Global economy gathering strength

Encouraged by a highly expansionary economic policy, the global economy is enjoying a rapid upturn. Utilisation of capacity is high in many sectors, particularly in the growth centres of the USA and East Asia, where China leads the field. With inflationary risks on the increase, most countries are now shifting the focus of economic policy. Fiscal policy in particular can be expected to provide little in the way of further stimulus. In addition, there has been a turnaround in interest rates in many countries. Yet how quickly can the monetary reins be tightened without jeopardising growth or endangering price stability?     

New ways of achieving debt sustainability beyond the enhanced HIPC Initiative

In 1996 the Heavily Indebted Poor Countries (HIPC) Initiative was launched by the Bretton Woods institutions to reduce the external debt burden of low-income countries (LICs) to sustainable levels in a reasonably short period of time because debt constitutes an obstacle to sustainable economic growth and poverty reduction. In some HIPCs, however, debt sustainability has been in danger despite debt relief under the HIPC Initiative. Debt relief is a necessary but not a sufficient condition for development. It can do no more than play a catalytic role. The question, then, is how to achieve debt sustainability beyond the HIPC Initiative.     

The International Competitiveness of Germany and other European Economies: The Assessment of the Global Competitiveness Report

The Global Competitiveness Report of the World Economic Forum examines the relative competitiveness of economies on a broad basis of microeconomic and macroeconomic indicators. The following discussion uses the results of the Global Competitiveness Report 2004–2005 and investigates how the relative competitiveness of Germany and other European countries has developed over the recent past.     

Selected individual differences and collegians' ethical beliefs

This paper develops twenty hypotheses concerning the relationships among selected individual differences variables (locus of control, delay of gratification, gender, and race) and five different ethical beliefs. The results of a study of collegians provide support for seventeen out of twenty research hypotheses. As predicted, locus of control, delay of gratification, and race are related to ethical beliefs. Also as predicted, gender is not related to ethical beliefs. Michael K. McCuddy, Professor of Human Resource Management at Valparaiso University, has conducted research on a variety of organizational topics. His work has been published in the Academy of Management Journal, Journal of Applied Psychology, Journal of Organizational Behavior Management, The Health Care Supervisor, and Management Accounting. His current interests involve academic ethics and subsequent career behavior, organizational morality and organizational success, and ethics in the management accounting profession. Barbara L. Peery, Adjunct Professor of Management at Virginia Commonwealth University, teaches courses in Entrepreneurship and Human Resources Management. Her scholarly work has been published in the Journal of Small Business Management and the Journal of Private Enterprise. Her current research interests focus on the antecedents and consequences of academic ethics. She has co-directed or coordinated several consulting projects for agencies in the Commonwealth of Virginia, and has taught in Russia.     

Centrally Planned Economies

A bstract . Historical comparisons between the USSR and US economies most often focus on the stark contrasts between market and centrally controlled systems. However, expediency in response to dynamic pressures caused the adoption of central planning in both countries. Additionally, the USSR's lackluster economic performance when wedded to Marxism caused institutional arrangements to move toward markets. After summarizing USSR's central planning experiences before 1965, its similarity to the US's wartime planning is discussed. These comparisons provide insights into the problems of moving between market and planned economies