Ancient market activities are dynamic in the economies of most ancient states, yet they have received little research from the archaeological community. Archaeological Approaches to Market Exchange in Ancient Societies is the first book to address the development, change, and organizational complexity of ancient markets from a comparative archaeological perspective.
Drawing from historical documents and archaeological records from Mesoamerica, the U.S. Southwest, East Africa, and the Andes, this volume reveals the complexity of ancient marketplace development and economic behavior both in hierarchical and non-hierarchical societies. Highlighting four principal themes-the defining characteristics of market exchange; the recognition of market exchange archaeologically; the relationship among market, political, and other social institutions; and the conditions in which market systems develop and change-the book contains a strong methodological and theoretical focus on market exchange.
Diverse contributions from noted scholars show the history of market exchange and other activities to be more dynamic than scholars previously appreciated. Archaeological Approaches to Market Exchange in Ancient Societies will be of interest to archaeologists, anthropologists, material-culture theorists, economists, and historians.
Reopening the canons of the Beat Generation, Blows Like a Horn traces the creative counterculture movement as it cooked in the heat of Bay Area streets and exploded into spectacles, such as the scandal of the Howl trial and the pop culture joke of beatnik caricatures.
Preston Whaley shows Beat artists riding the glossy exteriors of late modernism like a wave. Participants such as Lawrence Lipton, Lawrence Ferlinghetti, and at great personal cost, even Jack Kerouac, defied the traditional pride of avant-garde anonymity. They were ambitious to change the culture and used mass-mediated scandal, fame, and distortion to attract knowing consumers to their poetry and prose.
Blows Like a Horn follows the Beats as they tweaked the volume of excluded American voices. It watches vernacular energies marching through Beat texts on their migration from shadowy urban corners and rural backwoods to a fertile, new hyper-reality, where they warped into stereotypes. Some audiences were fooled. Others discovered truths and were changed.
Mirroring the music of the era, the book breaks new ground in showing how jazz, much more than an ambient soundtrack, shaped the very structures of Beat art and social life. Jazz, an American hybrid--shot through with an earned-in-the-woodshed, African American style of spontaneous intelligence--also gave Beat poetry its velocity and charisma.
Blows Like a Horn plumbs the actions and the art of celebrated and arcane Beat writers, from Allen Ginsberg to ruth weiss. The poetry, the music, the style--all of these helped transform U.S. culture in ways that are still with us.
More than 630 million Chinese have escaped poverty since the 1980s, reducing the fraction remaining from 82 to 10 percent of the population. This astonishing decline in poverty, the largest in history, coincided with the rapid growth of a private enterprise economy. Yet private enterprise in China emerged in spite of impediments set up by the Chinese government. How did private enterprise overcome these initial obstacles to become the engine of China’s economic miracle? Where did capitalism come from?
Studying over 700 manufacturing firms in the Yangzi region, Victor Nee and Sonja Opper argue that China’s private enterprise economy bubbled up from below. Through trial and error, entrepreneurs devised institutional innovations that enabled them to decouple from the established economic order to start up and grow small, private manufacturing firms. Barriers to entry motivated them to build their own networks of suppliers and distributors, and to develop competitive advantage in self-organized industrial clusters. Close-knit groups of like-minded people participated in the emergence of private enterprise by offering financing and establishing reliable business norms.
This rapidly growing private enterprise economy diffused throughout the coastal regions of China and, passing through a series of tipping points, eroded the market share of state-owned firms. Only after this fledgling economy emerged as a dynamic engine of economic growth, wealth creation, and manufacturing jobs did the political elite legitimize it as a way to jump-start China’s market society. Today, this private enterprise economy is one of the greatest success stories in the history of capitalism.
Commodity Prices and Markets
Edited by Takatoshi Ito and Andrew K. Rose University of Chicago Press, 2011 Library of Congress HB235.E18C66 2011 | Dewey Decimal 332.6328095
Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects, such as inflation and low rates of economic growth. Commodity Prices and Markets advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim. The volume addresses three distinct subjects: the difficulties in forecasting commodity prices, the effects of exogenous commodity price shocks on the domestic economy, and the relationship between price shocks and monetary policy. The ability to forecast commodity prices is difficult but of great importance to businesses and governments, and this volume will be invaluable to professionals and policy makers interested in the field.
Awash in a sea of data that seems to have no meaning and bombarded by images and sounds transmitted from around the globe 24/7, people are no longer sure what is real and what is fake. Artists recycle ads in their paintings and businesses use images of artists in their ads; politicians mount campaigns based on hit films; and bankers make billions trading incomprehensible financial products backed by nothing more than abstract figures and signs.
In Confidence Games, Mark C. Taylor considers the implications of these developments for our digital and increasingly virtual economy. According to Taylor, money and markets do not exist in a vacuum but grow in a profoundly cultural medium, reflecting and in turn shaping their world. To understand the recent changes in our economy, it is not enough to analyze the impact of politics and technology—one must consider the influence of art, philosophy, and religion as well.
Bringing John Calvin, G. W. F. Hegel, and Adam Smith to Wall Street by way of Las Vegas, Taylor first explores the historical and psychological origins of money, the importance of religious beliefs and practices for the emergence of markets, and the unexpected role of religion and art in the classical understanding of economics. He then moves to an account of economic developments during the past four decades, exploring the dawn of our new information age, the growing virtuality of money and markets, and the complexity of the networks by which monetary value is now negotiated.
Returning full circle to a version of the market first proposed by Adam Smith when he used theology and aesthetics to rethink economics, Confidence Games closes with a plea for a conception of life that embraces uncertainty and insecurity as signs of the openness of the future. Like religion and economics, life is a confidence game in which the challenge is not to find redemption but to learn to live without it.
"Before the global credit system began its collapse in 2007, Mark Taylor had connected the dots between increasingly complex financial instruments and larger cultural forces. Anyone who wants to understand the disappearing foundation of our financial markets needs to read this book immediately."—Michael Lewitt, editor, The HCM Market Letter
“Beyond simply dealing with ‘money and markets,’ Confidence Games is a fascinating and wide-ranging tour of modern and postmodern ideas and conditions from Aristotle to Nietzsche, from Wall Street to Las Vegas.”—Craig Bay, Journal of Markets & Morality
As international travel became cheaper and national economies grew more connected over the past thirty years, millions of people from the Third World emigrated to richer countries. A tenth of the population of Mexico relocated to the United States between 1980 and 2000. Globalization theorists claimed that reception cities could do nothing about this trend, since nations make immigration policy, not cities. In Deflecting Immigration, sociologist Ivan Light shows how Los Angeles reduced the sustained, high-volume influx of poor Latinos who settled there by deflecting a portion of the migration to other cities in the United States. In this manner, Los Angeles tamed globalization's local impact, and helped to nationalize what had been a regional immigration issue. Los Angeles deflected immigration elsewhere in two ways. First, the protracted network-driven settlement of Mexicans naturally drove up rents in Mexican neighborhoods while reducing immigrants' wages, rendering Los Angeles a less attractive place to settle. Second, as migration outstripped the city's capacity to absorb newcomers, Los Angeles gradually became poverty-intolerant. By enforcing existing industrial, occupational, and housing ordinances, Los Angeles shut down some unwanted sweatshops and reduced slums. Their loss reduced the metropolitan region's accessibility to poor immigrants without reducing its attractiveness to wealthier immigrants. Additionally, ordinances mandating that homes be built on minimum-sized plots of land with attached garages made home ownership in L.A.'s suburbs unaffordable for poor immigrants and prevented low-cost rental housing from being built. Local rules concerning home occupancy and yard maintenance also prevented poor immigrants from crowding together to share housing costs. Unable to find affordable housing or low-wage jobs, approximately one million Latinos were deflected from Los Angeles between 1980 and 2000. The realities of a new global economy are still unfolding, with uncertain consequences for the future of advanced societies, but mass migration from the Third World is unlikely to stop in the next generation. Deflecting Immigration offers a shrewd analysis of how America's largest immigrant destination independently managed the challenges posed by millions of poor immigrants and, in the process, helped focus attention on immigration as an issue of national importance.
Derivatives were responsible for one of the worst financial meltdowns in history, one from which we have not yet fully recovered. However, they are likewise capable of generating some of the most incredible wealth we have ever seen. This book asks how we might ensure the latter while avoiding the former. Looking past the usual arguments for the regulation or abolition of derivative finance, it asks a more probing question: what kinds of social institutions and policies would we need to put in place to both avail ourselves of the derivative’s wealth production and make sure that production benefits all of us?
To answer that question, the contributors to this book draw upon their deep backgrounds in finance, social science, art, and the humanities to create a new way of understanding derivative finance that does justice to its social and cultural dimensions. They offer a two-pronged analysis. First, they develop a social understanding of the derivative that casts it in the light of anthropological concepts such as the gift, ritual, play, dividuality, and performativity. Second, they develop a derivative understanding of the social, using financial concepts such as risk, hedging, optionality, and arbitrage to uncover new dimensions of contemporary social reality. In doing so, they construct a necessary, renewed vision of derivative finance as a deeply embedded aspect not just of our economics but our culture.
Why should the law care about enforcing contracts? We tend to think of a contract as the legal embodiment of a moral obligation to keep a promise. When two parties enter into a transaction, they are obligated as moral beings to play out the transaction in the way that both parties expect. But this overlooks a broader understanding of the moral possibilities of the market. Just as Shakespeare’s Shylock can stand on his contract with Antonio not because Antonio is bound by honor but because the enforcement of contracts is seen as important to maintaining a kind of social arrangement, today’s contracts serve a fundamental role in the functioning of society.
With The Dignity of Commerce, Nathan B. Oman argues persuasively that well-functioning markets are morally desirable in and of themselves and thus a fit object of protection through contract law. Markets, Oman shows, are about more than simple economic efficiency. To do business with others, we must demonstrate understanding of and satisfy their needs. This ability to see the world from another’s point of view inculcates key virtues that support a liberal society. Markets also provide a context in which people can peacefully cooperate in the absence of political, religious, or ideological agreement. Finally, the material prosperity generated by commerce has an ameliorative effect on a host of social ills, from racial discrimination to environmental destruction.
The first book to place the moral status of the market at the center of the justification for contract law, The Dignity of Commerce is sure to elicit serious discussion about this central area of legal studies.
Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen A. Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback—say the barn burned down—neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to organize resources than a community barn raising, but the deep social and human ties that are constitutive of community are weakened by the shift from reciprocity to market relations.
Marglin dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume. Over the last four centuries, this economic ideology has become the dominant ideology in much of the world. Marglin presents an account of how this happened and an argument for righting the imbalance in our lives that this ideology has fostered.
Until now, Andean peasants have primarily been thought of by scholars as isolated subsistence farmers, "resistant" to money and to different markets in the region. Ethnicity, Markets, and Migration in the Andes overturns this widely held assumption and puts in its place a new perspective as it explores the dynamic between Andean cultural, social, and economic practices and the market forces of a colonial and postcolonial mercantile economy. Bringing together the work of outstanding scholars in Andean history, anthropology, and ethnohistory, these pioneering essays show how, from the very earliest period of Spanish rule, Andean peasants and their rulers embraced the new economic opportunities and challenged or subverted the new structures introduced by the colonial administration. They also convincingly explain why in the twentieth century the mistaken idea developed that Andean peasants were conservative and unable to participate effectively in different markets, and reveal how closely ethnic inequalities were tied to evolving market relations. Inviting a critical reconsideration of ethnic, class, and gender issues in the context of rural Andean markets, this book will revise the prevailing view of Andean history and provide a more fully informed picture of the complex mercantile activities of Andean peasants.
In this highly acclaimed, provocative book, Robert Kuttner disputes the laissez-faire direction of both economic theory and practice that has been gaining in prominence since the mid-1970s. Dissenting voices, Kuttner argues, have been drowned out by a stream of circular arguments and complex mathematical models that ignore real-world conditions and disregard values that can't easily be turned into commodities. With its brilliant explanation of how some sectors of the economy require a blend of market, regulation, and social outlay, and a new preface addressing the current global economic crisis, Kuttner's study will play an important role in policy-making for the twenty-first century.
"The best survey of the limits of free markets that we have. . . . A much needed plea for pragmatism: Take from free markets what is good and do not hesitate to recognize what is bad."—Jeff Madrick, Los Angeles Times
"It ought to be compulsory reading for all politicians—fortunately for them and us, it is an elegant read."—The Economist
"Demonstrating an impressive mastery of a vast range of material, Mr. Kuttner lays out the case for the market's insufficiency in field after field: employment, medicine, banking, securities, telecommunications, electric power."—Nicholas Lemann, New York Times Book Review
"A powerful empirical broadside. One by one, he lays on cases where governments have outdone markets, or at least performed well."—Michael Hirsh, Newsweek
"To understand the economic policy debates that will take place in the next few years, you can't do better than to read this book."—Suzanne Garment, Washington Post Book World
A significant number of the world's ocean fisheries are depleted, and some have collapsed, from overfishing. Although many of the same fishermen who are causing these declines stand to suffer the most from them, they continue to overfish. Why is this happening? What can be done to solve the problem.
The authors of Fish, Markets, and Fishermen argue that the reasons are primarily economic, and that overfishing is an inevitable consequence of the current sets of incentives facing ocean fishermen. This volume illuminates these incentives as they operate both in the aggregate and at the level of day-to-day decision-making by vessel skippers. The authors provide a primer on fish population biology and the economics of fisheries under various access regimes, and use that information in analyzing policies for managing fisheries. The book:
provides a concise statistical overview of the world's fisheries
documents the decline of fisheries worldwide
gives the reader a clear understanding of the economics and population biology of fish
examines the management issues associated with regulating fisheries
offers case studies of fisheries under different management regimes
examines and compares the consequences of various regimes and considers the implications for policy making
The decline of the world's ocean fisheries is of enormous worldwide significance, from both economic and environmental perspectives. This book clearly explains for the nonspecialist the complicated problem of overfishing. It represents a basic resource for fishery managers and others-fishers, policymakers, conservationists, the fish consuming public, students, and researchers-concerned with the dynamics of fisheries and their sustenance.
The Folklorist in the Marketplace brings together voices from multiple disciplines to consider how economics shape—and are shaped by—folk groups and academic disciplines. The authors ask how folk and folklorists can productively comment on the economic structures they inhabit.
As trade, technology, and geopolitics have led to a rapid increase in the global spread of cultural products like media, knowledge, objects, and folkways, there has been a concomitant rise in fear and anxiety about globalization’s dark other side—economic nativism, neocolonialism, cultural appropriation, and loss. Culture has become a resource and a currency in the global marketplace. This movement of people and forms necessitates a new textual consideration of how folklore and economics interweave. In The Folklorist in the Marketplace, contributors explore how the marketplace and folklore have always been integrally linked and what that means at this cultural and economic moment.
Covering a variety of topics, from creel boats to the history of a commune that makes hammocks, The Folklorist in the Marketplace goes far beyond the well-trod examinations of material culture to look closely at the historical and contemporary intersections of these two disciplines and to provoke cross-disciplinary conversation and collaboration.
William A. Ashton, Halle M. Butvin, James I. Deutsch, Christofer Johnson, Michael Lange, John Laudun, Julie M-A LeBlanc, Cassie Patterson, Rahima Schwenkbeck, Amy Shuman, Irene Sotiropoulou, Zhao Yuanhao
As the banking crisis and its effects on the world economy have made plain, the stock market is of colossal importance to our livelihoods. In Framing Finance, Alex Preda looks at the history of the market to figure out how we arrived at a point where investing is not only commonplace, but critical, as market fluctuations threaten our plans to send our children to college or retire comfortably.
As Preda discovers through extensive research, the public was once much more skeptical. For investing to become accepted, a deep-seated prejudice against speculation had to be overcome, and Preda reveals that over the course of the eighteenth and nineteenth centuries groups associated with stock exchanges in New York, London, and Paris managed to redefine finance as a scientific pursuit grounded in observational technology. But Preda also notes that as the financial data in which they trafficked became ever more difficult to understand, charismatic speculators emerged whose manipulations of the market undermined the benefits of widespread investment. And so, Framing Finance ends with an eye on the future, proposing a system of public financial education to counter the irrational elements that still animate the appeal of finance.
In this highly original empirical study, Winifred Barr Rothenberg documents the emergence of a market economy in rural Massachusetts between 1785 and 1800—decades before America's first industrial revolution. Drawing the data from exhaustive research in farm account books, probate documents, and town tax valuations the author makes a significant contribution to the long-standing and vigorous debate about the pace, pattern, and genesis of growth in the early American economy.
Rothenberg forcefully disputes recent historical interpretations of the preindustrial New England village as a so-called moral economy, insulated from the exigencies of the market. She discovers the simultaneous emergence of markets for farm produce, farm labor, and rural capital. Then, linking market integration to labor productivity growth and agricultural improvement, she confirms that market-led growth in Massachusetts agriculture lay at the origins of the American industrial revolution.
"All traders are thieves, especially women traders," people often assured social anthropologist Tuulikki Pietilä during her field work in Kilimanjaro, Tanzania, in the mid-1990s. Equally common were stories about businessmen who had "bought a spirit" for their enrichment. Pietilä places these and similar comments in the context of the liberalization of the Tanzanian economy that began in the 1980s, when many men and women found themselves newly enmeshed in the burgeoning market economy. Even as emerging private markets strengthened the position of enterprising people, economic resources did not automatically lead to heightened social position. Instead, social recognition remained tied to a complex cultural negotiation through stories and gossip in markets, bars, and neighborhoods.
With its rich ethnographic detail, Gossip, Markets, and Gender shows how gossip and the responses to it form an ongoing dialogue through which the moral reputations of trading women and businessmen, and cultural ideas about moral value and gender, are constructed and rethought. By combining a sociolinguistic study of talk, storytelling, and conversation with analysis of gender, the political economy of trading, and the moral economy of personhood, Pietilä reveals a new perspective on the globalization of the market economy and its meaning and impact on the local level.
Winner, Aidoo-Snyder Prize, African Studies Association Women’s Caucus
A Financial Times Book of the Year A ProMarket Book of the Year
“Superbly argued and important…Donald Trump is in so many ways a product of the defective capitalism described in The Great Reversal. What the U.S. needs, instead, is another Teddy Roosevelt and his energetic trust-busting. Is that still imaginable? All believers in the virtues of competitive capitalism must hope so.” —Martin Wolf, Financial Times
“In one industry after another…a few companies have grown so large that they have the power to keep prices high and wages low. It’s great for those corporations—and bad for almost everyone else.” —David Leonhardt, New York Times
“Argues that the United States has much to gain by reforming how domestic markets work but also much to regain—a vitality that has been lost since the Reagan years…His analysis points to one way of making America great again: restoring our free-market competitiveness.” —Arthur Herman, Wall Street Journal
Why are cell-phone plans so much more expensive in the United States than in Europe? It seems a simple question, but the search for an answer took one of the world’s leading economists on an unexpected journey through some of the most hotly debated issues in his field. He reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition.
In the age of Silicon Valley start-ups and millennial millionaires, he hardly expected this. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow Thomas Philippon as he works out the facts and consequences of industry concentration, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means. Philippon argues that many key problems of the American economy are due not to the flaws of capitalism or globalization but to the concentration of corporate power. By lobbying against competition, the biggest firms drive profits higher while depressing wages and limiting opportunities for investment, innovation, and growth. For the sake of ordinary Americans, he concludes, government needs to get back to what it once did best: keeping the playing field level for competition. It’s time to make American markets great—and free—again.
In 2010 the UK government imposed huge cuts and market-driven reforms on higher education. Proposals to raise undergraduate tuition fees provoked the angriest protests for decades. This academic year has seen the first cohort of students begin study under the new arrangements. A proposed Higher Education Bill has been shelved, but changes are being cemented and extended through other means.
Displaying a stunning grasp of the financial and policy details, Andrew McGettigan surveys the emerging brave new world of higher education. He looks at the big questions: What will be the role of universities within society? How will they be funded? What kind of experiences will they offer students? Where does the public interest lie?
Written in a clear and accessible style, The Great University Gamble outlines the architecture of the new policy regime and tracks the developments on the ground. It is an urgent warning that our universities and colleges are now open to commercial pressures, which threaten to transform education from a public good into a private, individual financial investment.
Social scientists theorizing about political economy and the allocation of resources have usually omitted migrant communities from their studies. In Greener Pastures Arun Agrawal uses the story of the Raikas, a little-known group of migrant shepherds in western India, to reexamine current scholarship on markets and exchange, local and state politics, and community and hierarchy. The Raikas are virtually invisible in the regions through which they travel, as well as to the wider Indian society, yet they must operate as part of these larger spheres for their economic survival.
Agrawal analyzes the institutions developed by the shepherds to solve livelihood problems. First, by focusing on the relations of the shepherds with their landholder neighbors, he explains why the shepherds migrate. He shows that struggles between these two groups led to a sociopolitical squeeze on the access of shepherds to the fodder resources they need to feed their sheep. Then, in an examination of why the shepherds migrate in groups, he demonstrates how their migratory lives depend on market exchanges and points to the social and political forces that influence prices and determine profits. Finally, he looks at decision-making processes such as division of labor and the delegation of power. Politics is ubiquitous in the interactions of the shepherds with their neighbors and with state officials, in their exchanges in markets and with farmers, and in their internal relations as a community.
Interspersing the words of the Raikas themselves with a sophisticated deployment of political theory, Agrawal has produced a volume that will interest scholars in a broad range of academic disciplines, including Asian studies, political science, human ecology, anthropology, comparative politics, rural sociology, and environmental studies and policy.
This timely study of the recent migration tides explores the political and economic factors that have influenced the rise of immigration in postwar Europe and the United States. It seeks to explain immigration in terms of the globalization of labor markets and the expansion of civil rights for marginal groups in the liberal democracies.
Immigration raises emotional issues of nationalism and citizenship. Territorial norms of community and nationhood come into conflict with the liberal ideal of free, rational individuals seeking a better life for themselves and their families. Yet immigration has been an essential ingredient in economic growth. How then can liberal states reconcile economic pressures to maintain adequate supplies of labor with political pressures to protect citizenship and safeguard rights that are accorded, in principle, to every member of society?
Three prominent democracies—France, Germany, and the United States—are chosen for study because their experience illustrates the dilemma that liberal states must face when trying to control immigration. The author carefully distinguishes differences in the factors that influence each state’s struggle to resolve the status of the “guest” worker and the “illegal” immigrant. Yet he finds that the accretion of rights for aliens and the globalization of markets have led to a convergence of immigration policies in the industrialized West.
Invested examines the perennial and nefarious appeal of financial advice manuals.
Who hasn’t wished for a surefire formula for riches and a ticket to the good life? For three centuries, investment advisers of all kinds, legit and otherwise, have guaranteed that they alone can illuminate the golden pathway to prosperity—despite strong evidence to the contrary. In fact, too often, they are singing a siren song of devastation. And yet we keep listening.
Invested tells the story of how the genre of investment advice developed and grew in the United Kingdom and the United States, from its origins in the eighteenth century through today, as it saturates our world. The authors analyze centuries of books, TV shows, blogs, and more, all promising techniques for amateur investors to master the ways of the market: from Thomas Mortimer’s pathbreaking 1761 work, Every Man His Own Broker, through the Gilded Age explosion of sensationalist investment manuals, the early twentieth-century emergence of a vernacular financial science, and the more recent convergence of self-help and personal finance. Invested asks why, in the absence of evidence that such advice reliably works, guides to the stock market have remained perennially popular. The authors argue that the appeal of popular investment advice lies in its promise to level the playing field, giving outsiders the privileged information of insiders. As Invested persuasively shows, the fantasies sold by these writings are damaging and deceptive, peddling unrealistic visions of easy profits and the certainty of success, while trying to hide the fact that there is no formula for avoiding life’s economic uncertainties and calamities.
This study confronts the double paradox of state-regulated labor migration: while markets benefit from open borders that allow them to meet the demand for migrant workers, the boundaries of citizenship impose a degree of limitation on cross-border migration. At the same time, the exclusivity of citizenship requires closed membership, yet civil and human rights undermine the state’s capacity to exclude foreigners once they are inside the country. By considering how Malaysia and Spain have responded to the demand for foreign labor, this book analyzes the unavoidable clash of markets, citizenship, and rights.
“This truly comparative book will become a standard work in the field. It opens new research venues, with major implications for a state migration control theory that has too long been Atlanto-centred.”—Leo Lucassen, Leiden University
In Latinx Art Arlene Dávila draws on numerous interviews with artists, dealers, and curators to explore the problem of visualizing Latinx art and artists. Providing an inside and critical look of the global contemporary art market, Dávila's book is at once an introduction to contemporary Latinx art and a call to decolonize the art worlds and practices that erase and whitewash Latinx artists. Dávila shows the importance of race, class, and nationalism in shaping contemporary art markets while providing a path for scrutinizing art and culture institutions and for diversifying the art world.
Learning by Doing in Markets, Firms, and Countries draws out the underlying economics in business history by focusing on learning processes and the development of competitively valuable asymmetries. The essays show that organizations, like people, learn that this process can be organized more or less effectively, which can have major implications for how competition works.
The first three essays in this volume explore techniques firms have used to both manage information to create valuable asymmetries and to otherwise suppress unwelcome competition. The next three focus on the ways in which firms have built special capabilities over time, capabilities that have been both sources of competitive advantage and resistance to new opportunities. The last two extend the notion of learning from the level of firms to that of nations. The collection as a whole builds on the previous two volumes to make the connection between information structure and product market outcomes in business history.
The decades of the 1960s, ’70s, and ’80s were a time of growth and change in producing, marketing, and collecting Native American artwork and craftwork. During this time William R. Wright amassed a collection notable for its broad representation of twentieth-century Native American products. Focusing on the Southwest, he included contemporary Pueblo ceramics, Navajo and Hopi textiles, Navajo, Hopi, and Zuni jewelry, and baskets from some forty different Native American groups. The objects Wright gathered, which are now part of the collections of the Peabody Museum of Archaeology and Ethnology, reflect developments in the intersecting worlds of makers, markets, and collectors, including the challenges faced by makers to successfully balance tradition and innovation in their work and their lives.
This volume examines selected objects from the Wright collection to explore the market-influenced environment of modern Native American makers and their work, from what some consider the low end of tourist art multiples to the high end of unique, signed fine art objects.
Taken for granted as the natural order of things, peace at sea is in fact an immense and recent achievement—but also an enormous strategic challenge if it is to be maintained in the future. In Maritime Strategy and Global Order, an international roster of top scholars offers historical perspectives and contemporary analysis to explore the role of naval power and maritime trade in creating the international system.
The book begins in the early days of the industrial revolution with the foundational role of maritime strategy in building the British Empire. It continues into the era of naval disorder surrounding the two world wars, through the passing of the Pax Britannica and the rise of the Pax Americana, and then examines present-day regional security in hot spots like the South China Sea and Arctic Ocean. Additional chapters engage with important related topics such as maritime law, resource competition, warship evolution since the end of the Cold War, and naval intelligence.
A first-of-its-kind collection, Maritime Strategy and Global Order offers scholars, practitioners, students, and others with an interest in maritime history and strategic issues an absorbing long view of the role of the sea in creating the world we know.
Market Day in Provence
Michèle de La Pradelle University of Chicago Press, 2006 Library of Congress HF5474.F9C37713 2006 | Dewey Decimal 381.1094492
At farmers’ markets, we expect to see fruit bursting with juicy sweetness and vegetables greener than a golf course. For Michèle de La Pradelle these expectations are mostly the result of a show performed by merchants and sustained by our propensity to see what we want to see there. Hailed upon its release in France, the award-winning Market Day in Provence lays bare the mechanisms of the contemporary outdoor market by providing a definitive account of the centuries-old institution at Carpentras, a city near Avignon in the south of France famous for its quintessential public street market.
The renewal and celebration of the outdoor market culture in recent years, argues de La Pradelle, artfully masks a fierce commitment to modern-day free-market economics. Responding to consumer desire for an experience that recalls a time before impersonal supermarket chains and mass-produced products, buyers and sellers alike create an atmosphere built on various fictions. Vendors at the market at Carpentras, for example, oblige patrons by acting like lifelong acquaintances of those whom they’ve only just met as they dispense free samples and lively, witty banter. Likewise, going to the market to look for “freshness” becomes a way for the consumer to signify the product’s relation to nature—a denial of the workaday reality of growing melons under plastic sheets, then machine-sorting, crating, and transporting them.
Offering captivating descriptions of goods and the friendly and occasionally piquant exchanges between buyers and sellers, Market Day in Provence will be devoured by any reader with an interest in areas as diverse as food, ethnography, globalization, modernity, and French culture.
Long before Deng Xiaoping’s market-based reforms, commercial relationships bound the Chinese Communist Party to international capitalism and left lasting marks on China’s trade and diplomacy.
China today seems caught in a contradiction: a capitalist state led by a Communist party. But as Market Maoists shows, this seeming paradox is nothing new. Since the 1930s, before the Chinese Communist Party came to power, Communist traders and diplomats have sought deals with capitalists in an effort to fuel political transformation and the restoration of Chinese power. For as long as there have been Communists in China, they have been reconciling revolutionary aspirations at home with market realities abroad.
Jason Kelly unearths this hidden history of global commerce, finding that even Mao Zedong saw no fundamental conflict between trading with capitalists and chasing revolution. China’s ties to capitalism transformed under Mao but were never broken. And it was not just goods and currencies that changed hands. Sustained contact with foreign capitalists shaped the Chinese nation under Communism and left deep impressions on foreign policy. Deals demanded mutual intelligibility and cooperation. As a result, international transactions facilitated the exchange of ideas, habits, and beliefs, leaving subtle but lasting effects on the values and attitudes of individuals and institutions.
Drawing from official and commercial archives around the world, including newly available internal Chinese Communist Party documents, Market Maoists recasts our understanding of China’s relationship with global capitalism, revealing how these early accommodations laid the groundwork for China’s embrace of capitalism in the 1980s and after.
Armin Beverungen University of Minnesota Press, 2018 Library of Congress HF5415 | Dewey Decimal 381
A media theory of markets
Markets abound in media—but a media theory of markets is still emerging. Anthropology offers media archaeologies of markets, and the sociology of markets and finance unravels how contemporary financial markets have witnessed a media technological arms race. Building on such work, this volume brings together key thinkers of economic studies with German media theory, describes the central role of the media specificity of markets in new detail and inflects them in three distinct ways. Nik-Khah and Mirowski show how the denigration of human cognition and the concomitant faith in computation prevalent in contemporary market-design practices rely on neoliberal conceptions of information in markets. Schröter confronts the asymmetries and abstractions that characterize money as a medium and explores the absence of money in media. Beverungen situates these inflections and gathers further elements for a politically and historically attuned media theory of markets concerned with contemporary phenomena such as high-frequency trading and cryptocurrencies.
This intriguing work explores the world of three amate artists. A native tradition, all of their painting is done in Mexico, yet, the finished product is sold almost exclusively to wealthy American art buyers.
Cowen examines this cultural interaction between Mexico and the United States to see how globalization shapes the lives and the work of the artists and their families. The story of these three artists reveals that this exchange simultaneously creates economic opportunities for the artists, but has detrimental effects on the village.
A view of the daily village life of three artists connected to the larger art world, this book should be of particular interest to those in the fields of cultural economics, Latino studies, economic anthropology and globalization.
Markets and Diversity
Sherwin Rosen Harvard University Press, 2004 Library of Congress HD5706.R67 2004 | Dewey Decimal 331.1
A staunch neoclassical economist, Sherwin Rosen drew inspiration from Adam Smith's Wealth of Nations, particularly his theory of compensating wage differentials, which Rosen felt was central to all economic problems involving product differentiation and spatial considerations. The main theme of his collection is how markets handle diversity, including the determination of value in the presence of diversity, the allocation of idiosyncratic buyers to specialized sellers, and the effects of heterogeneity and sorting on inequality.
Rosen felt that good economics required combining simple but powerful concepts such as optimizing and equilibrium with careful empirical analysis. It was important for the relatively simple rules of behavior implied by rationality to have useful, empirically descriptive content and predictive power. If they did, it was often possible to infer underlying structure (tastes and technology, for example) from actual behavior. Using this approach, Rosen was able to develop powerful insights into such phenomena as the enormous salaries paid to sports and entertainment stars and top business executives. He also explored with fruitful results the premium paid to workers in risky jobs, learning and experience in the labor market, and other labor market phenomena.
Are advanced industrialized countries converging on a market response to reform their systems of social protection? By comparing the health care reform experiences of Britain, Germany, and the United States in the 1990s, Susan Giaimo explores how countries pursue diverse policy responses and how such variations reflect distinctive institutions, actors, and reform politics in each country.
In Britain, the Thatcher government's plan to inject a market into the state-administered national health service resulted in a circumscribed experiment orchestrated from above. In Germany, the Kohl government sought to repair defects in the corporatist arrangement with doctors and insurers, thus limiting the market experiment and designing it to enhance the solidarity of the national health insurance system. In the United States, private market actors foiled Clinton's bid to expand the federal government's role in the private health care system through managed competition and national insurance. But market reform continued, albeit led by private employers and with government officials playing a reactive role. Actors and institutions surrounding the existing health care settlement in each country created particular reform politics that either militated against or fostered the deployment of competition.
The finding that major transformations are occurring in private as well as public systems of social protection suggests that studies of social policy change expand their focus beyond statutory welfare state programs. The book will interest political scientists and policymakers concerned with welfare state reform in advanced industrial societies; social scientists interested in the changing balance among state, market, and societal interests in governance; and health policy researchers, health policymakers, and health care professionals.
Susan Giaimo is an independent scholar. She completed her Ph.D. in Political Science at the University of Wisconsin-Madison. She also earned an MSc in Politics from the London School of Economics and Political Science, with the Politics and Government of Western Europe as the branch of study. After completing her doctorate, she was a postdoctoral fellow in the Robert Wood Johnson Foundation Scholars in Health Policy Research Program, University of California at Berkeley, and the Robert Bosch Foundation Scholars Program in Comparative Public Policy and Comparative Institutions, American Institute for Contemporary German Studies, Johns Hopkins University. She taught in the Political Science Department at Massachusetts Institute of Technology for five years. During that period she won the Society for the Advancement of Socio-Economics Founder's Prize for "Adapting the Welfare State: The Case of Health Care Reform in Britain, Germany, and the United States," a paper she coauthored with Philip Manow. She has also worked for health maintenance organizations (HMOs) and medical practices in the United States.
Markets and the Environment
Nathaniel O. Keohane and Sheila M. Olmstead Island Press, 2007 Library of Congress HC79.E5K422 2007 | Dewey Decimal 333
Markets and the Environment is a concise yet comprehensive introduction to a topic of central importance in understanding a wide range of environmental issues and policy approaches. It offers a clear overview of the fundamentals of environmental economics that will enable students and professionals to quickly grasp important concepts and to apply those concepts to real-world environmental problems. In addition, the book integrates normative, policy, and institutional issues at a principles level. Chapters examine: the benefits and costs of environmental protection, markets and market failure, natural resources as capital assets, and sustainability and economic development.
Markets and the Environment is the second volume in the Foundations of Contemporary Environmental Studies Series, edited by James Gustave Speth. The series presents concise guides to essential subjects in the environmental curriculum, incorporating a problem-based approach to teaching and learning.
A clear grasp of economics is essential to understanding why environmental problems arise and how we can address them. So it is with good reason that Markets and the Environment has become a classic text in environmental studies since its first publication in 2007. Now thoroughly revised with updated information on current environmental policy and real-world examples of market-based instruments, the primer is more relevant than ever.
The authors provide a concise yet thorough introduction to the economic theory of environmental policy and natural resource management. They begin with an overview of environmental economics before exploring topics including cost-benefit analysis, market failures and successes, and economic growth and sustainability. Readers of the first edition will notice new analysis of cost estimation as well as specific market instruments, including municipal water pricing and waste disposal. Particular attention is paid to behavioral economics and cap-and-trade programs for carbon.
Throughout, Markets and the Environment is written in an accessible, student-friendly style. It includes study questions for each chapter, as well as clear figures and relatable text boxes. The authors have long understood the need for a book to bridge the gap between short articles on environmental economics and tomes filled with complex algebra. Markets and the Environment makes clear how economics influences policy, the world around us, and our own lives.
Markets in Oaxaca
Edited by Scott Cook and Martin Diskin; foreword by Sidney W. Mintz University of Texas Press, 1976
Markets in Oaxaca is a study of the regional peasant marketing system in the Valley of Oaxaca, Mexico. It relates the marketing system to other aspects of the regional economy, to neighboring regions, and to the Mexican national economy. Combining ethnographic, theoretical, and regional analyses, it suggests new directions in the fields of peasant and development studies. Contributors to the volume describe the operation and nature of several marketplaces in the region, analyze village-based artisan production and various specialized economic roles (particularly the role of traders), and describe the operation of several total regional marketing systems. The editors then consider their findings against the background of political, economic, and social structures from the pre-Conquest period to the present. In their conclusion, the editors find the regional peasant economy to be responsive both to the influence of the urban metropolitan sector, on the one hand, and to its own indigenous structural integrity and internal dynamism, on the other. In addition to the editors, the contributors to Markets in Oaxaca are Ralph L. Beals, Richard L. Berg Jr., Beverly Chiñas, Herbert M. Eder, Charlotte Stolmaker, Carole Turkenik, John C. Warner, Ronald Waterbury, and Cecil R. Welte. Their essays combine analyses of the elements of the system within a comprehensive theoretical framework. Together, they present a complete and integrated view of a peasant economy.
A colorful history of US research universities, and a market-based theory of their global success.
American education has its share of problems, but it excels in at least one area: university-based research. That’s why American universities have produced more Nobel Prize winners than those of the next twenty-nine countries combined. Economist Miguel Urquiola argues that the principal source of this triumph is a free-market approach to higher education.
Until the late nineteenth century, research at American universities was largely an afterthought, suffering for the same reason that it now prospers: the free market permits institutional self-rule. Most universities exploited that flexibility to provide what well-heeled families and church benefactors wanted. They taught denominationally appropriate materials and produced the next generation of regional elites, no matter the students’—or their instructors’—competence. These schools were nothing like the German universities that led the world in research and advanced training. The American system only began to shift when certain universities, free to change their business model, realized there was demand in the industrial economy for students who were taught by experts and sorted by talent rather than breeding. Cornell and Johns Hopkins led the way, followed by Harvard, Columbia, and a few dozen others that remain centers of research. By the 1920s the United States was well on its way to producing the best university research.
Free markets are not the solution for all educational problems. Urquiola explains why they are less successful at the primary and secondary level, areas in which the United States often lags. But the entrepreneurial spirit has certainly been the key to American leadership in the research sector that is so crucial to economic success.
When István Hont died in 2013, the world lost a giant of intellectual history. A leader of the Cambridge School of Political Thought, Hont argued passionately for a global-historical approach to political ideas. To better understand the development of liberalism, he looked not only to the works of great thinkers but also to their reception and use amid revolution and interstate competition. His innovative program of study culminated in the landmark 2005 book Jealousy of Trade, which explores the birth of economic nationalism and other social effects of expanding eighteenth-century markets. Markets, Morals, Politics brings together a celebrated cast of Hont’s contemporaries to assess his influence, ideas, and methods.
Richard Tuck, John Pocock, John Dunn, Raymond Geuss, Gareth Stedman Jones, Michael Sonenscher, John Robertson, Keith Tribe, Pasquale Pasquino, and Peter N. Miller contribute original essays on themes Hont treated with penetrating insight: the politics of commerce, debt, and luxury; the morality of markets; and economic limits on state power. The authors delve into questions about the relationship between states and markets, politics and economics, through examinations of key Enlightenment and pre-Enlightenment figures in context—Hobbes, Rousseau, Spinoza, and many others. The contributors also add depth to Hont’s lifelong, if sometimes veiled, engagement with Marx.
The result is a work of interpretation that does justice to Hont’s influence while developing its own provocative and illuminating arguments. Markets, Morals, Politics will be a valuable companion to readers of Hont and anyone concerned with political economy and the history of ideas.
In Markets of Civilization Muriam Haleh Davis provides a history of racial capitalism, showing how Islam became a racial category that shaped economic development in colonial and postcolonial Algeria. French officials in Paris and Algiers introduced what Davis terms “a racial regime of religion” that subjected Algerian Muslims to discriminatory political and economic structures. These experts believed that introducing a market economy would modernize society and discourage anticolonial nationalism. Planners, politicians, and economists implemented reforms that both sought to transform Algerians into modern economic subjects and drew on racial assumptions despite the formally color-blind policies of the French state. Following independence, convictions about the inherent link between religious beliefs and economic behavior continued to influence development policies. Algerian president Ahmed Ben Bella embraced a specifically Algerian socialism founded on Islamic principles, while French technocrats saw Algeria as a testing ground for development projects elsewhere in the Global South. Highlighting the entanglements of race and religion, Davis demonstrates that economic orthodoxies helped fashion understandings of national identity on both sides of the Mediterranean during decolonization.
What happens when the market tries to help the poor? In many parts of the world today, neoliberal development programs are offering ordinary people the tools of free enterprise as the means to well-being and empowerment. Schemes to transform the poor into small-scale entrepreneurs promise them the benefits of the market and access to the rewards of globalization. Markets of Dispossession is a theoretically sophisticated and sobering account of the consequences of these initiatives.
Julia Elyachar studied the efforts of bankers, social scientists, ngo members, development workers, and state officials to turn the craftsmen and unemployed youth of Cairo into the vanguard of a new market society based on microenterprise. She considers these efforts in relation to the alternative notions of economic success held by craftsmen in Cairo, in which short-term financial profit is not always highly valued. Through her careful ethnography of workshop life, Elyachar explains how the traditional market practices of craftsmen are among the most vibrant modes of market life in Egypt. Long condemned as backward, these existing market practices have been seized on by social scientists and development institutions as the raw materials for experiments in “free market” expansion. Elyachar argues that the new economic value accorded to the cultural resources and social networks of the poor has fueled a broader process leading to their economic, social, and cultural dispossession.
Markets of Sorrow, Labors of Faith is an ethnographic account of long-term recovery in post-Katrina New Orleans. It is also a sobering exploration of the privatization of vital social services under market-driven governance. In the wake of Hurricane Katrina, public agencies subcontracted disaster relief to private companies that turned the humanitarian work of recovery into lucrative business. These enterprises profited from the very suffering that they failed to ameliorate, producing a second-order disaster that exacerbated inequalities based on race and class and leaving residents to rebuild almost entirely on their own.
Filled with the often desperate voices of residents who returned to New Orleans, Markets of Sorrow, Labors of Faith describes the human toll of disaster capitalism and the affect economy it has produced. While for-profit companies delayed delivery of federal resources to returning residents, faith-based and nonprofit groups stepped in to rebuild, compelled by the moral pull of charity and the emotional rewards of volunteer labor. Adams traces the success of charity efforts, even while noting an irony of neoliberalism, which encourages the very same for-profit companies to exploit these charities as another market opportunity. In so doing, the companies profit not once but twice on disaster.
Using a sample of European newspapers and their TV listings as a stepping stone, Media, Markets and Public Spheres presents an overview of changes in European public spheres over the last fifty years. With in-depth analyses of structural changes in press and broadcasting, changing relations between media, and changes in media policies, this book explores how and why the media decisively influence most aspects of society. Media, Markets and Public Spheres will be useful to students in media and communication studies and European studies, as well as for those studying sociology and political science.
Part travelogue, part cookbook, Mercados takes us on a tour of Mexico’s most colorful destinations—its markets—led by an award-winning, preeminent guide whose passion for Mexican food attracted followers from around the globe. Just as David Sterling’s Yucatán earned him praise for his “meticulously researched knowledge” (Saveur) and for producing “a labor of love that well documents place, people and, yes, food” (Booklist), Mercados now invites readers to learn about local ingredients, meet vendors and cooks, and taste dishes that reflect Mexico’s distinctive regional cuisine.
Serving up more than one hundred recipes, Mercados presents unique versions of Oaxaca’s legendary moles and Michoacan’s carnitas, as well as little-known specialties such as the charcuterie of Chiapas, the wild anise of Pátzcuaro, and the seafood soups of Veracruz. Sumptuous color photographs transport us to the enormous forty-acre, 10,000-merchant Central de Abastos in Oaxaca as well as tiny tianguises in Tabasco. Blending immersive research and passionate appreciation, David Sterling’s final opus is at once a must-have cookbook and a literary feast for the gastronome.
Merchants, Markets, and Exchange in the Pre-Columbian World examines the structure, scale, and complexity of economic systems in the pre-Hispanic Americas, with a focus on the central highlands of Mexico, the Maya Lowlands, and the central Andes. Civilization in each region was characterized by complex political and religious institutions, highly skilled craft production, and the long-distance movement of finished goods. Scholars have long focused on the differences in economic organization between these civilizations. Societies in the Mexican highlands are recognized as having a highly commercial economy centered around one of the world’s most complex market systems; those of the Maya region are characterized as having reciprocal exchange networks and periodic marketplaces that supplemented the dominant role of the palace; and those of the central Andes are recognized as having multiple forms of resource distribution, including household-to-household reciprocity, barter, environmental complementarity, and limited market exchange. Essays in this volume examine various dimensions of these ancient economies, including the presence of marketplaces, the operation of merchants (and other individuals) who exchanged and moved goods across space, the role of artisans who produced goods as part of their livelihood, and the trade and distribution networks through which goods were bought, sold, and exchanged.
Over the course of their interaction, economics and migration research have treated each other with mutual indifference. When migration research attempted to overstretch its bounds, economics reduced its analytical scope to those areas that originally seemed to belong to the genuine economic sphere. This volume considers eleven case studies that aim to overcome the artificial barrier between the two disciplines by applying the economic method to migratory phenomena, utilizing economic theories in order to explain migratory patterns, and regarding the structure and development of markets as crucial to the shaping of population stocks and the flow of migrants.
Networks and Markets
James E. Rauch Russell Sage Foundation, 2001 Library of Congress HM548.N48 2001 | Dewey Decimal 306.3
Networks and Markets argues that economists' knowledge of markets and sociologists' rich understanding of networks can and should be combined. Together they can help us achieve a more coherent view of economic life, where transactions follow both the logic of economic incentives and the established channels of personal relationships. Market exchange is impersonal, episodic, and carried out at arm's length. All that matters is how much the seller is asking, and how much the buyer is offering. An economic network, by contrast, is based upon more personalized and enduring relationships between people tied together by more than just price. Networks and Markets focuses on how the two concepts relate to each other: Are social networks an essential precondition for successful markets, or do networks arise naturally out of markets, as faceless traders build reputations and gain confidence in each other? The book includes contributions by both sociologists and economists, applying the concepts of markets and networks to concrete empirical phenomena. Among the topics analyzed, the book explains how, in Taiwan, South Korea, and Japan, firms combine into tightly-knit business blocs, how wholesalers in a Marseille fish market earn the loyalty of customers, and how ethnic retailers in the U.S. share valuable market information with other shopkeepers from their ethnic group. A response to each chapter discusses the issue from the standpoint of the other discipline. Sociologists are challenged to go beyond small-scale economic exchange and to integrate their concept of networks into a broader understanding of the economic system as a whole, while economists are challenged to consider the economic implications of network ties, which can be strong or weak, unconditional or highly contingent. This book proves that both economics and sociology provide stronger insights when they study markets and networks as parallel forms of exchange. But it also clarifies the healthy division of labor that remains between the two disciplines. Sociologists are adept at showing how markets are framed by social institutions; economists specialize in explaining how markets perform, taking the social context as a given. Networks and Markets showcases what each discipline does best and reveals where each discipline would do better by borrowing from the other.
In 1812, New Hampshire shopkeeper Timothy M. Joy abandoned his young family, fleeing the creditors who threatened to imprison him. Within days, he found himself in a Massachusetts jailhouse, charged with defamation of a prominent politician. During the months of his incarceration, Joy kept a remarkable journal that recounts his personal, anguished path toward spiritual redemption. Martin J. Hershock situates Joy's account in the context of the pugnacious politics of the early republic, giving context to a common citizen's perspective on partisanship and the fate of an unfortunate shopkeeper swept along in the transition to market capitalism.
In addition to this close-up view of an ordinary person's experience of a transformative period, Hershock reflects on his own work as a historian. In the final chapter, he discusses the value of diaries as historical sources, the choices he made in telling Joy's story, alternative interpretations of the diary, and other contexts in which he might have placed Joy's experiences. The appendix reproduces Joy's original journal so that readers can develop their own skills using a primary source.
In the most comprehensive analysis to date of the world of open air marketplaces of West Africa, Gracia Clark studies the market women of Kumasi, Ghana, in order to understand the key social forces that generate, maintain, and continually reshape the shifting market dynamics.
Probably the largest of its kind in West Africa, the Kumasi Central Market houses women whose positions vary from hawkers of meals and cheap manufactured goods to powerful wholesalers, who control the flow of important staples. Drawing on more than four years of field research, during which she worked alongside several influential market "Queens", Clark explains the economic, political, gender, and ethnic complexities involved in the operation of the marketplace and examines the resourcefulness of the market women in surviving the various hazards they routinely encounter, from coups d'etat to persistent sabotage of their positions from within.
Many of Bolivia's poorest and most vulnerable citizens work as vendors in the Cancha mega-market in the city of Cochabamba, where they must navigate systems of informality and illegality in order to survive. In Owners of the Sidewalk Daniel M. Goldstein examines the ways these systems correlate in the marginal spaces of the Latin American city. Collaborating with the Cancha's legal and permanent stall vendors (fijos) and its illegal and itinerant street and sidewalk vendors (ambulantes), Goldstein shows how the state's deliberate neglect and criminalization of the Cancha's poor—a practice common to neoliberal modern cities—makes the poor exploitable, governable, and consigns them to an insecure existence. Goldstein's collaborative and engaged approach to ethnographic field research also opens up critical questions about what ethical scholarship entails.
Over the past thirty years, the world’s patent systems have experienced pressure from civil society like never before. From farmers to patient advocates, new voices are arguing that patents impact public health, economic inequality, morality—and democracy. These challenges, to domains that we usually consider technical and legal, may seem surprising. But in Patent Politics, Shobita Parthasarathy argues that patent systems have always been deeply political and social.
To demonstrate this, Parthasarathy takes readers through a particularly fierce and prolonged set of controversies over patents on life forms linked to important advances in biology and agriculture and potentially life-saving medicines. Comparing battles over patents on animals, human embryonic stem cells, human genes, and plants in the United States and Europe, she shows how political culture, ideology, and history shape patent system politics. Clashes over whose voices and which values matter in the patent system, as well as what counts as knowledge and whose expertise is important, look quite different in these two places. And through these debates, the United States and Europe are developing very different approaches to patent and innovation governance. Not just the first comprehensive look at the controversies swirling around biotechnology patents, Patent Politics is also the first in-depth analysis of the political underpinnings and implications of modern patent systems, and provides a timely analysis of how we can reform these systems around the world to maximize the public interest.
For more than twenty years, Linda J. Seligmann walked the streets of Peru in city and countryside alike, talking to the women who work in the informal and open-air markets in Cuzco's Andean highlands. Her combination of ethnographic analysis, insightful and human vignettes, and superb photographs offers a humane yet incisive portrait of the women's lives against the backdrop of globalization and other powerful forces.
In Peruvian Street Lives, Seligmann argues that the sometimes invisible and informal economic, social, and political networks market women establish may appear disorderly and chaotic, but in fact often keep dysfunctional economies and corrupt bureaucracies from utterly destroying the ability of citizens to survive from day to day. Seligmann asks why the constructive efforts of market women to make a living provoke such negative social perceptions from some members of Peruvian society, who see them as symbols and actual catalysts of social disorder. At the same time, Seligmann shows how market women eke out a living, combat discrimination, and transgress racial and gender ideologies within the rich and expressive cultural traditions they have developed.
If you're a woman and you shop for a new car, will you really get the best deal? If you're a man, will you fare better? If you're a black man waiting to receive an organ transplant, will you have to wait longer than a white man?
In Pervasive Prejudice? Ian Ayres confronts these questions and more. In a series of important studies he finds overwhelming evidence that in a variety of markets—retail car sales, bail bonding, kidney transplantation, and FCC licensing—blacks and females are consistently at a disadvantage. For example, when Ayres sent out agents of different races and genders posing as potential buyers to more than 200 car dealerships in Chicago, he found that dealers regularly charged blacks and women more than they charged white men. Other tests revealed that it is commonly more difficult for blacks than whites to receive a kidney transplant because of federal regulations. Moreover, Ayres found that minority male defendants are frequently required to post higher bail bonds than their Caucasian counterparts.
Traditional economic theory predicts that free markets should drive out discrimination, but Ayres's startling findings challenge that position. Along with empirical research, Ayres offers game—theoretic and other economic methodologies to show how prejudice can enter the bargaining process even when participants are supposedly acting as rational economic agents. He also responds to critics of his previously published studies included here. These studies suggest that race and gender discrimination is neither a thing of the past nor merely limited to the handful of markets that have been the traditional focus of civil rights laws.
Why do states sometimes discriminate in favor of certain states and at other times choose to pursue nondiscriminatory policies? In answering these questions, Lars S. Skålnes stresses the international political importance of foreign economic policy, arguing that trade, foreign investment, and foreign aid policies are strategic instruments great powers use to manage political and military relations with allies and adversaries.
Skålnes explains changes in foreign economic policy in terms of shifting strategic assessments regarding the importance of military support from allies. When states need military support from their allies to meet threats to their security, they will adopt discriminatory foreign economic policies in an attempt to strengthen alliance relations. When states can go it alone without military support, by contrast, they will not pursue foreign economic policies that discriminate in favor of either allies or other countries. Discriminatory policies, Skalnes argues, are important strategic instruments for several reasons. First, they can be used to tie countries to a military alliance. Second, they are useful as signals of intention. Third, discriminatory policies may strengthen an ally militarily by increasing the economic resources available for military purposes.
Skålnes provides detailed accounts of the grand strategies of Germany (1879-1914), France (1887-1914), Great Britain (1919-1939), and the United States (1945-1967). Politics, Markets, and Grand Strategy will be important reading for scholars and students in the fields of national security studies, international political economy, and economic history, and to economists working on problems associated with foreign investment and trade generally and customs union theory and discriminatory trade agreements specifically.
Lars S. Skålnes is Associate Professor of Political Science, University of Oregon.
Recent debates on Medicare reform focus on prescription drug coverage, expanding managed-care choices, or technical issues of payment policy. Despite all the heat generated by these issues, Edward F. Lawlor's new book, Redesigning the Medicare Contract, demonstrates that fundamental questions of purpose and policy design for Medicare have been largely ignored.
Challenging conventional ideas, Lawlor suggests that we look at Medicare as a contract between the federal government, the program's beneficiaries, and health care providers. Medicare reform, then, would involve rewriting this contract so that it more successfully serves the interests of both beneficiaries and taxpayers. To do this, Lawlor argues that we must improve the agency of the program—the informational, organizational, and incentive elements that assure Medicare program carries out beneficiary and taxpayer interests in providing the most appropriate, high-quality care possible. The book includes a chapter devoted solely to concepts and applications that give definition to this brand of agency theory. Lawlor's innovative agency approach is matched with lucid explanation of the more comprehensive groundwork in the history and politics of the Medicare program.
Lawlor's important and timely book reframes the Medicare debate in a productive manner and effectively analyzes alternatives for reform. Lawlor argues that effective policy design for Medicare requires greater appreciation of the vulnerability of beneficiaries, the complexity of the program itself, its wide geographical variations in services and financing, and the realistic possibilities for government and private sector roles. Tackling difficult problems like end-of-life and high-tech care—and offering sensible solutions—Redesigning the Medicare Contract will interest political scientists, economists, policy analysts, and health care professionals alike.
While focused on serving children and families, the adoption industry must also generate sufficient revenue to cover an agency’s operating costs. With its fee-for-service model, Elizabeth Raleigh asks, How does private adoption operate as a marketplace? Her eye-opening book, Selling Transracial Adoption, provides a fine-grained analysis of the business decisions in the adoption industry and what it teaches us about notions of kinship and race.
Adoption providers, Raleigh declares, are often tasked with pitching the idea of transracial adoption to their mostly white clientele. But not all children are equally “desirable,” and transracial adoption—a market calculation—is hardly colorblind. Selling Transracial Adoption explicitly focuses on adoption providers andemploys candid interviews with adoption workers, social workers, attorneys, and counselors, as well as observations from adoption conferences and information sessions, toillustrate how agencies institute a racial hierarchy—especially when the supply of young and healthy infants is on the decline. Ultimately, Raleigh discovers that the racialized practices in private adoption serve as a powerful reflection of race in America.
In The Social Life of Financial Derivatives Edward LiPuma theorizes the profound social dimensions of derivatives markets and the processes, rituals, and belief systems that drive them. In response to the 2008 financial crisis and drawing on his experience trading derivatives, LiPuma outlines how they function as complex devices that organize speculative capital as well as the ways derivative-driven capitalism not only produces the conditions for its own existence, but also penetrates the fabric of everyday life. Framing finance as a form of social life and highlighting the intrinsically social character of financial derivatives, LiPuma deepens our understanding of derivatives so that we may someday use them to serve the public well-being.
Soybeans and Their Products was first published in 1972. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions.
This is the report of a comprehensive study designated to identify and measure empirically the forces, interrelationships, and processes which shape the behavior of the total soybean market. The research focused on the years from 1946 to 1967, a period when the soybean economy developed from its small beginnings to its present magnitude. Soybeans are now the leading oilseed in world trade; soybean oil is the most prominent among the many edible oils available in the world; and soybean meal stands first in importance in world markets for high-protein livestock feeds. As a top cash crop in U.S. agriculture soybeans are rivaled only by corn.
Much of the remarkable surge in soybean and related markets in recent years can be explained and analyzed by using the concepts of demand growth and commodity substitution developed in this book. In addition to serving the specific interests of commodity experts, the study will be useful to econometricians and price analysts as an example of empirical investigation of a major agricultural and industrial raw material.
The research was carried out through close cooperation between the University of Minnesota's Department of Agricultura and Applied Economics and the Economic and Statistical Analysis Division of the Economic Research Service, U.S. Department of Agriculture.
The “free market” has been a hot topic of debate for decades. Proponents tout it as a cure-all for just about everything that ails modern society, while opponents blame it for the very same ills. But the heated rhetoric obscures one very important, indeed fundamental, fact—markets don’t just run themselves; we create them.
Starting from this surprisingly simple, yet often ignored or misunderstood fact, Alex Marshall takes us on a fascinating tour of the fundamentals that shape markets and, through them, our daily economic lives. He debunks the myth of the “free market,” showing how markets could not exist without governments to create the structures through which we assert ownership of property, real and intellectual, and conduct business of all kinds. Marshall also takes a wide-ranging look at many other structures that make markets possible, including physical infrastructure ranging from roads and railroads to water systems and power lines; mental and cultural structures such as common languages and bodies of knowledge; and the international structures that allow goods, services, cash, bytes, and bits to flow freely around the globe.
Sure to stimulate a lively public conversation about the design of markets, this broadly accessible overview of how a market economy is constructed will help us create markets that are fairer, more prosperous, more creative, and more beautiful.
Concerned primarily with oligopoly, this work includes a general study of pricing in three different markets—perfect competition, perfect monopoly, and imperfect competition. The solutions of these markets offered by Cournot, Smithies, Chamberlin, Stackelberg, Fellner, and Robinson are presented mathematically, followed by the author’s own version of the theory of rational pricing in oligopoly.
Previous authors have not allowed for all the variables arising from profit and price situations in the market. Here, more realistic assumptions and more complex analyses indicate that sellers in oligopoly situations do not always need to arrange specific agreements—hence, that “administered” pricing does not inevitably occur when the market is dominated by a few producers.
How are markets in antiquity to be characterized? As comparable to modern free markets, with differences in scale not quality? As controlled and dominated by the State? Or as a third way, in completely different terms, as free but regulated? In Trade and Markets in Byzantium seventeen scholars address these and related issues by reexamining and reinterpreting the material and textual record from Byzantium and its hinterland for local, regional, and interregional trade. Special emphasis is placed on local trade, which has been understudied. To comprehend the recovery of long-distance trade from its eighth-century nadir to the economic prosperity enjoyed in the eleventh and twelfth centuries, the authors analyze the variety and complexity of the exchange networks, the role of money as a measure of exchange, and the character of local markets. This collection of groundbreaking research will prove to be indispensable for anyone interested in economic history in antiquity and the medieval period.
When we talk about the economy, “the market” is often just an abstraction. While the exchange of goods was historically tied to a particular place, capitalism has gradually eroded this connection to create our current global trading systems. In Trading Spaces, Emma Hart argues that Britain’s colonization of North America was a key moment in the market’s shift from place to idea, with major consequences for the character of the American economy.
Hart’s book takes in the shops, auction sites, wharves, taverns, fairs, and homes of seventeenth- and eighteenth-century America—places where new mechanisms and conventions of trade arose as Europeans re-created or adapted continental methods to new surroundings. Since those earlier conventions tended to rely on regulation more than their colonial offspring did, what emerged in early America was a less fettered brand of capitalism. By the nineteenth century this had evolved into a market economy that would not look too foreign to contemporary Americans. To tell this complex transnational story of how our markets came to be, Hart looks back farther than most historians of US capitalism, rooting these markets in the norms of seventeenth- and eighteenth-century Britain. Perhaps most important, this is not a story of specific commodity markets over time but rather is a history of the trading spaces themselves: the physical sites in which the grubby work of commerce occurred and where the market itself was born.
The results of a decade-long research study by the author, in The Undevelopment of Capitalism Rebecca Jean Emigh argues that the expansion of the Florentine economic market in the fifteenth century helped to undo the development of markets of other economies, especially the rural economy of Tuscany, paradoxically slowing down the economic development of northern Italy overall. This "undeveloping" process, as Emigh calls it, produced an advanced economy at the time of the late Middle Ages and early Renaissance, but created the conditions whereby much of this area of Europe delayed its full development into industrial capitalism by many ages, so that full-scale industrialization happened in other places first, leaving northern Italy behind.
As a lucid explanation of capitalism that turns back the clock even further on its birth, The Undevelopment of Capitalism makes a significant contribution to the studies of capitalism, historical sociology, and theories of markets as economic and cultural institutions.
Elizabeth Anderson offers a new theory of value and rationality that rejects cost–benefit analysis in our social lives and in our ethical theories. This account of the plurality of values thus offers a new approach, beyond welfare economics and traditional theories of justice, for assessing the ethical limitations of the market. In this light, Anderson discusses several contemporary controversies involving the proper scope of the market, including commercial surrogate motherhood, privatization of public services, and the application of cost–benefit analysis to issues of environmental protection.
The earnest warnings of an impending "solid waste crisis" that permeated the 1980s provided the impetus for the widespread adoption of municipal recycling programs. Since that time America has witnessed a remarkable rise in public participation in recycling activities, including curbside collection, drop-off centers, and commercial and office programs. Recently, however, a backlash against these programs has developed. A vocal group of "anti-recyclers" has appeared, arguing that recycling is not an economically efficient strategy for addressing waste management problems.
In Why Do We Recycle? Frank Ackerman examines the arguments for and against recycling, focusing on the debate surrounding the use of economic mechanisms to determine the value of recycling. Based on previously unpublished research conducted by the Tellus Institute, a nonprofit environmental research group in Boston, Massachusetts, Ackerman presents an alternative view of the theory of market incentives, challenging the notion that setting appropriate prices and allowing unfettered competition will result in the most efficient level of recycling. Among the topics he considers are:
externality issues -- unit pricing for waste disposal, effluent taxes, virgin materials subsidies, advance disposal fees
the landfill crisis and disposal facility siting
container deposit ("bottle bill") legislation
environmental issues that fall outside of market theory
calculating costs and benefits of municipal recycling programs
life-cycle analysis and packaging policy -- Germany's "Green Dot" packaging system and producer responsibility
the impacts of production in extractive and manufacturing industries
composting and organic waste management
economics of conservation, and material use and long-term sustainability
Ackerman explains why purely economic approaches to recycling are incomplete and argues for a different kind of decisionmaking, one that addresses social issues, future as well as present resource needs, and non-economic values that cannot be translated into dollars and cents.
Backed by empirical data and replete with specific examples, the book offers valuable guidance for municipal planners, environmental managers, and policymakers responsible for establishing and implementing recycling programs. It is also an accessible introduction to the subject for faculty, students, and concerned citizens interested in the social, economic, and ethical underpinnings of recycling efforts.