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A bstract In his 1915 essay "The Opportunity of Japan," Thorstein Veblen theorized that traditionai Japanese institutions would undergo evolutionary change as Japan exploited borrowed industrial technology and became integrated into the global business enterprise system. This article explains the recent liberalization of Japanese financial markets which followed Japan's rise to economic prominence within the context of Veblen's theory of institutional development of the enterprise system. The Japanese process of financial deregulation is reviewed, Veblen's predictions Japan are presented and an explanation provided for the liberalization of Japanese financial markets . 相似文献
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Thorstein Veblen's Theories of Governmental Failure: The Critic of Capitalism and Democracy Neglected Some Useful Insights, Hindsight Shows 总被引:1,自引:0,他引:1
A bstract . In T he T heory of B usiness E nterprise , Thorstein Veblen introduced a general theory of governmental failure in constitutional democracies based on the common man's delusion that policies benefiting businessmen also benefited him. This general theory runs consistently through Veblen's later works and was developed more fully in T he V ested I nterests and the C ommon M an . But other elements of an economic theory of government introduced in T he T heory of B usiness E nterprise were less durable. A briefly sketched economic theory of political parties was never mentioned again in any of Veblen's subsequent writings. A concept of governmental officials pursuing their own self interest did reappear in Veblen's wartime works, but was completely missing in A bsentee O wnership . The concept of a Leviathan-type government which pursued policies detrimental to the interests of both the common man and businessmen was repudiated in T he N ature of P eace . The conditions for its existence had been eroded by the influence of modern industrial technology on military operations 相似文献
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Howard D. Leathers 《American journal of agricultural economics》2001,83(1):209-221
If the main justification for agricultural export subsidies is that they reduce government costs of deficiency payments, then the 1996 farm legislation would make U.S. export subsidies largely unnecessary. An additional argument advanced in favor of export subsidies is that their aggressive use by one country will cause competing countries to reduce or discontinue their own subsidies. This argument is explored by means of a Nash equilibrium in which countries choose both a base subsidy level and a response to competitors, and by a consistent conjectures equilibrium. Little support is found for the argument. 相似文献
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Recent finance literature attributes the development of derivative instruments (interest rate futures, stock index futures) to (1) technological advances, and (2) improved mathematical models for predicting option prices. This paper explores the role of social ethics in the acceptance of financial derivatives. The relationship between utilitarian ethical principles and the demise of turn-of-the-century bucket shops is contrasted with modern tolerance of financial derivatives based upon libertarian ethical precepts. Our conclusion is that a change in social ethics also facilitated the growth in trading in modern financial derivatives.J. Patrick Raines is an Associate Professor of Economics and holds the F. Carlyle Tiller Chair in Business at the University of Richmond in Richmond, Virginia.Charles G. Leathers is a Professor of Economics in the Department of Economics, Finance and Business Law at the University of Alabama in Tuscaloosa, Alabama. 相似文献
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Alan Greenspan claims that modern financial innovations, especiallyfinancial derivatives, were major contributors to a Schumpeterianprocess of creative destruction which produceda high-growth New Economy and opposes their regulation.A different perspective emerges when it is recognised that theNew Economy followed the general contours of aSchumpeterian business cycle, and the role of modern financialinnovations is examined in that context. The authors argue thatthe primary role of financial derivatives has been in contributingto reckless finance and speculative excesses inthe second phase of that cycle, and that Schumpeter would favoursubjecting the use of derivatives to more regulation. 相似文献
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