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The level of inventories, particularly the finished‐goods inventories, is a good gauge of adjustment in inputs and outputs of the firms in a market economy and plays an important role in business fluctuations (see, e.g., Abramovitz, 1950, and Stanback, 1962).

The present effects of transnational corporations (TNCs) on social, health, and environmental aspects of local societies have a long history. The pre-conditions for the insertion of the types of economic initiatives now seen in the Global South, and driven by TNCs, were set through histories of colonialism and development schemes. These initiatives disrupted local economies and modified environments, delivering profound effects on livelihoods. These effects were experienced as structural violence, and have produced social suffering through the decades.

In this paper, we compare two African cases across time; the conjunction of development initiatives and structural adjustment in the Zambezi Valley, Zimbabwe in the early 1990s and industrial plantation forestry in present-day Uganda. Each case presents a specific constellation of political and economic forces that has produced prejudicial effects on local populations in their time period of application and are, essentially, different versions of structural violence that produce social suffering. While each case depicts a specific type of violent encounter manifest at a particular historical moment, these are comparable in the domains of environmental impacts, disruptions to societies, co-opting of local economies, disordering of systems of meaning and social reproduction, and nefarious effects on well-being. We analyze the conjunction of these effects through a theoretical lens of structural violence and social suffering. Our analysis draws particular attention to the role of TNCs in driving this structural violence and its effects.

This article analyzes the economic policy reform experience of three less developed countries (LDCs) during the 1980s -- Costa Rica, Ghana and Jamaica -- in three policy areas, exchange rate, trade, and agriculture. A political management model that shows how strong but skillful political leadership is as critical to policy reform success as is economic content is used for the analysis. The model proposes that government officials have to make policy reforms politically feasible if the reforms are to succeed. The assumption is that successful decision makers will take three kinds of political initiatives: (1) appeal to national sentiments, (2) seek the collaboration of affected interest groups, and (3) manage external actors. The article provides evidence that the economic perfomance of three countries correlated with the degree of political initiative taken. Costa Rican policy elites demonstrated the highest level of 1initiative. Ghana ranked second in political management, and Jamaica ranked third. The success of some LDCs also provides instructive experience for the Clinton Administration as it moves forward with a variety of policy reforms.

Wilhelm Roepke wrote his book Civitas Humana in the early 1940s in order to elaborate economic and social policy guidelines for postwar reconstruction in Europe. Rejecting both central economic planning (collectivism) and laissez‐faire, he looks for a third alternative. He finds it in a socially‐oriented market economy based on decentralisation, designed to provide citizens with roots in their communities and families. Roepke calls for a genuine competitive order with the government setting the general framework and also interfering in the market process itself to prevent monopolies and facilitate economic adjustments. He advocates a policy of encouraging the private ownership of homes and small plots. With such an “anchor of property”, people would be able to withstand the inevitable hardships resulting from economic change.

Amongst the major development problems facing many of the developing countries is the increasing levels of poverty and income inequality. Economic growth in the 1950s, 1960s and 1970s was seen as a panacea for reducing poverty. While the key to development progress is still achieving economic growth, the means to do so is based on the ability of governments to move towards a free market type economy. The concern today is the impact of economic structural adjustment policies (SAPs) on the levels of poverty and inequality. In most cases the evidence on the impact of SAPs shows that despite sustained economic growth the poverty level has increased in many developing countries and Fiji is not an exception. The move towards free market reforms is being increasingly questioned as a policy measure and its ability to have positive impact on the reduction of poverty and income inequality. The criticism of the free market approach is its failure to take account of institutional, social and political factors which in many cases are the real causes of poverty and income inequality. The debate on the applicability of SAPs and the evidence of the impact of SAPs is reviewed in the case of developing countries. The level of poverty and income inequality in Fiji are discussed.

Discusses the ideas and theories of Professor F.A. Hayek and assesses their relevance to present day social economics. Opens with the theory of business‐cycles and compares Hayek′s ideas with those of Keyne′s in this area. Follows on with dynamic market theory and the theory of evolution of social institutes. Concludes with a summary of all three expanding their legacy – that they are models for future research.

Discusses the ideas and theories of Professor F.A. Hayek and assesses their relevance to present day social economics. Opens with the theory of business‐cycles and compares Hayek′s ideas with those of Keynes in this area. Follows on with dynamic market theory and the theory of evolution of social institutions. Concludes with a summary of all three expanding their legacy – that they are models for future research.

When an industry faces strong competition, it can adjust or seek protection through government trade policy. A look at the causes, course, and consequences of such competitive shifts in the steel and consumer electronics industries shows why the battle over protectionism has heated up recently.

Assesses whether the current pattern of relative wage rigidity and labour inertia in Europe is a problematic factor in the successful functioning of the European monetary union as viewed by many observers given the absence of interregional fiscal transfer payments.

Uses econometric methods to test whether the onset of monetary integration in the US and the gold standard in selected countries has increased the pro‐cyclical behaviour of real wages.

Finds suggestive empirical evidence that indeed a Lucas Critique argument applies such that credibly fixed exchange rate regimes might induce wages to carry the burden of macroeconomic adjustment in lieu of independent monetary policy and/or fiscal transfers.

Makes a novel contribution to the literature by attempting to test for the existence of endogenous adjustment mechanisms based on historical monetary unions analogous to EMU.