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Corruption in the European Union
As the European Union moved in the 1990s to a unified market and stronger common institutions, most observers assumed that the changes would reduce corruption. Aspects of the stronger EU promised to preclude-or at least reduce-malfeasance: regulatory harmonization, freer trade, and privatization of publicly owned enterprises. Market efficiencies would render corrupt practices more visible and less common.
In The Best System Money Can Buy, Carolyn M. Warner systematically and often entertainingly gives the lie to these assumptions and provides a framework for understanding the persistence of corruption in the Western states of the EU. In compelling case studies, she shows that under certain conditions, politicians and firms across Europe, chose to counter the increased competition they faced due to liberal markets and political reforms by resorting to corruption. More elections have made ever-larger funding demands on political parties; privatization has proved to be a theme park for economic crime and party profit; firms and politicians collude in many areas where EU harmonization has resulted in a net reduction in law-enforcement powers; and state-led "export promotion" efforts, especially in the armaments, infrastructure, and energy sectors, have virtually institutionalized bribery.
The assumptions that corruption and modernity are incompatible-or that Western Europe is somehow immune to corruption-simply do not hold, as Warner conveys through colorful analyses of scandals in which large corporations, politicians, and bureaucrats engage in criminal activity in order to facilitate mergers and block competition, and in which officials accept private payments for public services rendered. At the same time, the book shows the extent to which corruption is driven by the very economic and political reforms thought to decrease it.
Innovation and the Limits of Asia's Developmental State
After World War II, several late-developing countries registered astonishingly high growth rates under strong state direction, making use of smart investment strategies, turnkey factories, and reverse-engineering, and taking advantage of the postwar global economic boom. Among these economic miracles were postwar Japan and, in the 1960s and 1970s, the so-called Asian Tigers-Singapore, South Korea, and Taiwan-whose experiences epitomized the analytic category of the "developmental state."
In Betting on Biotech, Joseph Wong examines the emerging biotechnology sector in each of these three industrial dynamos. They have invested billions of dollars in biotech industries since the 1990s, but commercial blockbusters and commensurate profits have not followed. Industrial upgrading at the cutting edge of technological innovation is vastly different from the dynamics of earlier practices in established industries.
The profound uncertainties of life-science-based industries such as biotech have forced these nations to confront a new logic of industry development, one in which past strategies of picking and making winners have given way to a new strategy of throwing resources at what remain very long shots. Betting on Biotech illuminates a new political economy of industrial technology innovation in places where one would reasonably expect tremendous potential-yet where billion-dollar bets in biotech continue to teeter on the brink of spectacular failure.
Russian Post-Communist Political Reform
For hundreds of years, dictators have ruled Russia. Do they still? In the late 1980s, Soviet President Mikhail Gorbachev launched a series of political reforms that eventually allowed for competitive elections, the emergence of an independent press, the formation of political parties, and the sprouting of civil society. After the collapse of the Soviet Union in 1991, these proto-democratic institutions endured in an independent Russia. But did the processes unleashed by Gorbachev and continued under Russian President Boris Yeltsin lead eventually to liberal democracy in Russia? If not, what kind of political regime did take hold in post-Soviet Russia? And how has Vladimir Putin's rise to power influenced the course of democratic consolidation or the lack thereof? Between Dictatorship and Democracy seeks to give a comprehensive answer to these fundamental questions about the nature of Russian politics.
Asset Price Swings, Risk, and the Role of the State
In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption--that markets act mechanically and economic change is fully predictable. In Beyond Mechanical Markets, Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can and can't play.
The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses.
Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore.
Metropolitan Pittsburgh and the Fate of Industrial America
Beyond Rust chronicles the rise, fall, and rebirth of metropolitan Pittsburgh, an industrial region that once formed the heart of the world's steel production and is now touted as a model for reviving other hard-hit cities of the Rust Belt. Writing in clear and engaging prose, historian and area native Allen Dieterich-Ward provides a new model for a truly metropolitan history that integrates the urban core with its regional hinterland of satellite cities, white-collar suburbs, mill towns, and rural mining areas.
Pittsburgh reached its industrial heyday between 1880 and 1920, as vertically integrated industrial corporations forged a regional community in the mountainous Upper Ohio River Valley. Over subsequent decades, metropolitan population growth slowed as mining and manufacturing employment declined. Faced with economic and environmental disaster in the 1930s, Pittsburgh's business elite and political leaders developed an ambitious program of pollution control and infrastructure development. The public-private partnership behind the "Pittsburgh Renaissance," as advocates called it, pursued nothing less than the selective erasure of the existing social and physical environment in favor of a modernist, functionally divided landscape: a goal that was widely copied by other aging cities and one that has important ramifications for the broader national story. Ultimately, the Renaissance vision of downtown skyscrapers, sleek suburban research campuses, and bucolic regional parks resulted in an uneven transformation that tore the urban fabric while leaving deindustrializing river valleys and impoverished coal towns isolated from areas of postwar growth.
Beyond Rust is among the first books of its kind to continue past the collapse of American manufacturing in the 1980s by exploring the diverse ways residents of an iconic industrial region sought places for themselves within a new economic order.
U.S. Science Policy in the Twenty-First Century
Science and technology are responsible for almost every advance in our modern quality of life. Yet science isn't just about laboratories, telescopes and particle accelerators. Public policy exerts a huge impact on how the scientific community conducts its work. Beyond Sputnik is a comprehensive survey of the field for use as an introductory textbook in courses and a reference guide for legislators, scientists, journalists, and advocates seeking to understand the science policy-making process. Detailed case studies---on topics from cloning and stem cell research to homeland security and science education---offer readers the opportunity to study real instances of policymaking at work. Authors and experts Homer A. Neal, Tobin L. Smith, and Jennifer B. McCormick propose practical ways to implement sound public policy in science and technology and highlight how these policies will guide the results of scientific discovery for years to come. Homer A. Neal is the Samuel A. Goudsmit Distinguished University Professor of Physics, Interim President Emeritus, and Vice President for Research Emeritus at the University of Michigan, and is a former member of the U.S. National Science Board. Tobin L. Smith is Associate Vice President for Federal Relations at the Association of American Universities. He was formerly Assistant Director of the University of Michigan and MIT Washington, DC, offices. Jennifer B. McCormick is an Assistant Professor of Biomedical Ethics in the Division of General Internal Medicine at the Mayo College of Medicine in Rochester, Minnesota, and is the Associate Director of the Research Ethics Resource, part of the Mayo Clinic's NIH Clinical Translational Science Award research programs. GO BEYOND SPUTNIK ONLINE--Visit www.science-policy.net for the latest news, teaching resources, learning guides, and internship opportunities in the 21st-Century field of science policy. "Beyond Sputnik is a readable, concise, yet remarkably comprehensive introduction to contemporary science policy. It is devoid of 'wonkishness' yet serves the needs of policymakers and students alike. Because science and technology policy is of central importance in the twenty-first century this accessible volume is a godsend." ---Charles M. Vest, President of the National Academy of Engineering and Vice Chair of the National Research Council of the National Academies of Sciences and Engineering "This highly researched book is a treasure trove for anyone concerned with science policy relating to such challenges as providing energy, preserving the environment, assuring healthcare, creating jobs, and more." ---Norman Augustine, retired Chairman and CEO of Lockheed Martin Corporation and recipient of the 2008 Vannevar Bush Award from the National Science Board "Science policy is a subject of growing importance in the United States, yet there has long been a vacuum among textbooks in the field. Beyond Sputnik fills it splendidly and will be greeted with enthusiasm by students and faculty alike. Even those who have practiced the art for years will learn from it." ---Albert Teich, Director of Science and Policy Programs at the American Association for the Advancement of Science "Homer A. Neal, Tobin L. Smith, and Jennifer B. McCormick have written a landmark work calling for a national effort to restore our nation's power in the fields of science, energy, and education, as we did in the remarkable year following Sputnik. The next preident should read Beyond Sputnik and accept this call to action as did President Eisenhower." ---Ambassador David M. Abshire, President of the Center for the Study of the Presidency, Cofounder and Vice Chairman of the Center for Strategic and International Studies, and President of the Richard Lounsbery Foundation "At last we have a text that tells the story from where A. Hunter Dupree left off; an excellent core text for courses in science and technology policy, DC policymakers, and anyone who needs to get up to speed in the field . . . The book that we have all been waiting for." ---Christopher T. Hill, Professor of Public Policy and Technology, George Mason University
Politics, Ecology, and Infrastructure at the Panama Canal