The paper examines from a recent historical perspective the changing roles of the state in governing and regulating South Korea's market economy. After surveying the scope and nature of statism in the earlier periods of industrialization, the analysis turns to the causes and consequences of the current economic crisis. The paper then explores the broad socioeconomic implications of economic gov...

The first of relevance to this discussion is that the welfare policies instituted over the past three decades have produced what Pearson calls a ‘gammon’ (or artificial) welfare economy within Aboriginal societies which contrasts with the ‘real’ economies of both traditional Aboriginal subsistence and the market economy. It is the absence of meaningful reciprocity between recipients of services...

a r t i c l e i n f o Companies willing to enter into the experience economy have available procedures for experience design and evaluation but not for strategic decision-making on what experiences to incorporate into their offering. This study presents a procedure for identifying experiences and for assessing their customer value. The fieldwork consists of a logbook technique for experience id...

One recurrent theme in the discussion about the features of the ‘new economy’ is the claim that due to an increased rate of technological change and widespread deregulation, markets like telecommunications, computers, and entertainment are converging. After clarifying what is meant by market convergence, four different broad patterns of market convergence and their impact on industry dynamics a...

In a finite time horizon, incomplete market, continuous-time setting with dividends and investor incomes governed by arithmetic Brownian motions, we derive closed-form solutions for the equilibrium risk-free rate and stock price for an economy with finitely many heterogeneous CARA investors and unspanned income risk. In equilibrium, the Sharpe ratio is the same as in an otherwise identical comp...

This paper investigates the relation between mutual fund flows and the real economy. The findings of this paper support the theory that the positive co-movement of flows into equity funds and stock market returns is explained by a common response to macroeconomic news. Variables that predict the real economy as well as the equity premium – in particular dividend-price ratio, default spread, rel...

The notion that good corporate governance means maximizing shareholder value derives from the neoclassical theory of the market economy. I explain why this perspective is highly problematic for understanding the operation and performance of the business corporation and hence the institutions that, for the sake of economic development, should govern it. The main problem is that the market-econom...