Aftermath: A New Global Economic Order?

Chapter 18. Abuse of Power as a Cultural Construct

Notes 257 the Smooth-Hawley tariff of 1930 in the United States raised duties an average of only 6 percent on the prices of imported products. Jeff Faux, “Getting Rid of the Trade Deficit: A Cheaper Dollar Is Not Enough” (briefing paper, Economic Policy Institute, 1988), http://www.lights.com/ epi/virlib/BriefingPapers/1988/gettingr.PDF. 13. H.-J. Chang, “Intellectual Property Rights and Economic Development—Historical Lessons and Emerging Issues,” Journal of Human Development 2, no. 2 (July 2001): 287–309; M. Boldrin and D. Levine, “The Case against Intellectual Property” (Discussion Paper Series, no. 3273, Centre for Economic Policy Research, 2002); and M. Boldrin and D. Levine, Against Intellectual Monopoly (Cambridge: Cambridge University Press, 2008), http://www.dklevine.com/general/ intellectual/againstfinal.htm. 14. Mariko Sakakibara and Lee Bransletter, “Do Stronger Patents Induce More Innovation? Evidence from the 1988 Japanese Patent Law Reforms,” Rand Journal of Economics 32, no. 1 (2001): 77–100. 15. Ibid., 99. 16. Suzanne Scotchmer, “The Political Economy of Intellectual Property Treaties” (working paper 9114, National Bureau of Economic Research, Cambridge, MA, August 2002; revised January 2003). 17. IIPA, “Appendix B. Methodology Used to Calculate Estimated Trade Losses Due to Copyright Piracy and Levels of Piracy,” International Intellectual Property Alliance: 2008 Special 301 Report (February 2008), http://www.iipa.com/2008_SPEC301_TOC.htm. 18. J. M. Finger, “The Doha Agenda and Development: A View from the Uruguay Round” (working paper, Asian Development Bank, Manila, September 2002). 19. World Bank, Global Economic Prospects and the Developing Countries (Washington, DC: World Bank, 2002). 20. Sangeeta Shashikant, “Intellectual Property and the WIPO Development Agenda” (WSIS Briefing paper, Instituto del Tercer Mundo [IteM], 2005), http://wsispapers.choike.org/briefings/eng/ sangeeta_wipo_edit.pdf. 21. Vladimir Popov, “The Financial System in Russia as Compared to Other Transition Economies: The Anglo-American Versus the German-Japanese Model,” Comparative Economic Studies 41, no. 1 (1999): 1–42, http://www.cbs.dk/centres/cees/network/pdf/Popov.pdf. 258 22. B. Black and R. Gibson, “Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets,” Journal of Financial Economics 47, no. 3 (1998): 243-77. 23. R. Levine, “Stock Markets: A Spur to Economic Growth,” Finance and Development (March 1996): 7–10. For a review of these studies , see also A. Singh,“Should Africa Promote Stock Market Capitalism?” Journal of International Development 11 (1999): 343–65. Some studies seem to suggest that stock-market turnover (but not market capitalization ) is a more important variable in explaining better performance of firms than is the ratio of bank credit to GDP. A. Demirguc-Kunt and V. Maksimovic, “Financial Constraints, Uses of Funds, and Firm Growth: An International Comparison” (Policy Research Working Paper no. 1671, World Bank, 1996). 24. Levine, “Stock Markets: A Spur to Economic Growth.” 25. The financial crisis has exposed fatal weaknesses in the ability of these markets to properly reflect the risk-return qualities of funded projects in the prices of financial assets. 26. S.-W. Nam, “The Principal Transactions Bank System in Korea and a Search for a New Bank-Business Relationship,” in Financial Deregulation and Integration in East Asia, ed. T. Ito and A. Krueger (Chicago: University of Chicago Press, 1996), 277–301. 27. B. Black, “Shareholders Passivity Reexamined,” Michigan Law Review 89 (1990): 520-608; B. Black and R. Gibson, “Venture Capital and the Structure of Markets”; M. Roe, Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton: Princeton University Press, 1994); V. Popov, “The Financial System in Russia as Compared to Other Transition Economies.” 28. J. H. Ciccolo Jr., “Changing Balance Sheet Relationships in the U.S. Manufacturing Sector, 1926–77,” in The Changing Roles of Debt and Equity in Financing of U.S. Capital Formation, ed. B. Friedman (Chicago: University of Chicago Press, 1982); R. Taggart, “Secular Patterns in the Financing of the U.S. Corporations,” in Corporate Capital Structures in the United States, ed. B. Friedman (Chicago: University of Chicago Press, 1985). 29. W. A. Thomas, The Finance of British Industry, 1918–76 (London: Methuen, 1978). 30. A. Singh, “Financial Liberalisation, Stock Markets and Economic Development,” Economic Journal 107 (May 1997): 771–82. Notes 259 31.G.Calvo and M.Kumar,“Financial Markets and Intermediation,” in “Financial Sector Reforms and Exchange Arrangements in Eastern Europe” (occasional paper no. 102, IMF, Washington, DC, 1993). 32. Thomas, The Finance of British Industry, 1918–76. 33. Polterovich and Popov, “Appropriate Economic Policies at...