The onslaught of globalization has brought with it sweeping changes to the foreign economic policy of the last 50 years. As the international political economy of nations and regions continues to be drawn and redrawn, this book traces the goals and instruments of foreign economic policy during this period, providing insight into the long-run trends and developing new theoretical generalizations. The book charts the journey from the point when foreign economic policy was solely concerned with foreign trade - pursued to promote the interests of individual countries - to the current globalization of the world economy that creates a uniform market in goods, services and factors of production that embrace all countries and regions.
The Making of Economic Policy begins by observing that most countries' trade policies are so blatantly contrary to all the prescriptions of the economist that there is no way to understand this discrepancy except by delving into the politics. The same is true for many other dimensions of economic policy. Avinash Dixit looks for an improved understanding of the politics of economic policy-making from a transaction cost perspective. Such costs of planning, implementing, and monitoring an exchange have proved critical to explaining many phenomena in industrial organization. Dixit discusses the variety of similar transaction costs encountered in the political process of making economic policy and how these costs affect the operation of different institutions and policies. Dixit organizes a burgeoning body of research in political economy in this framework. He uses U.S. fiscal policy and the General Agreement on Tariffs and Trade (GATT) as two examples that illustrate the framework, and show how policy often deviates from the economist's ideal of efficiency. The approach reveals, however, that some seemingly inefficient practices are quite creditable attempts to cope with transaction costs such as opportunism and asymmetric information. Copublished with the Center for Economic Studies and the Ifo Institute
This major new addition to Cambridge Studies in Modern Economic History analyses the economic policies of the Attlee Government, incorporating already published literature and much new research. It integrates the politics of economic policy-making with the economic arguments. It stresses the importance of the government's drive for efficiency, and strongly questions the claim that in building a 'welfare state' the government neglected production. It is the first comprehensive account of the Attlee government's economic policies.
An ambitious successor to W. Max Corden's highly acclaimed Inflation, Exchange Rates, and the World Economy, this book addresses topics in international macroeconomics that have come to the forefront of economic policy debates in recent years. Covering exchange rate policy, the European Monetary System, protection and competition, and the international "non-system" since the collapse of Bretton Woods, Corden provides a probing analysis of significant economic trends associated with the increasing integration of the world capital market. Beginning with essays on exchange rate policy, the current account, and external effects of fiscal policy, Corden lays out the foundations of balance-of-payments theory in relation to wage rates, income distribution, and inflation. Chapters on the European Monetary System focus on monetary integration and look skeptically at European proposals to move toward monetary union. Other topical essays discuss the "competitiveness" problem and the relation between protection and macroeconomic policy. Corden summarizes and clarifies a vast range of work on the coordination of macroeconomic policies and critically reviews various proposals for reforming the international monetary system.
Release on 1997-01-01 | by Brian Hocking,Michael Smith
Author: Brian Hocking,Michael Smith
Pubpsher: A&C Black
Category: Political Science
Investigates the ways in which the US responded to the European Community's Single Market Program, launched in the 1980s, arguing that foreign economic policy is the product of interests and actions expressed by a wide range of groups and at many different levels. Analyzes changes faced by the US in the world political economy of the 1990s, and details the process by which Congress, state governments, and US executives and firms responded to the Single Market Program, looking especially at issues of public procurement, and standards, testing, and certification. Distributed by Books International. Annotation copyrighted by Book News, Inc., Portland, OR