The structure of Islamic economics: A comparative perspective on markets,ethics and economics

A comparative examination of mainstream economic doctrines and their recent developments is undertaken with a view to find out how ethics has been treated in these. The principal focus here is to identify the new paradigm that can treat ethics endogenously in preference formation, the market and the economic order. The quest for this paradigm leads us to an examination of Islamic economics. Islamic economics is presented in terms of its epistemological roots. Thereby, a general systems view of interactions, integration and creative evolution among economic and social possibilities is shown to lead to the paradigm of Islamic political economy. Some Islamic financial and economic instruments are examined to bring out the pervasive causality of the principle of universal complementarity across diversity in a general systems perspective of Islamic political economy as premised on its epistemological roots.     

Preparing the Human Capital for the New Millennium Using Information Technology

Abstract

Information technology is transforming the economy at a breathtaking speed. The effect of technology on global business practices is profound and pervasive. These trends are changing and shaping the global economic landscape in the new millennium. These developments have major implications for the knowledge skills required for success in business in the information age. Students must be prepared for the challenges and opportunities that each of these trends represents. Therefore, the new knowledge economy demands changes in the models of global business education. Based on our experiences at our respective universities, this article describes how we are changing not only the way we teach, but also what we teach-as well as altering the way our universities do business.     

Barriers to the Formalization of Economic Activity and Marketing Solutions for Developing Economies

ABSTRACT

This research investigated barriers to the formalization of economic activity that was generally untaxed and unmeasured, referred to as informal economic activity, in an emerging economy. Nepal was selected as the country for study because it presents a case of a market undergoing economic and political liberalization. The paper presents background information on the economy of Nepal, the conduct of the fieldwork in Nepal, perspectives on informal economic activity, and the necessity of harnessing this activity. This is followed by research dealing with the informal economy and perceptions of the barriers to integration based on fieldwork in Nepal. Suggestions to harness this activity are offered. The results of this study may provide insights into the formulation of public policy and social marketing initiatives for addressing informal sector development in emerging markets.     

Global Upturn Shaping Germany’s Economy

The global economy is currently in a phase of sustained growth. Will higher oil prices have a dampening effect on the world economy? Has the risk of inflation increased so much that monetary policy needs to be tightened more than so far anticipated? Are there any signs that global economic imbalances are being corrected?      

China's regulated marketing mix: The role of the state administration Bureau for industry and commerce

China is the most populous and the fastest growing major economy in the world. Although still a centralized economy, free enterprise and foreign investment is now encouraged. Many regulations have recently been introduced to control the new trade based economy. These are policed by the State Administration Bureau for Industry and Commerce, a huge bureaucracy with thousands of local offices. This paper reviews how it manages trade and particularly the marketing mix in China. The power of the local offices is discussed and a distinction drawn between “the rule of men” and “the rule of law”. It provides recommendations for trading in China.     

Enterprise Transformation and Foreign Investment in Eastern Europe

Summary

This paper takes a closer look at enterprise transformation in Eastern Europe. It argues that the transformation from a state-owned firm into a capitalist enterprise involves more than reacting to economic incentives. Enterprises need access to capital markets to finance investment and they have to acquire new capabilities to be able to compete successfully in a capitalist economy. Furthermore, the ownership structures that emerged following mass-privatization are not necessarily favorable to radical restructuring. In these three crucial areas-investment capital, capability building and corporate governance-foreign investors can make a key contribution to economic transition.     

A Comparative Analysis of Managerial Adaptation to Privatization

ABSTRACT

Economic analysis on emerging economies of Central and Eastern Europe (CEE) has shown a flourishing private sector coexisting with shrinking state enterprises fueling speculation that growth would come from the new private sector. In this view, it is important to (1) assess the private sector which continues to grow and is vital to the process of emerging new market economies; and (2) account for the current place of entrepreneurship and assign its role in the process of systemic transformation which takes place in the economies of the CEE. Based on interviews and models on en-trepreneurship, the paper analyzes how the entrepreneurs' behavior is influenced by government regulation, credit terms, taxation, long-term and short-term financing options, level of infrastructure, and preferences to small business, and how entrepreneurs' consequent behavior can in turn influence the working system itself. The goal is to show that the emerging small business sector of the post-Communist Hungarian economy fulfills important material and ideological functions. The paper concludes that the Hungarian entrepreneurship is an independent vehicle for economic growth and bringing about the emergence of capitalist forms of economic production in the post-Communist Hungarian economy.     

当前世界经济走势分析

当前,面对国际经济危机复苏放缓,有的人对世界经济发展前途甚感担忧,甚至怀疑中国经济能否继续保持繁荣。但本文对近二百多年来世界经济发展过程的分析表明,世界经济正在孕育快速发展时期,不久就会到来。在新的快速发展时期,中国等新兴国家是新时期快速发展的启动者、引领者和主导者;新时期的发展将惠及全球85%的人口;科技集成将带动经济的快速发展;人、社会与自然将更加和谐地快速发展。     

Changing facets of leadership in East Asia: globalization,innovation and performance in Japan,South Korea and China

ABSTRACT

Japan, South Korea and China are the three juggernauts of the East Asian economy. In gross domestic product terms, China is the world’s second largest economy, Japan the third and South Korea the eleventh. Also, Japan and South Korea are the only two of the OECD’s prestigious Development Assistance Committee members from Asia, providing a large combined annual budget to developing countries, and the only two Asian countries of the seven-member 50–20 Club with members with a population of 50 million or more and a per capita GDP of US$20,000 or more. Many studies have offered explanations of this Asian economic and corporate success, although few have attempted to explain the leadership styles in these three countries. Globalization has also changed these economies enormously, leading to the possible convergence with universalism forces and commensurate globalization of their leadership styles. This collection, therefore, presents some of the most recent findings of leadership studies on Japan, South Korea and China in light of this.     

Does the world real interest rate affect the real exchange rate? The South East Asian experience

Abstract

We analyze the consequences of US real interest rate rises on the real exchange rate (RER) in a two-good overlapping generations model of a semi-small open economy. The equilibrium RER depreciates (appreciates) when the world interest rate increases in a debtor (creditor) country. We then study empirically the reaction of the RER in a set of South East Asian (SEA) countries to shocks in US real interest rates. The results support the conclusions of the theory model at least for Singapore, Thailand and South Korea during the period 1980 – 2001. This points towards world interest rate shocks as possible trigger factors for exchange rate crises during the adjustment process towards the new equilibrium.     

The Endogenous African Business: Why and How It Is Different,Why It Is Emerging Now and Why It Matters

ABSTRACT

Africa is currently undergoing a transition that is unprecedented in its history. For the first time, the demand of urban populations pulls business development, thus creating economies with higher levels of specialization than before. This essay highlights the phenomenon of the endogenous African businesses that are arising in this process. These businesses tap into the natural resources and the social, economic, and cultural systems that build upon them. These resources and systems make the African business environment different from business environments in other parts of the world. Furthermore, the endogenous businesses have access to knowledge on how to manage modern businesses in the formal sector of the economy. In combination with African resources and systems, such knowledge enables them to create and sustain and competitive advantage in modern dynamic marketplaces. Endogenous African businesses are important because they have the potential to fuel economic growth, to revitalize rural areas, to contribute to food security and healthy diets, and to provide role models of which Africans can be proud. Hence, these businesses deserve our attention in the next two decades of scholarly research and education on African business.     

The long-term prospects for world development

The increasing interdependence of the world economy requires the development of new approaches to policy-making. Nineteen OECD member countries and the Commission of the European Communities therefore decided to take part in a three-year (1976–1978) research project on the long-term prospects for world economic development and in the attempt to work out a general framework for the economic and social policies in the industrialised countries. Which are the conclusions and results of this research project, which has come to be known as INTERFUTURES?     

Remittances and FDI Effects on Economic Growth: A VECM and GIRFs for the Case of Albania

ABSTRACT

This paper analyzes the effects of remittances and foreign direct investments (FDI) on economic growth, gross fixed capital formation (GFCF), and inflation in Albania through a vector error correction model. The results show that remittances Granger-cause positively economic growth short- and long-run and negatively inflation, while no significant relationship has been established between remittances and GFCF. The findings support that remittances, apart from affecting economic growth, disinflate the Albanian economy. With respect to FDI, there are signs that inflation Granger-causes negatively FDI, while there appears to be no relationship between FDI, economic growth, and capital formation.     

ECONOMIC IMPACTS OF INCREASED MEXICO-U.S. LABOR MOBILITY: A Computational General Equilibrium Analysis

ABSTRACT

China has emerged as the fastest-growing economy in the world. In this context, I discuss the antecedents, characteristics, and consequence of China’s rise in the world economy with reference to the “four W” framework (What, When, Where, and Why). This article provides insights into the role of exports and FDI in China’s rise. Theoretical as well as real-life factors contributing to this success are also listed. Comparative analysis with other emerging countries, such as India, is provided. In addition, directions for future research are outlined.     

调整分配关系:后危机时期的客观必然

目前,尽管世界经济已经渡过国际金融危机的恐慌阶段,进入"后危机时期",但是世界经济的发展仍然存在很多不确定因素。美欧等发达国家和地区经济正在积极转型,世界制造业竞争将更加激烈。面对新形势,中国应当寻求新的经济发展模式,以有效启动民需、利于产业结构升级和益于技术创新的分配政策的出台。     

World economic situation remains precarious

Global production increased at a rate of just 2% in 1998, half the previous year's growth. The USA and the EMU member countries in particular were spared a recession thanks to robust domestic demand. With continuing volatility on the financial markets, the world economic situation remains precarious.¹ How can we expect the world economy to develop in the next two years?     

外国应对贸易保护经验谈及对我国的启示

经济学者普遍认为,在世界经济的繁荣期,政府决策偏向自由贸易;经济危机后,世界各国在呼吁国际合作同时,却又采取着不同形式的贸易保护政策,尽管贸易自由化已经是大势所趋,但各国的贸易保护却愈演愈烈,中国作为有着勃勃生机的新生经济体,受到多国政府的频频发难,已成为遭受贸易保护主义损失最大的国家之一,应对贸易保护已是当务之急。回顾别国在经济发展中应对贸易摩擦的经验,得到我国应对贸易摩擦的有益启示。     

Product development,imitation and economic growth: A note

Abstract

A dynamic North – South general equilibrium model of international product cycle is presented in this paper. The qualitative effects of strengthening intellectual property rights (IPR) on the balanced growth rate of the world economy is studied in two alternative cases: (i) imitation is direct from North to South; (ii) multinationalization is the channel of product transfer.     

Entrepreneurship and Multinational Subsidiaries’ Performance in an Era of Financial Crisis and Economic Uncertainty

ABSTRACT

Since entrepreneurial foreign investments may act as a catalyst for economic recovery in crisis periods, we examine the influence of entrepreneurship-related variables on the performance of multinational subsidiaries in Greece, in an era of financial recession and high economic uncertainty. Our conceptual foundation identifies in-house technological capabilities, autonomy and strategic mandates as core predictors of subsidiaries’ entrepreneurial aspects. Drawing upon a questionnaire-based survey of 87 foreign firms operating in the focal economy, our findings suggest that subsidiaries’ product mandate role and increased autonomy impacts positively on performance. Surprisingly enough, the performance effect of technology-related variables linked to entrepreneurship seems insignificant.     

试论电子商务对社会经济的影响

电子商务对社会经济产生巨大影响表现是:在知识经济的发展过程中起着关键的促进作用;对全球经济一体化的形成产生巨大影响;促进世界经济的发展;加快世界经济结构的调整和重组;催化许多新行业的产生;改变商务活动和企业的经营运作方式;形成全新的金融业。