bluuebunny/crossref_metadata_2025 huggingface dataset:
Vince Barabba: Understanding the Enterprise as a System
Authors: Chatzkel Jay L .
Published: November 2023

Vince Barabba is the general manager of General Motors’s corporate strategy and knowledge development and is also responsible for over seeing GM’ s new business development network.

Barabba has been a part of an extensive, long-term effort to infuse a systems thinking approach into how problems are perceived and dealt with at General Motors. He sees that not embracing this approach has been the cause of endemic problems in organizations and that recognizing the systems phenomenon permits us to reconceptualize the complex, significant, and unprecedented issues we face. Barabba draws upon the work of Peter Drucker, Russell Ackoff, C. West Churchman, and W. Ed wards Deming to frame his systems view.
Brook Manville: Learning in the Knowledge Era
Authors: Chatzkel Jay L .
Published: November 2023

Brook Manville is chief learning officer and customer evangelist at Saba Software, a leading provider of human capital development and management solutions. Saba provides a platform of Internet-enabled tools and applications for managing learning, skill development, and human capital development more generally. At Saba, Manville is responsible for its re search programs, its own learning programs and processes, and a variety of external programs related to the development of Saba’s knowledge and customer relationships.

In this session, Manville discusses the evolution of knowledge management and the trends emerging beyond what he sees as our current plateau. One such trend is the convergence of knowledge management and learning. Another is the expansion of the traditional domain of knowledge management to encompass the broader management of hu man capital and also the embrace of the extended enterprise, which includes partners, suppliers, and customers.
Alex Bennet: The Knowledge-Centric Organization
Authors: Chatzkel Jay L .
Published: November 2023

Alex Bennet is cofounder of the Mountain Quest Institute, a research and retreat center focused on achieving growth and understanding through quests for knowledge. She served as the chief knowledge officer from 1998 to 2002 for the U.S. Department of the Navy, where she pioneered and led the development of the navy’s enterprise-wide knowledge centric organization (KCO) effort. She also was co-chair of the Federal Knowledge Management Working Group.

In addition to her extensive and diverse career with the U.S. Navy, Bennet has published more than 500 articles, edited several books on knowledge management and e-government, and is co-author of a book on the Department of the Navy’s CI O implementation strategy.
Disruptive Competition :Intensifying Actions And Reactions In The Twenty-First Century
Authors: Grimm Curtis M , Lee Hun , Smith Ken G
Published: November 2023

In the last two decades, a significant restructuring of business and industry has occurred through globalization, a worldwide renaissance of capitalism, and a resultant movement toward government deregulation and privatization, as well as an immense wave of technological innovation. The restructuring has already had an enormous impact and is likely to continue to affect the way business is conducted well into the twenty-first century. Many observers have argued that a new age of fastpaced competition or hypercompetition is emerging as a result of those significant changes. The new age of competition is distinct because of the dramatic increase in competitive actions and reactions between firms. As a consequence of the accelerating rate of actions and reactions, the time firms have to make decisions has decreased, and the speed with which new ideas are created and brought to market has increased. Above all, the speed at which data, information, and knowledge pulse between competitors has skyrocketed. In this new age of competition, fast companies generate advantages and market power while faster ones generate more advantages and greater market power, and no one’s advantages are guaranteed to last long.
Economic Theories Of Competition And Competitive Advantage Neoclassical, Industrial Organization, Game Theory, Schumpeterian, And Evolutionary Economics
Authors: Grimm Curtis M , Lee Hun , Smith Ken G
Published: November 2023

The economics literature contains a diverse array of perspectives on competition. While the emphasis has largely been focused on the outcomes of competition for society and economic efficiency, this literature contains rich insights for firms in their quest for competitive advantage over their rivals. The most well-known view of competition within strategy is the Porter Five-Forces model, which has its origins in the structure-conduct-performance (S-C-P) framework of industrial organization (IO) economics. The Porter model posits that competitive advantage is primarily driven by industry structure and exhibits how a firm is positioned within and influenced by that structure. From that perspective, the environment largely determines competitive advantage and performance.
Knowing Your Relative Market Position
Authors: Grimm Curtis M , Lee Hun , Smith Ken G
Published: November 2023

We discussed the new age of fast-paced competition in chapter I and the most common economic perspectives on competition in chapter 2. With this background, we now explore how a firm can achieve a competitive advantage over its rivals by understanding its relative market position-the first step to understanding the action alternatives available to the firm-and its relative resource position (chapter 4). The essence of knowing a firm’s relative market position involves understanding the industry structure and dynamics in which a firm competes (i.e., performing an industry analysis).
Engaging Rivals With Ricardian Actions: Exploiting Of Ownership Superior Resources
Authors: Grimm Curtis M , Lee Hun , Smith Ken G
Published: November 2023

In 1995 eBay, Inc., launched its web site for Internet auctions and pioneered the person-to-person trading community. By being a first mover, eBay has developed a strong brand name and large customer base of buyers and sellers, creating a network effect-value increases with greater number of users. Hence, buyers and sellers prefer to use eBay’s web site because buyers have a greater number of sellers to choose from and sellers have a greater number of buyers to sell to. As a result, eBay has essentially become synonymous with Internet auctions. Nevertheless, because of eBay’s great success and low entry barriers, a number of competitors have attempted to battle with the online auction giant eBay. Many considered Amazon. Corn’s entry into the business in early 1999 a very serious competitive threat. At the time, Amazon was considered to be another successful Internet company, which started out selling books and diversified into CDs, videos, and other items. In fact, Amazon ranked number 1 in brand recognition among e-commerce web sites, while eBay ranked third.1 However, eBay’s experience and superior competitive position in Internet auctions have proved too formidable for Amazon. Before Amazon’s entry, eBay launched a series of preemptive moves, such as engaging in a marketing alliance with AOL and establishing a verified user program, insurance program, and feedback forums.2 In the end, Amazon failed to make a significant competitive threat as it could not overcome eBay’s strong network effects of a large customer base. More recently, eBay has started to emphasize fixed-priced transactions by pursuing corporate sellers, such as Disney, IBM, and Xerox.3 While this action places eBay in more direct competition with Amazon and other online retailers, it also allows eBay to further leverage its large customer base while still acting as a virtual marketplace and performing only a transaction role.
Winning The Peace: Taking “Co-optive” Actions in the Absence of Resource Advantage
Authors: Grimm Curtis M , Lee Hun , Smith Ken G
Published: November 2023

Christie’s International and Sotheby’s Holdings have long dominated the art auction industry, evenly sharing 95 percent of the $4 billion per year global market in 2002. The two firms profited by charging sellers and buyers a fee for auctioning art and other exclusive items. They essentially had no competitors and were very similar in key resources and competitive strength. It was well known among industry observers that both firms cooperated, for example, scheduling alternating auctions so more buyers and sellers could attend and charging sellers and buyers the same fees. For over two centuries, Christie’s and Sotheby’s had competed and cooperated without much scrutiny. However, in 1997 the U.S. Justice Department began to investigate the two industry leaders on charges of price fixing. To illustrate, both firms on two occasions had implemented the same changes to the fee structure for sellers and buyers within two months of each other over the last few years. But even with this evidence, the investigation had not advanced very far until 2000, when Christie’s announced that it would begin to cooperate with the criminal antitrust investigation. Christie’s decision was motivated by U.S. antitrust law, which provided leniency to the first party from criminal prosecution who cooperated.
Limiting Retributivism
Authors: Frase Richard S
Published: November 2023

Norval Morris’s theory of limiting retributivism provides one solution to the perennial problem of how to reconcile the often-conflicting purposes of punishment. Under Morris’s theory, concepts of just deserts set upper and occasionally lower limits on sentencing severity. Within these outer limits, other purposes and principles provide the necessary fine-tuning of the sentence imposed in a particular case. Such other purposes and principles include not only traditional crime-control purposes such as deterrence, incapacitation, and rehabilitation but also considerations of equality (uniformity) and a concept Morris calls parsimony: a preference for the least severe alternative that will achieve the purposes of the particular sentence. Morris rejected coerced rehabilitation as a reason for imprisonment or for extending a prison term and also argued that the type or duration of the sentence should rarely if ever be based on individual predictions of dangerousness. His later writings expressed strong support for sentencing guidelines, provided they are flexible and incorporate intermediate sanctions as well as prison terms.
Democracy and the Limits of Punishment: A Preface to Prisoners’ Rights
Authors: Zimring Franklin E , Hawkins Gordon
Published: November 2023

Graduate students and would-be lawyers can become interested in the subject of criminal justice for a variety of reasons. Crime is fascinating human drama, and social deviance is an important window into the larger context of conformity with social norms. Law enforcement and punishment are interesting and complicated phenomena. But many who write in this tribute to Norval Morris are part of a generation that was trained in the 1960s and 1970s, and who became interested in the subject of criminal justice because they wished to accomplish reforms that would carry social importance.
Questioning the Conventional Wisdom of Parole Release Authority
Authors: Reitz Kevin R
Published: November 2023

This essay examines the advisability of including parole release discretion within the design of American sentencing systems as an important means for fixing the length of prison terms actually served by offenders. U.S. jurisdictions divide sharply on this question today. Sixteen states and the federal system have abolished the release authority of parole boards, including a majority of sentencing guideline jurisdictions. There is a slow but long-term trend in the direction of abrogation. Four states cancelled their parole boards’ release authorities in the 1970s, six jurisdictions did so in the 1980s (including one that later changed its mind), and eight more took the step in the 1990s (Petersilia 2003, figure 2.1). In 1994 the American Bar Association endorsed the movement, recommending that time served in prison should be determined by sentencing judges subject only to formulaic good-time reductions, all within a framework of sentencing guidelines (American Bar Association 1994, Standards 18–2.5, 18– 3.21(g), and 18–4.4(c)). The American Law Institute, now in the early stages of a revision of the Model Penal Code, must likewise confront this policy issue (see American Law Institute 2002a). It is possible that a new Model Code will seek to add momentum to the abrogationist tendency, or the ALI may seek to slow or reverse the trend. Strong views on both sides have already been aired in the Institute’s debates.
Mitochondrial Fatty Acid Oxidation Defects
Authors: Gillingham Melanie , Calcar, Sandra Van , Harding Cary
Published: November 2023

Fatty acid oxidation (FAO) defects are a family of inherited genetic disorders that typically present in infancy with catastrophic episodes of fasting or illness-induced hypoketotic hypoglycemia. Thirteen different disorders, each a deficiency of a specific enzymatic reaction in the metabolism of dietary fatty acids, have been described. The clinical presentation of all FAO disorders is relatively uniform: nausea, vomiting, somnolence, and hepatic encephalopathy, indistinguishable from the manifestations of Reye syndrome, progressing to coma and often death. Cardiomyopathy is a frequent life-threatening complication of acute metabolic decompensation in many FAO defects. Fatty acid oxidation defects may also present as sudden infant death; as many as one-third of the initial episodes may be fatal. Children who survive an initial metabolic crisis may suffer recurrent decompensation episodes prior to diagnosis and develop chronic disabilities including muscular hypotonia and developmental delay. Alternatively, FAO deficiency may not present until adolescence or adulthood. These cases typically present as exercise intolerance with recurrent episodes of rhabdomyolysis and myoglobinuria. A few affected individuals may remain permanently asymptomatic. Severe and mild phenotypes of many of these disorders are recognized. Collectively, FAO defects appear to be relatively common (up to 1 out of 9000 births in some populations). All are inherited in an autosomal recessive pattern, and specific gene defects have been identified for most of the disorders. The biochemical hallmark of all FAO disorders is inappropriately low ketone production from FAO in the face of increased energy demands. The consequence is fasting hypoglycemia, often in association with severe acidosis secondary to the inappropriate accumulation of intermediate metabolites of FAO.
Disorders Of Fructose Metabolism
Authors: Smith Wendy
Published: November 2023

Fructose is widely available in the typical Western diet. It is found as a naturally occurring monosacccharide in fruits and vegetables. It is also a component sugar of sucrose and sorbitol. Once ingested, it is absorbed unchanged by the small intestine and rapidly utilized in the liver and, to a lesser extent, in the kidneys. Intracellular fructose is phosphorylated by fructokinase into fructose-1-phosophate. This phosphorylated form is then cleaved by aldolase B into glyceraldehyde and dihydroxyacetone phosphate. Glyceraldehyde is further metabolized into either glycerol or pyruvate, eventually entering the Krebs cycle; dihydroxyacetone phosphate is further metabolized into fructose-1,6-diphosphate, which enters the glycolysis/gluconeogenesis pathway. Eventually, ingested fructose is converted into glucose, lactate/pyruvate, and glycogen (Fig. 51–1). As with all inborn errors of metabolism, the clinical features associated with the deficiency of enzymes specific to fructose metabolism result from accumulation of substrate preceding the enzyme deficiency, production of products along alternate metabolic pathways, and reduced availability of products of the normal enzyme activity.
Deeper Within Ourselves: Angst and Illusions about Life, Death, and Immortality
Authors: Lipman-Blumen Jean
Published: November 2023

Existential anxiety ticks at the very core of the human condition.1 It stems from the convergence of the known and the unknown: the certainty that death awaits us, welded to the uncertainty of its exact time and circumstances. We know we cannot reduce that uncertainty, except by taking deliberate action to bring about our own death, a grim course few elect. Thus, existential anxiety, common to us all, galvanizes a relentless search for security and certainty.
Rationalizations and Control Myths: Keeping Toxic Leaders in Power
Authors: Lipman-Blumen Jean
Published: November 2023

Leaders serve many purposes for their followers. If they didn’t, we wouldn’t yearn for them, seek them out, or even create them when they don’t exist. So, it is quite understandable that followers are loath to give them up, even when they are less-often far less than perfect. In fact, this chapter is devoted to exploring how we work on our own minds and hearts to keep toxic leaders in power. In contrast to constructive leaders who toil relentlessly to steer the vessel on a straight course, toxic leaders may or may not keep the ship afloat. Yet, we keep selecting them despite their poor performance. Al Dunlap’s record serves as a case in point: “[T]throughout his career, the companies he worked for tended to disappear after he left.
The Odd Couple: The Media and Boards of Directors
Authors: Lipman-Blumen Jean
Published: November 2023

The media and boards of directors make up the last two categories of followers. This pair often turns good leaders into bad by un wittingly colluding with them in a mutual seduction or by silently standing by as good leaders transform themselves into Mr Hydes. On the surface, these two groups don’t seem to have much in common, either with one another or with the other followers described in the previous chapter, any more than Felix and Oscar of The Odd Couple did. Yet, oddly enough, they do.
Is There Any Silver Lining? Can Any Good Come from Tolerating a Toxic Leader?
Authors: Lipman-Blumen Jean
Published: November 2023

Until now, I have emphasized the seemingly endless negatives that flow from putting up with toxic leaders. Still, many people particularly older benign pragmatic followers with children’s college bills to pay or with retirement too close at hand and too few realistic options-feel generally stuck. In the political arena, too, followers beaten down by a powerful despot may believe that the leader’s overwhelming resources and leverage make escape quite impossible. Much of the time, their anxieties, as much as or more than their external constraints, keep followers under the toxic leader’s sway. But for the moment, let’s set aside what entraps these followers and consider what good, if any, can come from tolerating a toxic leader.
Freeing Ourselves from Toxic Leaders: Nurturing Reluctant Leaders and Finding the Leader Within
Authors: Lipman-Blumen Jean
Published: November 2023

In this book, I have tried to explore why and how we continue to endure, seek out, and sometimes create leaders, particularly toxic leaders. If such relentless activity moved us toward a world where more and more good leaders led followers into worthwhile enter prises, that would be just fine. And, of course, some leaders-like Alfred P. Sloan Jr., Martin Luther King Jr., Aaron Feuerstein, Anita Roddick, Mohandas K. Gandhi, Nelson Mandela, Desmond Tutu, and Vaclev Havel-have taken us on some remarkable journeys. Unfortunately, though, such inspiring outcomes occur more seldom than we wish. Consequently, our search for leaders continues. In this chapter, I want to consider a set of possible strategies for freeing ourselves from toxic leaders with their destructive illusions. Because anxiety plays such a major role in our vulnerability to toxic leaders, let’s examine not only the positive aspects of anxiety but also several other sources of nontoxic leadership.
The Founder Principle versus the Creole Prototype Squaring Theory with Data
Authors: Mcwhorter John h.
Published: November 2023

Before the official establishment of creole studies, some prominent thinkers treated creole languages as genetic offshoots of their lexifiers, for example, Haitian Creole as a kind of French rather than as a separate language (Hjelmslev 1938, Hall 1958). However, concentrated research starting in the late 1960s suggested otherwise. Bickerton (1981, 1984) identified creoles as the product of catastrophic breakdowns oflexifier grammar. Meanwhile, Alleyne (1980), Boretzky (1983), Holm (1988), and others called attention to the extensive role that substrate languages played in the development of these creoles after the breakdown Bickerton referred to. By the 1980s, a consensus had emerged that creoles were challenges to the Stammbaum model of language change, being genetic descendants neither of their lexifiers nor of the languages spoken natively by their originators. This perspective finds its hallmark exposition in Thomason and Kaufman (1988).
Sisters under the Skin A Case for Genetic Relationship between the Atlantic English-Based Creoles
Authors: Mcwhorter John h.
Published: November 2023

This chapter is an argument for the classification of the Atlantic English-based creoles (henceforth AECs) as the direct descendants of a stabilized progenitor of West African origin. I am by no means the first author to suggest this thesis. Its earliest attestation is Stewart (1971), followed by Alleyne (1971: 179-80), Carter (1987), and Smith (1987a). Hancock (1969, 1986, 1987) has been the most comprehensive advocate (also arguing that the parent pidgin was transported from the West African coast, an argument that I agree with, despite having attempted a revision of its particulars in McWhorter [2000a], to which I refer interested readers [that argument will not be presented in this chapter]).
The Lower Limb Remains
Authors: Trinkaus Erik
Published: November 2023

The lower limb remains from Dolní Věstonice and Pavlov include most of the long bones for five of the individuals with associated skeletons, the five from Dolní Věstonice, plus major portions of the femora of Pavlov 1. However, pedal remains are less complete, being present in significant numbers for three of the individuals, Dolní Věstonice 3, 15, and 16, and they are eroded and/or incomplete for all of those individuals Of these remains, as with the upper limb remains, those that are retained for Dolní Věstonice 13 and 15 are generally exceptionally well pre- served, with primarily minor erosion to the more fragile edges (much of which has been restored with filler). The bones of Dolní Věstonice 14 are generally more heavily root-etched, and fragile portions of the epiphyses are frequently broken or incomplete. His long bones sustained considerable epiphyseal erosion, but not so much as to prevent reasonable estimation of most the long bone lengths for at least one side. However, ironically, Dolní Věstonice 16 retains the most complete pedal remains, despite erosion to many of their edges.
Foreign Bank Ownership and Corporate Governance in Emerging-Market Economies
Authors: Cornelius Peter K
Published: November 2023

Traditionally, efficient corporate governance is seen as being best achieved by enabling stockholders to exercise control. According to this view, the objective of introducing good corporate governance should be addressed by promoting the development of well-functioning securities markets, breeding active and influential stock-holders, and legislating corporate laws that would assure stockholders a controlling position on corporate boards. In the literature, following the Berle and Means (1932) tradition, the widely held firm is used as the standard assumption underlying the corporate governance problem that is, weak, dispersed shareholders have to deal with self-interested management. In practice, however, most firms have a dominant owner.
Corporate Governance and Private Equity Investments
Authors: Burger-Calderon Max , Gusinde Philipp , H1Jmann Stefan
Published: November 2023

This chapter focuses on the interdependence between corporate governance and private equity investments. The chapter begins by outlining the difference between private equity investments and investments in public equity and bond markets and their impact on corporate governance structures. As private equity investments, in contrast to investments in public companies, are to a large extent negotiable and hence independent from the corporate governance rules provided by statutory law, the contractual design of efficient corporate governance structures is of predominant importance. Following this outline is a depiction of customary contractual provisions for the establishment of a corporate governance regime at the portfolio company level, and the pit falls of such provisions.
Governance in an Emerging Financial Market: The Case of Russia
Authors: Kostikov Igor
Published: November 2023

How to become competitively stronger on the world market is a crucial problem for Russia, and its solution will secure the future of Russia as a state. The concept of competitiveness has several dimensions. One of the key ones is competitiveness on world financial markets. It implies (1) the ability to attract large investments and at the lowest possible price; and (2) the ability to use these investments efficiently, take the company to a new technological level by using them, increase output, and produce new goods and services.
Financial Market: The Case of Poland
Authors: Rozlucki Wieslaw
Published: November 2023

Progressive privatization of the Polish economy and an associated influx of foreign capital stimulating development of the capital market in Poland have necessitated the creation of professional corporate oversight in public companies. The idea of codifying and defining corporate governance best practices standards was also a response to the deteriorating state of corporate practices in Polish public companies.
That Man As Commander-In-Chief
Authors: Jackson Robert H
Published: November 2023

This Was His constitutional role and it was one that he liked. As the war in Europe became more likely to involve us, he devoted more and more time to activities that fell under that rubric of authority. I was not with his Administration during the war, having gone on to the Supreme Court in June 1941. It is not mine to recite on this subject beyond rather casual observations made when I saw him on social occasions thereafter.

After some six weeks’ family vacation, in which I had driven to the west coast and back, I planned to go to Jamestown, New York, to visit my mother and to remain a week or so after Labor Day 1939.
That Man As Administrator
Authors: Jackson Robert H
Published: November 2023

We Have Dwelt Upon the subjects in which Roosevelt excelled. But not all of his activities fall in these classes.

Roosevelt certainly was not accomplished as an administrator and in normal times, when his office demanded only an orderly and efficient administration of settled affairs, it is doubtful if he could have been a distinguished President. He was just not a routine executive.

He had one quality of a good administrator. He inspired an intense loyalty nearly everywhere in his administration. Young and ardent idealists, old and tired politicians, professors, even businessmen who joined up with him were ready to work at all hours of the day or night to carry out his bidding. But often it was hard to find out what his bidding was.

There was always considerable conflict of policy within the Administration and different factions favored different courses. The New Deal was not a reform movement. It was an assembly of movements—sometimes inconsistent with each other. It was not an infrequent occurrence that one of those whom the President trusted would take to him a document, such as an executive order, and obtain his approval before he had consulted with other persons affected.
That Man As Companion And Sportsman
Authors: Jackson Robert H
Published: November 2023

It Was Here That Roosevelt was irresistible and inimitable. He liked people, almost any people. He liked their company, liked to pick their minds and see what they were thinking, liked to know the details of their lives and their problems.

I know nothing that illustrates the contrast between him and Woodrow Wilson, the previous Democratic President, better than their attitudes toward Henry Ford. I lunched with journalist George Creel one day, who told me the difficulty they had with Wilson in the early days of World War I, getting him to confer with American businessmen to gain their cooperation in the war effort. He refused to see most of them, saying they were specialists who had nothing to teach him with his general problems affecting the whole nation. Finally they prevailed upon him to see Henry Ford, and after the interview, Creel entered and said to the President, “What do you think of Henry Ford?” Wilson impatiently answered, “I think he is the most comprehensively ignorant man I ever met.” He had complete contempt for Ford.
Black, Merton, and Scholes—Their Central Contributions to Economics
Authors: Duffie Darrell
Published: November 2023

I will briefly summarize the central contributions to economics of Fischer Black, Robert C. Merton, and Myron S. Scholes. Of course, the contribution that first comes to mind is the Black–Scholes option-pricing formula, for which Robert Merton and Myron Scholes were awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997. I have no doubt that, because of his key role in that far-reaching formula, Fischer Black would have shared in that prize but for his untimely death. In this chapter, I will address the contributions of all three of these excetional economists simultaneously, rather than giving separate treatment to Fischer Black. My goal is to give an objective and concise account of their path-breaking research and what it has offered to the theory and practice of economics.
The Limits of International Law
Authors: Goldsmith Jack L , Posner Eric A
Published: November 2023

The Limits of International Law argues that international law matters but that its scope and significance is far less than assumed by academics, the media, and many public officials. Adopting a rational choice framework, the authors show that international law is a term that we use to refer to variously circumscribed cases of international cooperation. States are able to cooperate through international law but only under narrow conditions; much of international law merely ratifies existing relationships, and has no independent normative force. Indeed, recent efforts to replace international politics with law and judicial process rests on a misunderstanding of the past accomplishments of international law. The Limits of International Law will have important implications for debates about the role of international law in the foreign policy of the United States and other nations.
Intellectual Grove (1835–1844)
Authors: Maynard W Barksdale
Published: November 2023

The transformation of Walden Pond into a place more than merely physical—into a spiritual and poetical realm at the center of an “intellectual grove” (to borrow a term from Amos Bronson Alcott)— began not with Thoreau but with his friend and mentor Ralph Waldo Emerson. A tireless advocate for American letters, Emerson gathered a circle of writers around him in Concord, and together they discovered and promoted Walden and its surrounding woods as, in essence, an American analogue to England’s Lake District.
Far Off As I Lived (1845–1847)
Authors: Maynard W Barksdale
Published: November 2023

In January 1845, Bronson Alcott bought a house in Concord, which he would name “Hillside” (today’s “Wayside”). For three years it provided a stable home place. He had returned a year earlier from the seven-month Fruit lands experiment, where he had engaged in an abortive transcendentalist exercise in self-sufficiency in Harvard, Massachusetts. His diary for 1845 is unfortunately lost; one would like to know what reference it made to Thoreau’s Walden house, an act of settling down parallel to Alcott’s own.
In These Days of Confusion and Turmoil (1960–1989)
Authors: Maynard W Barksdale
Published: November 2023

If Concordians were ambivalent about Thoreau, as evinced in their digging a landfill by Walden Pond, young Americans were about to take him up enthusiastically. In 1960, an icon of an earlier age of radicalism testified to the impact Walden had had on him. Upton Sinclair wrote, “I am glad to say that Thoreau was an influence in my life. I lived in a hut too—only mine was a tent! Like him, I learned to stand alone, and speak truth as I saw it.” A new folio edition of Walden was published, Joseph Wood Krutch noting in its preface, “Within the last few years attacks upon ‘conformity’ and incitements to its opposite have become so numerous as to constitute a recognizable genre.
Introduction: Discounted Cash Flow Method
Authors: Ho Thomas S Y , Lee Sang Bin
Published: November 2023

Financial modelling is an important methodology used by managers at all levels for the purpose of providing business solutions. The process must begin with understanding the business objectives and specifying the economic concepts on which the model is based. Some of the fundamental economic concepts are present-value measures, efficient capital market, perfect capital market, and risk-averse behaviour. These concepts lead to the formulation of the discounted cash flow method as a basic approach to valuing financial instruments.
Risk Management
Authors: Ho Thomas S Y , Lee Sang Bin
Published: November 2023

Today, most trading operations have risk management in place where traders” risk taking activities are monitored, measured, and managed. So in early February 2002, when Allied Irish Banks PLC (AIB) disclosed that a trader at its subsidiary All first Financial, Inc., a Baltimore-based bank, had lost $691 million in currency trading, the news was a surprise to the financial community. Since this loss hit the financial community, and especially the bank, pretty hard, the news quickly prompted investigations into the possible flaws in the risk management system.
Concluding Thoughts
Authors: Ho Thomas S Y , Lee Sang Bin
Published: November 2023

Capital markets and corporate finance are two parts that make up a whole; one cannot function completely without the other. Capital markets invest in corporations and can maintain a somewhat complete market for all contingencies by using corporation securities. Corporate finance requires capital markets to determine the optimal values of securities which the corporation holds and issues. This book explains how capital markets and corporate finance are interrelated by describing the financial models of both in one coherent framework.
The Heritage of Classical Growth Economics
Authors: Meier Gerald M
Published: November 2023

Development as a subject entered mainstream economics only some 50 years ago. Its major ancestors, however, were the classical economists of the eighteenth and nineteenth centuries—Adam Smith, Thomas Malthus, David Ricardo, J. S. Mill, Karl Marx. Following the emergence from feudalism of the nation state, the Enlightenment of the eighteenth century, and the extension of science, technology, and industrialization, the classical economists were concerned with the “progressive state”—economic growth.1 After World War II, development economics as a policy-oriented subject was to expand beyond the growth economics of the classicists, but some of the old insights formed a background for the new subject.
Early Development Institutions
Authors: Meier Gerald M
Published: November 2023

The institutional context for development activities began to be established soon after the end of World War II. Political motives were mixed, but the core economic objective was to improve living standards in the less developed countries. The problems of development were thrust upon these institutions by the breakup of colonial empires in Asia and Africa. In the brief span of five years after the war, India, Pakistan, Ceylon, Burma, the Philippines, Indonesia, Jordan, Syria, Lebanon, and Israel all became independent. Colonialism was on the way out far more speedily than had first seemed possible at the end of the war, and many more colonies soon emerged as nations. With the “revolution of rising expectations,” leaders of the new nations insisted that international attention be given to their development problems.
Creating the Right Business Design in the Face of Uncertainty
Authors: Barabba Vincent P
Published: November 2023

This chapter presents a thinking framework to help business and public-sector leaders decide what kind of enterprise they want to become in the face of an uncertain future. This type of strategic thinking is crucial to helping an enterprise find ways to get to where it wants to be from where it is now. It also requires the leadership team to take into consideration, as was pointed out in chapter 12, changes in the broader societal environment, including customer needs, political realities, economics, and many other factors.
Old and New Concerns
Authors: Frankel Tamar
Published: November 2023

The recent discoveries of frauds raise old concerns. One serious concern is that investors would lose confidence in the financial system and withdraw from the securities markets. There is a debate on whether the recent discoveries of fraud have affected investors’ trust in the markets. Does investor confidence depend on the honesty of corporate and Wall Street leaders? Or does investor confidence relate to the opportunity to make a profit? Trust and the desire to profit need not be linked. They pose two different risks. After all, some investors made enormous profits by trading in the stock of corporations whose financial statements were inflated.. These investors just bought and sold at the right time, before the frauds were publicly discovered.
Toward Abuse of Trust and Mistrust
Authors: Frankel Tamar
Published: November 2023

One of the main themes in this book is trust and its opposite or reverse refiection—mistrust. This chapter explores the importance of trusting relationships, their current status, and the direction in which they are moving in American society. After a basic definition I examine trust and its benefits. Next I discuss the paradoxical nature of trust and ways in which people seek to resolve the paradox. Finally, I view modern times that increase the benefits of trust and the dangers of its abuse.
Toward Deception
Authors: Frankel Tamar
Published: November 2023

In this book, not only trust but also truth and deception involve relationships. Like trust, truth and deceptions are complex, precisely because they involve humans and their society. Groups tend to adopt one system by which the members define and measure truth, and each group can have its own, and different, system of truth.
The Shift to Weaker Morality, Weaker Law, and Stronger Market Discipline
Authors: Frankel Tamar
Published: November 2023

While opportunities to abuse trust and the drive for more have been rising, the barriers against dishonest behavior have been falling. There are many barriers to dishonesty, but among the main barriers are three. One is moral behavior, where trusted persons exercise self-control over temptations. The second is self-protection, where trusting people protect themselves with the help of market sanctions against abuse of trust. Market sanctions represent mostly self-protection of many people, each acting in his or her own interest. The third barrier to abuse of trust is the law. Morality refiects mainly the “trust” component in “trust but verify.” One can trust people who exercise self-control in face of temptations. Self-protection and the markets refiect mainly the “but verify” component in “trust but verify.” One must verify the other person’s statements and promises. The law refiects and supports both the “trust” component and the self-protection “verify” component. Some rules are designed to put barriers to temptations. These rules are addressed to trusted persons. Some rules require trusted people to disclose true information. These rules are addressed to the recipients of the information, and they are expected to decide for themselves whether and how to engage in business with the disclosing parties. And some rules go further and withdraw legal protection from people who do not protect themselves from the fraud of others, even though they can do so.
The Subtle Changes in Legal Doctrine and Interpretation
Authors: Frankel Tamar
Published: November 2023

The past three decades can be summarized as follows. We reduced the power of morality in the law. We have emasculated the regulation of trusted persons—fiduciaries. We have weakened the laws that govern fiduciaries’ honesty, allowed them more freedom, and called the relaxing rules more efficient. But by doing so, we have reduced the efficiency of government enforcement of honesty, increased the risk of abuse, and opened the door to enormous losses to the public and the economic system. We have elevated the role of the markets in preventing abuse of trust. But by doing so, we have shifted the burden of policing fraudulent fiduciaries to the parties who dealt with these fiduciaries, such as the investors in corporate shares, and the patients of physicians. We have changed legal doctrine to reduce the burdens and stigma on embezzling fiduciaries and converted them to salespersons and contracting parties in the markets.
Philip Freneau and the Invention of the Republican Party
Authors: Daniel Marcus
Published: November 2023

A few weeks after the launch of Philip Freneau’s National Gazette, an essay appeared in its pages that set out to explain the current state of American politics. According to its anonymous author, it was important for all citizens to understand the true nature of party divisions lest “an opportunity is given to designing men, by the use of artificial and nominal distinctions,” to divide “those who never differed.” And in the interests of preventing such a division, the author provided his readers with a brief history of American political parties. During the “first period” of party organization, he informed them, Americans had divided sharply into two warring groups: those who supported and those who opposed the American Revolution. After the Revolution, although there were “parties in abundance,” they were local rather than national in character, and it was the adoption of a new federal Constitution that “gave birth to a second and most interesting division of the people”: into Federalists and Anti-Federalists. A “third division” arose after the formation of the federal government, and this division “being natural to most political societies,” argued the author, “is likely to be of some duration in ours.” It had created two irreconcilable camps: an “antirepublican party,” consisting of those who believed that government could “only be carried on by the pageantry of rank, the influence of money and emoluments, and the terror of military force,” and a “Republican party,” consisting of those who believed that hereditary government was “an insult to the reason and an outrage to the rights of man.” The question of the hour, concluded the author, was which of these parties would “ultimately establish its ascendance.”

The author of this essay, which according to one historian represented the “political christening” of the “Republican party,” was James Madison.
Benjamin Franklin Bache and the Desacralization of George Washington
Authors: Daniel Marcus
Published: November 2023

On the occasion of George Washington’s retirement from the presidency in 1796, the editor Benjamin Franklin Bache published a commentary in the Philadelphia Aurora. “If ever a nation was debauched by a man, the American nation has been debauched by washington,” declared its author:

If ever a nation has suffered from the improper influence of a man, the American nation has suffered from the influence of washington. If ever a nation was deceived by a man, the American nation has been deceived by washington. Let his conduct be an example to future ages. Let it serve to be a warning that no man may be an idol, and that a people may confide in themselves rather than in an individual. Let the history of the federal government instruct mankind, that the masque of patriotism may be worn to conceal the foulest designs against the liberties of a people.

This savage indictment of Washington was the final salvo in a Republican campaign against him that was waged with implacable intensity in the Aurora throughout 1795 and 1796, a campaign orchestrated by Bache. Over fifty years later, John Prentiss, who had been an apprentice working in the printing office of the Boston Independent Chronicle at the time, vividly recalled how President Washington was “bitterly attacked in Bache’s Phila. Aurora.” And Bache is still remembered primarily as a scurrilous newspaper editor who slandered the father of his country, George Washington.

The American Revolution, unlike its predecessor the English Revolution and its successor the French Revolution, created a republic without killing a king.
William Duane and the Triumph of Infidelity
Authors: Daniel Marcus
Published: November 2023

When Thomas Paine returned to the United States in 1802, William Duane was one of the few American editors who welcomed him publicly. “Thomas Paine, the early and uniform asserter of the Rights of Mankind [sic], and author of the immortal revolutionary papers called common sense and the crisis,” wrote Duane, “arrived at Baltimore on Saturday last.” “The arrival of this interesting man,” he continued,

was as might be expected, an object of interest and curiosity to the old who knew his services, and to the young who had heard of his fame in all the opposite modes which political sympathy or hatred could employ to express their respect or abhorrence of the asserter of freedom.

Duane’s oblique reference to Paine’s notorious Age of Reason was followed by a brief acknowledgment of the religious controversy that swirled around the great patriot-author of the American Revolution. “The writings of Mr. Paine on religious subjects,” he added, “were not even mentioned, and the right of private opinion was neither assailed, nor brought into question.”

Duane had already expressed his own views on Paine’s religious writings:

The pretended crime of Thomas Paine, is his Age of Reason. We do not mean to defend that work. That has been undertaken by hundreds, and the book itself is now thrown by among other lumber. We assert however that the writing of that book, is not a proof of his impiety, nor can it be a justification of any person in attempting to asperse the man.
Paying in Paper: A Government Voucher from the Southern Song
Authors: Goetzmann William N , KÖll Elisabeth
Published: November 2023

Financial instruments and markets are widely regarded today as fundamental to the operation of the global economy. Until the recent advent of electronic exchange, paper securities were the lifeblood of the market-based global capitalist system. Paper securities facilitated exchange among agents and institutions in an international economy that has grown increasingly oriented toward corporations and private, as opposed to public, enterprise. Many bearer securities either were themselves objects of value, or represented legal and liquid claims on private enterprise and its derivatives. What if such instruments of capitalism had never been in vented-or at least had never grown to their current prevalence? What if private entrepreneurship, and its attendant financial architecture, had not evolved to the dominant position it has today? In this chapter, we consider this counter positive-the development of a large scale public economy managing widespread enterprise and governmental operations with instruments that capture some but not all of the features of the financial securities studied in this volume. Although it is not precisely correct to do so, it is tempting to interpret this alternative technology as the road not taken in world economic history. The logic of this temptation becomes clearer in the broader context of Chinese history.