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Money and Democracy
In his latest work, Macesich examines democracy and its economic counterpart, the free market, and the place of money (monetary and fiscal policy as controlled by the state bureaucracy) in such a system. DeTocqueville warned in the first half of the 19th century that democracy could falter as a consequence of citizens' diminished interest in restraining central authority. And now, there is evidence that vote-maximizing behavior of politicians and politically induced cycles in such key variables as inflation, unemployment, government transfers, taxes and monetary growth have become a critical problem in American democracy. The author examines, then, how best to consider money, monetary policy...
Monetary Policy and Politics
Macesich traces the evolution of the debate over rules versus discretionary authority and discusses various methods that economists have proposed for constraining the monetary authority.
Integration and Stabilization
This study argues that owing to the wide diversity of nations, their often conflicting policies, and insistence on preserving their sovereignty, the processes of worldwide integration are facilitated by tying these countries together in a system of flexible exchange rates externally, while putting in place a rules-oriented monetary regime internally. The examination of the various issues involved in such an arrangement focuses on money and monetary policy drawing on historical, theoretical, philosophical, and empirical results.
Monetary Reform and Cooperation Theory
This volume demonstrates how monetary and financial organizations in the United States and abroad can be improved through a new addition to traditional monetary policy. Cooperation theory, a system developed from games theory, is shown to provide an appropriate action/reaction approach that can lead to cooperation without abandoning the free market. Institutional, theoretical, and empirical results of game theory, computer simulation, monetary theory, and policy analysis are woven together so that each reinforces the other. The text clearly stresses that although unilateral, noncooperative action may result in short-term advantage for an organization, it ultimately leads to long-term losses ...
Money and Monetary Regimes
Annotation Provides insight into monetary and political problems as they appear in past and ongoing struggles for monetary supremacy in the U.S. and elsewhere.
Reform and Market Democracy
For Eastern European and other countries, market democracy offers an organizing principle for reform, a model on which to base movement toward a market economy. Macesich stresses the importance of such an organizing principle, asserting that without it the state will again assume dominance and the political and economic structure will be taken over by well-organized special interests to the detriment of the rest of society. In such a scenario, reform simply perpetuates the interests of the ever-active political elite and bureaucracy. Market democracy, the culmination of more than three hundred years of economic and political thought, is centered on a pluralistic democracy with a free-market-...
World Debt and Stability
Macesich provides a survey of world debt and a thorough explanation of his theory and its strategy; a discussion of the obstacles that stand in its way, such as economic nationalism and domestic constraints in debtor and creditor nations; and the methods for overcoming these barriers.
Successor States and Cooperation Theory
The transformation of Eastern and Central Europe into functioning market democracies can be facilitated by incorporating the lessons of cooperation theory into standard economic theory. By doing so, the countries are more likely to achieve the fruits and benefits of a market democracy so long denied their citizens. Institutional, theoretical, and empirical results of game theory and policy analysis are woven together to present a timely understanding of this complex issue. Policy makers with key roles in the transformation processes, general economists, political scientists, and laypersons will find this analysis a useful resource.
Transformation and Emerging Markets
The economics and history of the closing years of the 20th century may turn out to mark the era of transformation when the nation-states lose most of their ability to maneuver in economics as finance and investment become transnationalized. In the European Community and similar associations, the nation-state loses some formal powers and has to modify its policies to fit those of its neighbors and the association. An economically sustainable social democracy may be beyond the reach of any one nation, and reforms based in a single middle-sized country may be impossible.
Money, Systems, and Growth
Since World War II, the United States and other countries have created a new economic order, the essence of which is a system of rules to govern, facilitate, and promote trade in goods and services. This study discusses the roles of money, systems, and growth in this new order.
