Capitalism is analyzed in original essays by Paul Volcker, Polly Toynbee and George Soros, among others.

On The Edge

Business & Money

Giddens, Anthony

Hutton, Will

International

Vintage Books

According to the author, Keynesian revolution has yet to take place. Economists, he finds, have not yet come to terms with the heart of Keynes' argument: that there are limits to what prices can do in a market economy. But referring closely to Keynes' writings, Hutton demonstrates that Keynes was concerned to show how the financial sector of the economy originated and how it reinforced the incapacities of the market economy.

The Revolution That Never Was: An Assessment of Keynesian Economics

Economics

RANDOM HOUSE UK

The State To Come

Vintage, GB, 1997

This is an analysis of the social, political, and economic arrangements in Britain, which the author asserts have become out-of-date. He argues that the weaknesses of the economy cannot be divorced from the problems in the rest of society. He makes a critique of Britain's institutions and argues that we have an 18th-century state dealing with 20th-century issues.

The State We're In

Capitalism is the only game in town, according to Will Hutton, but we can choose between different varieties. Hutton attributes the blame for Britain's poor performance to the pursuit of short-term profits for investors, instead of long-term policies which take into account the needs not only of shareholders but of suppliers, workers, trade unions and banks as well. Hutton blames the Conservative government's 'single-minded pursuit of free-market economic doctrines' for making the situation worse and leading to a fragmented society. Instead, he recommends stakeholder theory, embodied in a range of reforms to discourage short-term profit-seeking and to change the structures of corporate governance.Hutton's critics take stakeholder theory to task on a number of points. Tim Congdon shows that, far from demanding exceptionally high short-term returns on capital, UK investors accept the lowest rate of return of all the large OECD countries. However, in terms of output per unit of capital invested, the UK has out-performed all other G7 countries since 1979. David Green argues that Hutton's analysis of failures in the welfare state is misguided since, far from rigorously pursuing market principles, the Conservative government has continued the paternalist/corporatist approach to welfare which characterises socialism. Stanley Kalms puts the retailer's view of 'stakeholding', which he says would leave shoppers worse off. Martin Ricketts shows how competitive markets offer a choice of institutional types, including co-ops, mutual organisations, partnerships, profit-sharing firms and joint stock corporations. If 'stakeholding' is considered beneficial by businesses there is nothing to stop it developing. Elaine Sternberg argues that stakeholder theory would, in practice, be unworkable. It would reduce corporate governance to a complicated procedure of balancing the competing claims of various 'stakeholders', ruling out the pursuit of any specific objective, commercial or otherwise.In keeping with the symposium format which has made previous publications in this series so useful for teaching purposes, Hutton is given the chance to respond to his critics. Stakeholding and its Critics thus presents a valuable cross-section of the debate on this important and topical issue.

Stakeholding & Its Critics (Choice in Welfare)

Coronet Books Inc.

Minor shelf wear but otherwise in good condition. Order fulfilled by Amazon.

The Writing on the Wall China and the West in 21st Century

Little,Brown

To understand the global economy, Hutton argues, one must first understand the United States where, over the past thirty years, the forces of conservatism have achieved such supremacy as to reduce liberalism to a term of abuse. The results have been dire: America is a weaker, fragmented society and its greatest prides - its commitment to democracy and opportunity for all - have been enfeebled by the conservative advance. Even its economic strengths are oversold and misunderstood. This has not shaken the stranglehold of conservative beliefs in the U.S., with American economic hegemony spreading them across the globe. But Britain and Europe are different. Ours is a civilisation predicated on values and priorities distinct from America's current leanings: our attitudes towards property, equality, social solidarity and the public realm are strikingly divergent. Hutton argues that it is Europe and not the U.S. that is far nearer to building a highly efficient and socially fair economy. Europe should not be afraid to stand up against the American version of globalisation, and champion the cause of a reinvigorated international society - taking over the mantle now abandoned by the U.S. In The World We're In, Hutton argues it is time for Britain to stop vacillating between two cultures and make common cause with its continental partners - to reject the conservative orthodoxy in favour of the shared European beliefs of obligations, rights, and fairness.

World We're in

Little, Brown, UK

t is a very unusual for a book of ideas both to have an effect on policy makers and catch the popular imagination which THE STATE WE'RE IN triumphantly achieved. THE WORLD WE'RE IN could affect the future of Britain. Questioning whether capitalism is monolithic or reflects the distinct civilisation in which the market economy is embedded, Will Hutton calls for Europe to create a unified countervailing balance to the globally exported American model - a model which accepts a high degree of inequality and social regulation in return for capitalist vitality and is increasingly being interpreted through a fundamentalist prism. Washington may be the new Rome but the world will be a better and safer place if its ambitions are balanced and it is this which makes the single currency so important. The Euro is the sole potential rival to the dollar and THE WORLD WE'RE IN, a powerful analysis of the world market to be published before the British referendum, is as political as it is profound.

The World We're in

Little,Brown & Co

China constitutes a fifth of the world's population. Over the last twenty years its economy has doubled to make it the fifth largest economy in the world; if the pace is repeated over the next twenty it is set to become second only to the US. The speed of its development is stunning, a combination of cheap labour and commitment to science and technology that has never been matched by a developing country. The Pearl River Delta, Shanghai and Beijing have become city-regions whose growth and embrace of modernity strike the visitor with awesome force. This is a continent on the move, recovering the world position and wealth it once had. The re-emergence of China as a superpower constitutes the biggest challenge the world has had for more than a century. Never before in modern times has the financial, trade, economic and diplomatic world pecking order been so profoundly reconstituted with the challenger country itself in the grips of incredible ideological and political change. This is a transition both internally in China and externally in the world beyond beset by hazard and risk. The world's peace and prosperity depends upon it being executed successfully.

The Writing on the Wall: China and the West in the 21st Century

Abacus Uk

Them And Us: Changing Britain - Why We Need a Fair Society

The suddenness and depth of the recession has raised questions about the workability of capitalism not seen since the 1930s. One of the constraints on recovery is the growing belief that if the old model did not work there is no new one on offer. This book sets out to provide one, arguing that reconstructing a bust financial system is not just a technical question. It cannot be done without a wholescale revision of the wider system and values on which it is based. And fairness must be placed at the heart of the new capitalism if our society is to recover its values.
Will Hutton's new book musters brilliant, convincing arguments which will lend favour on both right and left. It is set to be a book which captures the mood of the moment in the same way that THE STATE WE'RE IN did.

Them and Us: Changing Britain - Why We Need a Fair Society

Little, Brown Book Group

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