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Problems of polysemy and idealism
Andrew Sayer

market exchange as the atomic structure of all economic processes, and as the default form of economic co-ordination, so that any other forms of organisation are either marginalised or treated as problematic exceptions. The second target of critique concerns literature on the socially embedded character of economic processes, on the nature of networks, and the role of trust. While largely endorsing the importance attached to these factors in recent literature, I argue that their treatment has suffered frequently from being idealist, both in the sense of underestimating

in Market relations and the competitive process
Open Access (free)
Stan Metcalfe
and
Alan Warde

9 Conclusion Stan Metcalfe and Alan Warde In conclusion we draw together and evaluate a number of the themes raised in this volume and begin to sketch an agenda for future research about markets and the competitive process. Happily, this book resides within a now-flourishing broader stream of ideas at the interface between economics and sociology. Some of this new work signals the resurrection of economic sociology, while other aspects of it emanate from within the literature on innovation processes and, more generally, from evolutionary economics. There has

in Market relations and the competitive process
Open Access (free)
Oonagh McDonald

be questioned. 15 Lo reiterated this view in his contribution to The New Palgrave: A Dictionary of Economics almost a decade later, but added that the EMH might be a way of gauging the efficiency of a particular market relative to other markets, such as futures vs. spot markets, or auction vs. dealer markets. He also pointed to ‘several new strands of literature’ based on ‘more realistic assumptions’ including ‘psychological approaches to risk-taking behaviour’. 16 More of that

in Lehman Brothers
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

architecture, and what implications does it hold for emerging economies in Asia and elsewhere? The aim of the study is to provide answers to these complex and interrelated questions. Already a large and ever-growing body of literature (academic, policy-oriented and journalistic) has emerged addressing some of these issues – with the question dealing with why the crisis occurred receiving most of the attention. However, much of this literature remains either too general or too country-specific, with the country-specific usually being highly technical and specialized. This study

in The Asian financial crisis
Open Access (free)
The evolving international financial architecture
Shalendra D. Sharma

argued that only polar extremes – floating or fixed exchange rates supported by very strong commitment mechanisms (“hard pegs”) can be sustained for extended periods. Indeed, in the context of increased integration with international capital markets, it seems that there are two credible choices left: a country can either let its exchange 327 The Asian financial crisis rate float freely or adopt a truly fixed arrangement such as hard pegs. In fact, this vanishing middle ground for exchange-rate regimes has been identified in the literature as the “hollowing of the middle” in

in The Asian financial crisis
The resurgence of Route 128 in Massachusetts
Michael H. Best

–22. Garud, R. and Kumaraswamy, A. (1993), ‘Changing competitive dynamics in network industries: an exploration of Sun Microsystems’ open systems strategy’, Strategic Management Journal, 14, pp. 351–69. Grove, A. (1996), Only the Paranoid Survive, New York, Doubleday. Katz, J. (1996), ‘To market, to market: strategy in high-tech business’, Regional Resurgence of Route 128 189 Review, 6(4), Federal Reserve Bank of Boston, pp. 12–17. Kostoff, R. N. (1994), ‘Successful innovation: lessons from the literature’, Research – Technology Management, March–April, pp. 60–1. Leslie

in Market relations and the competitive process
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

whether it was the technocrats or the politicians who should be held responsible for the policy failure? Obviously, the answer is that both are responsible – albeit the wrongs of the politicians have received much more attention in the literature.5 Analysts have raised questions regarding how much real autonomy the BOT really enjoyed in policy formulation and implementation. There is little doubt that the autonomy of the BOT as well as that of the Ministry of Finance (and related agencies) had gradually declined since the early 1990s. As Christensen and Siamwalla (1993

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

outflows from Korea amounted to about US$9.8 billion, the more sophisticated version of this argument interprets the crisis as a classic liquidity crisis – where Korean banks had insufficient reserves and insufficient access to funds, and where investors, suddenly seized with panic, refused to roll over short-term debt, besides demanding immediate payment (Radelet and Sachs 1998). From the perspective of actual experience, analytical distinctions between the “fundamentalist” and the “panic” perspectives are less sharp than they are made in the literature. Indeed, it is

in The Asian financial crisis