How much could the international co-ordination of economic policies achieve? An example from US-EEC policy-making

1988 ◽  
pp. 71-100
Author(s):  
A. J. Hughes Hallett
Keyword(s):  
Policy Making ◽  
Economic Policies

Making Economic Policies Work

2018 ◽  
pp. 154-164
Author(s):  
Ling Chen
Keyword(s):  
Policy Making ◽  
Local State ◽  
Economic Environment ◽  
The Political ◽  
Private Firms ◽  
State Agencies ◽  
Economic Policies ◽  
Direct Role ◽  
Economic Interests ◽  
Political Environments

This chapter summarizes the findings of the book. It draws attention to how global production fragmented or integrated state agencies and businesses, shaped the ways they perceived their interests, and ultimately affected the local political environments for domestic private firms. Compared with other approaches, the theory advanced in this book takes the incentives of local state agencies seriously. It shows that in an authoritarian country where businesses do not have a direct role in policy making, the local bureaucrats, by pursuing their own political and economic interests, can influence the political and economic environment of production. The chapter then broadens out to map major Asian economies in Northeast and Southeast Asia in a comparative picture.

Bureaucrats, Businesses, and Economic Policies in a Globalized China

2018 ◽  
pp. 1-21
Author(s):  
Ling Chen
Keyword(s):  
Research Design ◽  
Quantitative Data ◽  
Policy Making ◽  
Foreign Capital ◽  
Field Work ◽  
Economic Policies ◽  
Single Level ◽  
Qualitative And Quantitative ◽  
National Campaigns ◽  
City Policy

This chapter introduces background on emergence of national campaigns to cultivate domestic competitiveness in contrast to China’s previous role as the “world’s workshop.” It reveals the divergent ways in which localities responded to and carried out policies. The chapter accounts for such variation by breaking down the assumption of a coherent and single-level state that is inherent in the state-centric approach, while at the same time disaggregating the influence of foreign capital assumed by the FDI-driven perspective. By examining the interaction of foreign capital and local states, the chapter discusses how globalization influences the rise of investment-seeking states, the bureaucratic coalitions in city policy making, the effectiveness of policies for local firms, and the varieties of local capitalism. It also discusses the logic of the research design, the major sites of field work, and the sources of qualitative and quantitative data that the book draws on.

Italy: dependence and political fragmentation

1977 ◽  
Vol 31 (4) ◽  
pp. 809-838 ◽  
Author(s):  
Alan R. Posner
Keyword(s):  
Foreign Investment ◽  
Social Order ◽  
Trade Unions ◽  
Policy Making ◽  
Democratic Party ◽  
Economic Policies ◽  
Policy Makers ◽  
Business Interests ◽  
Economic Survival ◽  
Internal Fragmentation

Italy's political economy is characterized by international weakness and internal fragmentation and polarization. Since 1947, Italy's foreign economic policies have been defined by a broadly-based political and social coalition dominated by the Christian Democratic party (DC). This coalition has incorporated or maintained close links with ministerial bureaucracies, the Bank of Italy, state-controlled industrial and commercial enterprises, large corporations, and Catholic trade unions. It has attempted to foster a postwar climate receptive to business interests and to foreign investment; one which would facilitate the maintenance of a stable domestic political and social order. At the same time, the DC coalition is so fragmented by factionalism and personal competition that economic policy making has lacked direction and has been marked by personalism and by improvisation. Italian policy makers operate in a precarious environment in that they must use political and economic weaknessin order to mobilize the international assistance needed to maintain the internal social order as well as external economic survival.

scholarly journals On Heterodox Economics

2020 ◽  
Vol 8 (2) ◽  
pp. 65-69
Author(s):  
B Pradeep Kumar
Keyword(s):  
Real World ◽  
Policy Making ◽  
Economic Policies ◽  
Heterodox Economics ◽  
Important Place ◽  
Economic Issues ◽  
Mainstream Economics ◽  
Modern Economic ◽  
To Come ◽  
Economic Thinking

In the literature of Economics itself, branches have evolved thanks to different positions held by economists on different economic issues, and most importantly, on the efficacy and desirability of economic policies to address such economic issues. The so-called Classical and Keynesian poles apart positions have stood as the firm foundation for the germination of a couple of developments in economics. But, it may be reiterated that these positions have been premised upon several assumptions which often go diametrically opposite to real-world circumstances. The growing concern of the disconnect of the mainstream economics from the conditions of the real world has made a vacuum. The attention that heterodox economics has been receiving should be regarded as a response to this fill this vacuum. Google searching deliberations on the Covid-19 pandemic would find economics being discussed elsewhere and everywhere as if the economics of the Virus matters a lot rather than its biological side. Heterodox economics has grown to occupy an important place in modern economic thinking, and in the years to come, in the field of teaching as well, the elements discussed in heterodox economic will have an indisputable place. In the field of policy making, too, the principles of heterodox have been used. Nevertheless, mainstream economics does not seem to have been shaken by the claims of heterodox economics. For economics to continue as rigorous social science, much celebrated neo-classical tools and its ideas are still more important.

scholarly journals Stabilization Policies and Technological Shocks: Towards a Sustainable Economic Growth Path

2019 ◽  
Vol 11 (1) ◽  
pp. 205 ◽  
Author(s):  
Anelí Bongers ◽  
Carmen Díaz-Roldán
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Policy Making ◽  
Sustainable Growth ◽  
Economic Policies ◽  
Long Run ◽  
Short Run ◽  
Stabilization Policies ◽  
Development Goals ◽  
Sustainable Economic Growth

The purpose of this paper is to explore the extent to which traditional economic policies can be oriented by sound practices. It is becoming widely accepted that sustainable economic growth (and not only economic growth) is the final target of economic policies, but some economic policies are applied just looking to the short-run without taking in account the long-run perspective. Our aim is to show how a sustainable economic policy-making would be possible, making compatible the stabilization of the economy in the short-run with a sustainable economic growth in the long-run. We confront the design of economic policies with the 17 goals of the 2030 Agenda. We argue that all sustainable development goals can be attained by the design and implementation of sustainable economic policies. Finally, to illustrate this point, we will conduct a simulation exercise to show under which combinations of demand policies technological shocks would promote a path of sustainable growth. Our results will provide a reference framework for a sustainable economic policy-making.

Manufacturing versus Corruption: Who Wins?

2021 ◽  
Author(s):  
Ramy Harik ◽  
Joseph Elias Khoury
Keyword(s):  
Young People ◽  
Policy Making ◽  
Free Market ◽  
Political Stability ◽  
Digital Manufacturing ◽  
Economic Policies ◽  
Policy Makers ◽  
Manufacturing Networks ◽  
Good Manufacturing Practices ◽  
Greater Good

The objective of Manufacturing versus Corruption: Who Wins? is to use scientific methodologies and recommendations to motivate young people to participate in rendering the manufacturing ecosystem successful, by creating a socio-political stability amongst communities, counties, states, and nations in an unprecedented way. This book presents the reader with a practical approach and understanding of key scientific, industrial & managerial concepts that constitute a common policy narrative to be embraced, implemented, and executed across all governmental sectors. As a tool for policy makers, the authors demonstrate the need for a digital manufacturing economy grounded in complete transparency. With over 50 years of experience in engineering and manufacturing, Ramy Harik and Joseph Khoury are on a mission to bring together science, economics, technology, and policy making so all work in tandem for the greater good. Topics include digital manufacturing economies, manufacturing ring, importance of infrastructure and power for successful manufacturing, networks and internet, manufacturing policies, economic policies, education systems, water, importance of data in the manufacturing process, good manufacturing practices, and free-market manufacturing.

The Economic Policies of European Governments, Part II: Fiscal Policy

1978 ◽  
Vol 8 (4) ◽  
pp. 425-439 ◽  
Author(s):  
Andrew T. Cowart
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Policy Making ◽  
Policy Instruments ◽  
Economic Policies ◽  
Economic Stability ◽  
History Of ◽  
Post War ◽  
Classical Economic ◽  
Second World

While political controversies over the legitimacy of monetary interventions in Western economies were settled decades ago, the widespread acceptance of fiscal interventions as appropriate tools for achieving economic stability and economic growth is much more recent and much less pervasive. Even the pre-Depression classical economic model specified a role for government monetary policy: ensuring an appropriate stock of money. While institutions of monetary policy making now enjoy both a long history of utilizing monetary policy instruments and a low level of ideological conflict over the legitimacy of those interventions, the institutions of fiscal policy making enjoy neither. Though some governments had begun to practise fiscal interventions before the Second World War, the widespread use of such instruments is, by and large, a post-war phenomenon. Thus, governments have generally had less experience in learning ‘how to do it’.

scholarly journals Economics versus politics: pitfalls of policy advice

2013 ◽  
pp. 4-28
Author(s):  
D. Acemoglu ◽  
J. Robinson
Keyword(s):  
Political Economy ◽  
Economic Policy ◽  
Economic Efficiency ◽  
Policy Making ◽  
Market Failure ◽  
Careful Analysis ◽  
Economic Policies ◽  
Market Failures ◽  
Main Message ◽  
The Impact

The standard approach to policy making and advice in economics implicitly or explicitly ignores politics and political economy and maintains that if possible, any market failure should be rapidly removed. This essay explains why this conclusion may be incorrect; because it ignores politics, this approach is oblivious to the impact of the removal of market failures on future political equilibria and economic efficiency, which can be deleterious. We first outline a simple framework for the study of the impact of current economic policies on future political equilibria — and indirectly on future economic outcomes. We then illustrate the mechanisms through which such impacts might operate using a series of examples. The main message is that sound economic policy should be based on a careful analysis of political economy and should factor in its influence on future political equilibria.

Inconsistencies between Social-democratic Discourses and Neo-liberal Institutional Development in Chile and South Africa: a Comparative Analysis of the Post-authoritarian Periods1

2015 ◽  
Author(s):  
Rommy Morales Olivares
Keyword(s):  
South Africa ◽  
Economic Policy ◽  
Comparative Analysis ◽  
Policy Making ◽  
Institutional Development ◽  
Policy Framework ◽  
Economic Policies ◽  
Social Democratic ◽  
Socioeconomic Analysis ◽  
High Degree

This chapter examines how economic policies in post-authoritarian societies are influenced by policies formulated during previous authoritarian periods, as well as the mechanisms that lead to the continuity of an economic policy framework that allows the perpetuation of social inequality. The discussion centers on the relatively high degree of continuity in economic policy-making in Chile and South Africa, which have been examples of the neo-liberal reforms of the capitalist periphery and offer an additional complexity, and on the discursive level at which the economic and institutional development of both countries has been formulated. After a brief overview of both nations' historical contexts, the chapter offers a socioeconomic analysis of Chile's post-authoritarian period and compares it with South Africa's post-authoritarian period. It highlights five mechanisms of institutional continuity, which may serve as hypotheses to explain the neo-liberal trajectories of both countries.

Economics and ethics

2018 ◽  
Author(s):  
Daniel Hausman ◽  
Michael S. McPherson
Keyword(s):  
Moral Philosophy ◽  
Policy Making ◽  
Social Institutions ◽  
Normative Theory ◽  
Economic Policies ◽  
Human Beings ◽  
Social Phenomena ◽  
Rational Agents ◽  
Degree Of Satisfaction ◽  
Special Relevance

Unlike many other sciences, economics is linked both to ethics and to the theory of rationality. Although many economists regard economics as a ‘positive’ science of one sort of social phenomena, economics is built around a normative theory of rationality, and has a special relevance to policy making and the criticism of social institutions. Economics complements and intersects with moral philosophy in both the concepts it has constructed and in its treatment of normative problems. Fundamental to modern economics is its conception of human beings as rational agents, whose choices are determined by complete and transitive preferences. Although economists stress the usefulness of this notion of rationality in explaining human behaviour, rationality is clearly also a normative notion. The mathematical tools economists have developed to represent and study the implications of rational action in collective and interactive contexts are thus of immediate relevance to moral philosophers. Also of interest to moral philosophy is the problematic attempt in welfare economics to fashion a normative theory of economic institutions and policies around the goal of helping people satisfy their subjective preferences. This project relies, controversially, on equating people’s wellbeing with the degree of satisfaction of their subjective preferences; an individual’s ‘utility’ on this view is no more than an index of how well their subjective preferences are satisfied. Furthermore, since most welfare economists assume that there is no meaningful way to compare degrees of preference satisfaction across people, the project also requires a scheme for weighing the effectiveness of alternative economic arrangements in satisfying preferences without weighing the comparative satisfaction levels of different individuals. Central to the project is Pareto optimality – the notion of an ‘efficient’ arrangement as one in which no individual can achieve higher preference satisfaction without someone else undergoing a reduction in their satisfaction level. Economic policies and institutions can be appraised in terms of a variety of values other than efficiency. Notable both in historical and contemporary discussions are the values of liberty, justice and equality. Since a large part of economics is carried out with a view to its possible application to policy, ethics has a significant part to play in economics. By the same token, economics may be of great importance to ethics, both through its exploration of consequences and through the development of mathematical and conceptual tools.

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