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The resurgence of Route 128 in Massachusetts

. Resurgence of Route 128 159 If the resurgence and the basis of the region’s competitive advantage had to be accounted for in a two-word summary, my candidate would be ‘technology management’. Industries have come and gone but, fortuitously, Massachusetts has sustained a regional technology management capability. But my candidate is not an obvious one. The notion of technology management is rarely invoked in discussions of competitive advantage and industrial growth. It seems to be lost within the white spaces of business organisation charts, and in the hallways of higher

in Market relations and the competitive process
Open Access (free)

December 2012, and briefly summarizes the role of the board. Each firm's board of directors and its committees, with the support of senior management should: Maintain a clearly articulated corporate strategy and institutional risk appetite. The board should set direction and oversight for revenue and profit generation, risk management and control functions and other areas essential to sustaining the consolidated organization. Ensure that the firm's senior management has the expertise and level of involvement required to manage the firm's business

in Lehman Brothers
Open Access (free)
The evolving international financial architecture

between liquidity and solvency crises – a distinction easier to make in theory than in practice. That is, the Fund has to decide whether a country’s balance-of-payments position is sustainable in the medium term. If it is not sustainable, then it will be necessary to restructure the country’s debts. If it is sustainable, the Fund may decide to lend huge sums to help the country through the crisis. The challenge is in deciding when “huge” becomes “too huge,” taking into account the perceived risk of 285 The Asian financial crisis moral hazard. Suffice it to note that

in The Asian financial crisis
Constituting the cultural economy

problematical than many. In a context where the language of ‘culture’ has come to infect economic analysis, the notion of relatively coherent cultural industries can be seen as much as an effect of economic policy, academic discourses and market rhetoric as it is a reflection of institutional realities. Precisely what is to be considered ‘cultural’ in relation to economic activity is rather open to question. Since the 1980s, economic development strategies in a number of national contexts have placed increasing emphasis on the role of cultural goods and services in labour

in Market relations and the competitive process
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sustained interpersonal interaction, tendentially market relations increasingly weaken social ties within the economic realm. Second, the proliferation of products and the manner of their promotion alter what people want, affecting their endogenous preferences (Knight, 1934; Bowles, 1998). One does not have to postulate that consumers are dupes to acknowledge that market strategies may be effective in stimulating desires for gratifications unattainable through the purchase of commodities. That overall realignments of wants contribute to greater general happiness or

in Market relations and the competitive process
Open Access (free)

’. The notion of the virtuous market is based on a number of propositions that go weakly contested. Among the most important of these are the following: 4 Stan Metcalfe and Alan Warde ● The market enshrines the principle of consumer sovereignty. The market permits, sustains and delivers individual freedom of choice and action across the economic and social spheres. The market is an ideal mechanism for exchange because its incentive structures are consistent with basic features of human nature. The market is applicable to a great many, if not all, forms of human

in Market relations and the competitive process
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Post-crisis Asia – economic recovery, September 11, 2001 and the challenges ahead

system and prevent a credit crunch. The usual strategy is to provide large-scale liquidity support to the financial institutions and to limit losses by closing down unviable banks. The countries are now beyond the containment stage. Now in the restructuring and rehabilitation phase, the governments of Indonesia, Korea, Malaysia and Thailand have all intervened in non-viable financial institutions and re-capitalized some of the viable, but weak institutions, and have begun to take steps to improve prudential regulation and supervision. Yet inadequate regulation, weak

in The Asian financial crisis
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Crisis, reform and recovery

lessons does Thailand provide? 69 The Asian financial crisis The investment and export-led boom If large and sustained rates of economic growth, to quote Paul Krugman (1994), are usually the result of both “inspiration” and “perspiration,” in Thailand’s case they took a lot of perspiration from both the civil society and the state.9 The Thai government has long used policy instruments to influence the direction of economic activity. For example, the Board of Investment (BOI), created in 1959, used a combination of various investmentpromotion schemes, tariff policies, tax

in The Asian financial crisis
Why China survived the financial crisis

China in both its external trade account and external capital account, nevertheless, like the Great Wall, China not only remained conspicuously insulated from a region-wide financial meltdown of unprecedented severity, but the mighty dynamo fueling its economy has missed only a few beats during the crisis and since.1 China’s ability to sustain a strong gross domestic product (GDP) growth performance of 8.8 per cent in 1997 and 7.8 per cent in 1998 and over 8.0 per cent in 1999,2 continued success in attracting foreign direct investment (FDI),3 in running healthy

in The Asian financial crisis
Open Access (free)
Issues, debates and an overview of the crisis

, with its current account surpluses, budget surpluses that consistently averaged 2 per cent of GDP per year, large foreign reserves (US$92.8 billion at the end of 1997), and a currency firmly linked to the US dollar (at about 7.80 Hong Kong SAR dollars = US$1.00), since 1983 through a currency board, came under sustained attack. Indeed, the attack on Hong Kong’s seemingly impregnable currency board system came as a surprise to many. Specifically, Hong Kong’s currency board system is based on a linked exchange-rate system that requires the monetary base (the sum of

in The Asian financial crisis