Book Description

Like the United States today, Renaissance Florence and Victorian Britain were the richest, most dynamic economic systems of their times. Yet each succumbed to a fiscal crisis brought on by public debt and taxation and eventually fell into long-term economic decline. Now, public debt and taxation dominate the America policy agenda. Must the United States follow the same dismal pattern of fiscal crisis and economic decline? Mountains of Debt argues that it is not too late for the United States to change directions and suggests a comprehensive program for reform of American fiscal institutions that would reduce the deficit problem and at the same time reverse the long-term structural trends that are both the cause and the effect of the fiscal crisis today. Offering proposals for reducing the deficit, this new analysis could alter the current course of the United States economy. ... Read more

Reviews (1)

Confusing
The title of this book doesn't cover the real causes of the alleged 'downfall' of the reviewed three economic powers.
For Renaissance Florence, the author analyses two main causes. First, the war debts ( at a rate of 30 %) which were subscribed by the very rich, who could so keep a stranglehold on the government. Secondly, the tax system that favoured consumption over investment. But at the end of his book the author states: 'The defining event ... was clearly the black death'.
The problem for Victorian Britain was not a mountain of debt, but fear of debt, as well as the flawed income tax system, which favoured 'repair costs' over new investments. There was no provision for capital depreciation. But again, the author indicates another important factor at the end of his book: 'unexspected increase in population'.
The downfall of Britain didn't happen during the reign of Queen Victoria. As we can read in R. Skidelsky's magnificent biography of J.M. Keynes (part 2), 50 % of all commercial credits in the world were financed by Britain in 1914. The beginning the downfall of the British Empire were the war debts it contracted for World War I in the US.
The section on the US is partly out-of-date, because the analysis stops in 1990. But, the proposed remedies are still very actual: investment in education and in research & development. His third remedy 'VAT' would overhaul the whole US tax system. But even a modest rate would generate enormous income for the federal government.
The author also recognizes some big economic issues as personal debt v.savings, or the long-term Social Security problem.
After the Clinton years, the US government is again confronted with a huge budget deficit. I agree with the comment by R.Heilbroner (cited in this book): 'The deficit is an excuse to strip away fifty years of social progress, leaving the economy a hard, cruel place for the poor'. (p. 192)
For an evaluation of the actual US economic policies, I recommend 'The Judas Economy' by W. Wolman and A. Colamosca.
This book is a very mixed bag. ... Read more

Book Description

Research suggests that if the majority of a country’s financial institutions are owned by the state, that country will experience slower financial development, less efficient financial systems, less private sector credit, and slower GDP growth. Yet more than 40 percent of the world’s population live in countries in which public sector institutions dominate the banking system. In this volume, noted experts discuss the challenges presented by state-owned financial institutions and offer cross-disciplinary solutions for policymakers and banking regulators. Included are case studies exploring varying methods of privatization, such as initial public offerings, employee stock ownership plans, and strategic investors.

The Future of State-Owned Financial Institutions is a product of the sixth annual Financial Markets and Development conference organized by the World Bank, the International Monetary Fund, and the Brookings Institution. ... Read more

Reviews (1)

Very good book in Public Economics
I am using this book for an Introductory Public Financ/Economics Course. I find the book quite easy to follow. The concepts and wording are very easy to follow. The graphs are quite clear and informative.

One does need the basic concepts/tools of microeconomics. Such as indifference curves, edgeworth boxes, basic supply/demand, slopes, etc. The summary at the end of each chapter I find very helpful as do the questions at the end of the book.
Overall a good book, worth a recommendation. ... Read more

Book Description

Featuring a general equilibrium framework that is both cohesive and versatile, the Second Edition of Public Finance: A Normative Theory brings new and updated information to this classic text.Through its concentration on the microeconomic theory of the public sector in the context of capitalist market economics it addresses the subjects traditionally at the heart of public sector economics, including public good theory, theory of taxation, welfare analysis, externalities, tax incidence, cost benefit analysis, and fiscal federalism.Its goal of providing a foundation, rather than attempting to present the most recent scholarship in detail, makes this Second Edition both a valuable text and a resource for professionals.

* Second edition provides new and updated information
* Focuses on the heart of public sector economics, including public expenditure theory and policy, tax theory and policy, cost benefit-analysis, and fiscal federalism
* Features a cohesive and versatile general equilibrium framework ... Read more

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Reviews (2)

if you like specialized books about city governance, getthis
If you like specialized books about city governance, you would probably like Mayors and Money.

New York City in the 1920s and 1930s got reform, but it never got good government. Why?

Chicago has the country's last machine, yet garbage is collected, snow plowed, and taxes lower than in some Sunbelt cities. How?

Mayors and Money is the counterintuitive argument that a political machine is actually less draining on a city treasury than the most common alternative, eg undue influence of public sector unions. In New York a mayor must make very expensive promises to the transit workers, sanitationmen, teachers, hospital workers to get elected, in Chicago a mayor is chosen more by the insiders of the Cook County Democratic organization.Yes, a Chicago mayor must build things with no-bid contracts and provide patronage jobs, but these cost less than the demands of city employees.

If I have a problem with Fuchs' argument it is that she denies that Chicago and New York have different political centers of gravity.New York has this big liberal intelligentsia, plus a large Jewish population.New Yorkers pay higher taxes than Chicagoans in part because there are powerful constituencies in New York that want or tolerate more spending.

Unlike the other review, I found Fuchs' book very readible, though I thought there could have been more anecdotes. For instance, Daley's getting the State of Illinois to assume responsibility for the courts and welfare are awesome feats. No where else in the country to cities win political battles against suburbs. Fuchs implies that Daley got those things because he was a boss, but doesn't go into detail. Also, unions were and are a part of the Chicago machine, so I think Fuchs is exaggerating the differences.

Unreadable
I tried to read this book for an urban studies project. It is completely unreadable. It's easily one of the top-10 dullest books I've ever come across. ... Read more

Book Description

This book focuses on pension policies in Europe and interestingly includes comparisons both within the EU and between EU countries and the US. The authors show how different countries are confronted with similar problems and that comparison of national experiences may be of great help for the ‘open method of coordination’ now adopted in the EU.

The papers deal mainly with the effects of the huge payroll tax differentials between countries on individual retirement choices and the labor market, with taxation of contributions and pensions, and with the portability of occupational pensions. The main impact on labor supply is shown to be early retirement due to actuarially unfair pension formulae. The authors also argue that the US experience shows that taxation of contributions and savings for old-age may not generate the hoped for incentive effects, while an example of inconsistent taxation of pensions is offered by Germany. Finally, it is shown that limited portability of defined benefit plans does not appear to be a strong impediment to labor mobility in Europe.

Pension Policy in an Integrating Europe will be valued by scholars of both public policy, public finance and European studies, and those practitioners and policymakers involved in insurance in the EU. ... Read more

Book Description

In the last decade, neoliberal policies have created debt and global impoverishment on a massive scale. In this updated edition of his internationally recognized book, Eric Toussaint traces the origins and development of the crisis in global finance.

This new edition is fully updated with new statistics to account for new developments in global financial institutions like the World Bank and IMF. Your Money or Your Life is widely considered one of the clearest and best-documented books on globalization available. Includes an extensive bibliography and notes.

Eric Toussaint is president of the Committee for the Cancellation of Third World Debt and is a fellow and frequent lecturer at the International Institute for Research and Education in Amsterdam.

Download Description

The paper describes the operational characteristics of hawala in Afghanistan. It describes the system's geographic characteristics, convenience, effectiveness, cost, and its relationship with the formal financial system. It case studies of the domestic transfer of development funds by international aid institutions and nongovernmental organizations to discusses the hawala system's benefits as well as the operational characteristics that make it vulnerable to abuse. Finally, its presents the authors conclusions on the developmental role of informal financial institutions in the Afghan financial system; the implications for financial management practices of donor-financed development programs; and the regulatory and supervisory options for DAB. ... Read more

Reviews (1)

Covers All Bases
If you have heard of Henry George or Green Tax Shifting, this book is for you.It appears to me to be the broadest introduction to issues related to land-value taxation at the turn of the millenium.

For those not familiar with the concept, land-value taxation is based on the fact that taxes on buildings discourage development, while undertaxing land encourages speculation which in turn encourages urban sprawl.By untaxing buildings and increasing taxes on land, proponents of LVT hope to spur development in urban areas while reducing sprawl, concentration of landownership, and absentee landlordism.Most LVT proponents also argue in favor of untaxing labor and capital investment.Taken to it's logical extreme, Henry George proposed in the late 1800s that the tax on land should be a "single tax" to replace all other taxes.Most modern-day Georgists do not go so far as to suggest that LVT should be a "single tax".This book explains the concept as it is applied today.

The book attacks questions about LVT policy from all angles.Articles by notable researchers and writers in the field discuss the history, implementation, ethics, and psychology of LVT.An in-depth article examines the impact of LVT on farming.Other articles by Nobel laureate William Vickrey extend the concept from taxing land-use to taxing traffic and pollution.Basically, if you have any interest in LVT, this book is the place to start.

A couple of the essays have some serious math in them, but not nearly enough to turn away the interested reader.With a basic (undergrad intro-level) understanding of economics and calculus, I found it possible (though not easy) to get the gist of the mathematical essays, which are easily skipped over by those without the inclination.My only complaint with the volume is that I don't think four essays by the highly regarded Vickrey were really necessary.Two of them contain considerable overlap.

In all other respects this is an excellent collection of relevant and timely material. ... Read more

Book Description

At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later.

The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that ofits counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change.

The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became"paralyzing networks"--with disastrous results.

... Read more

Book Description

Should we be doing everything ourselves, or might it be better to contract some tasks out to others? Could they do them better and cheaper than we can? More and more state and local governments are asking these questions, and while there are many answers on the Federal level, these answers often don't apply lower down the line. O'Looney's book provides precisely the guidance that state and local managers need to decide to outsource, and then step-by-step advice on how to proceed. O'Looney takes managers through the intricacies of contract outsourcing and administration, while appreciating the importance of government. His book is not an argument for privatization, rather, it is an affirmation of government and the benefits of its many services. ... Read more

Reviews (1)

If you're really seriously being asked to outsource...
This is a "must read" for those in government service who need to know how to reply to political masters who are pushing "the beauty of privatisation".

It may not be that popular with those doing the pushing unless they are really sincere as it is devoid of hype and, as far as this reviewer's experience extends, presents the do's and don'ts & the facts and fallacies as they are, not as one might wish them to be.

The contents take one right from the beginning phase where the concept of outsourcing is considered for the first time through to providing tips for contract monitoring.

The book provides no quick fixes and is thoughtful, if somewhat laconic, in style. It also requires some previous knowledge of the subject. In this regard "Re-inventing Government" (Osbourne & Gaebler - Addison Wesly) and its sequels, as well as "Transforming Government - Lessons from the re-invention Laboratories" (Ingraham, Thompson and Sanders - Jossey Bass Publishers) make relevant companion reading

kahooga@intekom.co.za ... Read more

Book Description

Finance provides students with a balance of expenditure and tax topics along with the information and analytical tools to understand major government policy and finance issues. The book has been praised for its clarity, good organization, and careful explanations of complex issues. ... Read more

Book Description

The speed of change affecting the world of the public sector manager shows no sign of slowing down. The third edition of Public Sector Financial Management keeps pace with these changes. The text emphasises the dynamic nature of change and the increasing role of markets and competition in the public sector, examines current practices, and, where appropriate lessons to be learned from the private sector. Completely revised and up-dated this new edition explains how modern financial management techniques are applied to the public sector. The authors adopt a practical approach, using real world examples and useful case studies. Their clear and lucid style makes this book an invaluable aid to learning. ... Read more

Book Description

This all new reference work documents the philanthropy of 56 private Foundations considered to be the most prominent funders of Native American programs.Mainstream foundations who target American Indian communities and those who earmark Native American studies and education programs are featured. ... Read more

Amazon.com

Thank God the U.S. government has begun to cut funding of the arts, humanities, and social services ... but what are they going to do with all that surplus cash? Although the popular media has been largely mum about it, most of the welfare payments go to large corporations in the form of tax write-offs, subsidies, and plain old handouts. This frightening and enlightening book by the editor of The Tucson Comic News (a monthly collection of comic strips and panels) traces the flow of money into such worthy projects as subsidizing nuclear power plants (the last one was finished in 1973, but that doesn't stop the U.S. government from spending $7.1 billion a year on this vapor industry), tax breaks for the tobacco industry ($41 million last year), and corporate expense account write-offs ($5.5 billion last year). Read it and weep. ... Read more

Reviews (7)

Oink Oink
Before the welfare reform bill of 1996, genuine welfare was about 130 billion dollars per year, including food stamps, AFDC, housing assistance, WIC, Head Start, Low-income energy assistance, JOBS, Legal Services corporation, Medicaid, SSI, Pell grants, and the EITC. Altruistic behavior, of course, enrages conservatives, along with legitimate concerns, such as the Department of Education losing 450 million dollars in a three year time frame.

Meanwhile, the rich are quietly gorging at the trough.

The authors discover that "wealthfare" -- the money we hand out to corporations and wealthy Montgomery Burns types -- is at LEAST 448 BILLION dollars a year. To ensure not being accused of "bias," they consistently use conservative figures, thus leaving the real number far greater.

Their presentation is effective. Well cited, they address the orgy of waste and fraud in the "neglected" Pentagon, Social Security inequities generated from Reagan's sneaky regressive mega-tax hike on working people, phony accelerated depreciations (e.g. the NEGATIVE tax rates many corporations get away with), the S&L bailout we're still paying for, subsidies to nuclear, mining, timber, gas, oil, aviation, handouts to the media giants, insurance loopholes, and much more! Quite a lot for such a little book. A job well done!

This IS the "pinko's" view of the tax code. After all, it's socialism for the rich, capitalism for the poor....

A pinko's view of the tax code
I guess this is what passes for a thoughtful review of the tax code for a liberal. I'm sure the author has no desire to give "tax breaks" to individuals any more than those greedy corporations. Besides attacking expense deductions as a "tax break," the class-warfare demagoguery always ignores the ultimate beneficiary of tax breaks to corporations, which are the company's workers and its stockholder. Oh yeah, the stockholders are just greedy rich people anyway, right?

Short and to the point!
The next time some smug nabob starts muttering under his/her breath about the drain on our economy caused by the proverbial 'welfare mother' (you know, the one that's driving the Cadillac), you can put em' in their place armed with the wealth of info contained in this short but well written little book.

As 'Take the Rich Off Welfare' aptly points out, welfare really does suck a lot of money from our treasury, but it's not the poor and needy in this country that benefits from this bonanza. As a matter of fact the word 'wealthfare' is more applicable, because that's who's really benefiting- the wealthy.

Very brief, but meticulously researched and with sources to back up every fact, 'Take the Rich off Welfare' is a great introduction to the big wide world of graft in America. If you've ever been curious about who has their foot in the back door of the treasury- check out this fine book.

Enraging and revealing study of subsidies,etc. to the rich.
This is the most comprehensive summary of tax write-offs, subsidies and other welfare schemes favoring the affluent and powerful that I have ever encountered. Well documented! Should enrage the average tax payer.

Oh, one example disproves a whole book, I see....
The reader below has missed the point. This is a marvelous book that would be beneficial for every American to read. ... Read more