Minggu, 12 Oktober 2014

>> PDF Ebook Politics

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Politics

In his treatise, The Constitution of Liberty (1960), F. A. Hayek emphasized the central role of the generality principle, as embodied in the rule of law, for the maintenance of a free society. This book extends Hayek's argument by applying the generality principle to politics. Several important policy implications emerge. There are no direct implications to suggest how much governments should do. The argument suggests strongly however, that, whatever is done politically, must be done generally rather than discriminatorily.

  • Sales Rank: #4342822 in Books
  • Brand: Brand: Cambridge University Press
  • Published on: 1998-04-28
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.98" h x .55" w x 5.98" l, 1.00 pounds
  • Binding: Hardcover
  • 190 pages
Features
  • Used Book in Good Condition

Review
"The idea that legislation should be general and non-discriminatory - that equals should be treated equally - is hardly new. But the notion that this idea might be a constitutional principle, serving to promote political efficiency in the face of the scope for special interest politics that simple majoritarianism provides - THAT notion is a distinctively 'public choice' one, and receives here at the hands of Buchanan and Congleton its most elegant, detailed and compelling exposition." Geoffrey Brennan, Australian National University

"The disadvantages of the simple majority rule for making collective decisions have been recounted for many years by many public choice scholars. James Buchanan and Roger Congleton attempt to rejustify the use of the simple majority rule in this highly original and thought provoking treatise on political institutions." Dennis C. Mueller, University of Vienna

"James Buchanan and Roger Congleton provide a thought-provoking analysis of the impact of incorporating a generality constraint to the political arena, so that government actions and policies are applied to everyone equally. This book has the makings of a landmark work that enlightens readers, researchers, students, and practitioners about how the absence of a generality principle promotes rent seeking and other governmental wastes. The authors offer a well-argued, nicely crafted and engaging work of the type one has come to expect from Buchanan and Congleton." Todd Sandler, Iowa State University

"This volume promises to produce much discussion in academic seminars. Graduate students and faculty." Choice

"By analyzing majoritarian politics, the book addresses a problem of major importance for all interested in understanding political processes in democratic societies and/or living in nondiscriminatory societies. Thought provoking and carefully argued, it deserves serious reading and discussion." Constitutional Political Economy

"This book has more depth, breadth, and importance than some shelves full of work I have looked at. Buchanan and Congleton have managed, in a very short space, to make an argument that is both plausible and revolutionary. Politics by principle, not interest is a new benchmark in the application of public choice reasoning to political theory." Michael C. Munger, Public Choice

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3 of 3 people found the following review helpful.
Workable solution to problems inherent in democracy
By Jerry H. Tempelman
The premise of James M. Buchanan and Roger D. Congleton's book Politics by Principle, Not Interest is Buchanan's usual theme that majority-rules democracy inherently leads to less than perfect outcomes. In theory, politics is driven by principles of fairness and justice. In practice, however, politics is the outcome of a process in which various parties (voters, politicians, lobbyists, bureaucrats, etc.) are all tugging in different directions in pursuit of their own self-interest. The outcome is unlikely to reflect the kind of political system to which most citizens would agree if they were designing it from scratch without regard for their own actual short-term interests.

The authors suggest this problem can be fixed in part by extending a legal principle, generality, to politics. Generality refers to a lack of preferential treatment: people are to be seen as equals before the law, and equal treatment is to be the proper norm for the rule of law. Discrimination is not acceptable, whether based on gender, race, ethnic background, or otherwise.

If the principle of generality were applied to politics, majority coalitions would no longer be allowed to treat different individuals and groups differently. "The proper principle for politics is that of generalization or generality. This standard is met when political actions apply to all persons independent of membership in a dominant coalition or an effective interest group. The generality principle is violated to the extent that political action is overtly discriminatory in the sense that the effects, positive or negative, depend on personalized identification." (p. xix)

The authors discuss various applications of the generality principle to politics. "Policy arguments in support of free, open, and nondiscriminatory trade; flatter and more uniform taxation; nonparticularized standards for environmental regulation and public-goods provision; devolution of political authority to more adequately defined areas of special benefits and against means testing for transfers--indeed against discriminatory treatment of any sort--these arguments find common philosophical grounding in the rule or norm for political generality." (p. 199)

Introducing generality in politics would not just increase fairness. It would also increase efficiency. Currently, vast amounts of money are spent on the effort of lobbying elected officials in order to gain an advantage in the tug-of-war of competing demands in the political process. To the winners of this process, this is money well spent, but to society as a whole it is essentially a waste of resources that could otherwise have been used more productively. A generality constraint would no longer make it worthwhile to spend money in this manner.

The book is less abstract and therefore perhaps more readable than some of the earlier volumes in the Buchanan Collected Works series. The book is summarized in the paper "Generality as a Constitutional Constraint" in volume 1 of the series (pp. 419-428).

Note: Page numbers refer to the Buchanan Collected Works edition.

6 of 6 people found the following review helpful.
This Nobel Winner Continues to Advance His Thinking
By Jonathan Brown
In 1962 James Buchanan and Gordon Tullock wrote the seminal work the Calculus of Consent that did a thorough job of examining the perils of majoritarian voting systems. Throughout the next four decades Buchanan has continued to develop and explore the nature and effects of alternative voting systems. This book is the next step in his thinking.
Marjority systems are accepted because they offer simplicity but they also present some significant moral hazards; log rolling, cycling of votes or issues and rent seeking by participants in the system. In this book Buchanan and Congleton offer some ideas about how majoritarian systems can avoid some of those perils.
Buchanan, like Madison, has always been concerned about the problems that voting systems can create both for majorities and minorities.
In an era when electoral systems are being brought into question and when basic principles of the American voting process have been questioned - this book is an important contributor to the discussion of what principles should guide democratic voting systems.

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> Free PDF The Economic Growth of Singapore: Trade and Development in the Twentieth Century, by W. G. Huff

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The Economic Growth of Singapore: Trade and Development in the Twentieth Century, by W. G. Huff

This book provides the first comprehensive overview of the economic development of Singapore, easily the leading commercial and financial center in Southeast Asia throughout the twentieth century. This development has been based on a strategic location at the crossroads of Asia, a free trade economy, and a dynamic entrepreneurial tradition. Throughout this study Dr. Huff assesses the interaction of government policy and market forces, and places the transformation of the Singaporean economy in the context of both development theory and experience elsewhere in East Asia.

  • Sales Rank: #3669722 in Books
  • Brand: Brand: Cambridge University Press
  • Published on: 1997-08-13
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.98" h x 1.10" w x 5.98" l, 1.59 pounds
  • Binding: Paperback
  • 496 pages
Features
  • Used Book in Good Condition

Review
"W.G. Huff has written a solid, authoritative economic history of Singapore in the twentieth century....[a] remarkable economic history ably elaborated..." American Historical Review

"W.G. Huff's book is an illuminating study....Huff writes well and tells a rich and revealing story. There is an excellent bibliography, useful collection of data, and a thorough index.' Henry J. Bruton, Journal of Regional Science

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4 of 4 people found the following review helpful.
A well done book
By A Customer
A fine book, one that give a rich understanding of what happened and why.
Sure, Lee Kuan-yiow transformed the situation. However, it is easy to overlook that Singapore was more than just a bastion of British might, even usurping the Sumatra rubber burning industry as it was more efficient than the Dutch efforts, despite desires of the Dutch to keep that money maker inside its borders. Therefore Singapore was basing a good part of its well being in the early part of this century upon the lack of industry on the Dutch side, mainly because it was a modern city hub of the region at that time and one that provided stable reinvestment.
Other examples are given, like the industrial machining might developing about 1930 because it was the next logical step.
All that was needed was for multinationals to give them the steady workload as they had already done most of the jobs before (as was the case industrial wise in Japan, Germany, and similar countries after WWII, the people's skill was the primary mover).
It may seem like a small issue, but it destroys the myth of Singapore being a backwater and bodes ill for any country trying to rise up in short order from absolutely nothing (no examples of such, actually, in modern times, though Australia & N.Z. come closest from the periods of 1787-1900 & 1830-1900). It is interesting that in those cases as was similar with Singapore & Hong Kong, migration of an industrious population was the keystone, beyond natural resources.)

2 of 2 people found the following review helpful.
extremely useful discussion of Singapore, pre-1959
By Neurasthenic
There are many texts about the development of Singapore from when it achieved self-government in 1959. This book does not try to compete with them. Instead, most of it deals with the period between about 1869, with the opening of the Suez Canal, and 1959. Much of the analysis about the early period contradict popular mythology about Singapore -- the country was not backwards and poor when it became independent; in fact, it had a GDP per capital about 1/3 that of the U.K. This book describes how this came to be the case.

It also discusses the more recent period, but the material there is similar to what is available elsewhere. The five stars I'm giving the book are for the earlier chapters.

I have heard representatives of third world nations describe their development plans as being "Singapore like," meaning that they plan to rocket from poverty into selling intellectual and financial services in a short period of time. I wish more of them understood the special circumstances that allowed Singapore to make the leap, and the length of time that it really took. This book is valuable for anybody considering similar problems.

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Sabtu, 11 Oktober 2014

! Fee Download Law in the United States, by Arthur T. von Mehren, Peter L. Murray

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Law in the United States, by Arthur T. von Mehren, Peter L. Murray

Law in the United States, Second Edition, is a concise presentation of the salient elements of the American legal system designed mainly for jurists of civil law backgrounds. It focuses on features of American law likely to be least familiar to jurists from other legal traditions, such as American common law, the federal structure of the U.S. legal system, and the American constitutional tradition. The use of comparative law technique permits foreign jurists to appreciate the American legal system in comparison with legal systems with which they are already familiar. Chapters in the second edition also cover such topics as American civil justice, criminal law, jury trial, choice of laws and international jurisdiction, the American legal profession, and the influence of American law in the global legal order.

  • Sales Rank: #2130071 in Books
  • Brand: Brand: Cambridge University Press
  • Published on: 2007-01-08
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.98" h x .71" w x 5.98" l, 1.00 pounds
  • Binding: Paperback
  • 342 pages
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  • Used Book in Good Condition

About the Author
Arthur T. von Mehren (1922-2006) was Professor of Law Emeritus at Harvard Law School. He represented the United States for 38 years in the Hague Conference of Private International Law. He wrote 210 publications in English, French, Spanish, Italian, German, and Japanese. They include the groundbreaking Civil Law System, his pioneering two books and nine articles on Japanese law, his highly original Law of Multistate Problems, his foundational monographs on contract formation and form, his articles on jurisdiction, and his award-winning Hague lectures.

Peter L. Murray is the Robert Braucher Visiting Professor of Law from Practice at Harvard Law School. He served as the Faculty Director of the Harvard Legal Aid Bureau and continues to serve as Director of the Winter Trial Advocacy Workshop. He is the author of Basic Trial Advocacy, an advocacy training treatise; a co-author of Green, Nesson and Murray's Problems, Cases, & Materials on Evidence, and an author and co-author of many legal articles. He has worked extensively in comparative law, with particular reference to civil procedure in Germany and Europe.

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0 of 0 people found the following review helpful.
Great book for the lay person.
By Amazon Customer
Book is written in a manner that a non lawyer can understand.This book is used in a course I am currently attending as a course materials reading.. Very helpful .

0 of 1 people found the following review helpful.
If it wasn't textbook then SAVE YOURSELF THE HEADACHE!
By Haitham
Very complicated legal language that other similar books present it with simpler layout/language and yet still legal language. the only reason I got this book because it's a required text book!

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>> Download PDF String Theory (Cambridge Monographs on Mathematical Physics) (Volume 1), by Joseph Polchinski

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String Theory (Cambridge Monographs on Mathematical Physics) (Volume 1), by Joseph Polchinski

The two volumes that comprise String Theory provide an up-to-date, comprehensive account of string theory. Volume 1 provides a thorough introduction to the bosonic string, based on the Polyakov path integral and conformal field theory. The first four chapters introduce the central ideas of string theory, the tools of conformal field theory, the Polyakov path integral, and the covariant quantization of the string. The book then treats string interactions: the general formalism, and detailed treatments of the tree level and one loop amplitudes. Toroidal compactification and many important aspects of string physics, such as T-duality and D-branes are also covered, as are higher-order amplitudes, including an analysis of their finiteness and unitarity, and various nonperturbative ideas. The volume closes with an appendix giving a short course on path integral methods, followed by annotated references, and a detailed glossary.

  • Sales Rank: #567584 in Books
  • Brand: Cambridge University Press
  • Published on: 1998-10-13
  • Ingredients: Example Ingredients
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.72" h x .94" w x 6.85" l, 1.89 pounds
  • Binding: Hardcover
  • 402 pages
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  • Used Book in Good Condition

Review
"...the most comprehensive text addressing the discoveries of the superstring revolutions of the early to mid 1990's, which mark the beginnings of 'modern' string theory."
Donald Marolf, University of California Santa Barbara, American Journal of Physics

"Physicists believe that the best hope for a fundamental theory of nature--including unification of quantum mechanics with general relativity and elementary particle theory--lies in string theory. This elegant mathematical physics subject is expounded by Joseph Polchinski in two volumes from Cambridge University Press...Written for advanced students and researchers, this set provides thorough and up-to-date knowledge."
American Scientist

"...this is an impressive book. It is notable for its consistent line of development and the clarity and insight with which topics are treated...It is hard to think of a better text in an advanced graduate area, and it is rare to have one written by a master of the subject. It is worth pointing out that the book also contains a collection of useful problems, a glossary, and an unusually complete index."
Physics Today

"We would like to stress the pedagogical value of the present book. The approach taken is modern and pleasantly systematic, and it covers a broad class of results in a unified language. A set of exercises at the end of each chapter complements the discussions in the main text. On the other hand, the introduction of techniques and concepts essential in the context of superstrings makes it a useful reference for researchers in the field."
Mathematical Reviews

"Polchinski's books are a classic textbook on string theory. And I recommend it to you if you want to start the study of string theory... the first volume is an excellent textbook and a great introduction to string theory. Presents some deep chapters, but overall a great book for any student interested in entering the world of string theory. The book is consistent with the objective set out, well written for graduate students and probably one of the best textbooks on the market about string theory and shall remain so for a long time. these two books are great and of excellent quality. The book is consistent with the goal set in the early chapters, presents clear language with few errors and with a high degree of mathematical rigor. The book contains an excellent range of problems and an excellent glossary and the educational value of this book is incalculable. Definitely these books are references for the study in string theory and it will stay with this position."
Philosophy, Religion and Science Book Reviews Blog

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49 of 51 people found the following review helpful.
very thorough and complete
By A Customer
Polochinski presents upto date developments (mostly in 2nd volume) in string theory such as D-branes and dualities that are not discussed in Green, Witten, Schwarz's Superstring theory text. However, I found GWS's arguments easier to follow because they were intuitively and physically motivated. Although Polchinski's books lack physical insights, he more than makes up for them by completeness of the material, mathematical rigor and helpful exercises. However, I highly recommend that you first get Di Francesco's conformal field theory and read chapters 3-7 , 10 and 12 to get a better feel for stuff like state-operator mappings, Virasoro algebra, OPE's, etc. Although Polchinski claims the books are pretty much self-contained, I would say QFT (probably around lvl of 1st vol. of Weinberg) and GR are min prereq and some knowledge of SUSY, rep. theory of Lie alg, alg. toplogy wouldn't hurt. Lastly, the first edition had many many typos but corrections are frequently updated and you can download them through a website whose address is given in the book (the address in the book has a typo and should read "ucsb").

27 of 30 people found the following review helpful.
Enlightening text on a murky topic
By Derek Lee
This book succeeds in what seems to be the impossible. It actually presents a clear, up to date, and entertaining version of a field that is still very much in a state of active research and is still, after all these years, on quite uncertain ground. By studying this, the reader who thinks intelligently about the material presented will be able to form his/her own opinions on this still somewhat controversial topic and will be able to converse intelligently with others who have opinions on the topic. I know that for me personally, this text opened up beautiful ideas which, to a large extent, are still unexplored. Before I read this book, my gut feelings about the topic were that it was rather dubious at best, but now that I understand (I think) the basic ideas of the field, I feel quite comfortable in it, indeed almost as if it is completely natural. What I think is one of the best things about this book is that it does not assume the pretense that string theory is on firm ground, that everything is quite certain and that string theory HAS to be the final theory of nature in all its glory. I find this attitude EXTREMELY pretensious and annoying. Instead, it simply covers what we know about string theory, and explains in detail just why it is consistent, and why it offers an explanation for what we see in nature. In short, it leaves just enough room for the imagination of an intelligent reader to philosophize as to the meaning of the theory and as to its ultimate place in nature
As for practical details, it seems to me that the reader should at the very least have a firm understanding of Quantum Field Theory (at least at the level of Weinberg's first volume, see my review on that modern masterpiece), and to a lesser extent of General Relativity, before even attempting to tackle this. I know that I myself, despite the fact that I have read several texts on QFT, had to reread several sizeable chunks of the book to fully digest it.

8 of 10 people found the following review helpful.
Very thorough and upto date
By A Customer
The two volumes introduce many important recent developments in string theory not covered in Green, Schwarz & Witten's Superstring text such as D-branes, dualities, etc. However, I found GSW's treatment of basic materials easier to follow because the authors try to explain things intuitively. Although many physical insight in Polchinski's book is sacrificed, it makes up for them through completeness and mathematical rigor. However, I highly recommend that you read Di Francesco et al's conformal field theory book (read chapters 3-7, 10 and 12-13) to get a better feel for stuff like operator state mapping, OPE's, Virasoro algebra, vertex operators, etc. Of course a good course in QFT, GR and some basic familiarity with SUSY, Rep. theory, & some algebraic topology are probably a prereq although Polchinski claims the book is pretty much self-contained. Lastly, the book suffers a little from numerous typos (atleast the 1st edition) but corrections are updated frequently on a ucsb website address.

See all 17 customer reviews...

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Jumat, 10 Oktober 2014

* Ebook Download The Wife of Bath's Prologue and Tale CD: From The Canterbury Tales

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The Wife of Bath's Prologue and Tale CD: From The Canterbury Tales

A well-established and respected series. Texts are in the original Middle English, and each has an introduction, detailed notes and a glossary. Selected titles are also available as CD recordings.

  • Sales Rank: #2217713 in Books
  • Brand: Brand: Cambridge University Press
  • Published on: 1999-02-13
  • Formats: Audiobook, CD
  • Original language: English
  • Number of items: 1
  • Dimensions: 5.59" h x .43" w x 4.92" l, .15 pounds
  • Running time: 60 minutes
  • Binding: Audio CD
  • 1 pages
Features
  • Used Book in Good Condition

From the Back Cover
This seemingly inexhaustible private story, only a few lines shorter than the introductory prologue to the whole collection of tales, serves two important purposes. Most obviously, it gives the dimensions of living actuality to a character seen previously only as a striking figure in a group photograph.

About the Author
Often referred to as the father of English poetry, Geoffrey Chaucer was a fourteenth-century philosopher, alchemist, astrologer, bureaucrat, diplomat, and author of many significant poems. Chaucer s writing was influential in English literary tradition, as it introduced new rhyming schemes and helped develop the vernacular traditionthe use of everyday Englishrather than the literary French and Latin, which were common in written works of the time. Chaucer s best-knownand most imitatedworks include The Canterbury Tales, Troilus and Criseyde, The Book of the Duchess, and The House of Fame.

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14 of 14 people found the following review helpful.
Are You Man Enough to Be Husband Six?
By Gio
There is no poet in any language of more extravagant wit and wisdom than old Geoffrey Chaucer, and no more universal, but for the challenge of the language. Like Homer in Greek, Dante in Italian, Chaucer set the bar too high for anyone ever to exceed him. And how fundamentally English he was, as if all the "personality" of our literature flowed from the same cultural spring!

My generation may have been almost the last to memorize the Prologue to the Canterbury Tales and to learn the few easy rules of pronunciation and syntax we needed to enjoy Chaucer. Helas! The times, they are a-changing. Still, a few years ago I had an irrational lust to revive my ability to read Middle English, just for fun. I discovered that there were audio-books of many of the Canterbury Tales, including the Wife of Bath's salacious masterpiece. Of all Chaucer's dramatis personae, the Wife of Bath is surely the most humanly convincing, the randy old dame! "Why, I'm probably just the right age to be husband number six," thought I. So I ordered this CD. By the time the CD reached me, I'd forgotten my urge to make use of it. In fact, I forgot I had it until yesterday, when it somehow popped out of the shelf at me.

Elizabeth Salter and her unnamed male foil speak the poetry of Chaucer with enough 'naturalness' to persuade me, particularly since recording technology was still rather crude in the 1300s. With the ability to pause the disk by remote, I find that I can follow the most familiar parts of the Wife's narrative comfortably. For most of the tale, however, I have to keep my eyes on the text. I wouldn't mind if Salter had delivered her words just a trifle slower, but then perhaps the rollicking cadences wouldn't have frolicked so mirthfully. There are lots of editions of the Canterbury Tales available with old and new English on facing pages, making the effort much easier.

This is probably not everyone's idea of fun, what with movies of Beowulf starring naked babes as Grendel's Mother and such. But Chaucer is too good to be lost. If YOU the parents of America no longer have the willpower to compel your teenagers to labor through the Canterbury Tales, then it's YOUR obligation to do so yourselves!

0 of 1 people found the following review helpful.
THE WIFE OF BATH
By GH
Book was for a school assignment Chaucer was a good writer This was a good read especially if you like reading about Daniels and knights

8 of 11 people found the following review helpful.
Very Insightful Piece of Literature!!!
By A Customer
Chaucer has given me a greater insight into life in the 14th century. We see the hypocrisy of the "genteel" people of the time. He has also transcended the boundaries of time for we can still see evidence of this hypocrisy in todays society. The Wife is a strong female character and the reader can not be certain if she is feminist or anti-feminist nor can they be certain if Chaucer is laughing at her or with her. This was a very crafty device by Chaucer's and he must be commended for it. This device is shown in how long Chaucer allows the Wife to speak about herself, it is the longest prologue in the book except of course for the General Prologue. The Wife's views and issues can also be seen in her choice of tale but her voice seems somewhat more subdued here and we can distinctly see Chaucer's own views and ideas coming out in the tale.The very poetic style in which it is written also intices the reader to read on. Altogether quite an insightful piece of literature.

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Rabu, 08 Oktober 2014

# Free Ebook Money, Markets, and the State: Social Democratic Economic Policies since 1918 (Cambridge Studies in Comparative Politics), by Ton Noterman

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Money, Markets, and the State: Social Democratic Economic Policies since 1918 (Cambridge Studies in Comparative Politics), by Ton Noterman

Money, Markets, and the State provides in-depth explanations behind the various successes and failures of the economic policies of social democratic governments in five Western European countries: Germany, Great Britain, Sweden, Norway and the Netherlands. Dr. Notermans examines these economic systems from the inflation of the early twenties, through the Great Depression of the thirties, and then continues his analysis up to present-day mass unemployment. Drawing on a wide range of historical and statistical sources, Dr. Notermans argues that the fate of social democratic economic policy hinges critically on the political and institutional success of maintaining price stability.

  • Sales Rank: #5224683 in Books
  • Brand: Brand: Cambridge University Press
  • Published on: 2000-04-13
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.98" h x .87" w x 5.98" l, 1.30 pounds
  • Binding: Hardcover
  • 324 pages
Features
  • Used Book in Good Condition

Review
"A timely and thought-provoking analysis of the macroeconomic forces and policies that have determined the strength and weakness of social democracy in Western Europe from the 1920es till now. Notermans' broad comparative and historical interpretation is a refreshing and masterful synthesis. It deserves wide attention by political scientists, economists and economic historians." Lars Jonung, Stockholm School of Economics

"In its historical sweep, economic sophistication, and analytic coherence, Notermans' theory of the basic constraints shaping macroeconomic policy in advanced capitalist countries is audacious and compelling. No discussion of economic policy dilemmas facing governments--not just social democratic ones--should proceed without taking it into account." Andrew Martin, Center for European Studies, Harvard University

"Notermans fires a cannon shot at comparative studies. The next century of social democracy will bring neither the end of socialism nor its "third way" transformation but rather the continuation of the cycle of social-democratic expansive macroeconomics and liberal disinflationary macroeconomics. This is a great claim, on a par with Hirschman's claim about the cycle of public and private involvement. It is based on methodological clarity and deep understanding of archives, theories and countries. Here is real synthesis of economic and political science at its best." Jos de Beus, University of Amsterdam

"[E]xtremely distinctive ... deeply impressive." Review of International Political Economy

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0 of 0 people found the following review helpful.
"Flight Into" & "Flight Out of" Money: the 2 Types of Economic Crisis
By John Helmeke
"MONEY, MARKETS, AND THE STATE: SOCIAL DEMOCRATIC ECONOMIC POLICIES SINCE 1918" (Ton Notermans)

Ton Notermans, a Norwegian political scientist who has studied in Berlin and Massachusetts, examines European twentieth century economic history since the end of the First World War in five countries: Britain, Germany, the Netherlands, Norway, and Sweden. He finds that a general economic crisis in the capitalist economy can be summarized as either one of two events:

1.) a flight "into money" (deflation)
2.) a flight "out of money" (inflation)

Depression & Deflation
In a depression, when the economy slows down, there is a downward spiral of lost employment that results in declines in consumer spending. As consumer spending drops, there is another round of shrinking business investment, employment loss, and still less consumer spending.

Unlike the mid-twentieth century British economist, John Maynard Keynes, Notermans says there is no eventual slowdown in this downward economic spiral. The economy can completely fall apart. German unemployment, for example, stood at an astonishing 43% in 1933. It was the most important reason for Nazi election success and Hitler's assumption of political power as German chancellor that year.

Depression is always made worse by a tight money supply and restraint in government spending. Tight money encourages deflation. As prices for goods and services drop, the same money becomes ever more valuable.

Of course, as people hang onto their money, even less is spent on consumer goods and services. In turn, business investment also falls.

Deflation is a financial disaster for the economy. Business and consumer households find it ever more diffficult to repay loans - at a fixed rate - as prices and wages continue to decline.

Extensive government intervention in the economy is required to set things right for a return to economic growth. Government expenditures can make up for the loss in business investment and consumer spending.

Lower interest rates from banks encourage business investment and consumer spending, too.

Rising government deficits are a necessity to correct the economy. When Franklin D. Roosevelt attempted to cut federal government deficit spending mid-way through the Great Depression, there was what has come to be called a "double dip" in the economy. Cutting government spending made the American economy worse at that time not better.

Of course, continued government spending during a depression results in ever larger budget deficits. But the size of government budget deficits must be weighed against the "opportunity costs" of lost production, jobs, economic growth, and innovation (lower funding for research & development, education, etc.) that come with a depression.

Economic "Bubble" Booms & Inflation
The flip side of economic crisis is an "overheated" economy. A moderate degree of inflation is tolerable - as long as money flows into productive investment and innovation. The problem usually starts with what Alan Greenspan, the Federal Reserve Chairman under the Reagan, G. H. W. Bush, Clinton, and G.W. Bush presidential administrations, called "irrational exuberance."

It might be the stock market that sees a frenzy of buying and ever higher prices. It could be the commodities markets in which the price of such commodities as gold or oil see a sudden rise (beyond what seems necessary to meet any sort of production demand). Or it could be real estate. Or it could be anything else, including tulips, which was what happened in Holland's famed "tulip mania" bubble economy in the 1630s.

During an economic bubble, money rapidly pours into speculative "financial" investments. It is a "flight out of money." People no longer wish to hold onto cash.

If government is unable or unwilling to control the amounts of money going into overheated speculative markets, prices rise. A general inflation results throughout the economy.

Eventually, as a last resort, governments have historically raised interest rates. This results in job loss and slowed economic performance but it brings prices back under control.

Inflexibility in Government Economic Policies
Ton Notermans explains that once governments have changed course on economic policies they have a difficult time reversing themselves. However, circumstances change. Once again, the economic situation calls for a complete reversal in the direction of government policy.

But governments often stubbornly cling to inappropriate economic policies. They stick with what they are most familiar with.

For example, the German hyperinflation of 1923 led to a complete economic breakdown. This came at the point when people stopped using money to obtain goods and services (because the value of money fell so rapidly). The German mark fell from a value of 8.9 marks per U.S. dollar in 1918 to 4.2 trillion marks per U.S. dollar at the height of the hyperinflation in November 1923.

Corrective measures were taken to stop the hyperinflation. But the lessons were learned too well. When the Great Depression began, Germany remained committed to a continued policy of fight inflation.

It was precisely the wrong policy in response to economic depression and deflation. Germany's democratic political parties were still worried about the dangers of inflation when their new electoral popularity led the Nazis to surge to election victory in 1933.

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^ PDF Download The Nature of DiamondsFrom Brand: Cambridge University Press

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The Nature of DiamondsFrom Brand: Cambridge University Press

The paragon of physical perfection and a sparkling example of Earth's forces at work, the diamond has fascinated all realms of society, from starlets to scientists. The Nature of Diamonds is a comprehensive look at nature's most coveted gem. A handsome, large-format book, The Nature of Diamonds is an authoritative and richly-illustrated tribute to the diamond. Leading geologists, gemologists, physicists, and cultural observers cover every facet of the stone, from its formation in the depths of the Earth, its ascent to the surface, and its economic, regal, social, and technological roles. Cutting-edge research takes the reader to the frontiers of diamond exploration and exploitation, from the Arctic wastes to the laboratories where diamonds are created for massive road shredders that rip up and then re-create superhighways. Here also is an overview of cutting, from the rough stones in Roman rings to the highly-faceted stones we see today, and a glimpse into the business of diamonds. Finally, The Nature of Diamonds chronicles scientific and cultural history and explores the diamond as both a sacred and a social symbol, including a picture history of betrothal rings. Wide-ranging illustrations explain the geology of diamonds, chart the history of mining from its origins in India and Brazil through the diamond rush in South Africa and today's high-tech enterprises, and capture the brilliance and beauty of this extraordinary gem. _

  • Sales Rank: #1241149 in Books
  • Brand: Brand: Cambridge University Press
  • Published on: 1997-10-13
  • Original language: English
  • Number of items: 1
  • Dimensions: 11.02" h x .67" w x 9.06" l,
  • Binding: Paperback
  • 288 pages
Features
  • Used Book in Good Condition

Review
"If diamonds are a girl's best friend and you can't afford them, buy her The Nature of Diamonds...It's the next best thing." Playboy

"If the reader is scientifically inclined, a discussion of the most recent findings on diamonds will be satisfying while special sections on the world's great diamonds and the diamond treasures of Russia add to the adamantine luster of The Nature of Diamonds." Rock and Gem

"This is an engaging and scholarly work that contains a wealth of interesting and useful information about diamonds....It is certainly a worthwhile companion to a diamond exhibition that is undoubtedly one of the most anticipated and most comprehensive ever staged. Gemologists will welcome this addition to their libraries." Rocks and Minerals Magazine

"...provide[s] a well-illustrated overview....the book succeeds eminently....Teachers of mineralogy may find the book helpful to recommend to students as an example of the relevance and usefulness of the subject." The Canadian Mineralogist

"Just about any question one might ask about diamonds is answered in this book. It is both a textbook and an encyclopedia but is written in a clear and entertaining style so that it is difficult to put down once one has started reading it. Certainly it is a reference that teachers can use and refer to students and gemmologists and that jewlers can use and refer to their customers and clients...This book is a must for anyone interested in gem stones and should be in every geologist's and earth-science teacher's library. It is full of color plates and diagrams...I recommend it highly. Journal of Geoscience and Education

"Written in an authoritative, but highly readable manner...every aspect of the diamond from its origins to its modern role in movies is covered." Lapidary Journal

"Diamonds get a lot of pres, one could even say hype: George Harlow's edited volume touts the stone as a "mythic talisman of power and purity", a "symbol of regal structure", "a token of everlasting love", and so forth and so on." Isis

"suitable as a reference source; an ideal text for a semester-long seminar series that would have great appeal to science and non-science majors alike; a prize to deserving students; a millennium gift (in lieu of the real stone); and it would noy be out of place on a coffee-free table. Diamond has the allure, Harlow has provided the instrument, and the American Museum of Natural History has produced an absolute bargain by any standard...this is a superb and highly recommended volume." American Minerologist Vol 86

Most helpful customer reviews

2 of 2 people found the following review helpful.
exactly what i wanted
By C. Bergstrom
I'm training to become a jeweler right now, so I need to know both the science and the culture behind diamonds. The Nature of Diamonds covers both aspects. It's written in layman's terms, so it's perfect for studying independently. Plus, the diagrams and photography are excellent. It's easy to read while sipping coffee or waiting for a bus.

1 of 1 people found the following review helpful.
good boo
By celinewap
this is a very informative and well written! if you are beginner of gems this is the book to read.

8 of 19 people found the following review helpful.
Nature of Diamonds.
By A Customer
This is a good book which provides us enormous amount of information about the history and the composition of diamonds. However, there are two little illustrations. Anyway, the pictures are exceptional.

See all 5 customer reviews...

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