We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
To save content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about saving content to .
To save content items to your Kindle, first ensure [email protected]
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Germany's public savings banks 'Sparkassen' are a remarkable and puzzling phenomena. No other advanced industrial country relies as heavily on such small, public financial institutions to fuel its economy and how is it that such small institutions can drive one of the biggest and most successful economies in the world?
In theory, their diminutive size should hinder their ability to function in an environment where they compete with the capital and muscle of major international banks. Yet at the height of the financial crisis, when other banks drastically reduced lending, new loans made by Sparkassen increased as they continued to provide liquidity and lend to start-up firms. How have they managed to survive the economic turmoil and global pressures of the last few decades? What has enabled them to stay at the heart of the German economy? In a period of neoliberal 'too-big-to-fail' thinking, how have these relics of an ordoliberal past managed to flourish?
Mark Cassell answers these and many other questions in his exploration of the unique entity that is Germany's public savings bank system and the lessons it offers to banking systems worldwide.
Since the late-1990s Turkey has emerged as a significant economic power. Never colonized and straddling the continents of Europe and Asia, it plays a strategically important role in a region of increasing instability.
Bülent Gökay examines Turkey's remarkable domestic political and economic transformation over the past two decades within the context of broader regional and global changes. By situating the story of Turkey's economic growth within an analysis of the structural changes and shifts in the world economy, the book provides new insights into the functioning of Turkey's political economy and the successes and failures of its ruling party's economic management.
In the debates about the UK's future relationship with the European Union, all sorts of possible alternatives have been bandied about, from 'Singapore on the Thames' to 'Canada Plus', from 'Switzerland' to 'Ukraine', from 'Norway' to 'Australia'. But what do these alternative relationship models really consist of and would they be viable for the UK?
Martin Westlake brings together distinguished contributors to examine these various options, real and potential, and to consider whether they would offer a workable solution for the continued relationship between the EU and post-Brexit Britain.
These essays offer expert insight into the scale and challenge of the practical issues facing Britain as it seeks to establish a new future with its largest trading partner.
The first edition of The Price of Football quickly established itself as the go-to guide to understanding football club finance for the serious fan. Kieran Maguire, one of the UK's top football finance analysts, shows how professional clubs operate as businesses and explains, in non-technical language, how to read, understand and interrogate club accounts.
As a clear-headed analysis and presentation of the financial imperatives and challenges facing football clubs across the English and Scottish Leagues, it has become a welcome resource not only for students of the industry, but by a wider constituency of supporters looking to understand their club's latest transfer deal, or season ticket price.
This fully revised and updated edition includes analysis of the most recent club accounts, the latest legal rulings on club affairs, as well as the impact of Covid-19 on the game's finances.
The European Central Bank administers monetary policy for the eurozone and is tasked with maintaining price stability by keeping inflation below 2 per cent. This brief mandate belies the complexity of managing the monetary policy for the 19 member states of the euro, not to mention the political implications thereof.
This book sets out the history, development and day-to-day workings of this key institutional pillar of the European Union. It assesses its work, independence, the policies and instruments at its disposal and the evolution of its role during, and after, the eurozone crisis of 2010. Incomplete monetary union, Germany's hegemonic ambitions and different economic policies from individual member countries are shown to pose formidable challenges to the ECB's macroeconomic management.
Over recent years it has become increasingly clear that the European Union is falling short of its promise to enhance social cohesion across the continent. Welfare state modernization has been at the centre of divisive debates over the redistribution of wealth and imbalances between a wealthy European core and its peripheries. Some see the policies and governance of the EU as part of the problem, others rather as the solution.
This book examines the key issues facing the EU's social policy-making. Each chapter focuses on a single challenge and explores the arguments and considerations that coalesce around it. The book helps students and researchers alike to understand how the EU operates and shapes social policy on multiple levels, and to better assess the EU's role in supporting social cohesion.
Before the Great Financial Crisis of 2008-09, significant reductions in official interest rates typically proved sufficient to generate sustainable economic recoveries from downturns. However, with economies and financial markets in freefall during the crisis despite a cut in interest rates to effectively zero, policymakers in some advanced economies launched a major new tool called quantitative easing (QE). This involved central banks purchasing huge amounts of financial assets.
This book offers a thorough and perspicacious analysis of QE, which has become a recovery method of last resort. Whilst it was successful in averting another Great Depression and stimulating growth, it remains controversial and continues to promote widespread debate in economics, financial, and political-economy circles. This book is essential reading for anyone wishing to understand central banking in the national economy.
Why are British banks so risk averse when it comes to providing long-term loan finance to businesses? In Europe the dominance of bank lending in the financing of small and medium sized enterprises (SMEs) is well-observed. Yet in the UK exactly the opposite is the case, where most SME funding is via bank overdrafts and credit cards.
The roots of this significant difference lie partly in the historical, institutional, political and cultural structure of the British banking system, and in parallel explanatory factors in the UK SME population, but the real mystery is why, in the twentieth century, there appears to have been no significant change in the attitudes of British banks towards providing long-term loan finance to SMEs. Indeed, this risk aversion might have been expected to alter during the postwar period and the substantial expansion of consumer demand and expanded commodity production, but it did not.
This book explores not only how the historical formation of British banking structures produced such a relatively risk-averse arrangement compared to other European countries and the United States, but also why this banking attitude has persisted to the present day. The book concludes with a suite of recommendations necessary for British banks to provide a more balanced mix of financial provision to SMEs.
The cultural industries and their products and services make a significant contribution to the global economy and are seen as strategic sectors for sustainable economic growth. However, industries such as art, design, film, music, performing arts, publishing, television and radio, present particular challenges for economic analysis. They can be goods or services that are both public and private, protected by copyright and freely available, consumed and created, as well as susceptible to fashion and technological development.
In this fascinating introduction to the cultural economy, Christiane Hellmanzik examines the market for creative work and reveals the economic relationships between human creativity, intellectual property and technology. Through the careful use of case studies, the book explores the core economic considerations such as supply and demand, competition and pricing, alongside macro trends such as globalization, digitalization and the internet, which are changing the industry's business models.
Health economics has become an established field of enquiry over recent years and is now an important contributor to normative health policy, and decisions concerning the allocation of resources and the quality of healthcare provision across the world.
Medical Economics, written by two physicians who are also qualified economists, introduces readers to the core economic considerations in healthcare provision and management. Addressing concerns that are relevant to both the individual and to public health, the authors draw on a wider range of economic tools and analytical frameworks than typically offered by standard textbooks. Combining thought experiments with real-world examples they illustrate the healthcare challenges facing today's policy-makers.
The book is aimed specifically at courses in medicine, public health, and healthcare management and administration, but also at economists looking for a broader perspective on healthcare systems, including healthcare financing, markets, the role of the state and other macroeconomic considerations, evaluation methods, healthcare technology, paying for medical care, health insurance and ethical issues.
Why are measures of stress and anxiety on the rise, when economists and politicians tell us we have never had it so good? While statistics tell us that the vast majority of people are getting steadily richer the world most of us experience day-in and day-out feels increasingly uncertain, unfair, and ever more expensive. In Angrynomics, Eric Lonergan and Mark Blyth explore the rising tide of anger, sometimes righteous and useful, sometimes destructive and ill-targeted, and propose radical new solutions for an increasingly polarized and confusing world. Angrynomics is for anyone wondering, where the hell do we go from here?
Social movements play a significant role in the political and social landscape of Latin America. They emanate from different sections of society and are motivated by many different concerns, including workers' rights, agrarian and land reform, the rights of indigenous peoples, gender inequality and the fight against environmental degradation.
Ronaldo Munck explores the mosaic of interlocking and connected issues that make up the complex map of social movements in Latin America and shows why, despite being a fragmented political force, these movements are at the centre of any future progressive politics in the region. As such they require careful understanding and, he suggests, a more nuanced theoretical approach than previous studies have offered.
Combining insights from Latin American approaches to social movement theory and detailed empirical case studies, the book provides readers with an understanding of the vital role social activism plays in the region and offers students the methodological tools to develop their own research agendas.
Alongside New York and London, Paris is one of the world's earliest megacities. Its growth and character have been fashioned by a distinctive mix of policies that separate it from other long-time megacities as well as the fast-growing urban centres of the Global South.
Christian Lefèvre examines the social and economic forces that have shaped Paris and which have made it the city it is today. He charts the impact of global trends, such as the shift from industry to service and information sectors, as well as regional factors, especially those arising from Paris's unique system of governance. The book examines the central role the national government has played in policies affecting the city and explores how the shift towards political decentralization and localism has contributed to a system increasingly incapable of taking collective action. This tension is shown to have impacted the city's provision of services, particularly housing, and promoted inequalities within the city and its region. Paris's unrivalled national dominance is also examined alongside its weaker position as a global city.
The book is an authoritative analysis of the evolution of modern Paris and the challenges that face its governance and future development.
Tariffs and trade barriers are rising and major diplomatic institutions that have promoted liberal trade for decades have come under attack as impending trade wars threaten global trade and global value chains for manufacturing weaken. And at the root of this crisis, argues Geoff Pigman, is accelerating technological change.
This book traces the impact of today's major technological transformations on global trade and the diplomacy that makes trade possible. Not only is global trade changing, in terms of what is traded and how, but diplomacy in the digital age is changing as well. Arguing that we must think differently about trade and diplomacy, this book proposes pragmatic policy approaches for the diplomatic management of a challenging and potentially dangerous future.
Blockchain technology has the potential to disrupt digital interaction across our economy and society. As the internet has changed our lives, the potential for blockchain and distributed ledger technologies to do the same is considerable. Fred Steinmetz, Lennart Ante and Ingo Fiedler assess this rapidly developing technology and its imminent economic and societal impact.
The ideas behind blockchain technology stem from an open-source movement and build on existing technology to facilitate the exchange of value in general and assets in particular via a protocol on top of the internet. Current platform-based business structures face the risk of being replaced by evolving decentralized ecosystems and individuals are set to become empowered by sovereignty over their digital data and footprints.
The book begins by explaining the key concepts of blockchain technology and presents an overview of the involved technical and economic elements. These form the basis for a discussion of the socio-economic implications of this new technology. This is followed by an in-depth analysis of significant case studies in the sectors of energy, digital identity, capital markets, logistics and gambling that outline the risks and benefits of the technology. The book strives to be non-technical and accessible, and to demystify the functionalities of blockchains and their potential for a range of readers in the wider social sciences.
This lively and provocative look at the tension between economics and politics examines why so many mistakes in economic policy-making are made for political reasons and ignore the economic truths.
Using short-term economic gains to ensure electoral success, argues Lorenzo Forni, inevitably spells macroeconomic disaster. Using the state budget, trade policy and monetary policy to prop up labour markets and the wider economy in order to boost voter approval ratings, while ignoring budget constraints can only result in longer recessions and economic downturns. Which then can incur the painful austerity measures needed to bring the economy back into balance.
Forni looks at many unsustainable economic policies that have been implemented in parts of the world when the economic realities - there is no magic money tree! - would recommend a different and more prudent economic course.
Conventional economic thought sees the economy as the sum of market transactions carried out by rational individuals deciding how to allocate their resources among the various things on offer that would satisfy their desires. Economic anthropologists see things differently. For them, the focus is the activities, relationships and systems through which objects are produced, circulate among people and ultimately are consumed, which take different forms in different societies and even in different parts of the same society. In this way, economic anthropology takes the rational market actors of conventional economic thought and places them in the world of people, relationships, systems, beliefs and values that begins with production and ends with consumption. This accessible and authoritative introduction to the field of economic anthropology offers students a fresh and fascinating way of looking at the economic world.
Current migration policy is based on a seemingly neutral accounting exercise, in which migrants contribute less in tax than they receive in welfare assistance. A 'fact' that justifies increasingly restrictive asylum policies. Peo Hansen shows that this consensual cost-perspective on migration is built on a flawed economic conception of the orthodox 'sound finance' doctrine prevalent in migration research and policy. By examining migration through the macroeconomic lens offered by modern monetary theory, Hansen is able to demonstrate sound finance's detrimental impact on migration policy and research, including its role in stoking the toxic debate on migration in the European Union. More importantly, Hansen's undertaking offers the tools with which both migration research and migration policy could be modernized and put on a realistic footing.
China's transformation over the past four decades has been unprecedented. The vision of its leaders for the next three decades is unprecedented too, as China seeks to fashion an advanced economy without significant political and social liberalization.
Stephen Morgan provides a wide-ranging examination of China's remarkable economic history from the time of the great divergence to the present day. Alongside the familiar story of GDP growth, he considers a comprehensive range of issues, including business management, energy use, foreign direct investment, government, innovation and consumerism as well as social and demographic factors such as social networks, health, education and migration and their interlinked challenges for the Chinese state. The specifics of development are examined 'capitalism from above and below and its regional variances' as well as notable consequences, including growing inequality and severe pollution. The book also assesses the challenges to China's continued growth, including its ageing and shrinking workforce (and rising dependency ratio), the constraints on innovation and raising productivity, as well as its ambitious international plans.
The book provides an accessible and authoritative survey of China's recent economic history and the workings of its unique political economy suitable for courses in Asian business and economy, Chinese history and East Asian studies.
The data that professional sport generates, which is almost unparalleled in any other industry, provides a wealth of information for the economist to analyse. Sport offers economists the opportunity to study the behaviour, choices and outcomes of the decisions of players, referees, regulators and governments.
Advances in Sports Economics is a collection of newly commissioned essays that examine a wide range of different sports, including baseball, basketball, cricket, football, horse racing, rugby, tennis and Gaelic games. The contributors consider economic issues such as incentives, rule changes, labour markets, competition structure, gambling, gender equality, match official behaviour, superstar players, funding and sports infrastructure as well as interrogating the methods and theories used in sports economics.
The essays showcase how the application of economic analysis can provide us with a better understanding of the mechanics of professional sport.