New World, New Rules is a compelling chronicle of the American corporation's changing role, a... more New World, New Rules is a compelling chronicle of the American corporation's changing role, as well as a perceptive look at what these changes mean for both business and public policy. Author Marina Whitman shares both personal experiences and in-depth research from her distinguished career as a business leader, government adviser, teacher, and influential corporate strategist. As it surveys the uncertain new relationship between American business and American society, New World, New Rules challenges our companies and our government to consider new practices and policies that will contribute to corporate viability as well as to the health of American society.
Page 1. THE QUARTERLY JOURNAL OF ECONOMICS Vol. LXXXIV May 1970 No. 2 A MEAN-VARIANCE ANALYSIS OF... more Page 1. THE QUARTERLY JOURNAL OF ECONOMICS Vol. LXXXIV May 1970 No. 2 A MEAN-VARIANCE ANALYSIS OF UNITED STATES LONG-TERM PORTFOLIO FOREIGN INVESTMENT * NORMAN C. MILLER MARINA VN WHITMAN I. Introduction, 175.-II. ...
ACCELERATING INrEREST in economic integration among nations and increasing stress on the economic... more ACCELERATING INrEREST in economic integration among nations and increasing stress on the economic welfare of regions within nations have raised a new set of problems for economists in the years since World War II. Because regions within a single country and member nations of an effective economic union are likely to be highly vulnerable to shocks of external origin and to respond to economic stimuli of all kinds in ways strongly conditioned by their interdependence with the outside world, measures of the degree of an economy's involvement with the outside world are becoming increasingly relevant, in fact essential, to the formulation of effect*e economic policy. This paper is devoted to an empirical examination of various aspects of economic openness, a term used to signify a high degree of interaction with the outside world. Just because this concept of economic openness is so closely associated with the better-known concept of economic integration, a clear distinction between them is essential. The degree of economic integration is properly measured in terms of how closely a group of economies approximates a single, frictionless market, characterized in the limit by the equalization of all prices. Economic openness, as I understand and use the term, is defined in terms of the relative importance of economic flows across national (or
The Open Economy Macromodel: Past, Present and Future, 2002
There is a great deal of dissatisfaction with the architecture and functioning of the present int... more There is a great deal of dissatisfaction with the architecture and functioning of the present international monetary system and this gives rise to persistent calls for reforms. Although these are most insistent during periods of crisis, such as at the time of the collapse of the Bretton Woods System in the early 1970s, the foreign debt problem of LDCs in the early 1980s, and the financial crises in emerging markets during the second half of the 1990s, they are heard even during periods of relative tranquility in international financial markets such as now. Dissatisfaction with the functioning of the present international monetary system arises because of excessive volatility and misalignments of exchange rates as well as a result of its inability to prevent or quickly resolve international financial crises. Uncertainty also arises from the move toward monetary unification in the European Union and the creation of the Euro, which seems to be pushing the world toward a tri-polar monetary system based on the dollar, the Euro and the yen. The reforms demanded most consistently are for a move to a system in which exchange rates are more stable and less flexible and emerging market economies are less prone to disruptive financial crises.
Appearing before this organization reminds me of three pieces of immortal advice from Winston Chu... more Appearing before this organization reminds me of three pieces of immortal advice from Winston Churchill: “never try to walk up a wall that’s leaning toward you...never try to kiss a person that’s leaning away from you...and never speak to a group that knows more about a subject than you do.”
Multinational corporations are in a quandary: Stakeholders are imposing higher standards than eve... more Multinational corporations are in a quandary: Stakeholders are imposing higher standards than ever, but businesses are confused about what their global social responsibilities actually are.
Twenty years’ varied experience as a professional economist has provided me with the basis for so... more Twenty years’ varied experience as a professional economist has provided me with the basis for some broad, perhaps even unique, perspectives on the different roles economists play in society. I have toiled in all three vineyards—academia (University of Pittsburgh), government (Council of Economic Advisers) and now business (General Motors), and found the soil fertile in each—though perhaps conducive to different varietals.
When the political agency of a private firm, or of an association of them, is referred to in the ... more When the political agency of a private firm, or of an association of them, is referred to in the popular press, it is often in a negative context: the political clout of special interests acquired through lobbying, political contributions or related activities. There has been very little investigation of such agency in a positive sense, such as when a company undertakes activities that are more generally the responsibility of government or civil society, activities generally collected under the umbrella term Corporate Social Responsibility (CSR). It is this positive aspect of the political agency of corporations that is the focus of this chapter. Discussions of corporate social responsibility are typically premised on a view of the corporation as a social actor, comprising members and located in a tangible place. They have stakeholders – employees, investors, suppliers, consumers and broader communities – each of whom is owed a particular responsibility. Debates often turn on which ...
New World, New Rules is a compelling chronicle of the American corporation's changing role, a... more New World, New Rules is a compelling chronicle of the American corporation's changing role, as well as a perceptive look at what these changes mean for both business and public policy. Author Marina Whitman shares both personal experiences and in-depth research from her distinguished career as a business leader, government adviser, teacher, and influential corporate strategist. As it surveys the uncertain new relationship between American business and American society, New World, New Rules challenges our companies and our government to consider new practices and policies that will contribute to corporate viability as well as to the health of American society.
Page 1. THE QUARTERLY JOURNAL OF ECONOMICS Vol. LXXXIV May 1970 No. 2 A MEAN-VARIANCE ANALYSIS OF... more Page 1. THE QUARTERLY JOURNAL OF ECONOMICS Vol. LXXXIV May 1970 No. 2 A MEAN-VARIANCE ANALYSIS OF UNITED STATES LONG-TERM PORTFOLIO FOREIGN INVESTMENT * NORMAN C. MILLER MARINA VN WHITMAN I. Introduction, 175.-II. ...
ACCELERATING INrEREST in economic integration among nations and increasing stress on the economic... more ACCELERATING INrEREST in economic integration among nations and increasing stress on the economic welfare of regions within nations have raised a new set of problems for economists in the years since World War II. Because regions within a single country and member nations of an effective economic union are likely to be highly vulnerable to shocks of external origin and to respond to economic stimuli of all kinds in ways strongly conditioned by their interdependence with the outside world, measures of the degree of an economy's involvement with the outside world are becoming increasingly relevant, in fact essential, to the formulation of effect*e economic policy. This paper is devoted to an empirical examination of various aspects of economic openness, a term used to signify a high degree of interaction with the outside world. Just because this concept of economic openness is so closely associated with the better-known concept of economic integration, a clear distinction between them is essential. The degree of economic integration is properly measured in terms of how closely a group of economies approximates a single, frictionless market, characterized in the limit by the equalization of all prices. Economic openness, as I understand and use the term, is defined in terms of the relative importance of economic flows across national (or
The Open Economy Macromodel: Past, Present and Future, 2002
There is a great deal of dissatisfaction with the architecture and functioning of the present int... more There is a great deal of dissatisfaction with the architecture and functioning of the present international monetary system and this gives rise to persistent calls for reforms. Although these are most insistent during periods of crisis, such as at the time of the collapse of the Bretton Woods System in the early 1970s, the foreign debt problem of LDCs in the early 1980s, and the financial crises in emerging markets during the second half of the 1990s, they are heard even during periods of relative tranquility in international financial markets such as now. Dissatisfaction with the functioning of the present international monetary system arises because of excessive volatility and misalignments of exchange rates as well as a result of its inability to prevent or quickly resolve international financial crises. Uncertainty also arises from the move toward monetary unification in the European Union and the creation of the Euro, which seems to be pushing the world toward a tri-polar monetary system based on the dollar, the Euro and the yen. The reforms demanded most consistently are for a move to a system in which exchange rates are more stable and less flexible and emerging market economies are less prone to disruptive financial crises.
Appearing before this organization reminds me of three pieces of immortal advice from Winston Chu... more Appearing before this organization reminds me of three pieces of immortal advice from Winston Churchill: “never try to walk up a wall that’s leaning toward you...never try to kiss a person that’s leaning away from you...and never speak to a group that knows more about a subject than you do.”
Multinational corporations are in a quandary: Stakeholders are imposing higher standards than eve... more Multinational corporations are in a quandary: Stakeholders are imposing higher standards than ever, but businesses are confused about what their global social responsibilities actually are.
Twenty years’ varied experience as a professional economist has provided me with the basis for so... more Twenty years’ varied experience as a professional economist has provided me with the basis for some broad, perhaps even unique, perspectives on the different roles economists play in society. I have toiled in all three vineyards—academia (University of Pittsburgh), government (Council of Economic Advisers) and now business (General Motors), and found the soil fertile in each—though perhaps conducive to different varietals.
When the political agency of a private firm, or of an association of them, is referred to in the ... more When the political agency of a private firm, or of an association of them, is referred to in the popular press, it is often in a negative context: the political clout of special interests acquired through lobbying, political contributions or related activities. There has been very little investigation of such agency in a positive sense, such as when a company undertakes activities that are more generally the responsibility of government or civil society, activities generally collected under the umbrella term Corporate Social Responsibility (CSR). It is this positive aspect of the political agency of corporations that is the focus of this chapter. Discussions of corporate social responsibility are typically premised on a view of the corporation as a social actor, comprising members and located in a tangible place. They have stakeholders – employees, investors, suppliers, consumers and broader communities – each of whom is owed a particular responsibility. Debates often turn on which ...
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