Institutional evolution as an emerging focus in scenario planning

In this paper, we argue that institutional evolution should occupy a center stage in scenario development. During the last two decades, strategy models have neglected the institutional milieu, partly because analytical approaches to link institutional milieus and business contexts were underdeveloped. However, theoretical developments in institutional economics accomplished during this time period make it possible to connect the consequences of institutional evolution to strategy development. Further, with the increasing globalization of commerce, and the attendant complexity and turbulence in institutional evolution, particularly in emerging economies, significant opportunities for strategy related action may reside not in product markets but in institutional arenas. Institution-focused scenarios are therefore increasingly needed. We outline the key linkages between the institutional milieu and business contexts and illustrate how scenarios incorporating institutional parameters can shed light on the strategy context in the case of emerging economies.     

The theory of preferential trading arrangements

Zusammenfassung Die Theorie der Pr?ferenzabkommen. - Hier wird ein überblick über die Theorie der geographisch diskriminierenden Handelspolitik gegeben. Der rote Faden ist, da\ es im Laufe der sechziger Jahre auf diesem Gebiet der Au\enhandelstheorie zu einem Stillstand kam, weil die grundlegende These, Pr?ferenzzollsenkungen müssen einseitigen nicht-diskrimierenden Zollsenkungen unterlegen sein, mit dem rapiden Anstieg der Pr?ferenzhandelsabkommen unvereinbar zu sein schien. Es werden Versuche zu einer Aufl?sung dieses Stillstands er?rtert, wobei das Schwergewicht auf die Notwendigkeit gelegt wird, in die Analyse wieder internationale Verteilungswirkungen einzubeziehen.

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Résumé La théorie des accords commerciaux préférentiels. - L’auteur présente un aper?u sur la théorie des politiques commerciales géographiquement discriminatoires. Le sujet unifiant est que pendant les années soixante cette approche théorique s’arrêtait parce que la proposition centrale (c.-à.-d. réductions tarifaires préférentielles doivent être inférieures aux réductions unilatérales non-discriminatoires) semblait être inconsistante avec la prolifération des accords commerciaux préférentiels. L’auteur discute des approches pour résoudre cette difficulté en soulignant la nécessité de réintroduire des effets de distribution internationale dans l’analyse.

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Resumen La teoría del comercio preferencial. - Se présenta la teoría del comercio discriminatorio según regiones geográficas. La necesidad de tratar este tema deriva del hecho de que durante la década del sesenta perdió fuerza la propositión central de esta teoría (reducciones arancelarias preferenciales son inferiores a reducciones arancelarias unilaterales y no discriminatorias) al ser inconsistente con la proliferatión de acuerdos sobre comercio preferencial observada. Se presentan varios intentas de resolver esta dificultad, poniendo énfasis en la necesidad de reintroducir efectos distributives internacionales en el análisis.

     

Book reviews

Ohne Zusammenfassung     

The financial sector and the future of capitalism

Financial sector innovation and development since the 1970s contributed to global prosperity, but increased the probability of bank failures. The post-2007 financial crisis was one of many crises with idiosyncratic catalysts but common underlying causes. Public policies, such as deposit insurance, with moral hazard implications increased the likelihood of crises, and cheap money exacerbated the situation by encouraging highly leveraged investments. The policy challenge is to address moral hazard without repressing the financial sector. This is not the end of capitalism, but a reminder of the difficulty in policing the financial sector which is at the heart of capitalist economies.     

Growth and Transition: Why Has China''s Performance Been So Different?

This paper explains the differences in performance between the Central and Eastern European countries (CEECs) since 1989 and China since its 1978–1979 reforms by the differing goals of economic reformers in China and in the CEECs. In China reforms were intended to promote growth rather than to create a market-based economy. Eastern European reformers’ main goal has been the creation of a market-oriented economy. The paper focuses on policies toward foreign trade, foreign investment, and foreign exchange since these highlight the differences in goals.J. Comp. Econom.,December 1997,25(3), pp. 422–440. University of Adelaide, Adelaide, South Australia 5005, Australia.     

Financial Reform in China: Introduction

MOCT-MOST: Economic Policy in Transitional Economies -     

Introduction

MOCT-MOST: Economic Policy in Transitional Economies -     

An Alternative Management Framework to Limit the Impact of SCUBA Divers on Coral Assemblages

This study investigates the relationship between the level of exposure to interpretive media and the cognition, affect and behaviour of zoo visitors, i.e. what they report knowing, feeling and doing following their interpretive experience at the zoo. Visitors were surveyed at the exit to a particular zoo experience, a recently opened lion exhibit that uses an array of static and face-to-face interpretive media to convey messages about the difficulties faced by lions, particularly when they come into contact with humans. A validated self-report instrument consisting of 29 items was used to capture ten cognitive, affective and behavioural indicators or outcomes of the interpretation. The 288 respondents experienced between one and four different interpretive media, and the results on every one of the ten indicators reveal that visitors' reported cognitive, affective and behavioural outcomes were greater, many with statistical significance, as the number of interpretive media increased. The findings confirm and extend previous research which found that the cognitive impact of interpretation was not only greater with multiple layers of interpretation but also suggested the need for further research with other types of interpretive media on other visitors and in a wider range of sustainable tourism contexts.