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In his illuminating study, now available with a new preface by the author, John Stealey examines the legal basis of this industry, its labor practices, and its marketing and distribution patterns. Through technological innovation, salt producers harnessed coal and steam as well as men and animals, constructed a novel evaporative system, and invented drilling tools later employed in oil and natural gas exploration. Thus in many ways the salt industry was the precursor of the American extractive and chemical industries. Stealey's informative study is an important contribution to American economic, business, labor, and legal history.
New Perspectives on Work and Its Absence
Anthropologies of Unemployment offers accessible, theoretically innovative, and ethnographically rich examinations of unemployment in rural and urban regions across North and South America, Europe, Africa, and Asia. The diversity of case studies demonstrates that unemployment is a pressing global phenomenon that sheds light on the uneven consequences of free-market ideologies and policies. Economic, social, and cultural marginalization is common in the lives of the unemployed, but their experience and interpretation are shaped by local and national cultural particularities. In exploring those differences, the contributors to this volume employ recent theoretical innovations and engage with some of the more salient topics in contemporary anthropology, such as globalization, migration, youth cultures, bureaucracy, class, gender, and race.
Taken together, the chapters reveal that there is something new about unemployment today. It is not a temporary occurrence, but a chronic condition. In adjusting to persistent, longstanding unemployment, people and groups create new understandings of unemployment as well as of work and employment; they improvise new forms of sociality, morality, and personhood. Ethnographic studies such as those found in Anthropologies of Unemployment are crucial if we are to understand the broader forms, meanings, and significance of pervasive economic insecurity and discover the emergence of new social and cultural possibilities.
Josh Fisher, High Point University
David Karjanen, University of Minnesota
Ann E. Kingsolver, University of Kentucky
Jong Bum Kwon, Webster University
Carrie M. Lane, California State University, Fullerton
Caitrin Lynch, Olin College
Daniel Mains, University of Oklahoma
John P. Murphy, Gettysburg College
Mariano D. Perelman, University of Buenos Aires
Frances Abrahamer Rothstein, Montclair State University
Claudia Strauss, Pitzer College
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.
A Dialogue on the New Laissez-Faire
Is it the central purpose of American antitrust policy to encourage decentralization of economic power? Or is it to promote "consumer welfare"? Is there a painful trade-off between market dominance and economic "efficiency"? What is the proper role of government in this area? In recent years the public policy debate on these core questions has been marked by a cacophony of divergent opinions--theorists against empiricists, apostles of the "new learning" against defenders of the traditional structure-conduct-performance paradigm, "laissez-faire" advocates against "interventionists." Utilizing a distinctively innovative format, Walter Adams and James Brock examine these issues in the context of a courtroom dialogue among a proponent of the new learning (Chicago School), a prosecuting attorney, and a U.S. district judge. In contrast to bloodless "scientific" treatises or ideologically inspired polemical tracts, this book lays bare the central arguments in the debate about free-market economics and the latent assumptions and disguised terminology on which those arguments are based. The dialogue is both gripping and entertaining--designed by the authors to be reminiscent at times of the Theater of the Absurd.
Originally published in 1991.
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.
Antitrust law is intended to protect consumer welfare and foster competition. At first glance, however, it is often unclear whether certain business practices have positive or detrimental effects. Businesses frequently engage in activities that may appear anticompetitive on the surface, but are actually beneficial to consumers. Business tying practices, for example, make the sale of one product conditional upon the sale of another product. This practice can either deprive consumers of choice and drive up prices or lower costs and improve convenience. Therefore, it is critical that policymakers have a keen understanding of which vertical restraints limitations imposed on businesses by firms located in the production chain are likely to harm consumers more than they benefit competition. In order to formulate economically efficient policies, they must be able to identify and limit those practices that are likely to do more harm than good. In A ntitrust Policy and Vertical Restraints a group of leading scholars takes a hard look at how restraints limit the conditions under which firms may purchase, sell, or resell a good or service. The authors, representing both sides of the antitrust debate over tying practices, provide a uniquely broad perspective on this critical economic policy issue. Contributors include Dennis Carlton (University of Chicago), David Evans (University College London), Bruce Kobayashi (George Mason University), and Michael Waldman (Cornell University).
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.
Rethinking a Region's Economic History, 1730-1940
In Appalachia's Path to Dependency, Paul Salstrom examines the evolution of economic life over time in southern Appalachia. Moving away from the colonial model to an analysis based on dependency, he exposes the complex web of factors -- regulation of credit, industrialization, population growth, cultural values, federal intervention -- that has worked against the region.
Salstrom argues that economic adversity has resulted from three types of disadvantages: natural, market, and political. The overall context in which Appalachia's economic life unfolded was one of expanding United States markets and, after the Civil War, of expanding capitalist relations.
Covering Appalachia's economic history from early white settlement to the end of the New Deal, this work is not simply an economic interpretation but draws as well on other areas of history. Whereas other interpretations of Appalachia's economy have tended to seek social or psychological explanations for its dependency, this important work compels us to look directly at the region's economic history. This regional perspective offers a clear-eyed view of Appalachia's path in the future.