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A Wealth of Knowledge and Learning… ...Economics Journals from Cambridge

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The Discursive Dilemma as a Lottery Paradox 301 Disproving the Coase Theorem? 321 Harsanyi before Economics Harsanyi before Economics: An Introduction 343 The Logical Structure of Philosophical Errors 349 Discussions A Response to Dasgupta 359 Reply to Putnam and Walsh 365 Weighing Lives – An Applied Economist’s Perspective 373 Reply to Jones-Lee 385 Reviews Conceptual foundations of antitrust by Oliver Black 389 Laws of fear: beyond the precautionary principle by Cass R. Sussman 395 The methodology of experimental economics by Francesco Guala 401

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Sidgwick’s Epistemology John Deigh

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Hume on Forgiveness and the Unforgivable Glen Pettigrove

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What Even Consequentialists Should Say About the Virtues Luke Russell

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Pairwise Comparison and Numbers Skepticism Nien-hê Hsieh, Alan Strudler and David Wasserman

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T. M. Scanlon, What We Owe to Each Other Jussi Suikkanen

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Hilary Putnam, Ethics without Ontology Daniel R. Boisvert

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Ajume H. Wingo, Veil Politics in Liberal Democratic States Jonathan Seglow

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Book reviews Christophe Lastecouères, Les feux de la banque: oligarchie et pouvoir financier dans le Sud-Ouest (1848–1941) (reviewer: Patrice Baubeau) Paolo Mauro, Nathan Sussman and Yishay Yafeh, Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870–1913 and Today (reviewer: Daniel Waldenström) Ranald C. Michie, The Global Securities Market: a History (reviewer: Bernard Attard) Göran B. Nilsson, The Founder, André Oscar Wallenberg (1816–1886): Swedish Banker, Politician and Journalist, trans. Michael F. Metcalf (reviewer: Malik Mazbouri)

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Economic Thought, Philosophy and Methodology

Economic Thought, Philosophy and Methodology The Romantic Economist Imagination in Economics Richard Bronk London School of Economics and Political Science

Since economies are dynamic processes driven by creativity, social norms, and emotions as well as rational calculation, why do economists largely study them using static equilibrium models and narrow rationalistic assumptions? Bronk argues that economists should look for new techniques in Romantic poetry and philosophy. ‘The Romantic Economist is a miracle, combining sophisticated economics with, of all things, sophisticated literary criticism – in aid of the economics. An economics that recognized our Wordsworthian selves, Richard Bronk argues in a lucid and learned style, would do much better at the analysis of getting and spending. The world is too much with us if we do not have a humanistic science of economics. Bronk is among the handful of modern students of the economy who sees this clear. Literary folk can learn from Bronk about the dismal science. But it is the tribe of the Econ who need him most. Fortunately they will find the needful assignment here a delight.’ Deirdre McCloskey, author of The Bourgeois Virtues: Ethics for an Age of Commerce (2006) 2009 228 x 152 mm 400pp 978-0-521-51384-5 Hardback £45.00 978-0-521-73515-5 Paperback £17.99 www.cambridge.org/9780521513845

The Methodology of Positive Economics

Justice, Political Liberalism, and Utilitarianism

Reflections on the Milton Friedman Legacy Edited by Uskali Mäki

Université de Paris V

Forthcoming

Themes from Harsanyi and Rawls Edited by Marc Fleurbaey

Erasmus Universiteit Rotterdam

Maurice Salles

Milton Friedman’s 1953 essay ‘The methodology of positive economics’ remains the most cited, influential, and controversial piece of methodological writing in twentieth-century economics. In this book, a team of worldrenowned experts in the methodology of economics assess the impact and significance of Friedman’s seminal work.

Université de Caen, France

2009 228 x 152 mm 382pp 3 figures 1 graph 978-0-521-86701-6 Hardback £65.00 978-0-521-68686-0 Paperback £25.99 www.cambridge.org/9780521867016

eBook available

Forthcoming

Reciprocity An Economics of Social Relations Serge-Christophe Kolm Ecole des Hautes Etudes en Sciences Sociales, Paris

Reciprocity is a crucial part of our social and economic lives, yet until recently it has been somewhat ignored by economists. Serge-Christophe Kolm shows us that reciprocity and altruism play an important role, not just in the micro-economy of the family but also in the macro-economy of the state. Advance praise: ‘Over the last forty years SergeChristophe Kolm has produced a body of writings that show him to be one of the most creative and profound economists of our day. In his ability to go the core of the matter – whatever it is – he has few equals. In Reciprocity he offers the fullest analysis of the topic to date, by any social scientist – a true summa.’

1

and John A. Weymark Vanderbilt University, Tennessee

This collection of essays on Harsanyi and Rawls is intended for audiences across economics, political science, and philosophy. 2008 228 x 152 mm 472pp 978-0-521-64093-0 Hardback £45.00 www.cambridge.org/9780521640930

Driving Innovation Intellectual Property Strategies for a Dynamic World Michael A. Gollin Venable LLP, Washington DC

This book shows how intellectual property can expand innovation globally, if it is managed strategically. 2008 234 x 156 mm 430pp 13 tables 978-0-521-87780-0 Hardback £45.00 978-0-521-70169-3 Paperback £17.99 eBook available

www.cambridge.org/9780521877800

Harry Johnson A Life in Economics D. E. Moggridge University of Toronto

Chronicles eminent economist Harry Johnson’s intellectual development and contributions to economic research and policy. Historical Perspectives on Modern Economics

2008 228 x 152 mm 504pp 978-0-521-87482-3 Hardback £55.00 eBook available

www.cambridge.org/9780521874823

Jon Elster, Collège de France

The Economics of Karl Marx Analysis and Application Samuel Hollander Ben Gurion University of the Negev, Israel

An account and technical assessment of Marx’s economic analysis in Capital and other documents. Historical Perspectives on Modern Economics

2008 228 x 152 mm 550pp 3 tables 978-0-521-79078-9 Hardback £80.00 978-0-521-79399-5 Paperback £38.00

Federico Caffè Lectures

2008 216 x 138 mm 408pp 11 line figures 11 figures 5 graphs 978-0-521-88265-1 Hardback £55.00 eBook available

www.cambridge.org/9780521882651

Forthcoming

An Introduction to Decision Theory Martin Peterson Royal Institute of Technology, Stockholm

This clearly written introduction covers all the main aspects of decision theory including utility theory, subjective and objective probability, Bayesianism, causal decision theory, game theory, and social choice theory. No mathematical background is assumed and a full

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Economic Thought, Philosophy and Methodology / Econometrics glossary and over 100 exercises help the reader to fully understand the area. Cambridge Introductions to Philosophy

2009 247 x 174 mm 328pp 95 tables 4 graphs 978-0-521-88837-0 Hardback £45.00 978-0-521-71654-3 Paperback £14.99 www.cambridge.org/9780521888370

Econometrics Textbook

Running Regressions A Practical Guide to Quantitative Research in Economics, Finance and Development Studies Michelle C. Baddeley University of Cambridge

and Diana V. Barrowclough United Nations Conference on Trade and Development (UNCTAD), Geneva

Introduces first-year social science undergraduates, particularly those studying economics and business, to the practical aspects of simple regression analysis, without adopting an esoteric, mathematical approach. ‘This book shows how econometrics can be of real value to understanding major global problems such as violent conflict and poverty. With an easily readable style, the book encourages everyone to try their hand at running regressions.’ Anthony Addison, University of Manchester

Contents: List of figures; List of tables; List of boxes; List of acronyms; How to use this book; Part I. Simple Regression and Data Analysis: 1. An introduction to ordinary least squares; 2. Running simple regressions: global poverty and growth; 3. Using logs and estimating elasticities: demand for air travel; 4. Hypothesis testing: health expenditures and the quality of life; Part II. Multiple Regression and Diagnostic Testing: 5. Multiple regression analysis: housing demand in the UK; 6. Heteroscedasticity: R&D, innovation and economic performance; 7. Autocorrelation: tourism and the environment; 8. Model misspecification: Tobin’s q and investment in the USA; Part III. Time Series Econometrics: 9. Structural breaks, non-stationarity and spurious regressions: venture capital and computing investment in the USA; 10. Error correction models AND cointegration: consumption and the multiplier in the UK; Part IV. Advanced Topics: 11. Panel estimation: divorce and income; 12. Binary dependent variables: war and poverty; Index. 2009 247 x 174 mm 310pp 34 tables 41 figures 43 graphs 978-0-521-84211-2 Hardback £60.00 978-0-521-60308-9 Paperback £23.99 www.cambridge.org/9780521842112

Textbook

Microeconometrics Methods and Applications A. Colin Cameron University of California, Davis

and Pravin K. Trivedi Indiana University, Bloomington

This text is the most comprehensive work to date on microeconometrics, its methods and applications. ‘This book presents an elegant and accessible treatment of the broad range of rapidly expanding topics currently being studied by microeconometricians. Thoughtful, intuitive, and careful in laying out central concepts of sophisticated econometric methodologies, it is not only an excellent textbook for students, but also an invaluable reference text for practitioners and researchers.’ Cheng Hsiao, University of Southern California

Contents: 1. Introduction; 2. Causal and non-causal models; 3. Microeconomic data structures; 4. Linear models; 5. ML and NLS estimation; 6. GMM and systems estimation; 7. Hypothesis tests; 8. Specification tests and model selection; 9. Semiparametric methods; 10. Numerical optimization; 11. Bootstrap methods; 12. Simulation-based methods; 13. Bayesian methods; 14. Binary outcome models; 15. Multinomial models; 16. Tobit and selection models; 17. Transition data: survival analysis; 18. Mixture models and unobserved heterogeneity; 19. Models of multiple hazards; 20. Models of count data; 21. Linear panel models: basics; 22. Linear panel models: extensions; 23. Nonlinear panel models; 24. Stratified and clustered samples; 25. Treatment evaluation; 26. Measurement error models; 27. Missing data and imputation; A. Asymptotic theory; B. Making pseudo-random draw. 2005 253 x 177 mm 1056pp 43 line figures 101 tables 978-0-521-84805-3 Hardback £50.00 eBook available

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Introductory Econometrics Using Monte Carlo Simulation with Microsoft Excel Humberto Barreto Wabash College, Indiana

and Frank Howland Wabash College, Indiana

This accessible textbook, CD-ROM and supporting web site use Excel (R) to teach introductory econometrics. ‘Hats off to Barreto and Howland for a clearly-written text that introduces the undergraduate to data analysis

and econometric techniques using Excel. The book’s strength is in using Monte Carlo simulation to illustrate sampling theory and the Gauss Markov theorem. I am in total agreement with the authors that computer-based exercises help to make abstract concepts operations and meaningful. Most juniors and seniors are familiar with the basic features of Excel spreadsheets. Showing them how to use SOLVER, the DATA ANALYSIS TOOLS, and to run Monte Carlo simulations, allows an instructor to take a familiar tool (Excel) and use it to introduce undergraduates to econometrics in an intuitive and non-threatening way.’ Jon M. Conrad, Cornell University

Contents: 1. Introduction; Part I. Description: 2. Correlation; 3. Pivot tables; 4. Computing regression; 5. Interpreting regression; 6. Functional form; 7. Multivariate regression; 8. Dummy variables; Part II. Inference: 9. Monte Carlo simulation; 10. Inferential statistics review; 11. Measurement box model; 12. Comparing two populations; 13. The classical econometric model; 14. The Gauss Markov theorem; 15. Understanding the standard error; 16. Hypothesis testing and confidence intervals; 17. F tests; 18. Omitted variable bias; 19. Heteroskedasticity; 20. Autocorrelation; 21. The series topics; 22. Dummy dependent variables; 23. Bootstrap; 24. Simultaneous equations. 2006 253 x 177 mm 798pp 4 tables 978-0-521-84319-5 Hardback £43.00 eBook available

www.cambridge.org/9780521843195

The Econometric Modelling of Financial Time Series Third edition Terence C. Mills Loughborough University

and Raphael N. Markellos Athens University of Economics and Business

The latest research techniques and findings relating to the empirical analysis of financial markets. 2008 247 x 174 mm 470pp 85 line figures 34 tables 63 figures 85 graphs 978-0-521-71009-1 Paperback £25.99 eBook available

www.cambridge.org/9780521710091

Econometric Society Monographs / Mathematical Methods and Programming

Econometric Society Monographs Theory of Decision under Uncertainty Itzhak Gilboa Tel-Aviv University and HEC, Paris

This book describes classical axiomatic theories of decision under uncertainty, critiques thereof, and alternative theories. It discusses the meaning of probability, focusing on the behavioral definition of subjective probability by Savage’s theorem. It presents nonadditive and multiple prior theories, as well as the case-based approach to the formation of beliefs. ‘This is a fantastic book. It presents an intelligent, rigorous, and thoughtprovoking treatment of the theory of choice under uncertainty. The combination of philosophical and mathematical approaches is a treat. Graduate students and professional economists alike have much to learn from this book.’ Daron Acemoglu, Massachusetts Institute of Technology Econometric Society Monographs

2009 228 x 152 mm 230pp 978-0-521-51732-4 Hardback £50.00 978-0-521-74123-1 Paperback £16.99 www.cambridge.org/9780521517324

Mathematical Methods and Programming

Price and Quantity Index Numbers Models for Measuring Aggregate Change and Difference Bert M. Balk Statistics Netherlands and Erasmus Universiteit Rotterdam

The first comprehensive text on index number theory since Irving Fisher’s 1922 The Making of Index Numbers. 2008 228 x 152 mm 300pp 978-0-521-88907-0 Hardback £48.00 www.cambridge.org/9780521889070

Multiagent Systems Algorithmic, Game-Theoretic, and Logical Foundations Yoav Shoham Stanford University, California

and Kevin Leyton-Brown University of British Columbia, Vancouver

Multiagent systems are those that include multiple autonomous entities with either diverging information or diverging interests, or both. This thorough introduction to a burgeoning field is written from a computer science perspective, while bringing together ideas from operations research, game theory, economics, logic, and even philosophy and linguistics. 2009 253 x 177 mm 504pp 14 tables 978-0-521-89943-7 Hardback £35.00 eBook available

www.cambridge.org/9780521899437

Textbook

Analysis of Variance Designs A Conceptual and Computational Approach with SPSS and SAS Glenn Gamst University of La Verne, California

Lawrence S. Meyers

Stochastic Approximation

California State University, Sacramento

A Dynamical Systems Viewpoint Vivek S. Borkar

This textbook explains ANOVA designs for advanced undergraduates and graduate students in the behavioural sciences.

Tata Institute of Fundamental Research, Mumbai, India

Simple, compact toolkit for designing and analyzing algorithms, with concrete examples from control and communications engineering, artificial intelligence, economic modelling.

and A. J. Guarino Auburn University, Alabama

2008 253 x 177 mm 594pp 38 tables 36 exercises 978-0-521-87481-6 Hardback £45.00 eBook available

www.cambridge.org/9780521874816

3

New Edition Forthcoming

Input-Output Analysis Foundations and Extensions Second edition Ronald E. Miller University of Pennsylvania

and Peter D. Blair National Academy of Sciences, Washington DC

The new edition of this classic textbook is an essential reference for students and scholars in the input-output research and applications community. New topics covered include SAMs (and extended input-output models) and their connection to input-output data, structural decomposition analysis (SDA), multiplier decompositions, identifying important coefficients, and international input-output models. 2009 247 x 174 mm 785pp 153 tables 41 figures 24 graphs 978-0-521-51713-3 Hardback c. £85.00 978-0-521-73902-3 Paperback c. £40.00 Publication July 2009 www.cambridge.org/9780521517133

Markov Chains and Stochastic Stability Second edition Sean Meyn University of Illinois, Urbana-Champaign

and Richard L. Tweedie University of Minnesota

Prologue by Peter W. Glynn

New up-to-date edition of this influential classic on Markov chains in general state spaces. Proofs are rigorous and concise, the range of applications is broad and knowledgeable, and key ideas are accessible to practitioners with limited mathematical background. New commentary by Sean Meyn, including updated references, reflects developments since 1996. ‘This second edition remains true to the remarkable standards of scholarship established by the first edition … it will no doubt be a very welcome addition to the literature.’ Peter W. Glynn, Prologue to the Second Edition Cambridge Mathematical Library

2009 247 x 174 mm 622pp 4 tones 17 figures 978-0-521-73182-9 Paperback £30.00 www.cambridge.org/9780521731829

2008 228 x 152 mm 176pp 978-0-521-51592-4 Hardback £35.00 www.cambridge.org/9780521515924

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Mathematical Methods and Programming / Microeconomics Forthcoming

A Quantitative Tour of the Social Sciences Edited by Andrew Gelman Columbia University, New York

and Jeronimo Cortina

This overview by prominent social scientists gives a friendly, non-technical sense of how quantitative research is done in different areas. Readers will find out about models and ways of thinking in economics, history, sociology, political science, and psychology, which in turn they can bring back to their own work. ‘A marvelous sampler of quantitative approaches to social science across a range of disciplines. The authors forsake the dry and mechanical overviews that typify introductory texts in favor of focused forays into specific problems, deemed representative of their discipline’s theoretical and empirical output. These engrossing stories of research make the volume a lively and informative read.’ John Gerring, author of Social Science Methodology and Case Study Research: Principles and Practices 2009 228 x 152 mm 368pp 49 line figures 32 tables 63 exercises 978-0-521-86198-4 Hardback £50.00 978-0-521-68003-5 Paperback £17.99 www.cambridge.org/9780521861984

Microeconomics NEW

Insights into Game Theory An Alternative Mathematical Experience Ein-Ya Gura Hebrew University of Jerusalem

and Michael Maschler Hebrew University of Jerusalem

The mathematical complexity of game theory is often very intimidating for students who have only a basic understanding of mathematics. Insights into Game Theory addresses this problem by providing students with an understanding of the key concepts and ideas of game theory without using formal mathematical notation. Advance praise: ‘Game theory has come of age – it can now be taught to children! This book shows how beautiful and significant insights of Game Theory

can be obtained using elementary mathematics and sophisticated reasoning. Highly recommended!’ Sergiu Hart, Alice Kusiel and Kurt Vorreuter University Professor, Center for Rationality, The Hebrew University of Jerusalem, and President of the Game Theory Society 2008 228 x 152 mm 250pp 87 line figures 87 figures 978-0-521-87422-9 Hardback £40.00 978-0-521-69692-0 Paperback £14.99 eBook available

www.cambridge.org/9780521874229

Forthcoming

Intermediate Microeconomics with Microsoft Excel Humberto Barreto Wabash College, Indiana

This unique text uses Microsoft Excel® workbooks to instruct students. In addition to explaining fundamental concepts in microeconomic theory, readers acquire a great deal of sophisticated Excel skills and gain the practical mathematics needed to succeed in advanced courses. Contents: Introduction; Part I. The Theory of Consumer Behavior: 1. Budget constraint; 2. Satisfaction; 3. Optimal choice; 4. Comparative statistics; 5. Endowment models; 6. Bads; 7. Search theory; 8. Behavioral economics; Part II. The Theory of the Firm: 9. Production function; 10. Input cost minimization; 11. Output profit maximization; 12. Input profit maximization; 13. Consistency in the theory of the firm; 14. Monopoly; 15. Game theory; Part III. The Market System: 16. Partial equilibrium; 17. General equilibrium; Conclusion. 2009 253 x 215 mm 552pp 125 line figures 131 tones 1 table 978-0-521-89902-4 Hardback c. £48.00 Publication July 2009 www.cambridge.org/9780521899024

Forthcoming

The Theory of the Firm Microeconomics with Endogenous Entrepreneurs, Firms, Markets, and Organizations Daniel F. Spulber Northwestern University, Illinois

The Theory of the Firm presents an innovative general framework for understanding the economics of the firm. Entrepreneurs play a pivotal role by establishing firms. The book addresses why firms exist and the contributions firms make to the economy. The book reexamines the foundations of

microeconomics by making institutions endogenous. ‘Daniel Spulber has produced nothing less than a magisterial work. His treatment of firm formation and the role of entrepreneurs in economic activity makes it a certainty that introductory texts in economics will have to be rewritten to accommodate the importance of his work and insight. For the first time, Schumpeter’s work has been expanded and settled within the context of modern economics such that the transformation of our economy toward entrepreneurial capitalism has a new and profoundly well-reasoned theoretical basis.’ Carl J. Schramm, President, Ewing Marion Kauffman Foundation 2009 228 x 152 mm 544pp 44 line figures 5 tables 978-0-521-51738-6 Hardback £75.00 978-0-521-73660-2 Paperback £22.99 www.cambridge.org/9780521517386

Economics and Marijuana Consumption, Pricing and Legislation Kenneth W. Clements University of Western Australia, Perth

and Xueyan Zhao Monash University, Victoria

Do marijuana users cut back on consumption when the price rises? To what degree is marijuana consumption related to drinking and tobacco usage? This book applies the economic approach to drugs to analyse consumption, pricing and the economics of legalising the use of marijuana. ‘Ken Clements and Xueyan Zhao do a marvellous job in analysing and explaining the many factors that affect the demand for marijuana, the way it is priced, and the issues arising from legalising this illicit drug. If you were not convinced that economists can improve our understanding of the social problems arising from the use of marijuana, you will be convinced after reading this book.’ Professor Paul De Grauwe, Katholieke Universiteit Leuven, Belgium 2009 228 x 152 mm 472pp 99 tables 139 figures 978-0-521-88495-2 Hardback c. £55.00 Publication September 2009 www.cambridge.org/9780521884952

Microeconomics / Macroeconomics and Monetary Economics Communication in Mechanism Design A Differential Approach Steven R. Williams University of Illinois, Urbana-Champaign

Develops a calculus-based theory of communication in economic mechanisms. 2008 228 x 152 mm 216pp 978-0-521-85131-2 Hardback £45.00 eBook available

www.cambridge.org/9780521851312

Handbook of Procurement Edited by Nicola Dimitri

practitioners, and policymakers with an easily accessible set of tools that can be used to analyze a wide range of economic phenomena. ‘The team of Altug and Labadie have produced another superb book. Their first book sits on my book shelf where it is easy to reach. This second one will too.’ William A. Brock, Professor of Economics, University of Wisconsin – Madison 2008 247 x 174 mm 600pp 22 line figures 4 tables 22 figures 19 graphs 978-0-521-87585-1 Hardback £70.00 978-0-521-69914-3 Paperback £31.99 eBook available

www.cambridge.org/9780521875851

Università degli Studi di Roma ‘Tor Vergata’

and Giancarlo Spagnolo Stockholm School of Economics

An authoritative guide to the fundamental aspects of successful procurement design and management. 2006 247 x 174 mm 560pp 19 tables 9 figures 978-0-521-87073-3 Hardback £69.00 eBook available

www.cambridge.org/9780521870733

Designing Economic Mechanisms Leonid Hurwicz University of Minnesota

and Stanley Reiter Northwestern University, Illinois

This book presents methods for designing institutions that direct and co-ordinate economic activity to achieve specified goals. 2008 228 x 152 mm 354pp 978-0-521-72410-4 Paperback £19.99 eBook available

www.cambridge.org/9780521724104

Macroeconomics and Monetary Economics NEW

Asset Pricing for Dynamic Economies Sumru Altug

Textbook

The Economics of Exchange Rates Lucio Sarno University of Warwick

and Mark P. Taylor University of Warwick

Foreword by Jeffery A. Frankel

Presents recent developments in theory and empirics of exchange rate economics. ‘Sarno and Taylor’s book is a tour de force. The exposition is comprehensive, covering contributions from all corners of the field, and covering the range from the seminal models of the 1970s to the latest discoveries on the theoretical and econometric frontiers of the 2000s. There is no excess verbiage or mathematics. Everything is there to serve a purpose. This is the current state of knowledge.’ Jeffrey A. Frankel, Harvard University

‘It is hard to think of a single monetary event more important than the creation of European Monetary Union. Otmar Issing, the intellectual force behind the first decade of the European Central Bank, has written a brilliant account of the debates and struggles behind the birth of the Euro, an event which has reshaped the world monetary order.’ Mervyn A. King, Governor Bank of England 2008 228 x 152 mm 296pp 7 tables 20 figures 18 graphs 978-0-521-51673-0 Hardback £45.00 978-0-521-73186-7 Paperback £15.99 www.cambridge.org/9780521516730

Globalisation, Regionalism and Economic Interdependence Edited by Filippo di Mauro European Central Bank

Stéphane Dees European Central Bank

and Warwick J. McKibbin Australian National University, Canberra

An assessment of the extent to which increased global and regional integration has changed the functioning of the world economy. With contributions from both academics and professionals, it analyses the implications for global trade, relocation of production, structural changes and the international transmission of shocks. 2009 228 x 152 mm 182pp 140 line figures 30 tables 46 figures 140 graphs 978-0-521-88606-2 Hardback £55.00

Contents: 1. Introduction; 2. Foreign exchange market efficiency; 3. Purchasing power parity and the real exchange rate; 4. Exchange rate determination: theories and evidence; 5. New open economy macroeconomics; 6. Currency unions, pegged exchange rates, and target zone models; 7. Official intervention in the foreign exchange market; 8. Models of currency crisis and speculative attack; 9. Foreign exchange market microstructure.

eBook available

2003 247 x 174 mm 330pp 10 figures 978-0-521-48584-5 Paperback £29.99

Harvard University, Massachusetts

eBook available

www.cambridge.org/9780521485845

The Birth of the Euro

Koç University, Istanbul

Otmar Issing

and Pamela Labadie

Former Chief Economist, European Central Bank

George Washington University, Washington DC

Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This unique insider account, written by one of the Euro’s principal architects, combines personal

This introduction to general equilibrium modeling takes an integrated approach to the analysis of macroeconomics and finance. It provides students,

memoir with reference to the academic and policy literature.

eBook available

Università degli Studi, Siena

Gustavo Piga

5

www.cambridge.org/9780521886062

Markets, Money and Capital Hicksian Economics for the Twenty First Century Edited by Roberto Scazzieri Università degli Studi, Bologna, Italy

Amartya Sen and Stefano Zamagni Università degli Studi, Bologna, Italy

Sir John Hicks was one of the leading economic theorists of the twentieth century, jointly winning the Nobel Prize for his work in 1972. This volume addresses Hicks’s intellectual heritage and discusses how his ideas suggest a

Visit our website at www.cambridge.org

6

Macroeconomics and Monetary Economics / International Economics distinct approach to economic theory and policy making. ‘John Hicks, one of the greatest economists of the twentieth century, had a highly varied set of interests and viewpoints. This collection of essays, written by former students and others close to the corpus of this thought, gives deep insight into the broad theoretical syntheses which have had so much influence, together with the special nuances of Hicks’s approaches and interpretations of economic reality. The depth and thoroughness of the writers’ approaches lift this volume far above the narrow interpretations of Hicks’s work.’ Kenneth J. Arrow, Nobel laureate and Emeritus Professor of Economics, Stanford University 2009 228 x 152 mm 466pp 5 tables 33 figures 978-0-521-87321-5 Hardback £55.00 eBook available

www.cambridge.org/9780521873215

International Economics NEW Textbook

The New Introduction to Geographical Economics Second edition Steven Brakman Rijksuniversiteit Groningen, The Netherlands

Harry Garretsen Rijksuniversiteit Groningen, The Netherlands

and Charles van Marrewijk Universiteit Utrecht, The Netherlands

Geographical economics starts from the observation that economic activity is clearly not randomly distributed across space. This revised and updated introduction to geographical economics uses the modern tools of economic theory to explain the who, why and where of the location of economic activity. ‘Geographical economics is a broad field which encompasses or connects with the economics of region, cities, location, trade, development, and growth. Academic research in these areas has gone in many directions and made lots of progress in recent years. The first accomplishment of this New Introduction to Geographical Economics was to digest this diverse and fast growing body of knowledge. The second achievement of this

great book is to be able to present everything in a clear, comprehensive, and accessible manner.’ Gilles Duranton, Noranda Chair in International Trade and Development, University of Toronto

Contents: List of figures; List of tables; List of boxes; List of technical notes; Preface to the new edition; Part I. Introduction: 1. A first look at geography, trade, and development; 2. Geography and economic theory; Part II. Core Models and Empirical Evidence: 3. The core model of geographical economics; 4. Beyond the core model: solutions, simulations and extensions; 5. Agglomeration, the home market effect and spatial wages; 6. Shocks, free-ness of trade, and stability; Part III. Applications and Extensions: 7. Cities and congestion: economies of scale, urban systems and Zipf’s Law; 8. Agglomeration and international business; 9. The structure of international trade; 10. Dynamics, growth and geography; Part IV. Policy and Evaluation: 11. The policy implications of geographical economics; 12. Criticism and the value added of geographical economics; References; Index. 2009 247 x 174 mm 596pp 17 maps 58 tables 113 figures 143 graphs 978-0-521-87532-5 Hardback £75.00 978-0-521-69803-0 Paperback £35.00 www.cambridge.org/9780521875325

A Handbook of Primary Commodities in the Global Economy Marian Radetzki Luleå Tekniska Universitet, Sweden

The world is going through an exceptional commodity boom. This book is a guide to the ins and outs of this increasingly crucial part of the world economy. Assuming nothing more from readers than a basic understanding of economics, Marian Radetzki introduces and explains pertinent issues surrounding international commodity markets. ‘Professor Radetzki has produced a magisterial account of primary commodities and their persistent and critical importance in the world economy. This timely, well-written, and accessible handbook covers the history and geography of the subject as well as the economics, institutions, and controversies involved, and deserves wide readership in industry and government offices as well as in academia.’ Thorvaldur Gylfason, Professor of Economics, University of Iceland 2008 228 x 152 mm 244pp 11 line figures 25 tables 11 figures 978-0-521-88020-6 Hardback £55.00 eBook available

www.cambridge.org/9780521880206

Forthcoming

Arab Economies in the Twenty-First Century Paul Rivlin Tel-Aviv University

This book examines the relationship between demographic and economic development in Arab countries and asks why this imbalance has continued so long. It examines historic explanations for its economic failures, some of which are quite controversial. ‘Rivlin’s analysis of the Arab economies is the most thorough and astute available today, offering exceptional insights into the interactions of history, politics, and economics across the region. Rivlin focuses our attention on how the Arab world has squandered the ‘demographic gift’ of a rapidly growing work force and shrinking portion of dependents. He shows how political conservatism has not only been supported by oil revenues and remittances, it has blocked the reforms needed to promote modern education and rapid industrialization. As a result, rapid labor force growth has not been a source of rising productivity, but of rising unemployment, political restiveness, and radicalism.’ Jack A. Goldstone, George Mason University 2009 228 x 152 mm 328pp 32 line figures 62 tables 978-0-521-89500-2 Hardback £45.00 978-0-521-71923-0 Paperback £15.99 www.cambridge.org/9780521895002

Textbook

Global Competitive Strategy Daniel F. Spulber Northwestern University, Illinois

An indispensable strategic toolkit for international business. ‘In our fiercely competitive global landscape, it is critical to stay several steps ahead of the trends, markets and technologies that ensure success. Daniel Spulber’s insightful methodology is a must-read for international business managers looking for a strategic advantage.’ Bill McDermott, President & CEO, SAP Americas

Contents: List of figures; List of tables; Preface; Acknowledgements; Introduction: the global challenge; 1. The global mosaic; 2. Global strategic analysis; 3. Global competitive advantage; 4. Global competitive strategy; 5. Global investment strategy: choosing the best mix of transactions and investment; 6. The global

International Economics business organization; 7. Lenovo: entering global competition; 8. Cemex: making global markets; 9. Dairy farm: regional retail strategy; 10. Danone: organizing for global competition; Conclusion.

and the developing world; Part VII. The enlargement, success and future of the EU: 26. Enlargement; 27. Has the EU been successful?; 28. The future of the EU; References; Author index; Subject index.

2007 247 x 174 mm 304pp 22 line figures 22 tables 22 figures 1 graph 978-0-521-88081-7 Hardback £31.99 eBook available

2007 246 x 189 mm 630pp 69 line figures 4 maps 69 figures 60 graphs 978-0-521-87443-4 Hardback £75.00 978-0-521-69727-9 Paperback £35.00

www.cambridge.org/9780521880817

eBook available

An Introduction to International Economics and Business Steven Brakman

www.cambridge.org/9780521874434

Rijksuniversiteit Groningen, The Netherlands

Textbook

The European Union Economics and Policies Eighth edition Edited by Ali El-Agraa Fukuoka University, Japan

The European Union provides a comprehensive introduction to the economics and policies of the EU. ‘El-Agraa’s (2007) textbook is designed for readers from all disciplines studying the EU, its economics and policies and the effects of economic integration. It offers an overview of economic policies and principles (including chapters on theories of economic and on monetary integration) and touches on various policy-making areas. It is among the most useful textbooks for those mainly interested in the economics of the EU.’ Journal of Common Market Studies

Contents: List of figures; List of tables; List of contributors; Preface; A guide for users; List of abbreviations; 1. General introduction: the EU within the global context of regional integration; Part I. EU History, Institutions, Legal Dimension and Basic Statistics: 2. A history of European integration and evolution of the EU; 3. EU institutions; 4. The legal dimension in EU integration; 5. The basic statistics; Part II. EU market integration: theory and practice: 6. The theory of economic integration; 7. The economics of the single market; 8. Factor mobility; 9. Measuring the impact of economic integration; Part III. EU Monetary Integration: 10. The theory of monetary integration; 11. The development of EU economic and monetary integration; 12. The operation of EMU; Part IV. The Single European Market: policy and integration: 13. Competition policy; 14. Industrial and competitiveness policy: the Lisbon Strategy; 15. Tax harmonization; 16. Transport policy; 17. Energy policy and energy markets; 18. Environmental policy; Part V. EU budget and structural policies: 19. The general budget; 20. The Common Agricultural Policy; 21. The Common Fisheries Policy; 22. Regional policy; 23. Social policies: the employment dimension; Part VI. EU External Relations: 24. External trade policy; 25. The EU

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www.cambridge.org/9780521873680

Textbook

Nations and Firms in the Global Economy

Harry Garretsen

Russia Since 1980

Universiteit Utrecht, The Netherlands

Steven Rosefielde

Erasmus Universiteit Rotterdam

University of North Carolina, Chapel Hill

and Stefan Hedlund Uppsala universitet, Sweden

Russia Since 1980 recounts the epochal political, economic, and social changes that destroyed the Soviet Union, ushering in a perplexing new order. Two decades after Mikhail Gorbachev initiated his regime-wrecking radical reforms, Russia has reemerged as a superpower. Russia will continue challenging the West until it breaks with its cultural legacy. ‘For all those who believe that Russia has turned a developmental or economic, not to mention political, corner, this is a necessary and hardhitting corrective. It also is a sobering analysis of what Russian society has undergone for almost thirty years and is likely to experience in the future. After reading this bracing and valuable analysis, few, if any, analysts will be able to look at Gorbachev, Yeltsin, and Putin in the same light as before. And for that we should be grateful.’ Stephen Blank, Strategic Studies Institute US Army War College The World Since 1980

2009 228 x 152 mm 374pp 26 tables 978-0-521-84913-5 Hardback £45.00 978-0-521-61384-2 Paperback £14.99 eBook available

www.cambridge.org/9780521849135

Foreign Direct Investment in Japan Multinationals’ Role in Growth and Globalization Ralph Paprzycki Hitotsubashi University, Tokyo

and Kyoji Fukao Hitotsubashi University, Tokyo

Foreign Direct Investment in Japan presents a detailed examination of recent trends of inward foreign direct investment (FDI) and their impact on the Japanese economy.

Charles Van Marrewijk and Arjen Van Witteloostuijn Rijksuniversiteit Groningen, The Netherlands

An introductory textbook with a uniquely integrated approach to international economics, international business and globalisation. ‘International trade and international business have hitherto existed in two separate worlds – a world of nations and a world of firms – in academic teaching and even in research. This book gives us a welcome integration of the two at the level of teaching. Students who use it will develop a unified vision that will benefit them in their future careers, whether in business, government, international institutions, or academic research.’ Avinash K. Dixit, Department of Economics, Princeton University

Contents: Tables; Figures; Boxes; Preface; Course structure; Part I. Introduction: 1. The global economy; 2. International accounting practices; Part II. Firms, Trade and Location: 3. Trade and comparative advantage; 4. Trade and competitive advantage; 5. Firms, location, and agglomeration; Part III. Capital, Currency and Crises: 6. International capital mobility; 7. Gains from capital market integration; 8. Investors, exchange rates and currency crises; 9. Financial crises, firms, and the open economy; Part IV. Policy, Dynamics, and Organization: 10. Trade and capital restrictions; 11. Globalization and economic growth; 12. Nations and organization; Part V. Conclusion: 13. Globalization: is it really happening?; 14. Towards an international economics and business?; References; Index. 2006 247 x 174 mm 474pp 70 tables 95 figures 978-0-521-83298-4 Hardback £63.00 978-0-521-54057-5 Paperback £28.99 eBook available

www.cambridge.org/9780521832984

2008 228 x 152 mm 288pp 31 line figures 16 tables 978-0-521-87368-0 Hardback £45.00 eBook available

eBooks available at www.cambridge.org/online

8

International Economics / World Trade Organization Forthcoming

Japan and the Global Automotive Industry

World Trade Organization

Koichi Shimokawa Hosei University, Japan

Eminent industry specialist Koichi Shimokawa explains the current state of the Japanese automotive industry. He shows how firms like Toyota were able to transfer Japanese systems to overseas plants and how they have changed in order to compete in increasingly globalized markets. 2009 228 x 152 mm 300pp 1 tone 50 tables 52 figures 42 graphs 978-0-521-86687-3 Hardback c. £30.00 Publication October 2009 www.cambridge.org/9780521866873

Forthcoming

Investing in Protection The Politics of Preferential Trade Agreements between North and South Mark S. Manger McGill University, Montréal

Since the early 1990s there has been an explosion of preferential trade agreements between North and South. Arguing that this is based on competition for investment opportunities rather than free trade, Mark Manger offers a new perspective on the roles of the state and corporations in changing patterns of international trade. ‘Manger skillfully illuminates how foreign direct investment and services – two critical dimensions of globalization greatly neglected in the political economy literature to date – have driven the profusion of preferential trading arrangements. His detailed case studies persuasively demonstrate how North-South preferential arrangements raise new barriers to cross-regional trade and investment, sidelining the cause of further trade liberalization in the World Trade Organization.’ Kerry A. Chase, Brandeis University 2009 228 x 152 mm 296pp 26 tables 3 graphs 978-0-521-76504-6 Hardback c. £45.00 978-0-521-74870-4 Paperback c. £17.99 Publication October 2009 www.cambridge.org/9780521765046

Forthcoming

A Handbook on Reading WTO Goods and Services Schedules WTO Secretariat WTO Appellate Body Secretariat, Geneva

Understanding how to interpret WTO Schedules of Commitments for Goods and Services is essential for anyone wishing to glean information for academic, official or business purposes. Commissioned and reviewed by the WTO Secretariat, this is a detailed guide to reading WTO Schedules. 2009 228 x 152 mm 146pp 978-0-521-88059-6 Hardback £55.00 978-0-521-70682-7 Paperback £19.99 www.cambridge.org/9780521880596

The World Trade Organization Knowledge Agreements Second edition Christopher Arup Monash University, Victoria

An examination of the WTO intellectual property and services agreements (TRIPs and GATS). Cambridge Studies in Law and Society

2008 228 x 152 mm 546pp 978-0-521-88123-4 Hardback £55.00 www.cambridge.org/9780521881234

Rules of Origin in International Trade Stefano Inama

This book discusses with a multidisciplinary approach the evolution of the different sets of rules of origin, the technical options for drafting such rules, a methodology for drafting product specific rules of origin, and the possible implications. 2009 228 x 152 mm 636pp 25 line figures 42 tables 978-0-521-85190-9 Hardback £70.00 eBook available

www.cambridge.org/9780521851909

GATS and the Regulation of International Trade in Services World Trade Forum Edited by Marion Panizzon Universität Bern, Switzerland

Nicole Pohl Universität Bern, Switzerland

and Pierre Sauvé London School of Economics and Political Science, Universität Bern, Switzerland

Collection of essays on the challenges arising from the General Agreement on Trade in Services in the mid-1990s. 2008 228 x 152 mm 680pp 2 line figures 32 tables 9 graphs 978-0-521-89688-7 Hardback £75.00 eBook available

www.cambridge.org/9780521896887

Bilateral and Regional Trade Agreements Commentary and Analysis Edited by Simon Lester WorldTradeLaw.net, LLC

and Bryan Mercurio The Chinese University of Hong Kong

As the multilateral trade talks have stalled, bilateral and regional free trade agreements have proliferated. This book situates these agreements in the context of economics, international law and international relations, and provides a comprehensive overview of the law being created by these agreements. ‘The impact of the recent proliferation of free trade agreements on the WTO-based trading system is only beginning to be felt. In a collection of thoughtful essays, the editors have assembled a provocative and insightful collection that will be an invaluable resource on FTAs, for academics, practitioners, and trade negotiators alike.’ James Bacchus, Former Chairman of the WTO Appellate Body Bilateral and Regional Trade Agreements

2009 247 x 174 mm 488pp 4 line figures 4 tables 2 graphs 978-0-521-87827-2 Hardback £85.00 eBook available

www.cambridge.org/9780521878272

World Trade Organization Bilateral and Regional Trade Agreements Case Studies Edited by Simon Lester WorldTradeLaw.net LLC

and Bryan Mercurio The Chinese University of Hong Kong

This volume contains case studies of selected bilateral and regional free trade agreements covering a wide range of countries, regions and key issues. Authored by leading scholars, practitioners and governmental officials, each case study provides a comprehensive review of the negotiating history and result of the selected agreement. Bilateral and Regional Trade Agreements

2009 247 x 174 mm 262pp 2 tables 978-0-521-87828-9 Hardback £75.00 eBook available

www.cambridge.org/9780521878289

Bilateral and Regional Trade Agreements Edited by Simon Lester and Bryan Mercurio University of New South Wales, Sydney

As the multilateral trade talks have stalled, bilateral and regional free trade agreements have proliferated. These two volumes situate these agreements in the context of economics, international law and international relations, providing a comprehensive overview of the law being created by these agreements.

Textbook New Edition

The Law and Policy of the World Trade Organization Text, Cases and Materials Second edition Peter Van den Bossche

and the motivations that come into play in such negotiations. 2009 228 x 152 mm 784pp 30 tables 48 graphs 978-0-521-51604-4 Hardback £80.00 978-0-521-73591-9 Paperback £40.00 www.cambridge.org/9780521516044

Universiteit Maastricht, Netherlands

Multilateralizing Regionalism

Covers the basic principles and underlying logic of WTO law and the world trading system.

Challenges for the Global Trading System Edited by Richard Baldwin

‘… the standard text in its field …’. Justice Florentino Feliciano, Senior Counsel, SyCip Salazasr Hernandez & Gatmaitan, Manila; former Member and Chairman of the WTO Appellate Body; former Senior Associate Justice of the Supreme Court of the Philippines

Contents: 1. Economic globalisation and the law of the WTO; 2. The World Trade Organization; 3. WTO dispute settlement; 4. Principles of non-discrimination; 5. Rules on market access; 6. Rules on unfair trade; 7. Trade liberalisation versus other societal values and interests; 8. Towards harmonisation of national regulation; 9. Epilogue. 2008 247 x 174 mm 970pp 978-0-521-89890-4 Hardback £90.00 978-0-521-72759-4 Paperback £48.00 www.cambridge.org/9780521898904

Legal Principles in WTO Disputes Andrew D. Mitchell

Institut Universitaire de Hautes Etudes Internationales, Geneva

and Patrick Low World Trade Organization, Geneva

This volume of revised papers from the 2007 ‘Multilateralizing Regionalism’ conference marshalls detailed, new empirical work on the nature of the ‘Spaghetti Bowl’ and the problems it poses for the multilateral trade system, and contributes fresh and creative thinking on how to ‘tame the angle’ of regional trade agreements. 2009 228 x 152 mm 742pp 72 graphs 978-0-521-50601-4 Hardback £65.00 978-0-521-73810-1 Paperback £29.99 www.cambridge.org/9780521506014

Forthcoming

Regional Rules in the Global Trading System Edited by Antoni Estevadeordal Inter-American Development Bank

University of Melbourne

Kati Suominen

2009 247 x 174 mm 712pp 6 tables 2 graphs 978-0-521-49430-4 2 Volume Set £145.00 www.cambridge.org/9780521494304

A guide to how the World Trade Organization interprets the rules and solutions to disputes between its Members.

Inter-American Development Bank

A Handbook on Accession to the WTO

2008 228 x 152 mm 368pp 978-0-521-87326-0 Hardback £60.00 www.cambridge.org/9780521873260

Bilateral and Regional Trade Agreements

A WTO Secretariat Publication World Trade Organization Foreword by Arif Hussain WTO Appellate Body Secretariat, Geneva

Produced by the WTO Secretariat, this handbook explains the process whereby governments become Members of the WTO. World Trade Organization

2008 228 x 152 mm 276pp 978-0-521-42594-0 Hardback £60.00 978-0-521-72868-3 Paperback £23.99 www.cambridge.org/9780521425940

Cambridge Studies in International and Comparative Law, 61

Opening Markets for Trade in Services Countries and Sectors in Bilateral and WTO Negotiations Edited by Juan A. Marchetti

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and Robert Teh World Trade Organization, Geneva

This book analyses the rules governing regional trade agreements in six key areas – market access, technical barriers to trade, contingent protection, investment, services and competition policy. The analysis provides new insights into the interplay between regional and multilateral trade rules. 2009 228 x 152 mm 352pp 978-0-521-76084-3 Hardback c. £60.00 978-0-521-75934-2 Paperback c. £23.99 Publication July 2009 www.cambridge.org/9780521760843

World Trade Organization

and Martin Roy World Trade Organization

Trade in services figures prominently in multilateral, regional and bilateral trade negotiations. In this volume of essays, academics, negotiators and experts from various international organizations explore the achievements of such negotiations, together with the challenges and opportunities which arise

Visit our website at www.cambridge.org

10

World Trade Organization / Finance and Financial Economics Agreeing and Implementing the Doha Round of the WTO Edited by Harald Hohmann

Finance and Financial Economics

Johann Wolfgang Goethe-Universität Frankfurt

Scholars and practitioners comment on the impact of the Doha Round on international trade law. 2008 228 x 152 mm 520pp 3 tables 1 graph 978-0-521-86990-4 Hardback £70.00 www.cambridge.org/9780521869904

Africa and the World Trade Organization Richard E. Mshomba La Salle University, Philadelphia

Mshomba provides a systematic study of Africa as it relates to the WTO. He examines the WTO’s enforcement mechanism; the WTO’s broadened mandate, illustrated by the Agreement on Trade-Related Intellectual Property Rights; agriculture in the Doha Round; issues relating to transparency in government procurement; and the endeavor to streamline assistance to developing countries through an ‘Aid for Trade’ initiative. ‘Few know Africa well. Its immensity and diversity, its promise and potential, and its distresses and disappointments demand our attention and make it at once both fascinating and challenging. Richard Mshomba brings a writer’s skill, an insider’s depth and perspective, and an economist’s knowledge to Africa and the World Trade Organization, which is central to Africa’s trade, which is central to Africa’s commercial progress, which is central to Africa’s future. It will be my main Africa and trade reference from now on.’ Earl L. Grinols, Baylor University 2009 228 x 152 mm 352pp 4 line figures 1 map 35 tables 978-0-521-51476-7 Hardback £45.00 www.cambridge.org/9780521514767

Textbook

European Financial Markets and Institutions Jakob de Haan Rijksuniversiteit Groningen, The Netherlands

Sander Oosterloo Ministry of Finance, The Netherlands

and Dirk Schoenmaker Vrije Universiteit, Amsterdam

Written for undergraduate and graduate students of finance, economics and business, this textbook provides a fresh analysis of the European financial system. Combining theory, empirical data and policy, it examines and explains financial markets, financial infrastructures, financial institutions, and challenges in the domain of financial supervision and competition policy. ‘A quarter of a century ago, the European financial system consisted of segmented national markets and institutions. The process of creating a single unified system has made considerable progress but still has some way to go. This book provides an excellent account of why this process is important, the current situation, and how it will proceed in the future. It is very well suited for its target audience of advanced undergraduates and Masters students and will be useful to all those interested in the topic. I highly recommend it.’ Franklin Allen, Nippon Life Professor of Finance and Professor of Economics, Wharton School, University of Pennsylvania

Contents: List of boxes; List of figures; List of tables; List of countries; List of abbreviations; Preface; Part I. Setting the Stage: 1. Functions of the financial system; 2. European financial integration: origins and history; Part II. Financial Markets: 3. European financial markets; 4. The economics of financial integration; 5. Financial infrastructures; Part III. Financial Institutions: 6. The role of institutional investors; 7. European banks; 8. The financial system of the new member states; 9. European insurers and financial conglomerates; Part IV. Policies for the Financial Sector: 10. Financial regulation and supervision; 11. Financial stability; 12.  European competition policy; References; Index. 2009 247 x 174 mm 436pp 58 tables 99 figures 83 graphs 978-0-521-88299-6 Hardback £65.00 978-0-521-70952-1 Paperback £27.99 eBook available

www.cambridge.org/9780521882996

Textbook Forthcoming

The Microstructure of Financial Markets Frank de Jong Universiteit van Tilburg

and Barbara Rindi Università Commerciale Luigi Bocconi, Milan

The first graduate level textbook to cover the theory and empirics of the emerging sub-discipline of financial market microstructure. With numerous end-of-chapter exercises and a companion website, the book is ideally suited for students taking graduate courses in finance as well as being a useful reference for practitioners. ‘Thoughtful, clear and rigorous, this book offers an in-depth unified treatment of market microstructure, combining description of institutions with presentation of analytical models along with empirical methods and results. This comprehensive survey ranges from seminal contributions to latest research. It will be a reference not just for advanced graduate courses in finance and economics but also for scholars and industry practitioners. This is the book we have long needed in order to understand and master the advances in research and trading innovations that have taken place over the last thirty years.’ Bruno Biais, Toulouse University

Contents: List of figures; List of tables; Preface; Introduction; 1. Institutions and market structure; 2. Financial market equilibrium; 3. Batch markets with strategic informed traders; 4. Dealer markets: information-based models; 5. Inventory models; 6. Empirical models of market microstructure; 7. Liquidity and asset pricing; 8. Models of the limit order book; 9. Price discovery; 10. Policy issues in financial market structure; Index. 2009 247 x 174 mm 208pp 1 tone 17 tables 24 figures 17 graphs 978-0-521-86784-9 Hardback £45.00 978-0-521-68727-0 Paperback £19.99 www.cambridge.org/9780521867849

Forthcoming

Sources of Value A Practical Guide to the Art and Science of Valuation Simon Woolley Sources of Value Ltd

An experienced senior practitioner shares the secrets of both the science and the art of financial decision making. The quality of financial decision making explains why some companies succeed whilst others fail. Sources of

Finance and Financial Economics Value provides an original toolkit that emphasises both technical skills and strategic awareness. ‘If you want to calculate present values, turn on a computer. If you want to understand present values, and also know how to know when a calculated value is likely to disappoint, read this book.’ Stewart C. Myers, Merton Professor of Financial Economics, MIT 2009 247 x 174 mm 642pp 49 figures 978-0-521-51907-6 Hardback £75.00 978-0-521-73731-9 Paperback £35.00 www.cambridge.org/9780521519076

The Fall of the House of Credit What Went Wrong in Banking and What can be Done to Repair the Damage? Alistair Milne City University, London

How was it possible for problems in one relatively small sector in the global financial system – the American subprime mortgage market – to lead to the most serious economic crisis in living memory? Alistair Milne untangles the complex world of modern banking and examines solutions to the crisis. ‘The Fall of the House of Credit is a horror story, worthy of Poe, about the origins and impact of our ongoing financial and economic nightmare. A very easy and highly insightful read, for both layman and professional, the House of Credit offers a way out of our deep financial pit that’s novel and that may actually work!’ Laurence J. Kotlikoff, Boston University 2009 228 x 152 mm 352pp 9 tables 6 figures 2 graphs 978-0-521-76214-4 Hardback c. £19.99 Publication July 2009 www.cambridge.org/9780521762144

Financial Products An Introduction using Mathematics and Excel Bill Dalton

Financial Products provides a step-by-step guide to some of the most important ideas in financial mathematics, including options, future contracts, bonds and derivatives. Its accessible approach makes it an ideal introduction to financial products for undergraduates and those studying for professional financial qualifications. 2008 247 x 174 mm 408pp 189 line figures 4 tables 8 exercises 189 figures 50 graphs 978-0-521-86358-2 Hardback £60.00 978-0-521-68222-0 Paperback £23.99 eBook available

www.cambridge.org/9780521863582

Textbook

Introductory Econometrics for Finance Second edition Chris Brooks ICMA

This best-selling introduction to econometrics is specifically written for finance students. The new edition builds on the successful data- and problemdriven approach of the first edition, giving students the skills to estimate and interpret models while developing an intuitive grasp of underlying theoretical concepts. ‘Very comprehensive, and it does a sound job of covering the territory.’ Times Higher Education

Contents: List of figures; List of tables; List of boxes; List of screenshots; Preface to the second edition; Acknowledgements; 1. Introduction; 2. The classical linear regression model; 3. Further development and analysis of the classical linear regression model; 4. Classical linear regression model assumptions and diagnostic tests; 5. Univariate time series modelling and forecasting; 6. Multivariate models; 7. Modelling long-run relationships in finance; 8. Modelling volatility and correlation; 9. Switching models; 10. Panel data; 11. Limited dependent variable models; 12. Simulation methods; 13. Empirical research and doing a project or dissertation; 14. Recent and future developments; Appendix 1: A review of some fundamental mathematical and statistical concepts; Appendix 2: Tables of statistical distributions; Appendix 3: Sources of data used in this book; Index. 2008 247 x 174 mm 672pp 68 line figures 41 tones 65 tables 68 figures 66 graphs 978-0-521-69468-1 Paperback £38.00 eBook available

www.cambridge.org/9780521694681

RATS Handbook to Accompany Introductory Econometrics for Finance Chris Brooks City University, London

Written to complement the second edition of best-selling textbook Introductory Econometrics for Finance, this book provides a comprehensive introduction to the use of the Regression

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Analysis of Time Series (RATS) software for modelling in finance and beyond. 2008 246 x 189 mm 214pp 11 tones 11 figures 11 graphs 978-0-521-89695-5 Hardback £55.00 978-0-521-72168-4 Paperback £19.99 eBook available

www.cambridge.org/9780521896955

Central Banking as Global Governance Constructing Financial Credibility Rodney Bruce Hall St Cross College, Oxford

Money is a social convention, but with what social consequences? Rodney Bruce Hall offers an original analysis of central banking as global governance, exploring the social relations of money, credit, and debit, and identifying the mechanisms of governance as social rather than material processes. ‘In this challenging and timely book, Rodney Bruce Hall develops an innovative social theory of monetary relations. The implications he draws for governance at both the domestic and international levels are provocative and very likely to stimulate productive debates. Central Banking as Global Governance deserves to reach an audience far beyond specialists.’ Louis W. Pauly, Canada Research Chair in Globalization and Governance, University of Toronto Cambridge Studies in International Relations, 109

2008 228 x 152 mm 278pp 978-0-521-89861-4 Hardback £50.00 978-0-521-72721-1 Paperback £18.99 www.cambridge.org/9780521898614

Textbook

The Economics of Financial Markets Roy E. Bailey University of Essex

Covers the economic principles underlying all financial markets, focusing on markets for equities, bonds, futures and options contracts. ‘This is a very well-written and thorough presentation of the key topics in financial economics – the book deserves to be widely adopted in support of courses in this dynamic area of teaching and research.’ Peter Smith, Professor of Economics and Finance, University of York

Contents: Preface; 1. Asset markets and asset prices; 2. Asset market microstructure; 3. Predictability of prices and market efficiency; 4. Decision making under uncertainty; 5. Portfolio selection: the mean-variance model; 6. The capital

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12

Finance and Financial Economics asset pricing model, CAPM; 7. Arbitrage; 8. Factor models and arbitrage pricing theory, APT; 9. Empirical appraisal of the CAPM; 10. Present value relationships and price variability; 11. Intertemporal choice and equity premium puzzle; 12. Bond markets and fixed-interest securities; 13. Term structure and interest rates; 14. Futures markets – fundamentals; 15. Futures markets – speculation and hedging; 16. Futures markets – applications; 17. Swap contracts and swap markets; 18. Options markets: fundamentals; 19. Options markets – price determination; 20. Options markets – applications. 2005 246 x 189 mm 548pp 10 figures 978-0-521-61280-7 Paperback £32.00 eBook available

www.cambridge.org/9780521612807

NEW

Advances in Credit Risk Modelling and Corporate Bankruptcy Prediction Edited by Stewart Jones University of Sydney

and David A. Hensher University of Sydney

A thorough compendium of credit risk modelling approaches, including several new techniques that extend the horizons of future research and practice. Models and techniques are illustrated with empirical examples and are accompanied by a careful explanation of model derivation issues. An ideal resource for academics, practitioners and regulators. ‘… if you wish to learn more about the nature of the financial instruments that have brought the world to its knees, then this … is a useful starting point.’ Times Higher Education Quantitative Methods for Applied Economics and Business Research

2008 247 x 174 mm 312pp 18 line figures 39 tables 18 figures 11 graphs 978-0-521-86928-7 Hardback £60.00 978-0-521-68954-0 Paperback £23.99 eBook available

www.cambridge.org/9780521869287

China’s Monetary Challenges Past Experiences and Future Prospects Richard C. K. Burdekin Claremont McKenna College, California

This book focuses on such topical issues as the build-up of foreign exchange reserves, monetary control and credit allocation difficulties. 2008 228 x 152 mm 272pp 46 tables 978-0-521-88016-9 Hardback £40.00 eBook available

www.cambridge.org/9780521880169

The Past and Future of Central Bank Cooperation Edited by Claudio Borio Bank for International Settlements. Switzerland

Gianni Toniolo Università degli Studi di Roma ‘Tor Vergata’

and Piet Clement

of the fundamental issues surrounding risk management and shows how central banks and other public investors can create better risk management systems. ‘How should public institutions – central banks in particular – approach investment and risk management? What should be similar to private asset management, and crucially, what should be different and why? Such important questions have received remarkably little attention. Against this background, Bindseil, González and Tabakis have produced a timely and authoritative guide to the state of the art, and a blueprint for moving forward. Their book will be of great interest not only in central banking, but in all of financial asset management – public and private, practitioner and academic.’ Francis X. Diebold, Professor of Finance and Statistics, The Wharton School, and J.M. Cohen Professor of Economics, School of Arts and Sciences, University of Pennsylvania

This book explores the past and future of central bank cooperation in today’s global economy.

2009 247 x 174 mm 540pp 54 tables 53 figures 41 graphs 978-0-521-51856-7 Hardback £75.00

Studies in Macroeconomic History

eBook available

2008 228 x 152 mm 256pp 7 tables 978-0-521-87779-4 Hardback £45.00

www.cambridge.org/9780521518567

eBook available

www.cambridge.org/9780521877794

A World of Chance Betting on Religion, Games, Wall Street Reuven Brenner McGill University, Montréal

Gabrielle A. Brenner Ecole des Hautes Commerciales, Montréal

and Aaron Brown

A World of Chance shows how some societies created more chances for their members than others and, as a result, prospered. 2008 228 x 152 mm 352pp 6 tables 978-0-521-88466-2 Hardback £45.00 978-0-521-71157-9 Paperback £16.99 eBook available

www.cambridge.org/9780521884662

Risk Management for Central Banks and Other Public Investors Edited by Ulrich Bindseil European Central Bank, Frankfurt

Fernando Gonzalez European Central Bank, Frankfurt

and Evangelos Tabakis European Central Bank, Frankfurt

The turmoil caused by problems in the American mortgage market has served as an important reminder of the interdependency of global financial institutions. This book presents a survey

Forthcoming

Reforming the World Bank Twenty Years of Trial – and Error David A. Phillips

This book looks at the World Bank as an organization and asks whether twenty years of costly reforms have improved its efficiency and effectiveness in delivering economic assistance. It considers organization and reorganization within the bank as well as the management of development assistance. ‘A wonderfully frank, clearheaded, well-researched opus and a great read for organization geeks, foreign aid friends and critics, and World Bank insiders. Bound to annoy and provoke, and maybe to inspire.’ Nancy Birdsall, Center for Global Development, Washington, DC 2009 228 x 152 mm 344pp 978-0-521-88305-4 Hardback £35.00 www.cambridge.org/9780521883054

Finance and Financial Economics / Public Economics and Political Economy Textbook Forthcoming

Financial Services Law and Compliance in Australia

various cross-border integration and harmonisation initiatives between CCPs.

University of Sydney

‘The book features three real-world case studies bringing clearing to life. It is a thorough and insightful exposition of clearing and a must-read for anyone interested in the subject matter.’

This book provides an account of the overarching system for regulating financial services in Australia.

Paul J. Brody, Chief Financial Officer of Interactive Brokers Group and Timber Hill LLC, and Board Member of the Options Clearing Corporation

Gail Pearson

Contents: Preface; List of abbreviations; Table of statutes; Table of cases; 1. Financial services regulation and the financial citizen; 2. The regulatory structure; 3. An overview of financial services reform; 4. Licensing financial services providers; 5. The role of disclosure in the distribution of financial products; 6. Selling financial products and other conduct; 7. Deposit taking and payments; 8. Investment; 9. Insurance; 10. Consumer credit; 11. Superannuation; 12. Compliance, enforcement and remedies; Index. 2009 228 x 152 mm 628pp 978-0-521-61784-0 Paperback £50.00 www.cambridge.org/9780521617840

Accounting Principles for Non-Executive Directors Peter Holgate and Elizabeth Buckley

Good quality non-executive directors are essential to good corporate governance. Together with their fellow board members they are responsible for the company’s annual report and accounts, yet many are not accountants. This volume explains to them the key elements of a listed company’s annual report and accounts. Law Practitioner Series

2009 228 x 152 mm 276pp 978-0-521-50978-7 Hardback £85.00 www.cambridge.org/9780521509787

Forthcoming

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry Tina Hasenpusch

Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, this book determines the efficiency impact of

2009 247 x 174 mm 576pp 130 figures 978-0-521-51871-0 Hardback c. £85.00 Publication September 2009 www.cambridge.org/9780521518710

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students and researchers interested in econophysics should study this book carefully.’ Jan Sladkowski and Edward W. Piotrowski, Mathematical Reviews 2009 247 x 174 mm 288pp 19 tones 978-0-521-42962-7 Hardback c. £40.00 Publication September 2009 www.cambridge.org/9780521429627

New in Paperback

Rethinking Bank Regulation Till Angels Govern James R. Barth Auburn University, Alabama and Milken Institute

New in Paperback

Theory of Financial Risk and Derivative Pricing From Statistical Physics to Risk Management Second edition Jean-Philippe Bouchaud Centre Commissariat à l’Energie Atomique (CEA), Saclay

and Marc Potters Capital Fund Management

Summarizes recent theoretical developments in statistical tools to measure financial markets, for students and professionals in econophysics and analytical markets. 2009 247 x 174 mm 400pp 20 tables 978-0-521-74186-6 Paperback £30.00 eBook available

www.cambridge.org/9780521741866

New Edition Forthcoming

Dynamics of Markets The New Financial Economics Second edition Joseph L. McCauley University of Houston

This second edition presents the advances made in finance market analysis since 2005, and explains the history leading up to the biggest economic disaster of the 21st century. It will lead finance theorists, traders, economists, physicists and engineers to the frontier of research in time series analysis. From the first edition: ‘… well written. The reader is not burdened with lengthy accounts and lots of plots of outdated data … This is an important contribution to the understanding of how financial markets actually perform and both

Gerard Caprio Williams College, Massachusetts

and Ross Levine Brown University, Rhode Island

This book assembles and presents a new database on bank regulation in 150 countries (included also on CD). 2008 228 x 152 mm 448pp 30 tables 978-0-521-70930-9 Paperback £19.99 eBook available

www.cambridge.org/9780521709309

Synthetic CDOs Modelling, Valuation and Risk Management C. C. Mounfield Barclays Capital, London

Details the latest models and techniques in quantitative and computational modelling of synthetic Collateralised Debt Obligations. Mathematics, Finance and Risk, 7

2008 247 x 174 mm 386pp 90 tones 25 tables 130 figures 15 graphs 978-0-521-89788-4 Hardback £45.00 eBook available

www.cambridge.org/9780521897884

Public Economics and Political Economy Public Economics and the Household Patricia Apps University of Sydney

and Ray Rees Ludwig-Maximilians-Universität Munchen

Economic models in much of the public economics literature have been slow to reflect the significant changes towards double-income households throughout the developed world. This graduate-

eBooks available at www.cambridge.org/online

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Public Economics and Political Economy level text shows how we can develop a more sophisticated model of household economics that allows for multiple income earners and shared decisionmaking. ‘Most of economic theory assumes that human beings spend their life alone. In reality most of us live in families and our decisions are taken collectively as a couple, often with children, and economic incentives are at play as well in intra-family interactions. This wonderful book by two leaders of the field fills this gap. It brings together a vast literature in a coherent framework and provides a host of new insights on the economics of the family and the taxation of it. A must read for any scholar in public finance and anybody interested in the economics of the family. The book is mostly theory but the connection with real world tax issues is never forgotten. A splendid achievement.’ Alberto Alesina, Nathaniel Ropes Professor of Political Economics, Harvard University 2009 247 x 174 mm 302pp 16 tables 55 figures 100 graphs 978-0-521-88787-8 Hardback £65.00 978-0-521-71628-4 Paperback £25.99 www.cambridge.org/9780521887878

Voting and Collective Decision-Making Bargaining and Power Annick Laruelle Universidad de Alicante

and Federico Valenciano Universidad de Alicante

Every day thousands of decisions are made by all kinds of committees, parliaments, councils and boards by a ‘yes-no’ voting process. Annick Laruelle and Frederico Valenciano present a study of the theory of bargaining and voting power and how it applies to real decision-making contexts. ‘There are many books on voting rules and power indices, but Laruelle and Valenciano are unique in tracing the ideas back to fundamental notions in game theory. This book will be an indispensable aid to those who research in this area.’ Ken Binmore, Emeritus Professor of Economics, University College London 2008 228 x 152 mm 208pp 5 figures 5 graphs 978-0-521-87387-1 Hardback £50.00 eBook available

www.cambridge.org/9780521873871

Mission and Money Understanding the University Burton A. Weisbrod Northwestern University, Illinois

Fiscal Governance in Europe Mark Hallerberg

Jeffrey P. Ballou

Hertie School of Governance, Berlin and Emory University, Atlanta

Mathematica Policy Research, New Jersey

Rolf Rainer Strauch

and Evelyn D. Asch

European Central Bank, Frankfurt

Northwestern University, Illinois

and Jürgen von Hagen

Mission and Money goes beyond the common focus on elite universities and examines the entire higher education industry. It presents original research on revenue sources from tuition, donations, research, patents, endowments, and other activities. It considers lobbying, distance education, and the world market, as well as advertising, branding, and reputation.

Rheinische Friedrich-Wilhelms-Universität Bonn

‘An excellent volume. The art of university administration is finding the right balance between revenue raising and the academic mission so that neither dominates the other. In the one case, the university would cease being a university at all and would be just a business, while in the other it might go bankrupt. Given the current emphasis on universities in the marketplace, this is a timely volume with a thorough and useful treatment of the various revenue sources in play and how they influence the more lofty mission of the university.’ David Breneman, Curry School of Education, University of Virginia 2008 228 x 152 mm 356pp 22 tables 978-0-521-51510-8 Hardback £20.00 eBook available

www.cambridge.org/9780521515108

Disposing Dictators, Demystifying Voting Paradoxes Social Choice Analysis Donald G. Saari

This book presents a theoretical framework to discuss how governments coordinate budgeting decisions. Based on original research on European Union countries from 1985 to 2004, the authors argue that the effectiveness of a given form of fiscal governance depends crucially upon the underlying political system. ‘Over the past several years, Mark Hallerberg, Rolf Strauch and Jürgen von Hagen have made path breaking contributions on the way fiscal institutions shape budgetary behaviour and on the interplay between fiscal policy and politics in Europe. This book is the summa of such intellectual journey. It brings together and updates their theoretical and empirical research and provides new insights on fiscal governance in the European Union. As the financial crisis shakes the foundations of policy making in Europe and beyond, this book will help understand why countries’ budgetary policies will react in different ways and how fiscal institutions may evolve as a response to new economic and policy challenges.’ Marco Buti, Director General, DirectorateGeneral for Economic and Financial Affairs, European Commission Cambridge Studies in Comparative Politics

2009 228 x 152 mm 244pp 5 line figures 45 tables 978-0-521-85746-8 Hardback £45.00 www.cambridge.org/9780521857468

University of California, Irvine

This book is a positive analysis of voting ‘paradoxes’ and argues that negative ‘impossibility’ results are not justified. 2008 228 x 152 mm 256pp 6 tones 978-0-521-51605-1 Hardback £40.00 978-0-521-73160-7 Paperback £14.99 eBook available

www.cambridge.org/9780521516051

Learning, Policy Making, and Market Reforms Covadonga Meseguer Center for Research and Teaching in Economics (CIDE), Mexico City

This is the first study that tests the impact of policy learning on economic policy choices across time and space. It supports the popular explanation that, on average, governments around the world adopted privatization and trade liberalization, and sustained open capital accounts, as a result of learning from others. ‘Learning, Policy Making, and Market Reforms is a benchmark study of the influence of ideas on policy changes. Why do politicians

Public Economics and Political Economy undertake risky economic reforms? In times of hardship and uncertainty, do they simply emulate what other governments do? Are they influenced by the nature of the regime, the ideology of the governments, the proximity of elections, the social and political costs of reforms? Or are politicians rational learners, searching for information, either from their own past or from other countries, about which policies work, accordingly updating their initial beliefs? The book tests a theoretically sophisticated model of learning with massive quantitative evidence on the changes in the strategies of economic development, programs of privatization, IMF agreements, and liberalization of capital accounts that took place in the 1980s and 1990s, in both developing and developed countries. The result is an exceptionally insightful analysis that will be an essential reference for students of political economy and comparative politics.’ Jose Maria Maravall, Center for Advanced Study in the Social Sciences (CEACS), Fundación Juan March, Spain 2009 228 x 152 mm 288pp 24 line figures 32 tables 978-0-521-51696-9 Hardback £45.00 www.cambridge.org/9780521516969

Forthcoming Textbook New Edition

Public Finance and Public Policy Responsibilities and Limitations of Government Second edition Arye L. Hillman Bar-Ilan University, Israel

This second edition retains the first edition’s themes of investigation of responsibilities and limitations of government. The purpose of the book is to provide an accessible introduction to the use of public finance and public policy to improve on market outcomes. ‘Public choice, as an economic theory of politics, emerged in the midtwentieth century because of gaps in the research agenda of public finance. Somewhat surprisingly, however, modern public choice and public finance research programs were never fully integrated. This book admirably meets this objective. It offers a sophisticated and comprehensive treatment of questions involving when and why politics arises, how politics can be predicted to work in practice, and how limits can be placed

on political excesses. A well-informed, well-written treatise useful for several levels of readership.’ James M. Buchanan, Nobel Laureate, George Mason University

Contents: 1. Markets and governments; 2. Institutions and governance; 3. Public goods; 4. Public finance for public goods; 5. Market corrections; 6. Voting; 7. Social justice; 8. Entitlements and equality of opportunity; 9. Choice of taxation; 10. The need for government; Topics for discussion. 2009 253 x 215 mm 856pp 123 line figures 72 tables 978-0-521-49426-7 Hardback £95.00 978-0-521-73805-7 Paperback £35.00 www.cambridge.org/9780521494267

Forthcoming

Violence and Social Orders A Conceptual Framework for Interpreting Recorded Human History Douglass C. North Washington University in St. Louis

John Joseph Wallis University of Maryland, College Park

and Barry R. Weingast Stanford University

This book integrates the problem of violence into a larger social science and historical framework, showing how economic and political behavior are closely linked. In most societies, which we call natural states, the polity limits violence by manipulating the economy, creating privileges. In contrast, modern societies create open access to economic and political organizations, fostering political and economic competition. ‘This much-anticipated, pioneering, sweeping millennial history explains how the evolution of impersonal and standardized treatment, a rule of law for elites, perpetual forms of organization, and consolidated political control of the military combined to produce the ‘open access’ logic of rent erosion and economic growth often observed in the modern world. Emphatically multi-causal in approach, the book will persuade all those who want to analyze the complex interactions of beliefs, institutions, and organizations that they have to deal with its arguments.’ James Alt, Harvard University 2009 228 x 152 mm 326pp 9 tables 978-0-521-76173-4 Hardback £20.00 www.cambridge.org/9780521761734

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Economic Origins of Dictatorship and Democracy Daron Acemoglu Massachusetts Institute of Technology

and James A. Robinson Harvard University, Massachusetts

This book is the first to use modern social science methodology systematically to explain why some countries are democracies while others are not. Why does democracy sometimes persist and consolidate while other times it collapses? The treatment shows that whether or not a society becomes democratic depends on several factors. ‘This path-breaking book is among the most ambitious, innovative, sweeping, and rigorous scholarly efforts in comparative political economy and political development. It offers a broad, substantial new account of the creation and consolidation of democracy. Why is the franchise extended? How do elites make reform believable and avoid expropriation? Why do revolutions nevertheless occur? Why do new democracies sometimes collapse into coups and repression? When is repression abandoned? Backed by a unified analytic model, historical insight, and extensive statistical analysis, the authors’ case is compelling.’ James E. Alt, Frank G. Thomson Professor of Government, Harvard University 2009 234 x 156 mm 432pp 43 line figures 978-0-521-67142-2 Paperback £14.99 eBook available

www.cambridge.org/9780521671422

Capitalism with Chinese Characteristics Entrepreneurship and the State Yasheng Huang Massachusetts Institute of Technology

Presents a story of two Chinas – an entrepreneurial rural China and a statecontrolled urban China. In the 1980s, rural China gained the upper hand. In the 1990s, urban China triumphed. In the 1990s, the Chinese state reversed many of its rural experiments, with long-lasting damage to the economy and society. ‘The development of the Chinese private sector is a key to the future shape and performance of the Chinese economy. At present, the subject is widely misunderstood. This book does more than any other to clarify the issues and point the way forward.’ Christopher Howe, FBA, School of East Asian Studies, University of Sheffield

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Public Economics and Political Economy Contents: 1. Just how capitalist is China?; 2. The entrepreneurial decade; 3. A great reversal; 4. What is wrong with Shanghai?; 5. Capitalism with Chinese characteristics. 2008 228 x 152 mm 366pp 9 tables 978-0-521-89810-2 Hardback £15.99 eBook available

www.cambridge.org/9780521898102

Principles of Conflict Economics A Primer for Social Scientists Charles H. Anderton College of the Holy Cross, Massachusetts

and John R. Carter College of the Holy Cross, Massachusetts

Drawing on a half-century of scholarship, this book presents a primer on the key themes and principles of conflict economics. Although much work in the field is abstract, it is made accessible to scholars, students, and policymakers by relying on historical data, relatively simple graphs, and intuitive narratives. ‘This is the most intuitive and comprehensive book on conflict economics available. The authors are to be commended for showing just how much about conflict can be understood using the basics of production possibilities, consumer choice, and game theory at the principles level. The coverage of conflict data sets is also novel. Anderton and Carter set the mark for establishing conflict economics alongside more traditional undergraduate economic field courses such as labor and industrial organization.’ Daniel Arce, University of Texas at Dallas 2009 228 x 152 mm 384pp 115 line figures 17 tables 978-0-521-87557-8 Hardback £50.00 978-0-521-69865-8 Paperback £18.99 eBook available

www.cambridge.org/9780521875578

Forthcoming

Fiscal Federalism Principles and Practice of MultiOrder Governance Robin Boadway Queens University, Canada

and Anwar Shah The World Bank

The book is a comprehensive survey of the economics of fiscal federalism and its application to federations of all sorts around the world. It outlines in detail the assignment of functions among various orders of government in federation, including public spending,

revenue-raising, regulation, and intergovernmental transfers. ‘When it comes to fiscal federalism, Robin Boadway and Anwar Shah together possess what is probably an unbeatable combination of theory, empirical work and field experience around the world. They have now, literally, written the book on this increasingly important subject. The result is a comprehensive and well-written treatment from which both experts and novices will benefit. Anyone who is interested in either the principles or practices of decentralization and fiscal federalism in general or in any specific country will want to consult this book for years to come.’ Richard Bird, University of Toronto 2009 228 x 152 mm 632pp 9 line figures 22 tables 978-0-521-51821-5 Hardback £75.00 978-0-521-73211-6 Paperback £30.00 Publication June 2009 www.cambridge.org/9780521518215

22. Government size and economic performance; Part V. Normative public choice: 23. Social welfare functions; 24. The impossibility of a social ordering; 25. A just social contract; 26. The constitution as a utilitarian contract; 27. Liberal rights and social choices; Part VI. What Have We Learned?: 28. Has public choice contributed anything to the study of politics?; 29. Allocation, redistribution, and public choice. 2003 228 x 152 mm 788pp 120 line figures 75 tables 978-0-521-89475-3 Paperback £25.99 eBook available

www.cambridge.org/9780521894753

New in Paperback Forthcoming

The Political Economy of Economic Growth in Africa, 1960–2000 Edited by Benno Ndulu The World Bank

Stephen A. O’Connell Textbook

Public Choice III Third edition Dennis C. Mueller Universität Wien, Austria

This book represents a considerable revision and expansion of Public Choice II (1989). ‘Like all the others, this volume will become the first point of reference – the ‘bible’ – for all scholars in the field, both the experts and the more casual samplers. It represents an amazing effort, even more extraordinary than the earlier versions. The profession is deeply in Mueller’s debt.’ Geoffrey Brennan, Australian National University

Contents: 1. Introduction; Part I. Origins of the State: 2. The reason for collective choice – allocative efficiency; 3. The reason for collective choice – redistribution; Part II. Public Choice in a Direct Democracy: 4. The choice of voting rule; 5. Majority rule – positive properties; 6. Majority rule – normative properties; 7. Simple alternatives to majority rule; 8. Complicated alternatives to majority rule; 9. Exit, voice and disloyalty; Part III. Public Choice in a Representative Democracy: 10. Federalism; 11. Two-party competition – deterministic voting; 12. Twoparty competition – probabilistic voting; 13. Multiparty systems; 14. The paradox of voting; 15. Rent seeking; 16. Bureaucracy; 17. Legislatures and bureaucracies; 18. Dictatorship; Part IV. Applications and Testing: 19. Political competition and macroeconomic performance; 20. Interest groups, campaign contributions and lobbying; 21. The size of government;

Swarthmore College, Pennsylvania

Robert H. Bates Harvard University, Massachusetts

Paul Collier University of Oxford

Chukwuma C. Soludo Central Bank of Nigeria

Jean-Paul Azam Université de Toulouse

The Political Economy of Economic Growth in Africa, 1960–2000 is by far the most ambitious and comprehensive assessment of Africa’s post-independence economic performance to date. It is an invaluable resource for researchers and policymakers concerned with the economic development of Africa. ‘… chock-full of fascinating data, interesting hypotheses, and country details; it is a rich review of Africa’s troubled postcolonial economic history that will be a reference and an inspiration for political economists for years to come.’ Foreign Affairs 2007 247 x 174 mm 1232pp 118 line figures 234 tables 118 figures 978-0-521-88736-6 Set £140.00 www.cambridge.org/9780521887366

Public Economics and Political Economy The Political Economy of Economic Growth in Africa, 1960–2000 Volume 1 Benno J. Ndulu The World Bank

Stephen A. O’Connell Swarthmore College, Pennsylvania

Robert H. Bates

New in Paperback

Full Disclosure The Perils and Promise of Transparency Archon Fung Mary Graham

A collection of essays discussing human behaviour and the institutions of capitalism.

and David Weil Boston University

Paul Collier

Full Disclosure is the first analysis of national and international transparency policies.

and Chukwuma C. Soludo Central Bank of Nigeria

The first volume of a comprehensive analysis of the economic development of Sub-Saharan Africa, 1960–2000. 2007 247 x 174 mm 472pp 64 tables 54 figures 978-0-521-87848-7 Hardback £60.00 eBook available

www.cambridge.org/9780521878487

The Political Economy of Economic Growth in Africa, 1960–2000 Volume 2: Country Case Studies Edited by Benno J. Ndulu The World Bank

Stephen A. O’Connell Swarthmore College, Pennsylvania

Jean-Paul Azam Université de Toulouse

Robert H. Bates Harvard University, Massachusetts

Augustin K. Fosu United Nations, Geneva

Jan Willem Gunning Vrije Universiteit, Amsterdam

Volume II of an analysis of the economic development of Sub-Saharan Africa, 1960–2000. 2007 247 x 174 mm 760pp 62 line figures 170 tables 62 figures 978-0-521-87849-4 Hardback £95.00 www.cambridge.org/9780521878494

Uncertain Demographics and Fiscal Sustainability Edited by Juha M. Alho University of Joensuu, Finland

Svend E. Hougaard Jensen Odense Universitet, Denmark

and Jukka Lassila Research Institute of the Finnish Economy

Uncertain Demographics and Fiscal Sustainability addresses the economic consequences of uncertainty in demographic forecasting. 2008 228 x 152 mm 304pp 66 line figures 13 tables 66 figures 978-0-521-87740-4 Hardback £55.00 eBook available

www.cambridge.org/9780521877404

Essays on Human Behavior and the Institutions of Capitalism Harold Demsetz University of California, Los Angeles

Harvard University, Massachusetts University of Oxford

From Economic Man to Economic System

Harvard University, Massachusetts Harvard University, Massachusetts

2008 228 x 152 mm 300pp 978-0-521-69961-7 Paperback £14.99 eBook available

www.cambridge.org/9780521699617

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2008 228 x 152 mm 198pp 978-0-521-50997-8 Hardback £35.00 eBook available

www.cambridge.org/9780521509978

Against Intellectual Monopoly Michele Boldrin

The Economic Vote How Political and Economic Institutions Condition Election Results Raymond M. Duch University of Oxford

and Randolph T. Stevenson Rice University, Houston

Explains how different political and economic circumstances account for the variation in the economic vote. Political Economy of Institutions and Decisions

2008 228 x 152 mm 416pp 25 tables 978-0-521-88102-9 Hardback £45.00 978-0-521-70740-4 Paperback £18.99 eBook available

www.cambridge.org/9780521881029

Selected Works of Michael Wallerstein The Political Economy of Inequality, Unions, and Social Democracy Edited by David Austen-Smith Northwestern University, Illinois

Jeffry A. Frieden Harvard University, Massachusetts

Miriam A. Golden University of California, Los Angeles

Karl Ove Moene Universitetet i Oslo

and Adam Przeworski New York University

Collects Michael Wallerstein’s most important and influential contributions to research on issues of inequality, redistribution, and wage-determination. Cambridge Studies in Comparative Politics

2008 228 x 152 mm 480pp 39 tables 978-0-521-88688-8 Hardback £55.00 978-0-521-71485-3 Paperback £17.99 eBook available

www.cambridge.org/9780521886888

University of Minnesota

and David K. Levine University of California, Los Angeles

This book argues that patents and copyrights are not necessary for innovation and overall do not serve the public good. 2008 228 x 152 mm 312pp 5 tones 10 tables 978-0-521-87928-6 Hardback £17.99 eBook available

www.cambridge.org/9780521879286

Japan Since 1980 Thomas F. Cargill University of Nevada, Reno

and Takayuki Sakamoto University of Kitakyushu, Japan

A complete and self-contained discussion of Japan’s economic and political institutions from 1980 up to 2007. It offers an extensive discussion of Koizumi’s economic reform not found in any other English publication. The treatment jointly covers economic and political perspectives. ‘In little more than two decades Japan has traveled a bewildering trajectory from dynamic industrial marvel to financial basket case to reformed but aging post-industrial society. Cargill and Sakamoto integrate politics, taxes and budgetary expenditures, financial and monetary policy, and corporate governance into a remarkably comprehensive explication of this puzzling journey and evaluate prospects for Japan’s future development. This will prove a valuable resource for researchers and students alike.’ Gregory W. Noble, Australian National University, Canberra

Contents: 1. Introduction and overview; 2. Economic and political institutions in the 1970s; 3. The ‘high water mark’ of the Japanese economy – a ‘model’ of financial liberalization: 1980 to 1985; 4. An accident waiting to happen – the bubble

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18

Public Economics and Political Economy / Institutional Economics economy from 1985 to 1990; 5. Economic and financial distress from 1990 to 2001 and the turning point; 6. Why did the economic and financial distress last so long?; 7. Transition of political institutions in the 1990s and the new century; 8. Political economy of Japan’s fiscal program; 9. Koizumi administration’s reform in broad perspective: fiscal consolidation and market reform; 10. Japan’s corporate governance, labor practices, and citizens’ social and economic life at the beginning of the new century; 11. Japanese political economy in the first decade of the new century. The World Since 1980

2008 228 x 152 mm 328pp 978-0-521-85672-0 Hardback £40.00 978-0-521-67272-6 Paperback £14.99 eBook available

www.cambridge.org/9780521856720

New in Paperback

The Economic Psychology of Tax Behaviour Erich Kirchler Universität Wien, Austria

Foreword by Valerie Braithwaite Australian National University, Canberra

Kirchler uses economic-psychological research on tax evasion to develop a model based on the interaction climate between tax authorities and taxpayers. Featuring chapters on the social representations of taxation, decisionmaking and self-employed income tax behaviour, this paperback edition is suited to students reading economic psychology, behavioural economics, and public administration. ‘This is an interesting, comprehensive and excellent examination of the behavioural aspects of tax compliance and evasion – based on insights from social and cognitive psychology, behavioural economics, and game theory. Kirchler’s book considers the role of economic incentives in tax compliance, but he also argues that factors such as moral considerations, fairness concerns, and the citizens’ trust in the state play a crucial role. His broad approach makes the book interesting for both tax authorities and social scientists alike.’ Ernst Fehr, Director of the Institute for Empirical Research in Economics, University of Zürich 2009 228 x 152 mm 262pp 19 tables 16 graphs 978-0-521-75747-8 Paperback £19.99 www.cambridge.org/9780521757478

Forthcoming

The Invisible Hand of Peace Capitalism, The War Machine, and International Relations Theory Patrick J. McDonald University of Texas, Austin

The Invisible Hand of Peace shows that the domestic institutions associated with capitalism, namely private property and competitive market structures, have promoted peace between states over the past two centuries. It employs a wide range of historical and statistical evidence to illustrate both the broad applicability of these claims and their capacity to generate new explanations of critical historical events. ‘Thoroughly researched, cogently argued, and clearly written, McDonald’s The Invisible Hand of Peace draws out the essential contribution that capitalism, private property, and free trade make to the liberal peace. McDonald insightfully combines political theory, quantitative analysis, and case studies in a way that illuminates both international history and contemporary policy debates.’ Michael W. Doyle, Columbia University 2009 228 x 152 mm 352pp 1 line figure 17 tables 978-0-521-76136-9 Hardback £45.00 978-0-521-74412-6 Paperback £16.99 eBook available

www.cambridge.org/9780521761369

Forthcoming

Health Care for Us All Getting More for Our Investment Earl L. Grinols Baylor University, Texas

and James Henderson Baylor University, Texas

Health Care for Us All challenges the common belief that health care problems in the United States are difficult and possibly insoluble. It examines what Americans want from health care spending and applies an efficiency filter to identify a virtually unique framework that will meet their needs. ‘Two Baylor economists apply economic principles, rather than political considerations, to health care reform and conclude that we can achieve universal coverage, lower costs, and satisfied consumers and patients. Their important contribution to the debate is showing that the key to reforming our health care system isn’t expanding government control,

which has largely caused most of the current problems, but getting the economic incentives right.’ Dr Merrill Matthews, Institute for Policy Innovation 2009 228 x 152 mm 304pp 9 line figures 12 tables 978-0-521-44566-5 Hardback £40.00 978-0-521-73825-5 Paperback £16.99 Publication July 2009 www.cambridge.org/9780521445665

Institutional Economics New Institutional Economics A Guidebook Edited by Éric Brousseau Université de Paris X

and Jean-Michel Glachant Université de Paris XII

New Institutional Economics analyzes the economics of institutions and organizations using methodologies, concepts, and analytical tools from a wide range of disciplines. With contributions from an international team of researchers, this book provides a guide to the latest developments in this exciting and fast-growing branch of economics. ‘The New Institutional Economics is an exciting and active research field, and a comprehensive guide to its achievements and future prospects has been long overdue. This book admirably fills this need. Chapters written by experts in various subfields are complemented by excellent commentaries by Oliver Williamson and the editors. New entrants to the field can use it almost as a textbook; practitioners will use it to reinforce their knowledge and as a great reference tool.’ Avinash Dixit, John J. F. Sherrerd ‘52 University Professor of Economics, Princeton University 2008 228 x 152 mm 608pp 8 tables 21 figures 10 graphs 978-0-521-87660-5 Hardback £70.00 978-0-521-70016-0 Paperback £29.99 eBook available

www.cambridge.org/9780521876605

Institutional Economics / Industrial Organisation and Labour Economics The Unauthorised Agent Perspectives from European and Comparative Law Edited by Danny Busch De Brauw Blackstone Westbroek, Amsterdam

and Laura J. Macgregor University of Edinburgh

Adopting a comparative perspective, this book considers the legal situation created when an agent acts without authority. With reference to several European legal systems, South Africa and the United States, it also takes into account the Principles of European Contract Law and the UNIDROIT Principles of International Commercial Contracts 2004. ‘This interesting and valuable book will, I hope, influence the analysis and development of the law in this significant commercial area, both by legislators and judges.’ Lord Bingham 2009 228 x 152 mm 514pp 978-0-521-86388-9 Hardback £70.00

exemplified by the Telecommunications Act of 1996.

predatory pricing, exclusionary practices, and price discrimination.

‘Setting the terms and conditions at which competitors gain access to another firm’s network is today’s key regulatory issue in many sectors. The authors’ technically innovative approach and their deep grasp of market economics present a major challenge to current thinking, which has to be confronted.’

‘Motta brings together today’s economic theory with important cases from both sides of the Atlantic. It will be a valuable resource for students and practitioners, and I look forward to using it in classes.’

Martin Cave, Director, Centre for Management under Regulation, University of Warwick 2009 253 x 215 mm 512pp 57 line figures 1 table 978-0-521-67386-0 Paperback £29.99 Publication July 2009 www.cambridge.org/9780521673860

Industrial Organisation and Labour Economics

eBook available

www.cambridge.org/9780521863889

Trade Marks and Brands An Interdisciplinary Critique Edited by Lionel Bently University of Cambridge

Jennifer Davis University of Cambridge

and Jane C. Ginsburg Columbia University, New York

A collection of essays examining the nature and function of trade marks and brands. Cambridge Intellectual Property and Information Law, 10

2008 228 x 152 mm 480pp 1 line figure 6 tones 2 tables 1 graph 978-0-521-88965-0 Hardback £65.00 eBook available

www.cambridge.org/9780521889650

Networks in Telecommunications Economics and Law Daniel F. Spulber Northwestern University, Illinois

and Christopher S. Yoo Vanderbilt University, Tennessee

Networks in Telecommunications explores the economic and legal implications of network access in terms of both antitrust and regulation. The book documents a shift in regulatory policy in network industries from rate regulation to mandated access, as

Forthcoming

Cases in European Competition Policy The Economic Analysis Edited by Bruce Lyons University of East Anglia

This book demonstrates how economics is used (and sometimes abused) in competition cases in practical competition policy across Europe. Each chapter summarizes a real case investigated by the European Commission or a national authority, and provides a critique of key aspects of the economic analysis. 2009 247 x 174 mm 552pp 44 tables 28 figures 17 graphs 978-0-521-71350-4 Paperback c. £29.99 978-0-521-88604-8 Hardback c. £70.00 Publication August 2009 www.cambridge.org/9780521713504

Competition Policy Theory and Practice Massimo Motta European University Institute, Florence

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Joseph Farrell, University of California, Berkeley 2004 253 x 177 mm 640pp 35 line figures 19 tables 978-0-521-81663-2 Hardback £95.00 978-0-521-01691-9 Paperback £35.00 www.cambridge.org/9780521816632

How to Price A Guide to Pricing Techniques and Yield Management Oz Shy Wissenschaftszentrum Berlin für Sozialforschung

Over the past four decades, business and academic economists, operations researchers, marketing scientists, and consulting firms have increased their research on pricing and revenue management. This book introduces a wide variety of research results on pricing techniques in a unified, systematic way and at varying levels of difficulty. ‘This book provides an extremely valuable introduction to’the art of pricing’. The strength of the book lies in its judicious choice of the topics to be covered and accessibility to a wide range of audiences from advanced undergraduates to practitioners who may have limited technical knowledge. In particular, the coverage of the book on ‘yield management’ truly stands out, where Oz Shy offers a very elegant, intuitive, and simple presentation of dynamic pricing techniques with capacity constraints that have been widely used in the airline and hotel industries. In summary, the book is bound to be the best single source for anyone interested in this broad topic of practical importance.’ Jay Pil Choi, Michigan State University 2008 253 x 177 mm 448pp 95 tables 978-0-521-88759-5 Hardback £45.00 978-0-521-71564-5 Paperback £19.99 eBook available

www.cambridge.org/9780521887595

The first book to provide a systematic treatment of the economics of antitrust in a global context. It draws on the literature of industrial organisation and on original analyses to deal with such important issues as cartels, jointventures, mergers, vertical contracts,

eBooks available at www.cambridge.org/online

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Industrial Organisation and Labour Economics / Business and Management New in Paperback

Internet and Digital Economics Principles, Methods and Applications Edited by Eric Brousseau Université de Paris X

and Nicolas Curien Conservatoire national des arts et métiers, Paris

Explores the impact of the internet on the future directions of the ‘New Economy’. 2008 228 x 152 mm 822pp 24 tables 67 figures 978-0-521-67184-2 Paperback £35.00 eBook available

www.cambridge.org/9780521671842

Urban Labor Economics Yves Zenou

Experiments and Competition Policy

Reward Governance for Senior Executives

Edited by Jeroen Hinloopen

Edited by Carol Arrowsmith

Universiteit van Amsterdam

Deloitte and Touche LLP

Afterword by Hans-Theo Normann

and Rupert McNeil

Royal Holloway, University of London

Barclays Bank, London

Shows what the increasingly important field of experimental economics can bring to the theory and practice of competition policy.

This book is intended to help anyone involved in the executive appointment and termination process.

2009 228 x 152 mm 328pp 35 tables 20 figures 20 graphs 978-0-521-49342-0 Hardback £55.00

2008 228 x 152 mm 256pp 8 line figures 35 tables 23 graphs 978-0-521-87159-4 Hardback £75.00

eBook available

eBook available

www.cambridge.org/9780521493420

Trade Unionism in Australia A History from Flood to Ebb Tide Tom Bramble

Stockholms Universitet

University of Queensland

This book studies the links between urban economics and labor economics. Different models of urban labor economic theory are examined using first urban search-matching models and urban efficiency wages. These models are then used to analyze urban ghettos and their consequences for ethnic minorities in the labor market.

This book examines the changing fortunes of Australian trade unionism in the past 40 years.

‘In the field of urban economics, this is exactly the kind of book that I have been waiting for. Based on his persistent research work over the past twenty years, Zenou has done a great job of presenting a unified theory of urban labor economics, in which land markets and labor markets are linked in an integrated manner. After introducing the main theoretical ingredients systematically, the book addresses major policy issues, such as urban unemployment, ghettos, labor market networks, and spatial mismatches between minorities’ residences and job locations. This book is a must for both urban economists and labor economists interested in cities as well as for urban policy makers.’ Masahisa Fujita, Institute of Economic Research, Kyoto University (KIER), Japan 2009 228 x 152 mm 528pp 71 line figures 22 tables 978-0-521-87538-7 Hardback £55.00 978-0-521-69822-1 Paperback £20.99 www.cambridge.org/9780521875387

2008 228 x 152mm 312pp 5 graphs 978-0-521-88803-5 Hardback £55.00 978-0-521-71612-3 Paperback £30.00 www.cambridge.org/9780521888035

Law Practitioner Series

www.cambridge.org/9780521871594

Leadership Ethics An Introduction Terry L. Price University of Richmond

Are leaders morally special? Price uses moral theory and empirical research in psychology to introduce the ethics of leadership. 2008 228 x 152 mm 254pp 978-0-521-87583-7 Hardback £40.00 978-0-521-69911-2 Paperback £14.99 eBook available

www.cambridge.org/9780521875837

Business and Management Global Electrification

Humanism in Business Edited by Heiko Spitzeck Universität St Gallen, Switzerland

Michael Pirson Harvard University, Massachusetts

Wolfgang Amann

Multinational Enterprise and International Finance in the History of Light and Power, 1878–2007 William J. Hausman

Universität St Gallen, Switzerland

College of William and Mary, Virginia

There are many books about business and society, yet very few of them question the primacy of GDP growth, profit maximization and individual utility maximization. This groundbreaking book questions these assumptions and investigates the possibility of creating a human-centered, value-oriented society based on humanistic principles.

Peter Hertner Martin Luther-Universität Halle-Wittenburg, Germany

and Mira Wilkins Florida International University

This book offers a fresh analysis of multinational enterprise throughout the world by examining the spread of electrification. Cambridge Studies in the Emergence of Global Enterprise

2008 228 x 152 mm 510pp 9 tables 978-0-521-88035-0 Hardback £48.00 eBook available

www.cambridge.org/9780521880350

Shiban Khan Universität St Gallen, Switzerland

and Ernst von Kimakowitz Universität St Gallen, Switzerland

2009 228 x 152 mm 470pp 4 tables 16 figures 3 graphs 978-0-521-89893-5 Hardback £60.00 978-0-521-72762-4 Paperback £23.99 www.cambridge.org/9780521898935

Business and Management Textbook

Operations Management An Integrated Approach Danny Samson University of Melbourne

and Prakash J. Singh University of Melbourne

An introduction to operations management for undergraduate and graduate students in management and economics. 2008 228 x 152 mm 576pp 978-0-521-70077-1 Paperback £50.00 www.cambridge.org/9780521700771

Theory of the Firm for Strategic Management Economic Value Analysis Manuel Becerra Instituto de Empresa, Madrid

Strategic decisions deal with the longterm direction of the firm and its main activities. This book develops a valuebased theory of the firm that shows how firms can create value for customers and, at the same time, capture economic profits for their owners through business, corporate, international, and social strategies. ‘This book provides the most comprehensive synthesis of the different theoretical approaches to the topic of strategy. I agree entirely with Professor Becerra’s view that the most useful way to think about any company is in terms of an entity whose twin goals are: first, to create value and, second, to appropriate a fair share of this value for its own shareholders. I recommend this book as the first thing that any Ph.D. student in strategy should read before tackling the details of the strategy literature in the doctoral seminars. From now on, it will be required reading in my own Ph.D. seminars.’ Anil K. Gupta, Ralph J. Tyser Professor of Strategy & Organization, Robert H. Smith School of Business, University of Maryland 2009 228 x 152 mm 310pp 3 tables 4 figures 2 graphs 978-0-521-86334-6 Hardback £65.00 978-0-521-68194-0 Paperback £25.99 eBook available

www.cambridge.org/9780521863346

Power and Interdependence in Organizations Edited by Dean Tjosvold Lingnan University, Hong Kong

and Barbara Wisse Vrije Universiteit, Amsterdam

Capitalizing on significant developments in social science over the past twenty years, this book explores both the positive and negative aspects of power, identifying opportunities and threats. It shows how managers and employees can manage power in order to make it a constructive force in organizations. ‘Why are attitudes toward power so ambivalent when power is a pervasive aspect of organizations? Could this be a Western-culture-centric perspective? The international team of academics contributing to Power and Interdependence in Organizations addresses the positive face of power as well as how to control its negative face.’ Jeanne Brett, DeWitt W. Buchanan, Jr. Distinguished Professor of Dispute Resolution and Organization, Kellogg School of Management, Northwestern University Cambridge Companions to Management

2009 228 x 152 mm 392pp 6 tables 12 figures 1 graph 978-0-521-87859-3 Hardback £60.00 978-0-521-70328-4 Paperback £21.99

The handbook that Bhagat and Steers have assembled guides us through the maze and will be an indispensable source of reference for many years to come.’ John Child, Chair of Commerce, Birmingham University Business School 2009 247 x 174 mm 552pp 47 tables 32 figures 2 graphs 978-0-521-87742-8 Hardback £80.00 Publication June 2009 www.cambridge.org/9780521877428

Entrepreneurship, Growth, and Public Policy Edited by Zoltan J. Acs George Mason School of Public Policy, Fairfax

David B. Audretsch Indiana University, Bloomington

and Robert J. Strom Kauffman Foundation, Kansas City

The purpose of this volume is to provide a lens through which public policy decisions involving entrepreneurship can be guided and analyzed. In particular, this volume provides insights from leading research concerning the links between entrepreneurship, innovation, and economic growth that shed light on implications for public policy.

Cambridge Handbook of Culture, Organizations, and Work

‘This volume contains an important set of papers by leading scholars explaining why entrepreneurship matters. By focusing on the role of entrepreneurship in innovation and economic growth and on how public policy can support this role, this book provides useful insights and an excellent overview. It will be a valuable source of information and inspiration for economists interested in entrepreneurship and growth for years to come.’

Edited by Rabi S. Bhagat

Bo Carlsson, Case Western Reserve University

eBook available

www.cambridge.org/9780521878593

Forthcoming

University of Memphis

and Richard M. Steers University of Oregon

As political, legal, and economic barriers are receding, cultural barriers emerge as a principal challenge to organizational survival and success. This handbook reviews, analyses, and integrates available theory and research to give the best information possible concerning the role of culture and cultural differences in organizational dynamics. ‘This Handbook conveniently brings together a wide range of contributions by international experts. It provides an up-to-date and comprehensive coverage of what we know, and still don’t know, about how culture influences organizations and work. This is a subject of keen interest to both scholars and practitioners, but one in which different theories and methodologies compete for attention.

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2009 228 x 152 mm 366pp 27 line figures 21 tables 978-0-521-89492-0 Hardback £40.00 eBook available

www.cambridge.org/9780521894920

Capital Accumulation and Economic Growth in a Small Open Economy Stephen J. Turnovsky University of Washington

Economic growth is an issue of primary concern to policy makers in both developed and developing economies. In this book, renowned growth theorist Stephen J. Turnovsky investigates the process of economic growth in a small open economy, showing that it is

Visit our website at www.cambridge.org

22

Business and Management / Economic History / Economic Growth and Development / sensitive to the productive structure of the economy. The CICSE Lectures in Growth and Development

2009 228 x 152 mm 272pp 15 tables 18 figures 65 graphs 978-0-521-76475-9 Hardback £55.00 Publication August 2009 www.cambridge.org/9780521764759

Economic History China’s Great Economic Transformation Edited by Loren Brandt University of Toronto

and Thomas G. Rawski University of Pittsburgh

This landmark study provides an integrated analysis of China’s unexpected economic boom of the past three decades. 2008 228 x 152 mm 928pp 150 tables 978-0-521-88557-7 Hardback £80.00 978-0-521-71290-3 Paperback £40.00 eBook available

www.cambridge.org/9780521885577

The Origin and Development of Financial Markets and Institutions From the Seventeenth Century to the Present Edited by Jeremy Atack Vanderbilt University, Tennessee

and Larry Neal University of Illinois, Urbana-Champaign

Finance has proved to be one of the most important causal factors in economic performance. In a series of original essays, leading historians examine how financial innovations from the seventeenth century to the present have challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. ‘Atack and Neal bring together a brilliant, provocative and authoritative set of essays on financial history. The essays share the desire to link social, political, and economy history with finance, to place financial development within the story line that connects financial changes to the development of commerce, industry, and politics. The coverage is broad in space and time, covering all aspects of finance – money, banking, central banking, securities markets, and financial crises – in many countries and over four centuries of

change. The authors are the leading authorities in their field. Although the articles are carefully argued and rich in quantitative detail, they are exceptionally lively because they combine the discipline of economic analysis with a broader historical narrative that brings to life the personal histories of financiers as part of the broader arc of European and American financial development. The book is more than a collection of great studies of the past; it is also a tool to teach historians how to think about finance, and to teach financiers how to think about history.’ Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University Graduate School of Business 2009 228 x 152 mm 494pp 45 tables 75 figures 196 graphs 978-0-521-89517-0 Hardback £60.00 www.cambridge.org/9780521895170

Wealth and Life Essays on the Intellectual History of Political Economy in Britain, 1848–1914 Donald Winch University of Sussex

Studying those intellectual pursuits that have shaped the understanding of Britain as an industrial society and continue to influence cultural responses to the moral questions posed by economic life, Donald Winch addresses the ‘bitter argument between economists and human beings’ provoked by Britain’s industrial revolution. Ideas in Context, 95

2009 228 x 152 mm 440pp 17 tones 978-0-521-88753-3 Hardback £50.00 978-0-521-71539-3 Paperback £18.99 www.cambridge.org/9780521887533

Forthcoming New Edition

Global Crises, Global Solutions Costs and Benefits Second edition Edited by Bjørn Lomborg

assessment of the costs and benefits of a menu of options. 2009 247 x 174 mm 672pp 2 tones 148 tables 90 figures 978-0-521-51721-8 Hardback c. £60.00 978-0-521-74122-4 Paperback c. £21.99 Publication July 2009 www.cambridge.org/9780521517218

Economic Growth and Development Economic Growth A Unified Approach Olivier de la Grandville Université de Genève

How can society improve its living standards? What are the conditions necessary for prosperity? These are the questions that define the essence of growth theory. In this user-friendly book, Olivier de la Grandville provides a fascinating introduction to the theory of economic growth. Advance praise: ‘Olivier de La Grandville has written a sparkling, wide-ranging and provocative analysis of economic growth models. Noteworthy is his analysis of the difficulties in using optimal control theory and his development of an alternative approach more closely related to Solow’s original growth model. He strongly emphasizes the importance of the elasticity of substitution. The work is marked by a large number of novel specific analytic results which will be of wide use.’ Ken Arrow, Winner of the Nobel Prize in Economics, 1972 2009 247 x 174 mm 352pp 98 line figures 19 tables 98 figures 101 graphs 978-0-521-89801-0 Hardback c. £70.00 978-0-521-72520-0 Paperback c. £29.99 Publication July 2009 www.cambridge.org/9780521898010

Copenhagen Business School

The world’s poorest people face many pressing problems from disease and malnutrition, through to conflict and climate change. How can the world best spend money to help resolve these problems? This book offers an authoritative and thought-provoking

Economic Development and Transition Thought, Strategy, and Viability Justin Yifu Lin Peking University, Beijing

With only a few exceptions in East Asia, most developing and transitional countries have failed to exploit their economic potential. Renowned development economist Justin Yifu Lin

23 argues that the success or failure of development strategies depends largely on the role of governments. ‘Development and transition pose extremely difficult challenges. In these masterly Lectures, Justin Lin, now the World Bank’s Chief Economist, brings to these complex subjects a profound understanding of the problems they raise and also unusual insights from his first-hand experience with China’s spectacular performance. The Lectures are a tour de force.’ Jagdish Bhagwati, University Professor, Columbia University

Contents: List of figures; List of tables; 1. Development, transition and divergence; 2. The search for a fundamental and changeable cause of prosperity; 3. Aspiration and social thought of modernization; 4. Development strategy, viability and performance; 5. Viability and strategies of transition; 6. Development strategy and development and transition performances: empirical analysis; 7. Why are East Asian economies so special? Are there any general lessons to be learned from East Asian development and transition experiences?; 8. Toward a right development and transition strategy; Appendix I. Development strategy and economic institutions in developing countries; Appendix II. Data description; References; Index. 2009 228 x 152 mm 182pp 7 tables 9 figures 18 graphs 978-0-521-51452-1 Hardback £38.00 978-0-521-73551-3 Paperback £13.50 eBook available

www.cambridge.org/9780521514521

Inequality and Public Policy in China Edited by Björn A. Gustafsson University of Gothenberg, Sweden

Li Shi Beijing Normal University

Costs and Benefits Edited by Bjørn Lomborg Copenhagen Business School

This book offers a rigorous overview of twenty-three of the world’s biggest problems relating to the environment, governance, economics, and health and population. Leading economists provide a short survey of the state-of-the-art analysis and sketch out some policy solutions for which they provide costbenefit ratios. 2007 228 x 152 mm 464pp 28 line figures 3 tones 56 tables 33 figures 20 graphs 978-0-521-88772-4 Hardback £48.00 978-0-521-71597-3 Paperback £16.99 eBook available

www.cambridge.org/9780521887724

eBook available

www.cambridge.org/9780521867580

University of Western Ontario

Ethics of Global Development

Provides a new analysis of inequality in China, with an emphasis on public policy considerations.

Agency, Capability, and Deliberative Democracy David A. Crocker

2008 228 x 152 mm 384pp 151 tables 978-0-521-87045-0 Hardback £50.00

University of Maryland, College Park

and Terry Sicular

eBook available

www.cambridge.org/9780521870450

The Capability Approach Concepts, Measures and Applications Edited by Flavio Comim University of Cambridge

Mozaffar Qizilbash University of York

and Sabina Alkire University of Oxford

An analysis of Amartya Sen’s capability approach in the context of poverty and justice. 2008 228 x 152 mm 636pp 16 line figures 53 tables 15 figures 9 graphs 978-0-521-86287-5 Hardback £65.00 eBook available

www.cambridge.org/9780521862875

An analysis and evaluation of Amartya Sen’s ‘capability approach’ to development ethics. 2008 222 x 152 mm 432pp 2 line figures 2 figures 978-0-521-88519-5 Hardback £55.00 eBook available

www.cambridge.org/9780521885195

Terrorism, Economic Development, and Political Openness Edited by Philip Keefer The World Bank

and Norman Loayza The World Bank

This collection explores how terrorism is related to poverty in developing countries and their political openness. 2008 228 x 152 mm 326pp 48 tables 978-0-521-88758-8 Hardback £45.00 eBook available

www.cambridge.org/9780521887588

Games in Economic Development Bruce Wydick

Solutions for the World’s Biggest Problems

2008 253 x 177 mm 312pp 3 tables 978-0-521-86758-0 Hardback £45.00 978-0-521-68715-7 Paperback £18.99

University of San Francisco

Examines the roots of poverty and prosperity through the lens of elementary game theory, illustrating how patterns of human interaction can lead to vicious cycles of poverty. Entertaining to read, the book can be accessed with little background in development economics or game theory. ‘Games in Economic Development presents a unified view of the difference between the rich countries and the third world. The rich countries have institutions that counteract many different co-ordination failures that plague the third world. Bruce Wydick explains those failures theoretically, and he illustrates them beautifully with many colorful and convincing examples. Some of these are from his own experience in Guatemala. Yes, this is what economic development is all about.’ George Akerlof, Nobel Laureate in Economics, 2000, University of California at Berkeley

Globalization and the Race to the Bottom in Developing Countries Who Really Gets Hurt? Nita Rudra University of Pittsburgh

Challenges conventional wisdoms surrounding globalisation’s effects on developing countries, suggesting that the real losers are the middle classes. 2008 228 x 152 mm 312pp 21 graphs 978-0-521-88698-7 Hardback £45.00 978-0-521-71503-4 Paperback £17.99 eBook available

www.cambridge.org/9780521886987

Forthcoming

Latin American Development Priorities Costs and Benefits Edited by Bjorn Lomborg Copenhagen Business School

Many countries in Latin America and the Caribbean have achieved considerable economic growth, yet the region still faces many seemingly intractable problems. This book follows the Copenhagen Consensus process to

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24

/ Environmental and Natural Resource Economics show how limited resources could be used for the greatest benefit of the Latin American and Caribbean region. 2009 228 x 152 mm 500pp 978-0-521-76690-6 Hardback c. £60.00 978-0-521-74752-3 Paperback c. £23.99 Publication December 2009 www.cambridge.org/9780521766906

Forthcoming

Against Injustice The New Economics of Amartya Sen Edited by Reiko Gotoh Ritsumeikan University, Kyoto

and Paul Dumouchel Ritsumeikan University, Kyoto

This book brings together a team of distinguished academics to explore the ideas underlying Amartya Sen’s critique of traditional approaches to injustice. The centerpiece of the book is the first chapter by Sen in which he outlines his conception of the relationship between economics, ethics, and law. 2009 228 x 152 mm 344pp 11 tables 17 figures 22 graphs 978-0-521-89959-8 Hardback c. £55.00 Publication November 2009 www.cambridge.org/9780521899598

The Democratization of Invention Patents and Copyrights in American Economic Development, 1790–1920 B. Zorina Khan Bowdoin College, Maine

This book examines the evolution and impact of American intellectual property rights during the ‘long nineteenth century.’ America is compared to Britain and France, whose institutions reflected their oligarchic origins. The United States created the first modern patent system and its politics were the most liberal world wide toward inventors. 2009 228 x 152 mm 340pp 978-0-521-74720-2 Paperback £19.99 www.cambridge.org/9780521747202

Textbook

The Dynamics of Socio-Economic Development An Introduction Adam Szirmai Technische Universiteit Eindhoven, Holland

A modern, non-technical textbook introduction to development economics with emphasis on historical and political context. ‘… a scholarly and comprehensive treatment of development economics that is accessible to a wide range of social science and development studies students. Its treatment of health issues, education policy, and rural development, along with its comprehensive data tables, are unsurpassed in the development economics field.’ Kenneth A. Reinert, Associate Professor of Public Policy, George Mason University

Contents: 1. Developing countries and the concept of development; 2. Development of the international economic order, 1450–2000; 3. Growth and stagnation: theories and experiences; 4. Technology and development; 5. Population and development; 6. Health, health care and development; 7. Education and development; 8. Economic development, structural transformation and primary exports; 9. Industrial development; 10. Agricultural development and rural development; 11. State formation and political aspects of development; 12. Cultural dimensions of development; 13. The international economic and political order since 1945; 14. Foreign aid and development. 2005 247 x 174 mm 744pp 75 tables 20 graphs 978-0-521-81763-9 Hardback £68.00 978-0-521-52084-3 Paperback £34.00 www.cambridge.org/9780521817639

Environmental and Natural Resource Economics Why We Disagree About Climate Change Understanding Controversy, Inaction and Opportunity Mike Hulme University of East Anglia

Mike Hulme provides a unique insider’s account of climate change and the diverse ways in which it is understood. He uses different standpoints from

science, economics, faith, psychology, communication, sociology, politics and development to explain why we disagree about this important phenomenon. ‘This is a very rare book. A scientific book about climate change, that deals both with the science, and our own personal response to this science. It does all this supremely well, and should be compulsory reading for both sceptics and advocates. However, it does so much more, it is a book of great modesty and humanity. It uses climate change to ask questions more broadly about our own beliefs, assumptions and prejudices, and how we make individual and collective decisions.’ Chris Mottershead, Distinguished Advisor, BP p.l.c. 2009 228 x 152 mm 432pp 2 tones 1 table 20 figures 16 graphs 978-0-521-89869-0 Hardback £45.00 978-0-521-72732-7 Paperback £15.99 www.cambridge.org/9780521898690

The Skeptical Environmentalist Measuring the Real State of the World Bjørn Lomborg Aarhus Universitet, Denmark

A controversial, wide ranging and clearly documented survey of the state of the global environment. 2001 247 x 174 mm 540pp 9 tables 162 graphs 978-0-521-01068-9 Paperback £20.99 www.cambridge.org/9780521010689

Social and Environmental Policies in EC Procurement Law New Directives and New Directions Edited by Sue Arrowsmith University of Nottingham

and Peter Kunzlik City University, London

The social and environmental objectives which inform governments’ purchasing decisions can make it harder for some suppliers to participate in public procurement. This volume of essays examines how best to find a balance between trade concerns and the desire of national governments to use procurement as a policy tool. 2009 228 x 152 mm 550pp 978-0-521-88150-0 Hardback £110.00 eBook available

www.cambridge.org/9780521881500

Environmental and Natural Resource Economics Sustainable Development in Practice Sustainomics Methodology and Applications Mohan Munasinghe Munasinghe Institute for Development, Sri Lanka

This book provides a practical analysis of current sustainable development prospects by applying the innovative sustainomics framework. It explains the key principles underlying sustainomics, illustrates the methodology with wide-ranging empirical and policyrelevant case studies, and is useful for students, researchers, policy analysts and development practitioners. ‘This book is unique … Munasinghe brings together a wide range of skills. As a respected and award winning researcher, his analysis is rigorous and well-documented. As a senior decision maker and manager with over 35 years of experience in the development arena, his advice is eminently practical. Finally, as a veteran professor with an enviable record of publications, he presents his arguments lucidly and convincingly. This text, written by a leading world authority on sustainable development, is an invaluable resource.’ Professor James Gustave Speth, Yale University; and former Administrator, United Nations Development Program 2009 247 x 174 mm 652pp 15 tones 118 figures 978-0-521-89540-8 Hardback £80.00 978-0-521-71972-8 Paperback £40.00 www.cambridge.org/9780521895408

Delivering a Low Carbon Electricity System Technologies, Economics and Policy Edited by Michael Grubb University of Cambridge

Tooraj Jamasb University of Cambridge

and Michael G. Pollitt University of Cambridge

A systematic analysis of the issues surrounding the creation of a lowcarbon electricity sector. Department of Applied Economics Occasional Papers, 68

Large-Scale Disasters Prediction, Control, and Mitigation Edited by Mohamed Gad-el-Hak Virginia Commonwealth University

A review volume presenting research into the prediction, prevention or mitigation of large-scale disasters. 2008 247 x 174 mm 632pp 249 line figures 33 tones 22 tables 282 figures 978-0-521-87293-5 Hardback £100.00 eBook available

www.cambridge.org/9780521872935

Biodiversity Economics Principles, Methods and Applications Edited by Andreas Kontoleon University of Cambridge

Unai Pascual University of Cambridge

and Timothy Swanson University College London

An examination and evaluation of the problem of various forms of biodiversity loss. 2007 228 x 152 mm 692pp 67 line figures 6 tones 7 maps 80 tables 46 figures 43 graphs 978-0-521-86683-5 Hardback £75.00 www.cambridge.org/9780521866835

Allocation in the European Emissions Trading Scheme Rights, Rents and Fairness Edited by A. Denny Ellerman Massachusetts Institute of Technology

Barbara K. Buchner Fondazione Eni Enrico Mattei (FEEM)

and Carlo Carraro Università degli Studi di Venezia and Fondazione Eni Enrico Mattei (FEEM)

The first in-depth description and analysis of the European Emissions Trading Scheme. 2007 228 x 152 mm 442pp 37 line figures 27 tables 37 figures 32 graphs 978-0-521-87568-4 Hardback £63.00 eBook available

www.cambridge.org/9780521875684

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Forthcoming

The Hydrogen Economy Opportunities and Challenges Edited by Michael Ball Fraunhofer Institute for Systems and Innovation Research, Karlsruhe, Germany

and Martin Wietschel Fraunhofer Institute for Systems and Innovation Research, Karlsruhe, Germany

This book is the first to highlight the opportunities and challenges of introducing hydrogen as an alternative fuel source from economic, technical and environmental perspectives. Through its multidisciplinary approach, it provides researchers and decision makers in academia and industry with a wideranging knowledge base concerning the hydrogen economy. ‘This multi-disciplinary book significantly broadens the perspective on the prospects of hydrogen as a universal energy vector and fuel, and provides a very important addition to the policy debate over future sources of transportation energy and the role hydrogen can play for the decades to come.’ Herbert Kohler, Chair of the European Hydrogen and Fuel Cell Technology Platform 2009 247 x 174 mm 440pp 119 tones 104 tables 221 figures 978-0-521-88216-3 Hardback c. £75.00 Publication August 2009 www.cambridge.org/9780521882163

Sustainable Natural Resource Management For Scientists and Engineers Daniel R. Lynch Dartmouth College, New Hampshire

Covering renewable, non-renewable, living and sterile resources; this book examines natural resource management and its role in framing sustainability. Examples and applications are drawn from petroleum, fisheries, and water resources. Each chapter contains problems illustrating the material and simple programs in commonly available packages support the text. 2009 253 x 215 mm 248pp 108 line figures 14 tables 151 exercises 978-0-521-89972-7 Hardback £35.00 eBook available

www.cambridge.org/9780521899727

2008 228 x 152 mm 544pp 86 line figures 63 tables 86 figures 978-0-521-88884-4 Hardback £60.00 www.cambridge.org/9780521888844

eBooks available at www.cambridge.org/online

26

Environmental and Natural Resource Economics Global Warming The Complete Briefing Fourth edition John Houghton Intergovernmental Panel on Climate Change

Houghton’s market-leading textbook, now in full colour and with the latest IPCC findings, is the definitive guide to climate change. Written for students across a wide range of disciplines, its simple, logical flow of ideas gives an invaluable grounding in the science, impacts and need for action on global warming. ‘This book has become the standard introductory text for explaining the mechanics and the implications of global warming … it provides one of the most readable and authoritative statements of the basic science and its implications.’ Simon Napper, Biologist

Contents: Introduction to the first edition; Introduction to the second edition; Introduction to the third edition; Introduction to the fourth edition; 1. Global warming and climate change; 2. The Greenhouse effect; 3. The Greenhouse gases; 4. Climates of the past; 5. Modelling the climate; 6. Climate change for the twenty-first century and beyond; 7. The impacts of climate change; 8. Why should we be concerned?; 9. Weighing the uncertainty; 10. Strategy for action to slow and stabilize climate change; 11. Energy and transport for the future; 12. The Global Village; Glossary; Index. 2009 246 x 189 mm 456pp 130 line figures 60 tones 202 plates 19 tables 978-0-521-88256-9 Hardback £60.00 978-0-521-70916-3 Paperback £24.99 www.cambridge.org/9780521882569

The Garnaut Climate Change Review Ross Garnaut Australian National University, Canberra

The Garnaut Climate Change Review is one of the most important reports to be published in Australia for many years and examines the impacts of climate change on the Australian economy, the costs of adaptation and mitigation, and the international context in which climate change is experienced and negotiated. ‘The Garnaut Review is of special importance in its combination of a global view and the perspective from one country. It adopts a way forward for global action on climate change and how Australia can and should manage its own role. At the same time it deepens the shared analytical basis for action. It is a great achievement.’ Sir Nicholas Stern

2008 247 x 174mm 680pp 978-0-521-74444-7 Paperback £35.00 www.cambridge.org/9780521744447

Climate Change 2007 – Impacts, Adaptation and Vulnerability

Climate Extremes and Society

Working Group II contribution to the Fourth Assessment Report of the IPCC Intergovernmental Panel on Climate Change

Edited by Henry F. Diaz National Oceanic and Atmospheric Administration, District of Columbia

and Richard J. Murnane Bermuda Biological Station for Research, Garrett Park, Maryland

A scientific exploration of the nature of climatic extremes – past, present, and future – and of methods for understanding and responding to extreme events. The book is designed for all policy-makers, engineers and scientists who have an interest in the effects of climate extremes on society. 2008 247 x 174 mm 356pp 37 line figures 32 tones 24 plates 102 figures 978-0-521-87028-3 Hardback £70.00 eBook available

www.cambridge.org/9780521870283

Climate Change 2007 – The Physical Science Basis Working Group I Contribution to the Fourth Assessment Report of the IPCC Intergovernmental Panel on Climate Change

Climate Change 2007 – The Physical Science Basis is the latest, most comprehensive scientific assessment of past, present and future climate change which forms the standard scientific reference for students and researchers in environmental science, meteorology, climatology, biology, ecology and atmospheric chemistry, and policy makers in governments and industry worldwide. From reviews of the Third Assessment Report – Climate Change 2001: ‘The detail is truly amazing … invaluable works of reference … no reference or science library should be without a set [of the IPCC volumes] … unreservedly recommended to all readers.’ Journal of Meteorology 2007 276 x 219 mm 1009pp 978-0-521-70596-7 Paperback £48.00 978-0-521-88009-1 Hardback £96.00 www.cambridge.org/9780521705967

This IPCC Fourth Assessment Report provides a completely up-to-date scientific assessment of the impacts of climate change, the vulnerability of natural and human environments, and the potential for response through adaptation. Written by the world’s leading experts, it will be invaluable for researchers, students, and policymakers worldwide. ‘This volume makes another significant step forward in the understanding of the likely impacts of climate change on a global scale.’ International Journal of Climatology 2008 279 x 215 mm 986pp 300 line figures 50 tables 978-0-521-88010-7 Hardback £90.00 978-0-521-70597-4 Paperback £45.00 www.cambridge.org/9780521880107

Climate Change 2007 – Mitigation of Climate Change Working Group III contribution to the Fourth Assessment Report of the IPCC Intergovernmental Panel on Climate Change

This IPCC Fourth Assessment Report brings us completely up-to-date on the scientific, technical, environmental, economic, and social aspects of the mitigation of climate change. The world’s leading experts provide a comprehensive and balanced assessment for researchers, students, and policymakers, and a standard reference work for policy decisions worldwide. From reviews of the Third Assessment Report – Climate Change 2001: ‘The detail is truly amazing … invaluable works of reference … no reference or science library should be without a set [of the IPCC volumes] … unreservedly recommended to all readers.’ Journal of Meteorology 2008 279 x 215 mm 862pp 300 line figures 50 tables 978-0-521-88011-4 Hardback £90.00 978-0-521-70598-1 Paperback £45.00 eBook available

www.cambridge.org/9780521880114

Environmental and Natural Resource Economics

27

Facing Climate Change Together Edited by Catherine Gautier University of California, Santa Barbara

and Jean-Louis Fellous European Space Agency

This volume presents the state-of-theart in climate change science, drawing from the most recent assessment reports of the IPCC. The book is written for scientists and students who are not necessarily experts in climatology but are seeking a broad, coherent review of climate change issues. 2008 247 x 174 mm 280pp 28 line figures 16 tones 8 plates 44 figures 978-0-521-89682-5 Hardback £40.00 www.cambridge.org/9780521896825

Oil, Water, and Climate An Introduction Catherine Gautier University of California, Santa Barbara

Population and development pressures are at an all-time high, as are our energy and water consumption. Today, anxieties over global and national energy, water and climate security are growing. Tough decisions and major reforms are needed and this book provides excellent introductory material to begin to address these problems. ‘Catherine Gautier deserves congratulations for creating a textbook that not only deals with these three topics, but most important, also draws them together and shows how they are connected. … Gautier’s perspective is global and as such, the book will broaden students’ perspectives. … Oil, Water and Climate does a great job of making these important topics accessible to undergraduate students. It brings together many important ideas in Earth science, technology and global policy.’ EOS 2008 253 x 177 mm 392pp 978-0-521-88261-3 Hardback £60.00 978-0-521-70919-4 Paperback £24.99 eBook available

www.cambridge.org/9780521882613

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Index A Accounting Principles for Non-Executive Directors.............................................13 Acemoglu, Daron...................................15 Acs, Zoltan J...........................................21 Advances in Credit Risk Modelling and Corporate Bankruptcy Prediction..........12 Africa and the World Trade Organization.10 Against Injustice.....................................24 Against Intellectual Monopoly................17 Agreeing and Implementing the Doha Round of the WTO...............................10 Alho, Juha M..........................................17 Alkire, Sabina.........................................23 Allocation in the European Emissions Trading Scheme...................................25 Altug, Sumru............................................5 Amann, Wolfgang..................................20 Analysis of Variance Designs.....................3 Anderton, Charles H...............................16 Apps, Patricia.........................................13 Arab Economies in the Twenty-First Century.................................................6 Arrowsmith, Carol..................................20 Arrowsmith, Sue.....................................24 Arup, Christopher.....................................8 Asch, Evelyn D........................................14 Asset Pricing for Dynamic Economies........5 Atack, Jeremy.........................................22 Audretsch, David B.................................21 Austen-Smith, David...............................17 Azam, Jean-Paul............................... 16, 17

B Baddeley, Michelle C.................................2 Bailey, Roy E...........................................11 Baldwin, Richard......................................9 Balk, Bert M.............................................3 Ball, Michael..........................................25 Ballou, Jeffrey P......................................14 Barreto, Humberto................................ 2, 4 Barrowclough, Diana V..............................2 Barth, James R.......................................13 Bates, Robert H......................................17 Bates, Robert H. ....................................16 Becerra, Manuel.....................................21 Bently, Lionel..........................................19 Bhagat, Rabi S........................................21 Bilateral and Regional Trade Agreements. 8, 9 Bindseil, Ulrich.......................................12 Biodiversity Economics...........................25 Birth of the Euro, The................................5 Blair, Peter D.............................................3 Boadway, Robin ....................................16 Boldrin, Michele.....................................17 Borio, Claudio........................................12 Borkar, Vivek S..........................................3 Bouchaud, Jean-Philippe........................13 Braithwaite, Valerie.................................18 Brakman, Steven.................................. 6, 7 Bramble, Tom.........................................20 Brandt, Loren.........................................22 Brenner, Gabrielle A................................12 Brenner, Reuven.....................................12 Bronk, Richard.........................................1 Brooks, Chris..........................................11 Brousseau, Éric................................. 18, 20 Brown, Aaron.........................................12

Buchner, Barbara K.................................25 Buckley, Elizabeth...................................13 Burdekin, Richard C. K............................12 Busch, Danny.........................................19

C Cambridge Handbook of Culture, Organizations, and Work......................21 Cameron, A. Colin....................................2 Capability Approach, The........................23 Capital Accumulation and Economic Growth in a Small Open Economy........21 Capitalism with Chinese Characteristics..15 Caprio, Gerard........................................13 Cargill, Thomas F....................................17 Carraro, Carlo.........................................25 Carter, John R.........................................16 Cases in European Competition Policy....19 Central Banking as Global Governance...11 China’s Great Economic Transformation..22 China’s Monetary Challenges.................12 Clearing Services for Global Markets.......13 Clement, Piet.........................................12 Clements, Kenneth W................................4 Climate Change 2007 - Impacts, Adaptation and Vulnerability................26 Climate Change 2007 - Mitigation of Climate Change..................................26 Climate Change 2007 - The Physical Science Basis.......................................26 Climate Extremes and Society.................26 Collier, Paul...................................... 16, 17 Comim, Flavio........................................23 Communication in Mechanism Design......5 Competition Policy.................................19 Cortina, Jeronimo.....................................4 Crocker, David A.....................................23 Curien, Nicolas.......................................20

D Dalton, Bill.............................................11 Davis, Jennifer........................................19 de Haan, Jakob......................................10 de Jong, Frank........................................10 de la Grandville, Olivier .........................22 Dees, Stéphane........................................5 Delivering a Low Carbon Electricity System................................................25 Democratization of Invention, The...........24 Demsetz, Harold.....................................17 Designing Economic Mechanisms.............5 di Mauro, Filippo......................................5 Diaz, Henry F..........................................26 Dimitri, Nicola..........................................5 Disposing Dictators, Demystifying Voting Paradoxes...........................................14 Driving Innovation....................................1 Duch, Raymond M..................................17 Dumouchel, Paul....................................24 Dynamics of Markets..............................13 Dynamics of Socio-Economic Development, The................................24

E Econometric Modelling of Financial Time Series, The.............................................2 Economic Development and Transition....22 Economic Growth...................................22

Economic Origins of Dictatorship and Democracy..........................................15 Economic Psychology of Tax Behaviour, The.....................................................18 Economic Vote, The.................................17 Economics and Marijuana.........................4 Economics of Exchange Rates, The............5 Economics of Financial Markets, The.......11 Economics of Karl Marx, The.....................1 El-Agraa, Ali.............................................7 Ellerman, A. Denny.................................25 Entrepreneurship, Growth, and Public Policy..................................................21 Estevadeordal, Antoni...............................9 Ethics of Global Development.................23 European Financial Markets and Institutions..........................................10 European Union, The................................7 Experiments and Competition Policy.......20

F Facing Climate Change Together.............27 Fall of the House of Credit, The...............11 Fellous, Jean-Louis..................................27 Financial Products..................................11 Financial Services Law and Compliance in Australia..........................................13 Fiscal Federalism....................................16 Fiscal Governance in Europe...................14 Fleurbaey, Marc........................................1 Foreign Direct Investment in Japan...........7 Fosu, Augustin K.....................................17 Frankel, Jeffery A......................................5 Frieden, Jeffry A......................................17 From Economic Man to Economic System................................................17 Fukao, Kyoji..............................................7 Full Disclosure........................................17 Fung, Archon..........................................17

G Gad-el-Hak, Mohamed...........................25 Games in Economic Development...........23 Gamst, Glenn...........................................3 Garnaut Climate Change Review, The.....26 Garnaut, Ross........................................26 Garretsen, Harry................................... 6, 7 GATS and the Regulation of International Trade in Services................8 Gautier , Catherine.................................27 Gelman, Andrew......................................4 Gilboa, Itzhak...........................................3 Ginsburg, Jane C....................................19 Glachant, Jean-Michel ...........................18 Global Competitive Strategy.....................6 Global Crises, Global Solutions...............22 Global Electrification..............................20 Global Warming.....................................26 Globalisation, Regionalism and Economic Interdependence....................5 Globalization and the Race to the Bottom in Developing Countries..........23 Glynn, Peter W..........................................3 Golden, Miriam A...................................17 Gollin, Michael A......................................1 Gonzalez, Fernando................................12 Gotoh, Reiko..........................................24 Graham, Mary........................................17 Grinols, Earl L.........................................18

Index Grubb, Michael.......................................25 Guarino, A. J.............................................3 Gunning, Jan Willem...............................17 Gura, Ein-Ya.............................................4 Gustafsson, Björn A................................23

Khan, Shiban..........................................20 Kirchler, Erich.........................................18 Kolm, Serge-Christophe............................1 Kontoleon, Andreas................................25 Kunzlik, Peter.........................................24

H

L

Hall, Rodney Bruce.................................11 Hallerberg, Mark....................................14 Handbook of Primary Commodities in the Global Economy, A...........................6 Handbook of Procurement........................5 Handbook on Accession to the WTO, A......9 Handbook on Reading WTO Goods and Services Schedules, A.............................8 Harry Johnson..........................................1 Hasenpusch, Tina...................................13 Hausman, William J................................20 Health Care for Us All.............................18 Hedlund, Stefan.......................................7 Henderson, James..................................18 Hensher, David A....................................12 Hertner, Peter.........................................20 Hillman, Arye L.......................................15 Hinloopen, Jeroen..................................20 Hohmann, Harald...................................10 Holgate, Peter........................................13 Hollander, Samuel....................................1 Houghton, John......................................26 How to Price..........................................19 Howland, Frank........................................2 Huang, Yasheng.....................................15 Hulme, Mike...........................................24 Humanism in Business............................20 Hurwicz, Leonid........................................5 Hussain, Arif.............................................9 Hydrogen Economy, The..........................25

Labadie, Pamela.......................................5 Large-Scale Disasters..............................25 Laruelle, Annick......................................14 Lassila, Jukka.........................................17 Latin American Development Priorities....23 Law and Policy of the World Trade Organization, The..................................9 Leadership Ethics...................................20 Learning, Policy Making, and Market Reforms..............................................14 Legal Principles in WTO Disputes..............9 Lester, Simon........................................ 8, 9 Levine, David K.......................................17 Levine, Ross...........................................13 Leyton-Brown, Kevin.................................3 Lin, Justin Yifu........................................22 Loayza, Norman.....................................23 Lomborg, Bjorn......................................23 Lomborg, Bjørn.......................... 22, 23, 24 Low, Patrick.............................................9 Lynch, Daniel R.......................................25 Lyons, Bruce...........................................19

I Inama, Stefano.........................................8 Inequality and Public Policy in China.......23 Input-Output Analysis...............................3 Insights into Game Theory........................4 Intergovernmental Panel on Climate Change...............................................26 Intermediate Microeconomics with Microsoft Excel......................................4 Internet and Digital Economics...............20 Introduction to Decision Theory, An...........1 Introductory Econometrics........................2 Introductory Econometrics for Finance....11 Investing in Protection..............................8 Invisible Hand of Peace, The....................18 Issing, Otmar............................................5

J Jamasb, Tooraj........................................25 Japan and the Global Automotive Industry.................................................8 Japan Since 1980...................................17 Jensen, Svend E. Hougaard.....................17 Jones, Stewart........................................12 Justice, Political Liberalism, and Utilitarianism.........................................1

K Keefer, Philip..........................................23 Khan, B. Zorina.......................................24

M Macgregor, Laura J.................................19 Mäki, Uskali.............................................1 Manger, Mark S........................................8 Marchetti, Juan A.....................................9 Markellos, Raphael N................................2 Markets, Money and Capital.....................5 Markov Chains and Stochastic Stability.....3 Maschler, Michael....................................4 McCauley, Joseph L................................13 McDonald, Patrick J................................18 McKibbin, Warwick J.................................5 McNeil, Rupert.......................................20 Mercurio, Bryan.................................... 8, 9 Meseguer, Covadonga............................14 Methodology of Positive Economics, The...1 Meyers, Lawrence S..................................3 Meyn, Sean..............................................3 Microeconometrics...................................2 Microstructure of Financial Markets, The.10 Miller, Ronald E........................................3 Mills, Terence C.........................................2 Milne, Alistair.........................................11 Mission and Money................................14 Mitchell, Andrew D...................................9 Moene, Karl Ove....................................17 Moggridge, D. E........................................1 Motta, Massimo.....................................19 Mounfield, C. C......................................13 Mshomba, Richard E...............................10 Mueller, Dennis C...................................16 Multiagent Systems..................................3 Multilateralizing Regionalism....................9 Munasinghe, Mohan..............................25 Murnane, Richard J.................................26

N Nations and Firms in the Global Economy.7 Ndulu, Benno.........................................16

29

Ndulu, Benno J.......................................17 Neal, Larry.............................................22 Networks in Telecommunications............19 New Institutional Economics...................18 New Introduction to Geographical Economics, The......................................6 Normann, Hans-Theo.............................20 North, Douglass C..................................15

O O’Connell, Stephen A....................... 16, 17 Oil, Water, and Climate...........................27 Oosterloo, Sander...................................10 Opening Markets for Trade in Services.......9 Operations Management........................21 Origin and Development of Financial Markets and Institutions, The...............22

P Panizzon, Marion.....................................8 Paprzycki, Ralph.......................................7 Pascual, Unai.........................................25 Past and Future of Central Bank Cooperation, The.................................12 Pearson, Gail . .......................................13 Peterson, Martin.......................................1 Phillips, David A......................................12 Piga, Gustavo...........................................5 Pirson, Michael.......................................20 Pohl, Nicole..............................................8 Political Economy of Economic Growth in Africa, 1960–2000, The.............. 16, 17 Pollitt, Michael G....................................25 Potters, Marc..........................................13 Power and Interdependence in Organizations......................................21 Price and Quantity Index Numbers............3 Price, Terry L...........................................20 Principles of Conflict Economics..............16 Przeworski, Adam...................................17 Public Choice III.....................................16 Public Economics and the Household......13 Public Finance and Public Policy..............15

Q Qizilbash, Mozaffar................................23 Quantitative Tour of the Social Sciences, A.4

R Radetzki, Marian......................................6 Rainer Strauch, Rolf................................14 RATS Handbook to Accompany Introductory Econometrics for Finance.. 11 Rawski, Thomas G..................................22 Reciprocity...............................................1 Rees, Ray...............................................13 Reforming the World Bank......................12 Regional Rules in the Global Trading System..................................................9 Reiter, Stanley..........................................5 Rethinking Bank Regulation...................13 Reward Governance for Senior Executives...........................................20 Rindi, Barbara........................................10 Risk Management for Central Banks and Other Public Investors..........................12 Rivlin, Paul...............................................6 Robinson, James A..................................15

Visit our website at www.cambridge.org

30

Index Romantic Economist, The..........................1 Rosefielde, Steven....................................7 Roy, Martin..............................................9 Rudra, Nita............................................23 Rules of Origin in International Trade........8 Running Regressions................................2 Russia Since 1980....................................7

S Saari, Donald G. ....................................14 Sakamoto, Takayuki................................17 Salles, Maurice.........................................1 Samson, Danny......................................21 Sarno, Lucio.............................................5 Sauvé, Pierre............................................8 Scazzieri, Roberto.....................................5 Schoenmaker, Dirk..................................10 Selected Works of Michael Wallerstein....17 Sen, Amartya . .........................................5 Shah, Anwar...........................................16 Shi, Li.....................................................23 Shimokawa, Koichi...................................8 Shoham, Yoav..........................................3 Shy , Oz.................................................19 Sicular, Terry...........................................23 Singh, Prakash J.....................................21 Skeptical Environmentalist, The...............24 Social and Environmental Policies in EC Procurement Law................................24 Soludo, Chukwuma C....................... 16, 17 Solutions for the World’s Biggest Problems.............................................23 Sources of Value.....................................10 Spagnolo, Giancarlo.................................5 Spitzeck, Heiko.......................................20 Spulber, Daniel F............................. 4, 6, 19 Steers, Richard M...................................21 Stevenson, Randolph T............................17 Stochastic Approximation.........................3

Strom, Robert J.......................................21 Suominen, Kati.........................................9 Sustainable Development in Practice.......25 Sustainable Natural Resource Management.......................................25 Swanson, Timothy..................................25 Synthetic CDOs......................................13 Szirmai, Adam........................................24

van Marrewijk, Charles......................... 6, 7 Van Witteloostuijn, Arjen..........................7 Violence and Social Orders.....................15 von Hagen, Jürgen.................................14 von Kimakowitz, Ernst............................20 Voting and Collective Decision-Making...14

W

Tabakis, Evangelos.................................12 Taylor, Mark P...........................................5 Teh, Robert..............................................9 Terrorism, Economic Development, and Political Openness...............................23 Theory of Decision under Uncertainty........3 Theory of Financial Risk and Derivative Pricing.................................................13 Theory of the Firm for Strategic Management.......................................21 Theory of the Firm, The.............................4 Tjosvold, Dean.......................................21 Toniolo, Gianni.......................................12 Trade Marks and Brands.........................19 Trade Unionism in Australia....................20 Trivedi, Pravin K........................................2 Turnovsky, Stephen J...............................21 Tweedie, Richard L....................................3

Wallis, John Joseph.................................15 Wealth and Life......................................22 Weil, David............................................17 Weingast, Barry R...................................15 Weisbrod, Burton A................................14 Weymark, John A......................................1 Why We Disagree About Climate Change...............................................24 Wietschel, Martin...................................25 Wilkins, Mira..........................................20 Williams, Steven R....................................5 Winch, Donald.......................................22 Wisse, Barbara.......................................21 Woolley, Simon......................................10 World of Chance, A................................12 World Trade Organization.........................9 World Trade Organization Knowledge Agreements, The....................................8 WTO Secretariat.......................................8 Wydick, Bruce........................................23

U

Y

Unauthorised Agent, The........................19 Uncertain Demographics and Fiscal Sustainability.......................................17 Urban Labor Economics..........................20

Yoo, Christopher S..................................19

T

V Valenciano, Federico...............................14 Van den Bossche, Peter.............................9

Z Zamagni, Stefano.....................................5 Zenou, Yves............................................20 Zhao, Xueyan...........................................4

Notes

31

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MARSHALL’S METAPHORS ON METHOD Author: Raffaelli, Tiziano

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RVING FISHER AND FINANCIAL ECONOMICS: THE EQUITY PREMIUM PUZZLE, THE PREDICTABILITY OF STOCK PRICES, AND INTERTEMPORAL ALLOCATION UNDER RISK Author: Dimand, Robert W.

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JOHN BATES CLARK ON TRUSTS: NEW LIGHT FROM THE COLUMBIA ARCHIVES Authors: Fiorito, Luca; Henry, John F.

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vol 4 • no 1 • APRIL 2008

Contents 1 Observational learning, group selection, and societal evolution Ulrich Witt 25 Models of long-run development: Latin America and East Asia Richard Grabowski 51 Assessing the potential of new institutional economics to explain institutional change: the case of road management liberalization in the Nordic countries John Groenewegen and Martin De Jong 73 A tale of two auctions Edward Nik-Khah Review Essay 99 The political economy of Stalinism in the light of the archival revolution Michael Ellman Fragment 127 ‘Capital’ by Frank A. Fetter (1930) Geoffrey M. Hodgson

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Sidgwick’s Epistemology John Deigh

435

Hume on Forgiveness and the Unforgivable Glen Pettigrove

447

What Even Consequentialists Should Say About the Virtues Luke Russell

466

Pairwise Comparison and Numbers Skepticism Nien-hê Hsieh, Alan Strudler and David Wasserman

Parity, Clumpiness and Rational Choice Martin Peterson

487 505 514

520 522

T. M. Scanlon, What We Owe to Each Other Jussi Suikkanen

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Hilary Putnam, Ethics without Ontology Daniel R. Boisvert

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Ajume H. Wingo, Veil Politics in Liberal Democratic States Jonathan Seglow

528

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| NOVEMBER 2007 n u m b e r 4VOLUME d e6c|eNUMBER m b e r 32007

VOLUME 6 | NUMBER 3 | NOVEMBER 2007 The meaning of ‘necessary’ in GATT Article XX and GATS Article XIV: the myth of cost–benefit balancing DONALD H. REGAN

347

A ‘probabilistic’ approach to the use of econometric models in sunset reviews ALEXANDER KECK, BRUCE MALASHEVICH, and IAN GRAY

371

Reforming agricultural trade among developing countries SUSHIL MOHAN

397

Seeping in slowly: how human rights concerns are penetrating the WTO SUSAN ARIEL AARONSON

413

A reasonable period of time for dispute settlement implementation: an operative interpretation for developing country complainants ALBERTO ALVAREZ-JIMÉNEZ

451

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Igor Douven and Jan-Willem Romeijn Andrew Halpin

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Articles Strategy-Proof Judgment Aggregation 269 The Discursive Dilemma as a Lottery Paradox 301 Disproving the Coase Theorem? 321 Harsanyi before Economics Harsanyi before Economics: An Introduction 343 The Logical Structure of Philosophical Errors 349 Discussions A Response to Dasgupta 359 Reply to Putnam and Walsh 365 Weighing Lives – An Applied Economist’s Perspective 373 Reply to Jones-Lee 385

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Reviews Conceptual foundations of antitrust by Oliver Black 389 Laws of fear: beyond the precautionary principle by Cass R. Sussman 395 The methodology of experimental economics by Francesco Guala 401

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Articles Lars Fredrik Øksendal The impact of the Scandinavian Monetary Union on financial market integration Gregg Huff Financial transition in pre-World War II Japan and Southeast Asia Bernardo Bátiz-Lazo and Peter Wardley Banking on change: information systems and technologies in UK high street banking, 1919–1969 Scott A. Redenius Designing a national currency: antebellum payment networks and the structure of the national banking system

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177

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229

Book reviews Christophe Lastecouères, Les feux de la banque: oligarchie et pouvoir financier dans le Sud-Ouest (1848–1941) (reviewer: Patrice Baubeau) Paolo Mauro, Nathan Sussman and Yishay Yafeh, Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870–1913 and Today (reviewer: Daniel Waldenström) Ranald C. Michie, The Global Securities Market: a History (reviewer: Bernard Attard) Göran B. Nilsson, The Founder, André Oscar Wallenberg (1816–1886): Swedish Banker, Politician and Journalist, trans. Michael F. Metcalf (reviewer: Malik Mazbouri)

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Bibliography Serge Noiret Publications on financial history 2005

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