Hartmut Elsenhans,Saving Capitalism from the Capitalists

Hartmut Elsenhans's Saving Capitalism from the Capitalists presents an intriguing argument: capitalist elites have induced unsustainable capitalism to the disadvantage of labor and the system as a whole. The author proposes a fairly unconventional solution. He suggests that democratic socialism can be the necessary political complement to our capitalist system. By drawing on the socialist capacity to empower labor and increase mass consumption, we could achieve a more balanced and sustainable capitalism. The book is ideally suited for readers of Keynesian and post Keynesian analysis on contemporary capitalism and it fits in the discourse on problems of low income growth, declining demand, and investment opportunities in major world economies.     

Cognition and Affect Interplay: A Framework for the Tourist Vacation Decision-Making Process

The article investigates traditional decision-making choice models and offers a new way of thinking about the tourist vacation-making intricacies. Specifically, this article examines the interrelationship between affect and cognition in the tourist vacation decision-making process and argues that consumers, during each vacation decision-making task, use both affect and cognitive processes in varying degrees depending on their valence and intensity. The traditional view of decision making posits that the consumer is a rational decision maker who proceeds through a series of prescribed steps before finding an optimal decision solution. However, with the growing prominence on the role of affect, “hot” aspects of cognition in psychology, and neuroscience investigations, much of the traditional cognitive-dominated theories are being reexamined. A tourist decision-making framework is presented demonstrating the proposed theory and provides understanding to the influences that affect and cognition have on the decision-making process. After delineating these concepts, propositions are presented followed by the Discussion and Conclusions section that summarizes and discusses challenges associated with studying affect.     

Food Regime Analysis in a Post‐Neoliberal Era: Argentina and the Expansion of Transgenic Soybeans

This paper uses the food regime literature to analyse the political and economic relations promoting the expansion of soybeans in Argentina following the post‐neoliberal turn in the early 2000s. Continuities of the agrarian expansion from the neoliberal to post‐neoliberal model highlight the state's role in supporting a neoliberal food regime. Neoregulation in the post‐neoliberal agenda continues to favour increased production of transgenic food over ecological and human‐health considerations. Moreover, the emergence of new corporate and transnational actors has contributed to a new form of corporate‐agrarian governance premised on biotechnology. First, a food regime lens is used to describe the expansion of transgenic soybeans in Argentina, followed by an analysis of planning documents to show the state's position in reproducing neoliberal discourses and policies favouring the expansion of agriculture. The conclusion discusses the utility of food regime analysis for explaining the new forms of agricultural governance in Argentina.     

Immigrant entrepreneurship: Scrutinizing a promising type of business venture

Immigrant entrepreneurship is an important socioeconomic phenomenon today. In major destination countries for immigrants such as the United States, Canada, the United Kingdom, and Australia, immigrant entrepreneurship plays a critical role in economic development. The economic impact of immigrant entrepreneurship in the host country is well known, but the influence of immigrant entrepreneurship in the host country is not limited to its economic aspects. It includes important noneconomic effects such as the development of vibrant ethnic communities, social integration and recognition of immigrants, a nurturing entrepreneurial spirit, and providing role models for immigrants. From the management perspective, there are many aspects of immigrant entrepreneurship that are still unknown and need to be addressed. The purpose of this special issue is to shed light on some of those aspects. The articles selected to be published in this issue offer an excellent analysis of various important aspects of the topic, including the success factors of immigrant entrepreneurship, the influence of family networks, and the noneconomic effects of immigrant entrepreneurship. We believe the issue breaks new ground and offers excellent information on the topic. © 2010 Wiley Periodicals, Inc.     

The diaspora solution to innovation capacity development: Immigrant entrepreneurs in the contemporary world

The international migration of highly skilled labor was formerly a threat to the underdeveloped world with regard to indigenous innovation capacity. However, certain countries have successfully turned “brain drain” into “brain gain” by effective engagement with a skilled diaspora who have returned to set up business ventures in the homeland. This article advocates an entrepreneurial approach to the development of national innovation capacity through contemporary diasporic entrepreneurship (CDE). Drawing evidence mostly from China, the article argues that (1) CDE offers an alternative to conventional indigenously and internationally oriented approaches toward innovation capacity development; (2) compared to other ways of diaspora homeland engagement, CDE is most beneficial to capacity development; and (3) besides participating in philanthropic and scientific projects, a skilled diaspora returning as private business owners represents an often more productive way of contributing to national capacity development. © 2010 Wiley Periodicals, Inc.     

Are MMMFs money?

Conclusion In the last twenty years, continual financial innovation has led to the increased use of MMMFs as a substitute for checkable deposits. While many technical considerations suggest that it is inappropriate to list MMMFs as money, traditional Austrian thought has emphasized money’s subjective aspects: money is what people think it is. Since the public increasingly uses MMMFs as money substitutes, they are money in all practical respects. Every technical consideration that would restrict the use of MMMFs as a type of money thus crashes against the rocks of practical, everyday experience. While nonbank financial intermediaries can expand this type of money substitute, the Federal Reserve must still provide initial credit for any multiplication to take place. These nonbanks are even more difficult for the Fed to control, for they face no reserve requirements. But, on the other hand, there are more opportunities for leakage from the system, thereby limiting potential credit expansion. Nonetheless, this is an aspect of money that is becoming increasingly important. And if, as seems likely, MMMF expansion stimulates different sectors of the economy than the banking system generally, we should expect to see monetary inflation manifest itself in different ways than previous inflations. The views expressed in this article are those of the author and do not reflect the official policy or position of the United States Air Force, the Department of Defense, or the U.S. Government. The author thanks Bryan Caplan for crucial insights on the topic as well as Pete Boettke and an anonymous referee for specific comments. As usual, all remaining mistakes are his.