore asks: Can it be efficient to devote ever more people to servicing "gambling on uncertainties in financial markets" with analysis, advice, appraisal, advertising? As increasingly strong shareholders demand "value," will social welfare or overall fairness increase? One issue remains: If it is so successful, why is Dore one of the few to defend welfare capitalism?

Recent weak economic performance is blamed on the system, and it is seen to have out-lived its usefulness. Whether this is really true must be investigated, though it is beyond the scope of Dore's book. In my forthcoming book (2003, Princes of the Yen, Japan's Central Bankers and the Structural Transformation of the Economy, Armonk, NY: M.E. Sharpe) I provide evidence that the Japanese recession was not due to the economic structure but instead to a central bank aiming at dismantling welfare capitalism.

All in all, Dore's book succeeds in raising and illuminating these challenging issues. It deserves much attention. It also shows the need for further research on this topic-and soon, before this species of capitalism becomes extinct.

Stock Market Capitalism
"...a thoughtful and provocative book on how global capitalism may evolve" Jeffrey Garten, Dean of Yale Management School ... Read more

Reviews (6)

Provocative, Funny and Cruel
The argument hit me in stages. As I zipped through the stories, I found myself smiling, but then I started thinking more seriously about what this book was saying, and now I think it's cruel and triumphalist. This book may become a tool in the hands of people who want to neglect the poor and feel good about it.

A brilliant OVERSIGHT - This book paints an incorrect image
The conclusions drawn by the author are very logical and thorougly researched.
**HOWEVER**
The author's entire line of argument is faulted!
He does not fully take into account the limited resources that the global economic system operates with.
Prosperity, defined as ability to consume desired goods, can NOT be reached at the same level as that in Western countries- because there aren't enough goods to meet the consumption demands of the world's population at that level.
It is very simple.

Provides solid understanding the Global Finance system
This book outlines the working of the global financial system in a clear and concise manner. It helped me understand the global financial interconnections and provided a solid understanding of how First World nations view the rest of the world. However, I disagree with the basic principles laid out in this book. Until the wealthy first world stops sucking off the resources of the poorest nations, there will always be strife and war.

those Washington bullets again...
The U.S. has turned into a financial predator nation - borrowing billions every week from abroad and pissing the money away on imported luxuries, and borrowing more to pay for wars. Foreigners keep shoveling money into the U.S. and anyone who thinks they'll stop or thinks that the whole game will come to a sudden end should read this book. There's more going on than comes out in the newspapers. The really surprising message of this book is that everything could come out well - not only for the 300 million people that own financial assets, but also for the six billion that don't. I slammed this book down on the table a few times but after a few minutes I picked it up again.

Edmunds hits right on the money!
People who want to make high returns on their investments and retire rich will find a lot to like here. The poor countries aren't only going to do all the dirty work for the rich countries and make all the cheap manufactured stuff we buy in Wal-Mart. The poor countries are also going to solve our retirement crisis by giving us high rates of return on our savings. This book will make people mad who want the rich countries to quit dictating to the poor countries. People who think free trade does a lot of harm don't know the really ugly side of the story, but they'll get a good look at it if they read this book. ... Read more

Book Description

Reviews (1)

A must buy book for everyone
I am from Thailand and a native Thai.
I read his book; he is my professor.
I am impressed with his idea- the so " socratic idea".
I love his book and everyone should buy it. ... Read more

Book Description

Information technology accounts for over one-third of recent U.S. GDP growth and nearly two-thirds of corporate capital investment. ''The New Economy'' appears omnipresent, but little is actually known about its workings.

This seminal volume brings together the research and critical thinking of many of the world's top macro and micro economists to provide a unique, multifaceted perspective. Through the use of detailed, up-to-date country and industry studies, this book provides the most authoritative and detailed analysis ever assembled into the causes of technological innovation and its relationship to economic performance. The country studies cover the United States, Japan, Germany, France, the United Kingdom, and the Nordic states. Nine industry studies examine the Internet, computers and semiconductors, banking, securities trading, venture capital, energy, agricultural biotechnology, pharmaceutical biotechnology, and automobiles.

Commissioned and brought together for the research project by the world-renowned Council on Foreign Relations, the authors have produced one of the most important compendia in applied economics to be published in recent times.

The contributors are Charles Calomiris, Ian Domowitz, Robert Evenson, Charles Fine, Robert Gordon, Richard Langlois, Josh Lerner, Markku Malkamäki, Patrick Messerlin, Joel Mokyr, David Mowery, Richard R. Nelson, Stephen Nickell, Gary Pisano, Adam Posen, Daniel Raff, Horst Siebert, Timothy Simcoe, Benn Steil, Michael Stolpe, John Van Reenen, David Victor, and Matti Virén.

... Read more

Book Description

Attempting to explore and explain the similarities and differences in pension policy both intra- and inter-regionally, this book analyzes the political economy of radical pension reform in using case studies from Argentina, Bolivia, Bulgaria, Croatia, Hungary, Peru, Poland and Uruguay. By shedding light on the political viability of market-oriented reforms the book is a valuable and unique contribution to the understanding of the political economy of policy reform. ... Read more

Book Description

In many parts of the world, lower levels of government are taking over responsibilities from national authorities. This often leads to difficulty in maintaining fiscal discipline. So-called soft budget constraints allow these subnational governments to expand expenditures without facing the full cost. Until now, however, there has been little understanding of how decentralization leads to large fiscal deficits and macroeconomic instability.

This book, based on a research project at the World Bank, develops an analytical framework for considering the issues related to soft budget constraints, including the institutions, history, and policies that drive expectations for bailouts among subnational governments. It examines fiscal, financial, political, and land market mechanisms for subnational discipline in Argentina, Brazil, Canada, China, Germany, Hungary, India, Norway, South Africa, Ukraine, and the United States.

The book concludes that the dichotomy between market and hierarchical mechanisms is false. Most countries--and virtually all developing countries--must rely on market mechanisms as well as hierarchical constraints to maintain fiscal discipline. When bailouts cannot be avoided, they present important opportunities to reform underlying institutions. Successful market discipline--where voluntary lenders perform important monitoring functions--is most likely to emerge from a gradual process that begins with carefully crafted rules and oversight. ... Read more

Book Description

This book using tools of industrial organization and business policy comprehensively examines how a firm can maximize short and long term gains for its stakeholders. This volume may be described as a book on industrial organization with a buisness policy perspective. ... Read more

Book Description

Why do even the best companies struggle to become as profitable in international markets as they are at home? Because they've fallen for the "mirage" of a truly global market. In fact, the world is comprised of hundreds of intensely local markets that are becoming more fragmented with each passing year. In The Mirage of Global Markets, David Arnold reveals why multinationals are actually losing market share--and how the world is rapidly accelerating towards "segments of one." Next, he offers you a comprehensive new blueprint for maximizing profitability in a world of local markets. You will discover why international marketing has become radically different from conventional marketing, and you will learn how to cost-effectively localize all the decisions that matter most: decisions about market entry, product mix, distribution, promotion, communication, strategy and more. Simply put, The Mirage of Global Markets shows how to globally manage the intensely local marketing programs that are now utterly crucial to your success.

Book Description

This marketing leading text focuses on comparisons between the three major types of economic systems in the world today - capitalism, socialism, and the economies of the LDCs and developing countries. Several variants of capitalism are represented by exploring the U.S., Germany, and Japan.Also discussed are the problems involved in the transformation of the former communist countries of Russia and Eastern Europe into capitalist countries (Poland, The Czech Republic and Hungary).Developing economy coverage includes comparisons between China and India, and coverage of the Latin American countries of Argentina, Brazil and Mexico, as well as comparisons between African nations. ... Read more

Reviews (2)

The author should learn elementary arithmetic before writing
I am appalled at the author and the editorial board of the publisher.

Look at tables 1-1 and 1-2 for example. According to the author, the population of the U.S.A. in 1990 was 76.391 billion (=76,391 billion!!!!). And the GDP was 312.8666 Trilluion dollars (=$312,866 billion dollars!!!). Same blunders about other countries in the table 1-1. Table 1-2 has similar BLUNDERS!!!! I have not had the time to go beyond chapter 1. The author did the greatest disservice to students and other teachers by writing this book, because some teachers will "accidentally adopt it, before they and their students discover that this book is simply a puiece of garbage!

Ugh.
This book features the worst writing I have ever seen published on any subject, in any form, fiction or non-. It's so bad that one is distracted, in nearly every sentence, from the author's point, which, once you take the time to sort it all out, you usually will find doesn't exist anyway. The organization of the material is almost as disappointing as its presentation--facts are strewn together in a chaotic, non-sequitur fashion with virtually no attempt at synthesis or cohesion. I am genuinely astonished that this book has made it through eight editions. If you are a professor, you will be doing your students a huge disservice by adopting it. ... Read more

Book Description

Europe grew rapidly for many years, but now, faced with greater challenges, several of the large economies in Europe have either failed to generate enough jobs or have failed to achieve the highest levels of productivity or both. This study explores why Europe's growth slowed, what contribution information technology makes to growth, and what policies could facilitate economic transformation. It emphasizes a system with strong work incentives and a high level of competitive intensity. Europe doesn't need to eliminate its protections for individuals, the authors conclude, but both social programs and policies toward business must be reoriented so that they encourage economic change. ... Read more