. We can use a simple historical example to
relate detraditionalisation to commercial ontology and market structures.
Political economists like Adam Smith, Ricardo and Marx regularly used corn
and cloth in their examples of market analysis, and in doing so they treated
these goods as self-evident, unproblematic and uniform: classic homogenous,
substitutable and therefore competing commodities. To some extent they did
this as neo-classicals would, bracketing the object in order to treat markets as
given structures within which they could analyse quantitative
Post-crisis Asia – economic recovery, September 11, 2001 and the challenges ahead
Shalendra D. Sharma
conditions and political sensitivity in selling bank assets to foreign buyers.
Of greater concern is the fact that most banks remain heavily burdened with
large volumes of non-performing loans, many of which may ultimately have
a relatively low recovery rate.
Governments have pursued various approaches to corporate restructuring. One popular voluntary method has involved mergers and acquisitions
(M&As). The number of M&As, particularly those that are cross-border,
has increased sharply. That is, total cross-border M&As, deﬁned as acquisitions of more than
industry’, but the remark resonates across the cultural industries more generally. If a ‘carnival’ air animates a great deal of political rhetoric and market
boosterism about the creative economy, the latter’s casino-like aspects have
been only too evident in the variable fortunes of the first publicly floated Internet companies and the rapid burn-rates of others. But there is a further and
Markets, firms and networks
more serious point to be taken here. Gopnik’s conceit works by contrasting
the volatile art market with real industries, defined in terms of
for the asset or the liability’. (Summary of Statement No 157.)
What is a market?
The market itself is neither efficient nor inefficient. To ascribe such epithets to the market is to fail to see that such references are to an abstraction, since the market is composed of the various participants operating in the market and only operates within a particular regulatory, legal, cultural and macroeconomic environment. Markets are dominated by the political structure and local political decisions and policies, but global markets are
lifeline, even if the bank was nearly broke … we had lawyers joined at our hips, and they were very helpful at framing the issues. But they never said we couldn't do it … It was a policy and political decision, not a legal decision.
The article adds that members of the teams said that Lehman had considerable assets that were liquid and easy to value, such as US Treasury securities. The question was Lehman's illiquid assets – primarily a real estate portfolio that Lehman had recently valued at $50bn. By Lehman
steep discounts, a crucial need now because in countries
like Thailand and Venezuela debts are piling up and preventing new lending
and new investment.
Garten’s global central bank faces two difﬁcult challenges. First, it is not
clear if the credits extended by national central banks would be sufﬁcient, and
second, the question of how much authority national central banks would
cede (or whether they will be willing to cede any at all) to a global central
bank, and how this political and economic obstacle would be overcome,
remains unresolved. Henry Kaufman (1998) has
Structure, New York and Oxford, Oxford University Press.
Evolution of the UK software market
Rosenberg, N. (1963), ‘Capital goods, technology and economic growth’, reprinted
in Rosenberg, N. (ed.) (1976) Perspectives on Technology, Cambridge, Cambridge
Stigler, G. J. (1951), ‘The division of labour is limited by the extent of the market’,
Journal of Political Economy, 59(3), pp. 185–93.
Young, A. (1928), ‘Increasing returns and economic progress’, Economic Journal, 38,
Appendix note on the data sources
Tables 1–7: The main source of
-party repos certainly put it in a strong position to see the way in which such securities were valued.
However, in response to the illiquid markets, pressure from Congress and the political fall-out both in the USA and in Europe, on 30 September 2008 the standard setters issued new guidance, designed to address the most immediately urgent fair value measurement questions. The guidance confirmed that management's internal assumptions regarding, for example, expected cash flows, could be used, in appropriate circumstances, to measure fair value when the
), Globalization, Growth, and
Governance, Oxford, Oxford University Press, pp. 3–29.
Best, M. (1999), ‘Regional growth dynamics: a capabilities perspective’, Contributions to Political Economy, Vol. 18, pp. 125–40.
Best, M. (2001), The New Competitive Advantage: The Renewal of American Industry, Oxford, Oxford University Press.
Bray, H. (1999), ‘Hub’s high-tech allure drawing Israeli firms’, Boston Globe, 7 April.
Chandler, A. (1977), The Visible Hand, Cambridge, MA, Harvard University Press.
Cringely, R. (1992), Accidental Empires, New York, Addison-Wesley.
Degman, C. (1998