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This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.

In this chapter, I explore the impacts of international capital movements on income distribution within countries and the value of trade in goods. Jones (1980) introduces sector-specific capital into a simple Ricardian setting and examines the role of comparative and absolute advantage in determining the allocation of capital between countries. I introduce a simple structure of the demand for commodities into Jones (1980) so that commodity prices are determined endogenously in commodity markets. This extension allows us to show how the pattern of demand plays a crucial role in the effects of capital movements on income distribution and goods trade.

A panel error correction model has been developed to investigate the spatial correlation patterns among house prices. This paper aims to identify a dominant housing market in the ripple down process.

Seemingly unrelated regression estimators are adapted to deal with the contemporary correlations and heterogeneity across cities. Impulse response functions are subsequently implemented to simulate the spatial correlation patterns. The newly developed approach is then applied to the Australian capital city house price indices.

The results suggest that Melbourne should be recognised as the dominant housing market. Four levels were classified within the Australian house price interconnections, namely: Melbourne; Adelaide, Canberra, Perth and Sydney; Brisbane and Hobart; and Darwin.

This research develops a panel regression framework in addressing the spatial correlation patterns of house prices across cities. The ripple-down process of house price dynamics across cities was explored by capturing both the contemporary correlations and heterogeneity, and by identifying the dominant housing market.

The purpose of this paper is to identify capital flows due to trade misinvoicing in 30 African nations.

Data from 30 African nations were examined for deviations from average import and export prices as an indicator of capital flows This paper uses US customs data to document the amount of capital flows which may be hidden in commodity trade. Deviations from average prices (price filter matrix) within these commodity classes are used to identify abnormal prices and to produce conservative estimates of the amount of capital movement from 30 countries in Africa to the USA.

The results of this study demonstrate that, between 2000 and 2005, capital outflows from all 58 countries in Africa to the USA grew by more than 50 percent, through both low‐priced exports and high‐priced imports.

A clear understanding as to the true purpose of the overall capital movement is not easy to determine from the data. Approximately half of the countries (16 out of 30) utilized low‐priced exports as a means to move more money into the USA, while the other half (14 out of 30) used high‐priced exports to move the most money.

When trade misinvoicing is used as a tool to move capital in and out of a country or continent in order to evade taxes and/or customs duties, avoiding quotas, smuggling, and laundering illegally obtained money, or as a means of capital flight, the economic development of the given country is severely hindered. This movement of capital may be due to tax evasion, duty reduction, money laundering, capital flight, or other reasons beyond the scope of this paper.

The technique of using a price filter matrix can be of value to researchers and governments to identify capital flows due to trade misinvoicing.

The Single European Market (SEM) represents the final stage in the process of economic integration of trade in goods and services and the free movement of individuals in the European Community (EC). The discussion of the benefits of the SEM has been concentrated primarily on the extent to which the elimination of non‐tariff barriers will lead to greater economic efficiency. The progress in the creation of a single labour market within the EC is reviewed and the relationship between labour mobility and migration in order to assess the impact of the free movement of labour. It is argued that internal migration will generally fall due to the free mobility of capital. Where labour embodies significant human capital however, migration is expected to rise in response to the removal of barriers.

The purpose of this paper is to examine the determinants that affect international capital flows (ICF) toward the Spanish real estate market over the period 1995 first quarter to 2017 fourth quarter.

VECM methodology is used to analyze time series and panel methods using pooled EGLS regression.

VECM parameter results for construction and real estate activities sectors, quickly suggesting a stable performance of capital flows toward Spanish real estate sector that the short-term fluctuation of foreign investment results contributes to the long-term equilibrium relatively soon. By applying the Monetary theory of Johnson, the model identifies a relevant role of M3 explaining capital flows to real estate, together with the lagged variables of construction and real estate activities capital flows, Spanish real interest rate and Spain’s economic growth rate; they are the significant determinants on capital movement to Spanish real estate sector. Interestingly, Spanish housing prices as an exogenous variable, directly, significantly and negatively affect real estate capital flows in all cases as a way to capture the assets price bubble.

Findings highlight reasons affecting capital flows to real estate and construction activities to Spanish sectors which allow capital Funds to take into account those drivers in their investment decisions.

This paper is the first attempt to analyze the determinants of ICF to Spanish real estate market; it has a significant meaning for both Spanish economy and international investors.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

As a “business capital” model premised upon a financial perspective of educational change spreads itself into school systems around the world, a countervailing view of “professional capital,” as proposed by Hargreaves and Fullan, provides a new framework for transforming teaching and uplifting learning. The purpose of this paper is to advance theory by distinguishing among three forms of professional capital found in three different settings.

Systemic professional capital is exemplified by the city-state of Singapore, in which schools, higher education, and the Ministry of Education all support one another to optimize student learning. Social movement professional capital is manifested in the Learning Communities Project of rural middle schools in Mexico, where change is driven forward with a model of tutorial relationships that has proven to be sustainable even when funding is cut and political support is withdrawn. Activist professional capital can be identified in a Teacher Solutions Team model in Arizona in the USA, where educators carve out new zones of interaction and support for one another to deepen their knowledge base. This paper examines and discusses the above.

Systemic, social movement, and activist forms of professional capital are found to share affinities with the three forms of teacher professionalism identified by the Organization for Economic Cooperation and Development based on findings from the Teaching and Learning International Survey.

These distinctions among various forms of professional capital invite further research and theory building to provide alternatives to the rise of business capital in schools and school systems.

One of the main functions of the absorptive class is to minimize the impact of economic crisis within a given national economy and where possible to shift the impact of economic crisis to less-developed or developing economies or indeed to another advanced economy. Hence the absorptive class displays the same feature of capitalism: it is simultaneously both national and international. This process of absorption is not done consciously, of course. It is the way the system has come to operate. Had the system not done so, capitalist economies would have lost a great degree of its capacity for resilience in the face of recurrent crises. Since the industrial revolution gathered momentum in England in the eighteenth century and spread rapidly to a limited number of countries in the world, economic crisis has been commonplace, threatening the very fabric of the economies created by the system. Economic crisis is taken to mean a severe disjuncture between production and consumption, marked by a reduction in economic growth. Depending on one's theoretical position economic crisis is caused by over-production or under-consumption or by some combination of the two. Adam Smith who published An Enquiry into the Wealth of Nations just about at the onset of the industrial revolution in England believed that any disjuncture between glut and scarcity was an effect of wrong-minded intervention by government. Left alone market forces would always tend toward the elimination of gluts. Thus, want of employment (the word unemployment was to be invented a 100 years later), so dangerous to the social fabric, would be avoided and capital accumulation would take place steadily in an unimpeded way. However, by the early nineteenth century, the British economy seemed to fluctuate ever more wildly than it had done in less industrial times, and as the urban population grew, such instability was especially feared by the ruling classes in Britain and, later, in Germany, the United States, France and Italy. Clearly, policy intervention by governments took place to manage such crises and the governments sought increasingly to achieve financial and price stability, and in Britain for instance this culminated in the Bank Charter Act of 1844, having 10 years previously introduced legislation aimed at achieving labour mobility with the infamous Poor Law Amendment Act.

Coffee producers typically sell raw coffee beans as the first step in a global value chain. Recently, groups of producers have formed coffee cooperatives that attempt to regain market power by integrating the other steps of the value chain. This study uses matching to estimate the effect of membership in one such cooperative on the household economy of indigenous coffee producers in the state of Chiapas, Mexico. It contributes to the literature by considering new determinants of participation and outcomes of interest. First, social capital at the individual and village level is correlated with cooperative membership more than other demographic factors. Second, cooperative members report an increase in the share of coffee sold and income from coffee sales but not in per-kilo price or total income. These two results reflect particular features of the Chiapas reality and the desires of the indigenous people the cooperative serves. Thus, they reiterate the importance for economic development projects to consider the context of their interventions.