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The Political Economy of a Free Trade Area of the Asia-Pacific
The proposal for an Asia-Pacific–wide free trade agreement is one of the oldest ideas for promoting mutually beneficial regional cooperation dating back to the mid-1960s. In more recent times, the idea has found new support for two main reasons: as a plan B to the stumbling Doha Development Agenda (DDA) round of WTO negotiations; and as a solution to the noodle bowl of bilateral agreements in the region.This report assesses the political feasibility of the Free Trade Area of the Asia-Pacific (FTAAP) proposal and looks at alternative modalities for achieving free trade and investment in the Asia-Pacific. The report includes trade policy perspectives from the three largest economies of the region: the United States, China and Japan, lessons from similar proposals such as the Free Trade Area of the Americas (FTAA), possible convergence among the many preferential trade agreements (PTAs) in the region, and alternative approaches to regional economic integration.
Roger Fry on Commerce in Art, Selected Writings, Edited with an Interpretation
Roger Fry, a core member of the Bloomsbury Group, was involved with all aspects of the art market as artist, critic, curator, historian, journalist, advisor to collectors, and gallery operator. He is especially remembered as the person who introduced postimpressionist art to Britain. Reprinted in this volume are seventeen of Fry's works on commerce in art. Although he had no formal training in economics, Fry addressed the art market as a modern economist might do. It is therefore fitting that his writings receive here an original interpretation from the perspective of a modern economist, Craufurd D. Goodwin. Goodwin explores why Fry's work is both a landmark in the history of cross-disciplinary thought and a source of fresh insights into a wide range of current policy questions. The new writings included contain Fry's most important contributions to theory, history, and debates over policy as he explored the determinants of the supply of art, the demand for art, and the art market institutions that facilitate exchange. His ideas and speculations are as stimulating and provocative today as when they were written. "A fascinating selection of essays by one of the twentieth century's most thoughtful and stimulating critics. Goodwin's introduction sets the stage beautifully, providing useful links to Veblen and Keynes." --D. E. Moggridge, University of Toronto "Art and the Market uncovers new connections between aesthetics and art in the Bloomsbury Group. . . . Goodwin adds significantly to the understanding of cultural economics in the work of Fry himself as well as J. M. Keynes and even Leonard and Virginia Woolf." --S. P. Rosenbaum, University of Toronto "All those interested in the arts and economics, and their connections, will be delighted by this collection, as will be students of Bloomsbury." --Peter Stansky, Stanford University Craufurd D. Goodwin is James B. Duke Professor of Economics, Duke University.
Creating and Maintaining Healthy Arts Organizations
Practical advice (supported by extensive case studies) for fixing troubled arts organizations Many arts organizations today find themselves in financial difficulties because of economic constraints inherent in the industry. While other companies can improve productivity through the use of new technologies or better systems, these approaches are not available in the arts. Hamlet requires the same number of performers today as it did in Shakespeare’s time. The New York Philharmonic requires the same number of musicians now as it did when Tchaikovsky conducted it over one hundred years ago. Costs go up, but the size of theaters and the price resistance of patrons limit what can be earned from ticket sales. Therefore, the performing arts industry faces a severe gap between earnings and expenses. Typical approaches to closing the gap—raising ticket prices or cutting artistic or marketing expenses—don’t work. What, then, does it take to create and maintain a healthy arts organization? Michael M. Kaiser has revived four major arts organizations: the Kansas City Ballet, the Alvin Ailey American Dance Theater, American Ballet Theatre, and London’s Royal Opera House. In The Art of the Turnaround he shares with readers his ten basic rules for bringing financially distressed arts organizations back to life and keeping them strong. These rules cover the requirements for successful leadership, the pitfalls of cost cutting, the necessity of extending the programming calendar, the centrality of effective marketing and fund raising, and the importance of focusing on the present with a positive public message. In chapters organized chronologically, Kaiser brings his ten rules vividly to life in discussions of the four arts organizations he is credited with saving. The book concludes with a chapter on his experiences at the John F. Kennedy Center for the Performing Arts, an arts organization that needed an artistic turnaround when he became the president in 2001 and that today exemplifies in practice many of the ten rules he discusses throughout his book.
The Slow Pace of Economic Reform
In the late 1980s, Japan's strong economic performance put it on a the verge of becoming a major player in regional and global affairs. But nearly a decade of economic stagnation, a mounting of bad debts, and a continuing stream of scandals have tarnished the country's distinctive economic model. At the turn of the millennium, the Japanese economy remained mired in a pattern of stagnation. As this disappointing condition dragged on, the government pursued policies to restore economic health. Yet Japan has been slow to embrace the systemic reform on which a robust economic recovery depends. In Arthritic Japan, Edward J. Lincoln examines the causes and implications of this weak response. Concluding that Japan is unlikely to pursue the vigorous reform necessary for economic growth, Lincoln warns of serious consequences: a stumbling economy bedeviled by recession and financial crisis, eroding leadership in economic and security issues, a continued defensive trade posture, and a disgruntled population that could turn a more nationalistic stance in foreign policy.
In this collaboration between the Brookings Institution and the Asian Development Bank Institute, eminent international economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of multilateral organizations such as the International Monetary Fund.
Established in the aftermath of the Asian financial crisis at the ministerial level, the G-20 has served as a high-level platform for discussing economic analyses and policy responses since 1999. During the current global financial crisis, however, the G-20's role moved toward that of a global crisis management committee at the leadership level. The challenge now for the G-20 is to succeed in fostering ongoing and increasing cooperation among its members while being supportive of, rather than trying to replace, more universal institutions.
After analyzing the dynamics of growth in Asia comparatively and historically, the volume appraises the scope for policy coordination among key economies. The contributors analyze financial stability in emerging Asia and then assess the implications of Asia's increasing role within the newly emerging system of global economic governance, focusing especially on reform of the international monetary structure.
Contributors: Dony Alex (ICRIER, New Delhi), Kemal Dervis¸ (Brookings), Hasan Ersel (Sabanci University), Karim Foda (Brookings), Yiping Huang (Peking University), Masahiro Kawai (ADBI), Rajiv Kumar (FICCI, New Delhi), Domenico Lombardi (Oxford University and Brookings), José Antonio Ocampo (Columbia University), Jim O'Neill (Goldman Sachs)
The Role of Governance in Asia
This volume investigates the “missing link”, the complicated realities of the relations between governance and development through case studies of ASEAN countries. Its main objective is to explore a theoretical framework to overcoming the limitations of mainstream approaches by employing case studies on decentralization, crisis management, corporate governance and foreign aid management of both public and private entities. From the beginning of the 1990s onwards, the international aid community has increasingly stressed that “good governance”, together with democracy and protection of basic human rights, is indispensable for sustainable economic development. The terms, however, are complex, broad, and arguable. They largely refer to discipline of government institutions and the capacity of the public sector.While a wide variety of empirical studies has been done on the relations between good governance and development, it is still unclear how the differences in governance influence development performance in a real world.
Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates in most cases. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery.
In this informative volume, the second in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and the contributors analyze the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation and surging capital inflows, with the accompanying risks of asset and credit market bubbles and of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation.
New Agenda in Its Third Decade
Ippei Yamazawa is one of the fathers to the study of Asia-Pacific regional cooperation in Japan and has contributed hugely to the development and work of APEC over many years. APEC is a crucial trans-regional arrangement that draws the United States into constructive economic engagement with East Asia. This book makes it clear why APEC remains such a crucial element of regional economic architecture and defines an agenda going forward to which regional leaders should aspire. Here is a first rate exposition of the priorities for regional cooperation in Asia and the Pacific.--Peter Drysdale, Professor Emeritus, Australian National University
A New Approach to Understanding Price Stickiness
Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.