book reviews

TOWARDS INDUSTRIAL DEMOCRACY: EUROPE, JAPAN AND THE UNITED STATES Edited by B. C. Roberts THE REAL POWER GAME - A GUIDE TO EUROPEAN INDUSTRIAL RELATIONS Jack Peel JOB ‘CREATION’ - OR DESTRUCTION? R. Harris et alia WORK CREATION: INTERNATIONAL EXPERIENCES M. P. Jackson and V. J. B. Hanby (eds.)     

MonetÄre aspekte des jahresgutachtens 1971/72 des sachverstÄndigenrats

Summary Monetary Aspects of the 1971/72 Report of the German Council of Economic Advisers. — This paper deals mainly with the concept of a “computable credit maximum” (K _s ⁺ ) for the commercial banking system, as presented by the German Council of Economic Advisers. K _s ⁺ is supposed to be based on a theory of credit creation which, however, is not explained. The advisers base interpretations of monetary policy on K _s ⁺ and, strangely enough, use it as an indicator, at the same time, of the direction and the energy of (1) total monetary policy, (2) minimumreserve policy alone and (3) monetary impulses in general. This paper shows first that, contrary to what the advisers suppose, a complete analysis can very well include the influence on K _s ⁺ of the public’s use of cash. Then, the indicative capacity of K _s ⁺ is systematically analysed by means of a simple model and compared with that of other monetary variables. The outcome is that K _s ⁺ is incapable of fulfilling any of the indicative functions attributed to it by the German Council of Economic Advisers.

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Résumé Aspects monétaires du rapport de 1971/72 du Conseil Economique de la République Fédérale Allemande. — Cet article s’occupe surtout de la notion d’un ?maximum calculable de crédit? (K _s ⁺ ) pour le système bancaire commercial, notion qui a été élaborée par le Conseil Economique. On y prétend que K _s ⁺ est basé sur une théorie de création de crédit qui, cependant, n’est pas expliquée. La rapport fonde sur K_s ⁺ ses interprétations de politique monétaire et s’en sert — ce qui est extraordinaire — comme indicateur à la fois de la direction et de la force 1. du total de la politique monétaire, 2. de la seule politique des réserves et 3. des impulsions monétaires en général. Cet article démontre d’abord qu’une analyse complète peut très bien — contrairement à ce que suppose le rapport — tenir compte de l’influence qu’exerce sur K _s ⁺ la manière dont le public se sert d’argent comptant. Ensuite, le caractère indicatif de K _s ^su+ est analysé systématiquement, au moyen d’un modèle simple, et comparé avec celui d’autres variables monétaires. Il en résulte que K _s ⁺ est incapable d’accompli une seule des fonctions indicatives qui ont été attribuées par le Conseil Economique.

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Resumen Aspectos monetarios d’informe 1971/72 del Consejo de Expertos Económicos. — Este artículo trata primordialmente del concepto presentado por el Consejo de Expertes Económicos y llamado ?tope credicio? (K _s ⁺ ) del sistema de la Banca privada. Parese que K _s ⁺ se basa en una teoría de creación de crédites, la cual, sin embargo, no se hace explícita. Los Expertes deducen del K _s ⁺ conclusiones en materia de política monetaria y lo utilizan particularmente como indicador de la direccíon y la potencia de (1) toda política monetaria, (2) política de réservas mínimas, y (3) impulses monetarios. En este artíeulo se muestra que en analisis más completose puede considerar la influencia del comportamiento del publico con respecte a la mamtención de dinero en líquidez sobre el K _s ⁺ , cosa que creían los Expertes. A continuación se analiza sistemáticamente dentro de un modelo sencillo las evalidades indicativas del K _s ⁺ y se las compara con aquéllas derivadas de otras variables monetarias. El resultado es que K _s ⁺ no puede cumplir con ninguna de las funciones que el Consejo de Expertes Económicos le atribuye.

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Riassunto Aspetti monetari del rapporte 1971/72 del Consiglio degli Esperti Economici. — Questo articolo si occupa principalmente della nozione ?massimo credite computabile? (K _s ⁺ ) del sistema delle banche di credito, presentata dal Consiglio degli Esperti. Si suppone che K ⁺ si basi su una teoria di creazione di credito che tuttavia non è spiegata. Gli esperti fondano su K _s ⁺ interpretazioni politico-monetarie e la adoperano in modo notevole, contemporaneamente, come indicatore della direzione dell’effetto e della forza d’urto (1) dell’intera politica monetaria, (2) della politica della riserva minima soltanto e (3) di impulsi monetari in generale. L’articolo mostra dapprima che, in un’analisi più compléta, contrariamente alle supposizioni degli esperti, può essere presa in considerazione l’influenza del denaro contante del pubblico su K _s ⁺ . Successivamente sono analizzate sistematicamente, nel quadro di un modello semplice, le qualità d’indicatore di K _s ⁺ e comparate con quelle di altre variabili monetarie. Il risultato è che K _s ⁺ non può adempiere nessuno dei compiti d’indicatore ad essa destinati dal Consiglio degli Esperti.

     

The optimal insurance contract in a competitive market

The author reviews some earlier work on optimal insurance contracts by Arrow and Mossin. He then shows that some results in this work carry over to any premium system which satisfies the additivity condition inherent in a competitive market.     

Book Reviews

Ballots and Trade Union Democracy: Roger Undy and Roderick Morton, Innovation and Management Control: Labour Relations at BL Cars: Paul Willman and Graham Winch, Dismissed: A Study of Unfair Dismissal and the Industrial Tribunal System: L. Dickens, M. Jones, B. Weekes and M. Hart. The Law of Unfair Dismissal (2nd Edition): Steven D. Anderman, Unions and Economic Crisis: Britain, West Germany and Sweden: P. Gourevitch, A. Martin, G. Ross, S. Bornstein, A. Markovits and C. Allen. Allen and Unwin Skilled Workers in the Class Structure: Roger Penn, Capitalism, Class Conflict and the New Middle Class: Robert Carter, Routledge and Kegan Paul, Managing Workforce Reduction: M. Cross (ed), Groom Helm, Redundancy in the 1980s: A. Gordon, Gower, Industrial Relations and the Law in the 1980s: Issues and Future Trends: Patricia Fosh and Craig R. Littler (eds), Fighting Closures: De-industrialization and the Trade Unions 1979–83: Hugo Levie, Denis Gregory and Nick Lorentzen (Eds.) The Awkward Warrior, Frank Cousins: His Life and Times: Geoffrey Goodman,     

Dreaming of drams: authenticity in Scottish whisky tourism as an expression of unresolved Habermasian rationalities

In this paper, the production of whisky tourism at both independently owned and corporately owned distilleries in Scotland is explored by focusing on four examples (Arran, Glengoyne, Glenturret and Bruichladdich). In particular, claims of authenticity and Scottishness of Scottish whiskies through commercial materials, case studies, website‐forum discussions and ‘independent’ writing about such whisky are analysed. It is argued that the globalisation and commodification of whisky and whisky tourism, and the communicative backlash to these trends typified by the search for authenticity, is representative of a Habermasian struggle between two irreconcilable rationalities. This paper will demonstrate that the meaning and purpose of leisure can be understood through such explorations of the tension between the instrumentality of commodification and the freedom of individuals to locate their own leisure lives in the lifeworld that remains.     

Improving Perceptions of the Insurance Industry: The Influence of Insurance Professionals

The “talent crisis” in the insurance industry is well documented. Solutions to this crisis, however, are not plentiful. One of the major challenges faced by the industry is its reputation. We hypothesize that opinions of the industry can be changed through brief but specific education efforts. We test our hypothesis at a major university and find very strong support for our hypothesis.