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Contents

Guided tour Preface Acknowledgements 1 Changes in the economic structure Structure defined Structural change in the UK Causes of structural change Consequences of structural change Part I: Theory of the firm 2. Financial reports as a source of corporate information Financial reports and the assessment of company performance External sources of financial information 3 Firm objectives and firm behaviour Firm objectives Firm behaviour 4 Entrepreneurship and small/medium-sized enterprises (SMEs) Entrepreneurship and business start-ups Definition of the small firm The importance of the small firm The neglect of small firms The renewed interest in small firms Measures to help small firms European Union policy for small firms 5 Mergers and acquisitions in the growth of the firm Definitions Types of merger Economic theory and merger activity Mergers and the public interest Merger booms The control of mergers and acquisitions Corporate restructuring 6 Oligopoly The definition and measurement of oligopoly Oligopoly in theory and practice 7 The multinational corporation What is a multinational corporation? How important are the multinationals? Multinationals and the UK economy Why do companies become multinational? The impact of multinationals on the UK economy 8 Privatization and deregulation Nature and importance Reasons for nationalization Privatization Regulation and deregulation 9 Beyond markets: critical approaches to microeconomics Classical and neoclassical perspectives on markets Markets, prices and economic efficiency Role of the state in neoclassical economics Institutionalist perspectives on markets Part II: Environmental, regional and social economics 10 The economics of the environment The role of the environment Sustainable economic welfare Valuing the environment Market-based and non-market-based incentives Global warming 11 Transport The characteristics of transport The demand for transport Road transport congestion Government transport policy Airline operations and the growth of low-cost carriers 12 Health economics Health economics, health and health care Health inequalitites The organization of the NHS in England Welfare economics Pareto 13 Distribution of income and wealth Distribution and justice Issues in distribution Income distribution between people Income distribution between factors of production The earnings distribution The distribution of wealth Poverty 14 Trade unions, wages and collective bargaining Types of trade union Trade union changeThe employers The government The structure of collective bargaining Wage determination and collective bargaining The effects of collective bargaining 15 Corporate social and ethical responsibility Corporate social responsibility (CSR): definitions and themes CSR: a growth phenomenon Corporate responsibility CSR perspectives and ethical frameworks Corporate governance Part III: Macroeconomics 16 Consumption and saving Consumption The Keynesian consumption function Post-Keynesian theories of the consumption function The savings ratio 17 Investment The nature of investment Gross Fixed Capital Formation (GFCF) The importance of investment 18 Public expenditure Trends in UK public spending Total Managed Expenditure (TME) Planning, monitoring and control The size of public expenditure Explanations of the growth in public expenditure International comparisons Should public expenditure be restricted? 19 Taxation The taxes that are collected: some taxation concepts The pattern of UK taxation Does the level of taxation matter? Direct versus indirect taxes Tax and social security reform 20 Money and monetary policy The nature of money Functions of money The importance of money Issues in counting the money stock The money supply process The rules versus discretion debate Monetary policy targets Central bank credibility Techniques of monetary policy UK monetary policy since the 1950s The making of monetary policy in the UK Recent developments in UK monetary policy 21 Financial institutions and markets The role of the financial system The role of financial intermediaries UK financial intermediaries The Bank of England UK financial markets The Bank of England and the sterling wholesale money markets The changing UK banking market An overview of bank operations and the UK banking collapse 22 Inflation The definition and measurement of inflation Low inflation as a policy objective The effects of inflation on economic growth Economic theory and inflation UK inflationary experience: 1970 92 Inflation targets and central bank independence 1992 23 Unemployment Unemployment in the UK International comparisons Unemployment and economic theory A framework for thinking about unemployment Unemployment in the OECD Unemployment persistence and hysteresis What can be done to reduce unemployment? The great recession Part IV: International economics 24 Globalization Characteristics of 'globalization' Indicators of globalization Globalization and corporate strategy Dimensions of globalization Anti-globalization movements The US and globalization 25 Exchange rates and trade performance The foreign exchange market Exchange rate definitions Exchange rate determination Currency 'warfare' Economic policy and the exchange rate The gold standard system The IMF system The floating exchange rate system 26 Free trade, regional trading blocs and protectionism Free trade Trade and the world economy Protectionism 27 The European Union Historical background Finance and the EU budget Policy areas Monetary union 28 The BRIC economies: Brazil, Russia, India and China Rise of BRIC economies China India Brazil Russia 29 Growth and development Theories of economic growth Productivity and growth Sustainable development GNP data, developed and developing countries Major features of less developed countries (LDCs) International Development Targets (IDTs) Urbanization and developing economies Aid, trade and development Debt and development 30 Managing the global economy: post 'credit crunch' The objectives of policy The instruments of policy Problems in managing the economy The theory of economic policy Global economic management: post 'credit crunch' Sovereign wealth funds (SWFs) and sovereign debt A guide to sources Statistical sources Information sources Other applied materials Electronic media Internet sources Notes on contributors Index

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