Plans for the European Monetary Union (EMU) are based on the conventional postulate that increasing the independence of the central bank can reduce inflation without any real economic effects. However, the theoretical and empirical bases for this claim rest on models of the economy that make...

For over one hundred years, the British economy has been in decline relative to other industrialized countries. This book explores the origins of Britain's economic problems and develops a striking new argument about the sources of decline. It goes on to analyze the evolution of economic policy...

What are the most fundamental differences among the political economies of the developed world? How do national institutional differences condition economic performance, public policy, and social well-being? Will they survive the pressures for convergence generated by globalization and...