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The Future of Finance
As the global economy continues to weather the effects of the recession brought on by the financial crisis of 200708, perhaps no sector has been more affected and more under pressure to change than the industry that was the locus of that crisis: fi nancial services. But as policymakers, fi nancial experts, lobbyists, and others seek to rebuild this industry, certain questions loom large. For example, should the pay of fi nancial institution executives be regulated to control risk taking? That possibility certainly has been raised in offi cial circles, with spirited reactions from all corners. How will stepped-up regulation affect key parts of the fi nancial services industry? And what lies ahead for some of the key actors in both the United States and Japan?
In After the Crash, noted economists Yasuyuki Fuchita, Richard Herring, and Robert Litan bring together a distinguished group of experts from academia and the private sector to take a hard look at how the fi nancial industry and some of its practices are likely to change in the years ahead. Whether or not you agree with their conclusions, the authors of this volume the most recent collaboration between Brookings, the Wharton School, and the Nomura Institute of Capital Markets Research provide well-grounded insights that will be helpful to fi nancial practitioners, analysts, and policymakers.
Family, Social Protection, Policy Challenges
Southeast and East Asian countries are undergoing varying stages of population ageing. The social, economic and political implications of population ageing will be enormous, and because of the fast speed of ageing in the region, the countries cannot afford the luxury of time for the gradual evolution of social and structural support systems and networks for the older population. The essays in this volume critically examine national ageing policies and programmes, the sustainability of existing pension systems, housing and living arrangements, inter-generational transfer, and aspects of quality of life of the elderly population. While the findings show that most Southeast Asian countries have started to formulate and implement national ageing policies, they also indicate that the existing policies are by and large inadequate and underdeveloped in serving the needs of the older population and indeed much more must be done to prepare for the future.
Richard Smethurst shows that the growth of a rural market economy did not impoverish the Japanese farmer. Instead, it led to a general increase in rural prosperity.
Originally published in 1986.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
WSM and the Making of Music City
Started by the National Life and Accident Insurance Company in 1925, WSM became one of the most influential and exceptional radio stations in the history of broadcasting and country music. WSM gave Nashville the moniker "Music City USA" as well as a rich tradition of music, news, and broad-based entertainment. With the rise of country music broadcasting and recording between the 1920s and '50s, WSM, Nashville, and country music became inseparable, stemming from WSM's launch of the Grand Ole Opry, popular daily shows like Noontime Neighbors, and early morning artist-driven shows such as Hank Williams on Mother's Best Flour. _x000B__x000B_Sparked by public outcry following a proposal to pull country music and the Opry from WSM-AM in 2002, Craig Havighurst scoured new and existing sources to document the station's profound effect on the character and self-image of Nashville. Introducing the reader to colorful artists and businessmen from the station's history, including Owen Bradley, Minnie Pearl, Jim Denny, Edwin Craig, and Dinah Shore, the volume invites the reader to reflect on the status of Nashville, radio, and country music in American culture._x000B_
How the Market Transforms Information into News
That market forces drive the news is not news. Whether a story appears in print, on television, or on the Internet depends on who is interested, its value to advertisers, the costs of assembling the details, and competitors' products. But in All the News That's Fit to Sell, economist James Hamilton shows just how this happens. Furthermore, many complaints about journalism--media bias, soft news, and pundits as celebrities--arise from the impact of this economic logic on news judgments.
This is the first book to develop an economic theory of news, analyze evidence across a wide range of media markets on how incentives affect news content, and offer policy conclusions. Media bias, for instance, was long a staple of the news. Hamilton's analysis of newspapers from 1870 to 1900 reveals how nonpartisan reporting became the norm. A hundred years later, some partisan elements reemerged as, for example, evening news broadcasts tried to retain young female viewers with stories aimed at their (Democratic) political interests. Examination of story selection on the network evening news programs from 1969 to 1998 shows how cable competition, deregulation, and ownership changes encouraged a shift from hard news about politics toward more soft news about entertainers.
Hamilton concludes by calling for lower costs of access to government information, a greater role for nonprofits in funding journalism, the development of norms that stress hard news reporting, and the defining of digital and Internet property rights to encourage the flow of news. Ultimately, this book shows that by more fully understanding the economics behind the news, we will be better positioned to ensure that the news serves the public good.
"The first component of intelligence involves effective adaptation to an environment. In order to adapt effectively, organizations require resources, capabilities at using them, knowledge about the worlds in which they exist, good fortune, and good decisions. They typically face competition for resources and uncertainties about the future. Many, but possibly not all, of the factors determining their fates are outside their control. Populations of organizations and individual organizations survive, in part, presumably because they possess adaptive intelligence; but survival is by no means assured. The second component of intelligence involves the elegance of interpretations of the experiences of life. Such interpretations encompass both theories of history and philosophies of meaning, but they go beyond such things to comprehend the grubby details of daily existence. Interpretations decorate human existence. They make a claim to significance that is independent of their contribution to effective action. Such intelligence glories in the contemplation, comprehension, and appreciation of life, not just the control of it."—from The Ambiguities of Experience
In The Ambiguities of Experience, James G. March asks a deceptively simple question: What is, or should be, the role of experience in creating intelligence, particularly in organizations? Folk wisdom both trumpets the significance of experience and warns of its inadequacies. On one hand, experience is described as the best teacher. On the other hand, experience is described as the teacher of fools, of those unable or unwilling to learn from accumulated knowledge or the teaching of experts. The disagreement between those folk aphorisms reflects profound questions about the human pursuit of intelligence through learning from experience that have long confronted philosophers and social scientists. This book considers the unexpected problems organizations (and the individuals in them) face when they rely on experience to adapt, improve, and survive.
While acknowledging the power of learning from experience and the extensive use of experience as a basis for adaptation and for constructing stories and models of history, this book examines the problems with such learning. March argues that although individuals and organizations are eager to derive intelligence from experience, the inferences stemming from that eagerness are often misguided. The problems lie partly in errors in how people think, but even more so in properties of experience that confound learning from it. "Experience," March concludes, "may possibly be the best teacher, but it is not a particularly good teacher."
With increasing world economic interdependence and a new position as a creditor nation, the American business community became more actively and vocally concerned with foreign policy after World War I than ever before. This book details the response of American businessmen to such foreign policy issues as the tariff, disarmament, allied debts, loans, and the Manchurian crisis.
Far from presenting a monolithic front, the business community fragmented into nationalist and internationalist camps, according to this study. Division over each issue varied with the size, type, and geographic region of the various business interests, and despite their formidable economic power, business internationalists are shown to have played a more limited role on certain issues than has been formerly assumed.
Unfortunately for the future development of United States diplomacy and world stability, no institutional means for tempering business influence on the formulation of foreign policy, or for coordinating economic and political foreign policies, were developed in the twenties.
Crisis and Reform
Successful home ownership requires the availability of appropriate mortgage products. In the years leading up to the collapse of the housing market, home buyers frequently accepted mortgages that were not only wrong for them but catastrophic for the economy as a whole. When the housing market bubble burst, so did a cornerstone of the American dream for many families. Restoring the promise of this dream requires an unflinching inspection of lending institutions and the right tools to repair the structures that support solid home purchases. The American Mortgage System: Crisis and Reform focuses on the causes of the housing market collapse and proposes solutions to prevent another rash of foreclosures.
Edited by two leaders in the field of real estate and finance, Susan M. Wachter and Marvin M. Smith, The American Mortgage System examines key elements of the mortgage meltdown. The volume's contributors address the influence of the Community Reinvestment Act, which is often blamed for the crisis. They uncover how the government-sponsored enterprises Fannie Mae and Freddie Mac invested outside the housing market with disastrous results. They present surprising information about low-income borrowers and the strengths of local banks. This collection of thoughtful studies includes extensive analysis of loan practices and the creation of unstable mortgage securities, presenting data largely unavailable until now. More than a critique, The American Mortgage System offers solutions to the problems facing the future of American home ownership, including identifying asset price bubbles, calculating risk, and preventing discrimination in lending.
Measured yet timely and by turns provocative, The American Mortgage System provides a careful assessment of a troubled but indispensable part of the economic and social structure of the United States. This book is a sound investment for economists, urban planners, and all who shape public policy.