Efficiency and Justice in the Industrial World: V. 2: the Uneasy Success of Postwar EuropeEuropean market integration was originally seen as the way to overcome national enmities in the wake of World War II. Over time, it acquired the purpose of social melioration as well. Today, the advanced market societies are richer than they have ever been, yet each is driven by social and economic divisions as some groups thrive while others lose ground. The tension between the social demand for equity and security, and the market's drive to burst the bonds of state regulation both internally and at the border post, has taken on new complexity. It is this issue that underlies domestic political struggles over privatisation, safety-net programmes, immigration policies and trade agreements. Will European Union survive the stresses of high employment and the strains of German unification? These are some of the questions Dusan Pokorny considers in this second volume of his exploration of the efficiency-justice conundrum. |
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actual Annual Economic Report average banks become billion budget capital Community companies competition corporations cost countries course currency decision decline deficits discussion economic growth économiques Economist effect employees enterprises Europe European Union exchange rate expected Financial Post firms forward contract framework France funds G.W.F. Hegel gain Germany global Habermas Ibid Imperfect Competition income income redistribution increase individual industrial inflation instance institutions integration interactions interest rates investment Italy Jürgen Habermas labor Le nouvel Observateur Léon Walras long-term Maastricht Treaty mainly mediated member-states ment mergers monetary networks OECD operations output participation percent policies political production Recall chapter redistribution regional relation result risk role rules sector sense share social norms society Spain subsidies Table theory tion trade unemployment Union United Kingdom wages West Germany whole word yield
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Page 244 - Free cash flow is cash flow in excess of that required to fund all projects that have positive net present values when discounted at the relevant cost of capital.
Page 249 - However the acquisition be made, the right which each individual has to his own estate is always subordinate to the right which the community has over all: without this, there would be neither stability in the social tie, nor real force in the exercise of Sovereignty.
Page 262 - The circumference of a circle is equal to the product of its radius by twice the constant number C = Itrr.
Page 275 - An option contract gives the purchaser the right, but not the obligation, to...
Page 32 - ... guess better than the crowd how the crowd will behave; and, given equal intelligence, he may make more disastrous mistakes. There is no clear evidence from experience that the investment policy which is socially advantageous coincides with that which is most profitable. It needs more intelligence to defeat the forces of time and our ignorance of the future than to beat the gun.
Page 20 - Joining the United States and Canada in the North American Free Trade Agreement...