Jonathan Michie - Böcker

This book examines current issues in the world economic order - employment and international labour markets, volatility in foreign exchange markets, deregulation of financial markets - and asks whether we need new policies and institutions to manage the global economy. Writing from a predominately Keynesian perspective the contributors suggest a range of policy options.

The demise of the post-war era of full employment has been followed by more than 20 years of global instability. The world economy enters the 21st century with the industrial world divided between the European Union, the North American Free Trade Area, and the Pacific Rim countries. This tripolar division could either form the basis for negotiation and co-operation, or else the sort of instability witnessed in the prelude to the two world wars.Managing the Global Economy describes the key trends in the world economy, and indicates what new institutional arrangements might be appropriate - but stresses that action will not be taken until the prevailing fatalistic economic ideology is discarded. It demonstrates that the global financial markets were created by financial institutions as governments freed financial markets from their control. It documents how far international co-operation has freed the markets and limited the power of governments, and indicates how these priorities could be reversed.18 leading economists, economic commentators, practitionaers, and policy-makers contribute to a book which will make a major impact on policy debates.

The economic theory of contract is being reshaped in ways which resonate with the findings of socio-legal contract scholars and of industrial economists and sociologists in the Marshallian tradition, who emphasise the 'embeddedness' of organizations within their social and cultural environment. Contractual co-operation is seen as depending on institutional factors which serve to enhance 'trust', and arrangements which in the past were criticized as the product of collusion are being reassessed as potentially efficient responses to market failure. An active debate has begun on how instruments of public policy can best be deployed to arrive at an effective balance between co-operation and competition. This affects both the competitiveness of private sector organizations and the success of deregulatory reforms in the public sphere. These issues are explored within four main areas: developments in private-sector contracting; contract and organization in the public sector; the economics of contract law; and competitiveness and competition policy.

What is a firm? Why do firms exist? How is production and administration best co-ordinated? What are the reasons for vertical integration? And disintegration? Is there a conflict between establishing and developing long-term relationships on the one hand, and the operation of free market competition on the other? Is there a choice between markets and hierarchies? What about networks and clans? These questions continue to be explored with economics, management, sociology and other related disciplines.Firms, Organizations and Contracts brings together the best inter-disciplinary analysis of the topic, and contains classic contributions and material not normally seen by those outside their own particular disciplines. It combines pioneer articles with more recent discussions of an area attracting growing attention amongst those studying industrial organization--whether on courses in economics, management, strategy, organization, law, or public administration.The volume includes Coase's initial enquiry into `The Nature of the Firm' and Ouchi's analysis of `Markets, bureaucracies and clans'; Kaldor's questioning of `The Nature of the Firm' and Dore's discussion of `Goodwill and the spirit of market capitalism'.This book will be an invaluable tool for students in economics, management and sociology. In view of the growing use of contracts within the public sector, and within the private regulated sector, the book also sets out some of the key issues of concern to policy makers and public sector strategists.

What is a firm? Why do firms exist? How is production and administration best co-ordinated? What are the reasons for vertical integration? And disintegration? Is there a conflict between establishing and developing long-term relationships on the one hand, and the operation of free market competition on the other? Is there a choice between markets and hierarchies? What about networks and clans? These questions continue to be explored with economics, management, sociology and other related disciplines.Firms, Organizations and Contracts brings together the best inter-disciplinary analysis of the topic, and contains classic contributions and material not normally seen by those outside their own particular disciplines. It combines pioneer articles with more recent discussions of an area attracting growing attention amongst those studying industrial organization - whether on courses in economics, management, strategy, organization, law or public administration.The volume includes Coase's initial enquiry into `The Nature of the Firm' and Ouchi's analysis of `Markets, bureaucracies and clans'; Kaldor's questioning of `The Nature of the Firm' and Dore's discussion of `Goodwill and the spirit of market capitalism'.This book will be an invaluable tool for students in economics, management and sociology. In view of the growing use of contracts within the public sector, and within the private regulated sector, the book also sets out some of the key issues of concern to policy makers and public sector strategists.

The Oxford Handbook of Mutual, Co-Operative, and Co-Owned Business investigates all types of 'member owned' organizations, whether consumer co-operatives, agricultural and producer co-operatives, worker co-operatives, mutual building societies, friendly societies, credit unions, solidarity organizations, mutual insurance companies, or employee-owned companies. Such organizations can be owned by their consumers, the producers, or the employees - whether through single-stakeholder or multi-stakeholder ownership. This complex set of organizations is named differently across countries: from 'mutual' in the UK, to 'solidarity cooperatives' in Latin America. In some countries, such organizations are not even officially recognized and thus lack a specific denomination. For the sake of clarity, this Handbook will refer to member-owned organizations to encompass the variety of non-investor-owned organizations, and in the national case study chapters the terms used will be those most widely employed in that country. These alternative corporate forms have emerged in a variety of economic sectors in almost all advanced economies since the time of the industrial revolution and the development of capitalism, through the subsequent creation and dominance of the limited liability company. Until recently, these organizations were generally regarded as a rather marginal component of the economy. However, over the past few years, member-owned organizations have come to be seen in some countries, at least, as potentially attractive in light of their ability to tackle various economic and social concerns, and their relative resilience during the financial and economic crises of 2007-2017.

The Oxford Handbook of Mutuals and Co-Owned Business investigates all types of 'member owned' organizations, whether consumer co-operatives, agricultural and producer co-operatives, worker co-operatives, mutual building societies, friendly societies, credit unions, solidarity organizations, mutual insurance companies, or employee-owned companies. Such organizations can be owned by their consumers, the producers, or the employees - whether through single-stakeholder or multi-stakeholder ownership. This complex set of organizations is named differently across countries: from 'mutual' in the UK, to 'solidarity cooperatives' in Latin America. In some countries, such organizations are not even officially recognized and thus lack a specific denomination. For the sake of clarity, this Handbook will refer to member-owned organizations to encompass the variety of non-investor-owned organizations, and in the national case study chapters the terms used will be those most widely employed in that country. These alternative corporate forms have emerged in a variety of economic sectors in almost all advanced economies since the time of the industrial revolution and the development of capitalism, through the subsequent creation and dominance of the limited liability company. Until recently, these organizations were generally regarded as a rather marginal component of the economy. However, over the past few years, member-owned organizations have come to be seen in some countries, at least, as potentially attractive in light of their ability to tackle various economic and social concerns, and their relative resilience during the financial and economic crises of 2007-2013.

Apartheid South Africa was often thought to run in the interests of the business elite. Yet 27 years after apartheid, those business interests remain largely entrenched. Why? Did the South African business community play a role in engineering this outcome – perhaps recognising the apartheid era was over, and jumping ship in time? Conversely, the mission of the ANC was widely perceived to be to shift wealth and power into the hands of the whole community. Yet despite ‘black empowerment’ measures, corporate ownership remains largely in white hands – and certainly in the hands of an elite few, even though no longer restricted to whites.This picture is replicated across the global south, where corporate ownership tends to be concentrated in the hands of an elite, rather than being more democratically spread. Why have alternative corporate forms not been pursued more vigorously, with ownership in the hands of customers, employees, and local communities? In the case of South Africa, where the majority of customers and employees are black, this could have delivered on the ANC’s mission to replace the apartheid era with a democratic one – in terms of wealth, incomes and power, as well as in terms of voting and civic rights. This edited volume explores all these questions and looks at ways to align corporate forms with economic and social goals. The chapters in this book were originally published as special issues of International Review of Applied Economics.

Apartheid South Africa was often thought to run in the interests of the business elite. Yet 27 years after apartheid, those business interests remain largely entrenched. Why? Did the South African business community play a role in engineering this outcome – perhaps recognising the apartheid era was over, and jumping ship in time? Conversely, the mission of the ANC was widely perceived to be to shift wealth and power into the hands of the whole community. Yet despite ‘black empowerment’ measures, corporate ownership remains largely in white hands – and certainly in the hands of an elite few, even though no longer restricted to whites.This picture is replicated across the global south, where corporate ownership tends to be concentrated in the hands of an elite, rather than being more democratically spread. Why have alternative corporate forms not been pursued more vigorously, with ownership in the hands of customers, employees, and local communities? In the case of South Africa, where the majority of customers and employees are black, this could have delivered on the ANC’s mission to replace the apartheid era with a democratic one – in terms of wealth, incomes and power, as well as in terms of voting and civic rights. This edited volume explores all these questions and looks at ways to align corporate forms with economic and social goals. The chapters in this book were originally published as special issues of International Review of Applied Economics.

In Global Instability , internationally renowned contributors examine the key problems besetting the world economy in the era of globalisation and outline possible solutions. They reject the current orthodoxy in mainstream economics, challenging the fatalistic belief that the new globalised economy resists any change of course. The book reviews · international economic institutions, · the linked crises which recently hit Asian economies · the implications of globalisation, the role of multinational investment, the IMF and the World Bank. Global Instability is a comprehensive and much-needed analysis of the contemporary economy written by leading authorities in the field, and will be vital reading for anyone in management, business, or economics.

The Political Economy of Competitiveness offers an original perspective on the relationship between economic theory and policy. It places the issues within an accessible political economy perspective.Rejecting the narrowness of mainstream economics the authors deploy an interdisciplinary approach to the problem of economic growth, placing it in its historical and political context. Issues covered include:* trade theory and policy* industrial decline and policy* markets, competition and innovation* globalisation, unemployment and government policy.The book provides a valuable guide to the major economic policy issues for both economists and business students.

In recent years we have seen the predictions of our forebears that leisure time would increase as the years pass utterly confounded. It is a fact of life that in major cities across the world, transport systems are full to bursting with people on their way to and from work. As people have come to accept longer working hours as a way of life, a number of new issues have come into play.These include labour market regulation, contract work and outsourcing, wages and increased attempts at better organisation. The impressive array of expert contributors, including Mark Harvey, Jane Humphries and Frank Wilkinson, have compiled a comprehensive and interesting book.

This book is the culmination of several years work by a group of academics, policy-makers and other professionals looking to understand how alternative economic thinking – and indeed thinking from quite different social-scientific disciplines – could enhance the mainstream economic approach to environmental and natural-resource problems. Of the editors, Dietz comes from the mainstream economics tradition, while Michie and Oughton draw explicitly on institutional and evolutionary economics. The various authors represent a range of disciplinary backgrounds and approaches. This book draws on the strengths of each and all of these approaches to analyse environmental issues and what can be done to tackle these through corporate and public policy.This book makes the case for an inter-disciplinary approach. Two themes which emerge repeatedly throughout the book are the need for an interdisciplinary theory of technological change, and the need for a similarly interdisciplinary approach to the study of human behaviour and how it influences both production and consumption choices. The two themes are of course related. Resolving environmental questions requires an understanding of their nature, of their causes and, to the extent that they are anthropogenic, of how to change human behaviour. These fundamental issues are the focus of the four chapters that form Part 1 of this volume. The remainder of the volume develops them in more detail..

Technological innovation is said to be breaking down borders. The internet, the explosion of globalised financial markets, increased foreign direct investment by transnational corporations - all are portrayed as evidence of a global market in which the nation state is little more than an anachronism. Yet some economies have proved more innovative and dynamic than others, and there seems no reason to believe that these differences in national economic performance will become a thing of the past. On the contrary, as many of the chapters in this book argue, with a global market, any competitive advantage is likely to bring larger rewards, and government action aimed at enhancing the competitive advantage of firms becomes more rather than less important. It is within this context that technological globalisation is analysed in this book.

New trade theory, new growth theory and the developing literature on national systems of innovation have combined to produce an explosion of interest around issues of trade, growth and technical change. A similar focus has dominated public policy debates. This book, first published in 1998, represents a major contribution to such debates, focusing as it does on the interconnections between technology, on the one hand, and economic growth and international trade on the other. It identifies and explains the links between these various processes, and explores the effects of technical change on both growth and trade. This book has clear policy relevance: market forces alone are seen to be far from adequate for the efficient generation, transfer and diffusion of innovation, while public policy is identified as playing a key role for a truly innovative economy.

New trade theory, new growth theory and the developing literature on national systems of innovation have combined to produce an explosion of interest around issues of trade, growth and technical change. A similar focus has dominated public policy debates. This book, first published in 1998, represents a major contribution to such debates, focusing as it does on the interconnections between technology, on the one hand, and economic growth and international trade on the other. It identifies and explains the links between these various processes, and explores the effects of technical change on both growth and trade. This book has clear policy relevance: market forces alone are seen to be far from adequate for the efficient generation, transfer and diffusion of innovation, while public policy is identified as playing a key role for a truly innovative economy.

Technological innovation is said to be breaking down borders. The internet, the explosion of globalised financial markets, increased foreign direct investment by transnational corporations - all are portrayed as evidence of a global market in which the nation state is little more than an anachronism. Yet some economies have proved more innovative and dynamic than others, and there seems no reason to believe that these differences in national economic performance will become a thing of the past. On the contrary, as many of the chapters in this book argue, with a global market, any competitive advantage is likely to bring larger rewards, and government action aimed at enhancing the competitive advantage of firms becomes more rather than less important. It is within this context that technological globalisation is analysed in this book.

Innovation Policy in a Global Economy concludes the successful sequence of books on Globalisation and Technology edited by Daniele Archibugi and Jonathan Michie, following Technology, Globalisation and Economic Performance (Cambridge University Press, 1997) and Trade, Growth and Technical Change (Cambridge University Press, 1998). This final volume argues that the opportunities offered by globalisation will only be fully realised by organisations which have developed institutions that allow for the transfer, absorption, and use of knowledge. Innovation Policy in a Global Economy is relevant for graduate and undergraduate courses in management and business, economics, geography, international political economy, and innovation and technology studies. Presenting original theoretical and empirical research by leading international experts in an accessible style, Innovation Policy will be vital reading for researchers and students and of use to public policy professionals.

Innovation Policy in a Global Economy concludes the successful sequence of books on Globalisation and Technology edited by Daniele Archibugi and Jonathan Michie, following Technology, Globalisation and Economic Performance (Cambridge University Press, 1997) and Trade, Growth and Technical Change (Cambridge University Press, 1998). This final volume argues that the opportunities offered by globalisation will only be fully realised by organisations which have developed institutions that allow for the transfer, absorption, and use of knowledge. Innovation Policy in a Global Economy is relevant for graduate and undergraduate courses in management and business, economics, geography, international political economy, and innovation and technology studies. Presenting original theoretical and empirical research by leading international experts in an accessible style, Innovation Policy will be vital reading for researchers and students and of use to public policy professionals.

This examination of changes taking place in the world of football focuses on its growing commercialization. It covers such topics as fans becoming shareholders, with a say in the running of the clubs, and the setting-up of a government-sponsored scheme to support shareholder trusts.

This examination of changes taking place in the world of football focuses on its growing commercialization. It covers such topics as fans becoming shareholders, with a say in the running of the clubs, and the setting-up of a government-sponsored scheme to support shareholder trusts.

The four decades of neoliberalism, globalisation and financialisation have produced crises - financial and pandemic - and rising inequality. The climate emergency threatens the future of the planet. This book explores many dimensions of the background to these crises. There is the development of policy agendas to address the climate emergency. The rise in inequality is studied in terms of impacts of financialisation and the relationships between growth and inequality. The record of the neoliberal experiment in the USA is critically examined. The roles of financial institutions including public banks and micro-finance are explored, as is the need for improved financial oversight in the Economic and Monetary Union. The growth of global value chains has been a major aspect of globalisation, and the question is examined of whether such chains provide a ladder for development. Globalisation has also featured trade imbalances and large capital flows, and their causes and effects are examined with respect to China and South Africa respectively. This volume will be of great value to students, scholars and professionals interested in political economy, economic thought, climate change, sustainability and business studies. The chapters in this book were originally published as a special issue of the journal, International Review of Applied Economics.

The four decades of neoliberalism, globalisation and financialisation have produced crises - financial and pandemic - and rising inequality. The climate emergency threatens the future of the planet. This book explores many dimensions of the background to these crises. There is the development of policy agendas to address the climate emergency. The rise in inequality is studied in terms of impacts of financialisation and the relationships between growth and inequality. The record of the neoliberal experiment in the USA is critically examined. The roles of financial institutions including public banks and micro-finance are explored, as is the need for improved financial oversight in the Economic and Monetary Union. The growth of global value chains has been a major aspect of globalisation, and the question is examined of whether such chains provide a ladder for development. Globalisation has also featured trade imbalances and large capital flows, and their causes and effects are examined with respect to China and South Africa respectively. This volume will be of great value to students, scholars and professionals interested in political economy, economic thought, climate change, sustainability and business studies. The chapters in this book were originally published as a special issue of the journal, International Review of Applied Economics.

This comprehensive book brings together research published during 2021 analysing the impact of the Covid-19 pandemic on the economy – on output and employment, on inequality, and on public policy responses. The Covid-19 pandemic has been the greatest public health crisis for a century – since the ‘Spanish Flu’ pandemic of 1919. The economic impact has been equally seismic. While it is too early to measure the full economic cost – since much of this will continue to accumulate for some time to come – it will certainly be one of the greatest global economic shocks of the past century. Some chapters in this edited volume report on specific countries, while some take a comparative look between countries, and others analyse the impact upon the global economy. Even before the Covid-19 pandemic, there had been calls for a ‘great reset’ in face of the climate crisis, the increased income and wealth inequality, and the need to avoid further global financial crisis. With the devastating Covid-19 pandemic – a harbinger for further such pandemics – there is an even greater need for a reset, and for the reset to be that much greater. The chapters in this book were originally published as special issues in the journal International Review of Applied Economics.

This comprehensive book brings together research published during 2021 analysing the impact of the Covid-19 pandemic on the economy – on output and employment, on inequality, and on public policy responses. The Covid-19 pandemic has been the greatest public health crisis for a century – since the ‘Spanish Flu’ pandemic of 1919. The economic impact has been equally seismic. While it is too early to measure the full economic cost – since much of this will continue to accumulate for some time to come – it will certainly be one of the greatest global economic shocks of the past century. Some chapters in this edited volume report on specific countries, while some take a comparative look between countries, and others analyse the impact upon the global economy. Even before the Covid-19 pandemic, there had been calls for a ‘great reset’ in face of the climate crisis, the increased income and wealth inequality, and the need to avoid further global financial crisis. With the devastating Covid-19 pandemic – a harbinger for further such pandemics – there is an even greater need for a reset, and for the reset to be that much greater. The chapters in this book were originally published as special issues in the journal International Review of Applied Economics.

Edith Penrose is best known for The Theory of the Growth of the Firm, originally published in 1959, but she made major contributions in other fields, including patents, the oil industry, and development economics. This book explores her work and legacy, not just on economics – she was the founding Head of Department of Economics at SOAS University of London - but also on the related fields of management and political economy where her contribution has had significant impact.Penrose challenged the conventional wisdom of economics by opening up the ‘black box’ view of the firm to explore what goes on inside, in particular how resources are managed and renewed to influence growth and innovation. Her analysis was cognisant of the wider political economy context in which firms operate, recognising the different impact of large international firms on developing and developed countries. Penrose’s work has shaped modern theories of strategic management including the resource-based view of the firm and the dynamic capabilities approach.The chapters in this volume, from leading economists and management scholars, cover a range of topics including innovation, collaboration between firms and universities, and the practice and consequences of share buy-backs, highlighting the value of a Penrosian perspective and the extent of her legacy. This book will be relevant to students and scholars of economics, management, and political economy.This book was originally published as a special issue of International Review of Applied Economics.

This book explores a quiet revolution reshaping global capitalism: the rise of employee ownership, worker cooperatives, and profit-sharing enterprises. With 17% of US adult workers now holding equity in their companies, a new Employee Ownership Trust (EOT) being established daily in the UK, a mature sector thriving in France, extensive tax incentives in Canada, the continued development of several mature worker cooperative sectors worldwide such as Mondragon, and interest in many other nations, shared ownership is no longer a fringe idea.Authored by leading researchers, this volume presents 16 studies on how equity and profit shares for workers operate—exploring their impact on employees’ lives, firm performance, local communities, the racial wealth gap, and the determinants that drive success or failure in such enterprises. This volume is one of the first to examine the emergence of businesses that share financial results with workers as a global phenomenon; it positions this model as a significant development in postindustrial capitalism. With a strong grounding in theory, and a coherent conceptual framework to explain observed behaviors and responses of workers, managers, and firms, this volume offers evidence-based insights that should influence policy in countries around the world.This book will be essential reading for scholars and students in economics, sociology, business, public policy, labor studies, and organizational theory, as well as for policymakers, practitioners, and advocates interested in building more equitable and resilient economies.The chapters in this book were first published in the International Review of Applied Economics.

This book presents a comprehensive examination of employee share ownership, profit sharing, and gain sharing practices in contemporary business environments. Drawing from rigorous academic research presented at the prestigious Oxford University-Rutgers University Conference on Shares, it offers valuable insights into how these ownership structures function across different organizational contexts. The collection analyzes both the contextual factors that influence share plans and their measurable impacts on companies and individuals.The volume is organized into two main sections. The first explores the financial, corporate cultural, and social contexts that shape employee ownership programs, including groundbreaking research on earnings management in French companies, workplace spillover theory, financial structures in Spanish worker cooperatives, and critical success factors for fostering ownership culture. The second section provides evidence-based analysis of outcomes and impacts, examining whether these organizational forms deliver concrete benefits for firms and workers.Through careful examination of international case studies and empirical data, the book demonstrates that while employee ownership and profit sharing conceptually align individual rewards with organizational performance, their success depends on appropriate human resource management practices and supportive corporate cultures. The research highlights how these models can address wage stagnation by allowing workers to access returns on capital.This book is essential reading for students, researchers and scholars in management studies, organizational behavior, and labor economics, as well as corporate executives, HR professionals, and policymakers interested in alternative ownership structures.The chapters in this book were originally published in International Review of Applied Economics.

Published with the support of the Academy for Social Sciences, this volume provides an illuminating look at topics of concern to everyone at the beginning of the twenty-first century. Leading social scientists tackle complex questions such as immigration, unemployment, climate change, war, banks in trouble, and an ageing population.