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Thoughts on an Exceptional U.S. Labor Market
The U.S. labor market is the most laissez faire of any developed nation, with a weak social safety net and little government regulation compared to Europe or Japan. Some economists point to this hands-off approach as the source of America’s low unemployment and high per-capita income. But the stagnant living standards and rising economic insecurity many Americans now face take some of the luster off the U.S. model. In America Works, noted economist Richard Freeman reveals how U.S. policies have created a labor market remarkable both for its dynamism and its disparities. America Works takes readers on a grand tour of America’s exceptional labor market, comparing the economic institutions and performance of the United States to the economies of Europe and other wealthy countries. The U.S. economy has an impressive track record when it comes to job creation and productivity growth, but it isn’t so good at reducing poverty or raising the wages of the average worker. Despite huge gains in productivity, most Americans are hardly better off than they were a generation ago. The median wage is actually lower now than in the early 1970s, and the poverty rate in 2005 was higher than in 1969. So why have the benefits of productivity growth been distributed so unevenly? One reason is that unions have been steadily declining in membership. In Europe, labor laws extend collective bargaining settlements to non-unionized firms. Because wage agreements in America only apply to firms where workers are unionized, American managers have discouraged unionization drives more aggressively. In addition, globalization and immigration have placed growing competitive pressure on American workers. And boards of directors appointed by CEOs have raised executive pay to astronomical levels. Freeman addresses these problems with a variety of proposals designed to maintain the vigor of the U.S. economy while spreading more of its benefits to working Americans. To maintain America’s global competitive edge, Freeman calls for increased R&D spending and financial incentives for students pursuing graduate studies in science and engineering. To improve corporate governance, he advocates licensing individuals who serve on corporate boards. Freeman also makes the case for fostering worker associations outside of the confines of traditional unions and for establishing a federal agency to promote profit-sharing and employee ownership. Assessing the performance of the U.S. job market in light of other developed countries’ recent history highlights the strengths and weaknesses of the free market model. Written with authoritative knowledge and incisive wit, America Works provides a compelling plan for how we can make markets work better for all Americans.
Canadians long have engaged in in-depth, wide-ranging discussions about their nation's relations with the United States. On the other hand, American citizens usually have been satisfied to accept a series of unexamined myths about their country's unchanging, benign partnership with the "neighbor to the north". Although such perceptions of uninterrupted, friendly relations with Canada may dominate American popular opinion, not to mention discussions in many American scholarly and political circles, they should not, according to Stewart, form the bases for long-term U.S. international economic, political, and cultural relations with Canada. Stewart describes and analyzes the evolution of U.S. policymaking and U.S. policy thinking toward Canada, from the tense and confrontational post-Revolutionary years to the signing of the Free Trade Agreement in 1988, to discover if there are any permanent characteristics of American policies and attitudes with respect to Canada. American policymakers were concerned for much of the period before World War II with Canada's role in the British empire, often regarded as threatening, or at least troubling, to developing U.S. hegemony in North America and even, in the late nineteenth century, to U.S. trade across the Pacific. A permanent goal of U.S. policymakers was to disengage Canada from that empire. They also thought that Canada's natural geographic and economic orientation was southward to the U.S., and policymakers were critical of Canadian efforts to construct an east- west economy. The Free Trade Agreement of 1988 which prepared the way for north-south lines of economic force, in this context, had been an objective of U.S. foreign policy since the founding of the republic in 1776. At the same time, however, these deep-seated U.S. goals were often undermined by domestic lobbies and political factors within the U.S., most evidently during the era of high tariffs from the 1860s to the 1930s when U.S. tariff policies actually encouraged a separate, imperially-backed economic and cultural direction in Canada. When the dramatic shift toward integration in trade, investment, defense and even popular culture began to take hold in the 1930s, 1940s and 1950s in the wake of the Depression and World War II, American policymakers viewed themselves as working in harmony with underlying, "natural" converging economic, political and cultural trends recognized and accepted by their Canadian counterparts.
In 1900 the manufacture of rubber products in the United States was concentrated in several hundred small plants around New York and Boston that employed low-paid immigrant workers with no intervention from unions. By the mid-1930s, thanks to the automobile and the Depression, production was concentrated in Ohio, the labor force was largely native born and highly paid, and labor organizations had a decisive influence on the industry. Daniel Nelson tells the story of these changes as a case study of union growth against a background of critical developments in twentieth-century economic life.
The author emphasizes the years after 1910, when a crucial distinction arose between big, mass-production rubber producers and those that were smaller and more labor intensive. In the 1930s mass-production workers took the lead in organizing the labor movement, and they dominated the international union, the United Rubber Workers, until the end of the decade. Professor Nelson discusses not only labor's triumph over adversity but also the problems that occurred with union victories: the flight of the industry to low-wage communities in the South and Midwest, internal tensions in the union, and rivalry with the American Federation of Labor. The experiences of the URW in the late 1930s foreshadowed the longer-term challenges that the labor movement has faced in recent decades.
Originally published in 1988.
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.
The Plantation Economy of the Spanish Caribbean, 1898-1934
Engaging conventional arguments that the persistence of plantations is the cause of economic underdevelopment in the Caribbean, this book focuses on the discontinuities in the development of plantation economies in Cuba, Puerto Rico, and the Dominican Republic in the early twentieth century. César Ayala analyzes and compares the explosive growth of sugar production in the three nations following the War of 1898--when the U.S. acquired Cuba and Puerto Rico--to show how closely the development of the Spanish Caribbean's modern economic and social class systems is linked to the history of the U.S. sugar industry during its greatest period of expansion and consolidation.Ayala examines patterns of investment and principal groups of investors, interactions between U.S. capitalists and native planters, contrasts between new and old regions of sugar monoculture, the historical formation of the working class on sugar plantations, and patterns of labor migration. In contrast to most studies of the Spanish Caribbean, which focus on only one country, his account places the history of U.S. colonialism in the region, and the history of plantation agriculture across the region, in comparative perspective.This comparative study of the development of plantation economies in Cuba, Puerto Rico, and the Dominican Republic in the early 20th century shows how their economic and social class systems were shaped by the explosive growth of American sugar companies.Engaging conventional arguments that the persistence of plantations is the cause of economic underdevelopment in the Caribbean, this book focuses on the discontinuities in the development of plantation economies in Cuba, Puerto Rico, and the Dominican Republic in the early twentieth century. César Ayala analyzes and compares the explosive growth of sugar production in the three nations following the War of 1898--when the U.S. acquired Cuba and Puerto Rico--to show how closely the development of the Spanish Caribbean's modern economic and social class systems is linked to the history of the U.S. sugar industry during its greatest period of expansion and consolidation.Ayala examines patterns of investment and principal groups of investors, interactions between U.S. capitalists and native planters, contrasts between new and old regions of sugar monoculture, the historical formation of the working class on sugar plantations, and patterns of labor migration. In contrast to most studies of the Spanish Caribbean, which focus on only one country, his account places the history of U.S. colonialism in the region, and the history of plantation agriculture across the region, in comparative perspective.
Objectif et fonction de la gestion financière L'environnement économique de l'entreprise L'analyse des états financiers L'analyse des coûts pour la prise de décision L'actualisation, la capitalisation et les décisions financières Introduction à l'analyse des investissements Les critères de choix des investissements - L'analyse de la rentabilité des projets d'investissement - Notions fondamentales et instruments de mesure du risque - L'analyse du risque et le choix des investissements - La gestion du fonds de roulement - La gestion de l'encaisse et des placements temporaires - La gestion des comptes clients et des stocks - Le financement à court terme - La planification financière
Ideally suited to upper-undergraduate and graduate students, Analyzing the Global Political Economy critically assesses the convergence between IPE, comparative political economy, and economics. Andrew Walter and Gautam Sen show that a careful engagement with economics is essential for understanding both contemporary IPE and for analyzing the global political economy. The authors also argue that the deployment of more advanced economic theories should not detract from the continuing importance for IPE of key concepts from political science and international relations. IPE students with little or no background in economics will therefore find this book useful, and economics students interested in political economy will be alerted to the comparative strengths of political science and other social science disciplines.
A New Paradigm for Risk Management
Financial markets respond to information virtually instantaneously. Each new piece of information influences the prices of assets and their correlations with each other, and as the system rapidly changes, so too do correlation forecasts. This fast-evolving environment presents econometricians with the challenge of forecasting dynamic correlations, which are essential inputs to risk measurement, portfolio allocation, derivative pricing, and many other critical financial activities. In Anticipating Correlations, Nobel Prize-winning economist Robert Engle introduces an important new method for estimating correlations for large systems of assets: Dynamic Conditional Correlation (DCC).
Engle demonstrates the role of correlations in financial decision making, and addresses the economic underpinnings and theoretical properties of correlations and their relation to other measures of dependence. He compares DCC with other correlation estimators such as historical correlation, exponential smoothing, and multivariate GARCH, and he presents a range of important applications of DCC. Engle presents the asymmetric model and illustrates it using a multicountry equity and bond return model. He introduces the new FACTOR DCC model that blends factor models with the DCC to produce a model with the best features of both, and illustrates it using an array of U.S. large-cap equities. Engle shows how overinvestment in collateralized debt obligations, or CDOs, lies at the heart of the subprime mortgage crisis--and how the correlation models in this book could have foreseen the risks. A technical chapter of econometric results also is included.
Based on the Econometric and Tinbergen Institutes Lectures, Anticipating Correlations puts powerful new forecasting tools into the hands of researchers, financial analysts, risk managers, derivative quants, and graduate students.