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Purpose – This chapter shows that in the presence of tourism, the traditional policy prescription, free trade in goods and the standard Pigouvian tax on pollution, is not optimal for a small open economy.

Methodology/approach – The general-equilibrium analysis is employed to study environmental regulations for a small open economy with tourism.

Findings – Foreign tourists consume mainly local non-traded goods in the tourist-receiving economy. Inbound tourism converts formally non-traded goods into tradables, generating a tourism terms-of-trade effect. Owing to this favourable effect, positive tariffs and stricter pollution taxes can actually improve welfare of domestic residents. The optimal rates of tariffs and pollution taxes are derived and explained for the economy with tourism. These positive rates are confirmed by simulations.

Originality/value of chapter – The presence of tourism can alter the welfare implications of the traditional trade policy.

The purpose of this paper is to show that the environmental income drives economic growth of a large open country.

The authors detect that the relative environmental income has double effect of “conspicuous consumption” on the international renewable resource stock changes when a new social norm shapes to environmental-friendly behaviors by using normal macroeconomic approaches.

Every unit of extra demand for renewable resource consumption increases the net premium of domestic capital asset. Even if the technology spillovers are inefficient to the substitution of capital to labor force in a real business cycle, the relative income with scale effect increases drives savings to investment. In this case, the renewable resource consumption promotes both the reproduction to a higher level and saving the potential cost of environmental improvement. Even if without scale effects, the loss of technology inefficient can be compensated by net positive consumption externality for economic growth in a sustainable manner.

It implies how to earn the environment income determines the future pathway of China’s rural conversion to the era of eco-urbanization.

We test the tax incidence to demonstrate an experimental taxation for environmental improvement ultimately burdens on international consumption side.

This theoretical paper aims to illustrate that tourism economies differ substantially with respect to market conditions, such as demand elasticity and industrial structure, which have a clear effect on the distribution of the tax burden.

This paper has used partial and general equilibrium frameworks to study the effects of a production tax on the overall welfare of a tourism economy. The two frameworks are linked via the relative price of tourism based on the assumption that it is influenced by a typical tourism economy that is able to enjoy a certain degree of market power in its tourism exports.

We have discovered that the division of the tax burden is significantly affected by local market conditions, such as demand elasticity and industrial structure. Generally, tourism economies differ with respect to those characteristics, which can be crucial in determining the success of a tourism tax. This line of research has enabled us to determine why different tourism tax rates have been adopted in various markets and to provide a justification for government selection of a particular tax in a given market. The rational criterion for tax choices is to maximize the likelihood of enhancing welfare or to minimize the risk of reducing efficiency.

This paper argues that those conditions are crucial to determining the success or failure of a tourism tax and may thus be able to explain why each tourism economy has adopted a different tax.

The purpose of the paper is to examine the interdependencies between trade and environment policies, as they get jointly determined in a political‐economy model of a small open economy. In theoretical literature, government is usually modeled as benevolent. In real economies, however, it is not a pure social welfare maximizer. Lobbies have stakes in the specific policies, and they negotiate with/bribe the government over the latter's policy stance. The influence of industry lobbying on both trade and the environment policies at the political equilibrium is the focus of the paper.

Concepts from non‐cooperative game theory are used to incorporate a Nash‐bargaining game between the industry lobby and government. Government is not benevolent. Campaign contributions help win elections and provide incentive to distort policies to attract lobby contributions. Several situations are modeled. Given a politically set environment policy, tariffs may be zero in view of the free trade agreements. Or, a sequential game is modeled where environment policy is set to maximize social welfare, given a politically determined trade policy. Alternatively, in the full political equilibrium, government and lobby bargain simultaneously over tariff and the environmental tax.

Lobbying implies that government may trade‐off one policy for another. When only environment policy is politically manipulable by the lobby, pollution tax is lower than the Pigouvian tax. If, instead, the lobby can influence trade policy only, government provides protection to domestic import‐competing sector. In a sequential game, the trade policy outcome does not change, but pollution tax is always higher than the Pigouvian level, even with the environmental lobby absent. With both the policies political, the government “concedes” and offers positive tariff protection, but, not on environment policy; that is, imposes a pollution tax higher than the Pigouvian level.

The paper provides useful insights into how, under the influence of special‐interest politics, and bargaining between the government and lobbies, the trade and environment policies interact with each other. In comparison with the existing literature on this issue, it derives several stronger and (apparently) counter‐intuitive conclusions.

The transformation of the Chinese economy is underway, and the process of reform has facilitated a sustained increase in economic growth. However, the state‐owned enterprise sector is being left behind by the dynamism of the other sectors of the economy. To sustain growth it is likely that further changes are necessary in the Chinese economy and society. The lessons of the Asian financial crisis are that economic progress can be halted without a commitment to the creation of independent institutions, and the individual freedoms necessary to promote entrepreneurship and innovation. The conservative social values of China, often promoted through the educational and training system, could act as a brake on the economic progress of the country.

The purpose of this study is to investigate how a country's competitive tax policy influences its inward foreign direct investments (FDI) in the Asia–Pacific region, even when given particular constraints (e.g., population, public governance, skilled labor, and so on) exist.

The paper uses the system GMM estimation approach to test the hypothesis. Data on FDI, corporate income tax, and various confounding factors were drawn from Ernst and Young's worldwide corporate tax guide, the World Bank, and other sources to create a panel of 28 economies over the period 2000–2016.

The present research confirms the negative association between corporate income tax (CIT) and FDI inflows. The effects of other confounding factors on FDI net inflows are also supported (e.g., connectivity, GDP per capita, population, skilled labor, and trade openness). Our results support the argument that foreign investments may be more sensitive to CIT. Therefore, CIT is an effective indicator to observe international tax competition.

The present research uses rich data on statutory CIT and other economic and public governance factors to investigate the relationship between tax competition and FDI inflows in the Asia–Pacific region. The findings add important supplements to the nuanced understanding of the political-economic dynamics in this region, especially when cut-throat tax competition, trade tensions, and stagnant economic growth have been key challenges for global economies.

The purpose of this paper is to examine the impact of education, in particular, the Master of Business Administration (MBA), on China's continual development and economic growth. This paper concerns itself with the “software” necessary to effect a qualitative transformation – education. MBA education's growth in China is reflective of the significant shortages of managerial expertise, but the MBA's roots in and transfer to China does not necessarily make it an agent of economic transformation and modernisation. This paper suggests that the MBA education's conceptual base and preoccupation, as well as Chinese managerial practices, may render management in China more rational and even, more efficient, but not necessarily more creative.

The paper draws on a critique of MBA education and the critical role played by communities in fostering creativity in building its claims, and presents an overview based on analysis of research materials.

This paper stresses the importance of keeping up with creativity and the emerging new global paradigms of the business environment. Managing and developing for “creativity” has become an important strategic instrument for firms and states to improve their competitiveness and create wealth. The paper examines the impact of education, in particular, the MBA on China's continual development and economic growth and argues that there is a preoccupation with techniques and assumes that creativity can be uni‐linearly transferred. The paper further points out that a “creative” economy and society needs appropriate infrastructures, strategies and mechanisms. Educational institutions offering business education need to be mindful of the limitations of their educational models and practices. Similarly, the Chinese need to be more reflective in their engagements with MBA education.

Critical areas are suggested that decision makers in government agencies, enterprises and international funding agencies need to address with respect if they are to effect “creativity” in China. Understanding that “creativity” is not one‐dimensional and uni‐linear will assist in enabling new possibilities and avenues of knowledge to be opened up and also in the development and nurturing of new institutions and practices necessary for creating a more dynamic and creative economy and society.

This paper critically assesses the transfer of “software” mechanisms into China which seek to transform its economy, and provides some observations and insights on creativity and its implications for China.

In this chapter, the historical and theoretical evolution of the policy framework in Europe is presented. It begins from the early steps guided by the general principles of the Keynesian theory in open economies, goes through its revision after the 1970s and the fall of the Bretton Woods agreements, the creation of the European monetary system, and ends with a presentation of the theoretical underpinning that brought to the model on which the European monetary union was built on. The evolution of the economic theory is pieced together, in the light of the main historical and political facts that occurred. A first insight about the flaws of the Eurozone policy framework is provided.

This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and adaptability to climate change and massive biodiversity loss. Additionally, this study uncovers the interventions implemented to address economic, environmental and social consequences of past crises based on a systematic literature review. Specifically, this chapter provides answers to the following six questions:

1. What has been done in the past to rebuild social, economic and environmental balance after global crises?

2. Where (geographical region) did the analysis on measures taken concentrate?

3. When have scholars analysed past measures to rebuild business and society after a global crisis?

4. How did the past measures to rebuild business and society after the global crisis take place?

5. Who promotes the measures to rebuild business and society after a global crisis takes place?

6. Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

What has been done in the past to rebuild social, economic and environmental balance after global crises?

Where (geographical region) did the analysis on measures taken concentrate?

When have scholars analysed past measures to rebuild business and society after a global crisis?

How did the past measures to rebuild business and society after the global crisis take place?

Who promotes the measures to rebuild business and society after a global crisis takes place?

Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

Finally, this chapter identifies future research opportunities to rebuild business and society after the past global crises.