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The article comments on the perspective of professors Georg Rich and Raymond F. Mikesell on the operations of the Eurodollar market using different perspectives in Europe. The author explains that the work of Rich and Mikesell makes the point that Eurodollar volume and rates are determined simultaneously with the United States balance of payments, foreward exchange premiums, and other international financial variables. It is the author's belief that Rich and Mikesell do not adequately handle this issue in their paper. The author presents several criticisms of the works.

The article comments on the paper related to social development in the Philippines. The author of the paper had neglected the vast body of European and American study of and in both Western and non-Western societies. Even though it is justifiable that conceptualization and methodology must be developed in relation to the particular "time-space characteristics" of the research situation, it not justifiable to adopt some as yet undeveloped and essentially unknown "new" theory. The author of the paper had discarded too lightly the enormous experience of "Western" social scientists in observation and interpretive analysis of socio-cultural patterns ranging from the most "scared" to the most nearly "secular." The use of scientific experience remains the most powerful intellectual guide which man has yet devised. The de-emphasis of "quantitativism" in favor of field and problem-oriented study is vitally necessary. The author of the paper easy slip into the concretistic error of assuming that the historical peculiarities of Philippine societal development require unique interpretive tools.

The article comments on the papers "The Changing Role of U.S. Banks in International Financing," by George H. Chittenden, "The International Money Market: Structure, Scope and Instruments," by Fred H. Klopstock, and "The Integration of European Capital Markets," by Oscar L. Altman, all published within the issue. The author looks at changes occurring in European capital markets, international money markets, and commercial bank lending. The movement toward better organized markets for long-term capital in Western Europe is discussed.

The article presents a conference paper in response to another paper published in this same issue titled "Cost of the Marshall Plan to the United States," by Seymour E. Harris. The author notes that Harris may not have had the advantage of reading the 240 page report containing the U.S. President Harry Truman's proposals for European recovery. The author considers the role of financial measures in economic recovery, stabilization loans, and the validity of the cost estimates of the Plan.

A conference paper discussing the cost of the Marshall Plan to the U.S. is presented. The author notes the estimates given by the Committee on European Economic Cooperation (CEEC) for the Economic Recovery Program, which claim that the cost to the U.S. would be $22.4 billion. The author expresses concern that this estimate may be low. The author considers income and payments for European recovery, the Marshall Plan and inflation, inflation and commodity markets, and U.S. budgetary problems.

In asking the question, "what can Europe do for itself?" in recovering and rebuilding after World War II, the article presents a conference paper that addresses information from the "General Report of the Committee of European Economic Cooperation." The author summarizes the European position into one: increase production. The author considers whether the goals outlined are attainable and what that will mean, discussing food, coal, electrical power, oil refinement, and steel production.

The volume of literature on the credit-creating powers of the Euro-dollar market, although small, is growing. This paper contends that the stock of net Euro-dollar deposits (E[sub n]) can be expressed as the product of a Euro-dollar base (B) and a Euro-dollar multiplier (k). As in domestic models, the terms of the multiplier reflect asset choices of the sectors reflected by them. A parallel between the flow of funds within the Euro-dollar market and most domestic banking systems exists. Except that no single institution serves as a Euro-dollar central bank, the two systems are highly comparable. [ABSTRACT FROM AUTHOR]

The article expands upon the results derived in a paper by Patric Hendershott, "The Structure of International Interest Rates: The U.S. Treasury Bill Rate and the Eurodollar Deposit Rate," which appeared in the September, 1967 edition of the "Journal of Finance." In that paper Hendershott contended that the equilibrium Eurodollar rate is determined primarily by the three-month U.S. Treasury bill rate. The author of the current paper extends Hendershott's work by examining the impact on the Eurodollar rate of both foreign and short-term U.S. rates. His results are in agreement with Hendershott's.

The article comments on the papers "The Changing Role of U.S. Banks in International Financing," by George H. Chittenden, "The International Money Market: Structure, Scope and Instruments," by Fred H. Klopstock, and "The Integration of European Capital Markets," by Oscar L. Altman, all published within the issue. The author looks at changes occurring in European capital markets, international money markets, and commercial bank lending. The shortage of international liquidity is discussed. The author feels that broadened exchange controls among major countries are not as effective as simply remaining solvent.

This paper is concerned with an analysis of similarities and differences in the organization structure of multinational corporations based in the United States and four European countries. The empirical investigation focused on companies operating under similar contextual constraints. Five dimensions of structural characteristics were examined: (1) basic organizational orientation, (2) structure of the relationships between the corporate headquarters and its foreign operating units, (3) the degree of centralization/decentralization, (4) the standardization of procedures, and (5) organizational flexibility. The results of the survey reveal certain similarities, but they also reveal significant variations in the organization structure of multinational firms of different national origin. [ABSTRACT FROM AUTHOR]

This article presents information on several papers and memorandums related to economic conditions in various countries. The Parliamentary documents for 1886 will contain a good deal of evidence of the increasing uneasiness as to the condition and prospects of the foreign trade of England. A Blue Book has been issued, giving the rates of duty levied on imports by the different European countries and the United States; and a second is to give the duties levied by the British colonies, these returns being on the plan of the similar documents published in 1882. The Commission on the Depression of Trade have also collected and published reports from the English consuls, showing the impediments to British trade in the different countries. Another snippet reports that the opening of fertile wheat lands in the United States, and the cheap transportation of grain to Europe have had an influence not only on England and Ireland, but on France, Germany, and Russia. French and German legislation has been invoked to protect the farmer. But now an interesting movement is in progress among the Russian peasants, by which the former serfs are becoming separated from the land. At the time of the emancipation of the serfs, Russia controlled the wheat markets of Western Europe; while the prices of agricultural products were high, and even rising.

The progress of European recovery has been anything but steady since the winter of 1946-1947. It moved forward rapidly in 1948 and the very beginning of 1949, but the U.S. recession in the summer of 1949 set Europe back sharply. Indexes of production were stagnant or declining in most of Europe during that summer. It looked as if what was originally conceived as a largely physical task of expanding agricultural and industrial production had already, at a much earlier stage than anticipated, encountered the problem of inadequate markets for the output that could be produced. The setback was climaxed by the devaluation of sterling in September and devaluations of practically all other European currencies that followed immediately in its wake. This paper is concerned with the economic state of Europe now and in the near future, it contains certain views which may have a wider application in time and in space. It is written in the belief that there are lessons to be learned from current European experience which have quite general significance for economic policy, public and private, here as well as in Europe. As the title of this paper suggests, it is intended as an essay in political economy rather than in pure economics or economic theory.

Declines in private housing production during periods of credit restraint have been widely publicized in the United States. Four such downturns have been recorded in the past decade and a half--in 1955-57, 1959-60, 1965-66, and 1969-70. A variety of measures have been adopted or recommended during recent years in an effort to lessen the disproportionately heavy impact of credit restraint on the private housing sector. Other measures have been offered to minimize the need for, or reliance on, credit restraint. Credit-affected downturns in private housing starts or residential building permits, however, are far from endemic to the United States alone. They have taken place since the mid-1950's in Canada and certain West European countries as well. Canada has recorded four cases; Belgium and Switzerland each has had three, Germany and Great Britain two each, and Italy one. In most if not all of these cases, private residential construction has been affected more severely by credit restraint than other major branches of the economy. Omitted from discussion are still other cases, as in Sweden and France, where the scope of public involvement in the housing sector has minimized the analytical significance of "private" housing production. [ABSTRACT FROM AUTHOR]

The article compares the varying accounting methods of Europe and the U.S. There has been a more definite effort in European countries to regulate accounting practice through direct legislation than in the U.S. However, leading corporations in the U.S. have financial statements that are clearer and more orderly than those of corporations in Europe despite a lack in regulatory legislation for accounting practices. The U.S. is making progress in regulating accounting practice with the regulations prescribed by the Interstate Commerce Commission.

The article presents a comparison of the United States and European wages, costs and productivity and explains how and when it can be profitable for a U.S.-based business to manufacture abroad, and often it may be more profitable to manufacture at home. Several newspaper articles referencing the low wages paid to European workers and their rapidly rising productive efficiency are cited as examples indicating that the United States may be pricing itself out of competitive markets. Comparisons of industrial costs for United States and foreign businesses are made, including comparisons of wage levels, labor costs, and productivity.

The article focuses on regional economic development in American and European continent. The questions of social justice in the distributions of the fruits of economic progress are as important and as difficult in terms of regions as in terms of social classes. The question of whether or not the federal government ought to influence the location of economic activity has long been bypassed by government participation in our mixed economy on a scale, which inevitably has important regional consequences. It is undoubtedly in recognition of this phenomenon that important efforts already have been made to give the government a creative role in the solution of regional problems. Nevertheless, these efforts are not yet commensurate with the difficulties posed by lagging regions and congested metropolitan areas. This paper has proposed a number of operationally feasible approaches to the tasks, which remain in the quest for optimal spatial resource allocation from a social point of view. While they do not pretend to indicate final solutions, they are at least conceived on a scale consistent with the issues involved.

This article presents information on the book "Monopoly and Competition and Their Regulation. Papers and Proceedings of a Conference held by the International Economic Association," edited by E.H. Chamberlin. Monopoly and competition have been a widely discussed topic among economists. The eight articles in this book that describe the state of competition in eight different countries in Europe and the U.S. are as different as is the statistical information available in these countries. The book contains a statement of the issues involved, accounts of the empirical information available, appraisals of various attempts to deal with the monopoly problem, and restatements of most of the important approaches and ideas in the field. It is not surprising that several of the articles condemn competition, both as a form of market organization and as a theoretical standard to judge the performance of an economy. The difference between American and European efficiency is mostly due to a difference in technological efficiency. Efficiency is relevant to many contemporary economic problems, among them the problem of economic growth.

Following the restrictive phase of transportation regulation induced by the depression, with its limitations on entry and on competitive pricing, the interest in transport regulation has now swung somewhat in the other direction. It is the purpose of this paper to indicate how some of the same problems have been handled in other countries. For the problem raised by new technologies in transport, upsetting the old railway monopoly, is almost universal. While technological progress in the U.S. has been outstanding, U.S. institutions have maintained an ambivalent attitude. Some continental countries have shown flexibility in adapting their attitudes and institutions to the changed situation. European practice may contain useful lessons for people in the U.S. The standard solution to the problem of growing competition which new technologies present to traditional transport, adopted in the United States and many other countries, has been to impose restrictive handicaps on the new technologies. In the United States, the certificate of public convenience and necessity has been used to restrict the entry of new management into transportation.

Comparative data on marital power structure for the United States, France, Greece, and Yugoslavia are discussed. Data on the United States and France show a positive association between husband's authority score and such variables as husband's educational status, occupational status, and income; data on Greece and Yugoslavia show a negative association on these variables. The contradictory findings are used to elaborate a ‘theory of resources in cultural context’—the distribution of marital power is seen to result from the interaction of (1) comparative resources of husband and wife and (2) cultural or subcultural expectations about the distribution of marital power. [ABSTRACT FROM AUTHOR]

This paper examines the economic factors which partially explain the movements in this flow of labor from Europe to the U.S. in the period 1870-1914. Aggregate labor demand and supply functions are discussed and combined into a migration model. The paper offers both an examination of an important period in economic history and a further test of available aggregate demand and supply models for labor. The results suggest that aggregate demand and supply functions for labor derived from neoclassical production and consumer theory may be fruitfully applied to the analysis of the economic determinants of migration. European migration to the U.S. prior to World War I was significantly influenced by both employment opportunities in the particular European country, and the gain in real income to be achieved by migration to the U.S. Employment opportunities in the U.S., as distinct from the higher real wages, was of much less significance. Differences in the migrant stock between the European countries may also underlay variation in the level of migration to the United States.

This article presents a reprint of the paper "L'informatique etlepouvoir: Pouvoir dans l'entreprise et pouvoir de l'entreprise," that was published in the May 1972 issue of the periodical "Informatique et Gestion." A brief recall of the most recent concepts on the functioning of organizations will allow the potential implications of informatics for the distribution of power in a company to be better understood and will clarify the reactions of the cadres in this regard. Specialists on business administration and sociologists specializing in organizations have conducted studies in the United States and in Western Europe that have led to a company no longer being considered as a supra-individual entity, having an existence and a behavior independent of that of its members and capable to this extent of being explained and governed by referring to purely formal models. They have likewise demonstrated that a company can no longer be conceived of only as the network of interpersonal relationships--irrational and charged with affectivity--to which the theoreticians of human relations thought it could be reduced. Instead, an organization can more realistically be considered the resultant of strategic games carried out as a function of multiple, divergent, and indeed contradictory goals by the organizational actors and as a function of their adherence to a minimum of common norms.

A selective systematic overview is provided of the literature on the utilization of health and welfare services that appeared in the United States and Europe, mainly within the last two decades. Methodological questions that appear to characterize much of the work to date, are discussed and analytically distinct approaches or research strategies in the study of utilization behavior are presented. The paper traces the emergence of work in this area, questions the wisdom of investigators proceeding along traditional research lines, and highlights a number of promising new possibilities for research. [ABSTRACT FROM AUTHOR]

The article reports on nationalism in United States. There are scores of new States in Asia and Africa that are trying to set up free societies. It is a "new birth of freedom" on a grand scale. It is in fact freedom's greatest test, for it involves the older free regimes of Europe and the United States. If truth counts over charity, then one must point out that the new States will fail, if not all, then all but a few. Some are already succumbing to the initial perils of liberty that the last paper of the Federalist warned Americans against: "anarchy, civil war, a perpetual alienation of the States from each other, and perhaps the military despotism of a victorious demagogue." The real wonder is in believing that national unity could ever arise in freedom among the many units that nowadays arrogate to themselves the name of nation. They are nations only to the map maker. Many are areas marked off only for colonial administrative convenience; some have dozens, even hundreds, of languages, several antagonistic religions; a still uncounted welter of tribes living in mutual ignorance or traditional war; and above all there stands the great gulf between the village primitive and the urban modern.

The article presents a letter from the President of the Academy of Management regarding the differences in education, research, development, and management between Europe and the U.S. The article discusses the views of Jean-Jacques Sevan Schreiber, author of the book "Le Defi Americain," who predicts that by 1980 the three greatest industrial areas in the world will be the U.S., the USSR, and U.S. business investment in Europe. The author gives suggestions on how Europe can close the gap with the U.S. in education, technology, and management.

The article presents news briefs on several social science publications as of December 1972. The 1972 edition of the book "Statistical Abstract of the United States," was issued by the U.S. Bureau of Census. This 93rd annual edition of the "Abstract" includes a more comprehensive section of statistics from the 1970 U.S. Census of Population and Housing than was possible in 1971. "Current Research" booklet published in English, is now available from the Centre for European Society. The American Academy of Political and Social Science will publish a special monograph of papers and proceedings presented at a two day conference on Integration of the Social Sciences Through Policy Analysis.

Manufacturing In U.S. has undergone many changes in technology and in spatial distribution since the inception of the industrial revolution in Western Europe. Paralleling technologic progress and industrial growth has been the areal expansion and spatial adjustments of manufacturing. These geographic changes in industrial pattern are brought about by advancing technology, population growth, and competition among producers for favored processing locations. A large literature has now developed describing theoretically the optimal location of industrial plants focusing on comparative cost analysis, and measuring spatial associations in manufacturing. However, there has been relatively little attempt to treat spatial changes in manufacturing over a long period of time on a regional basis or to evaluate the degree to which these changes reflect technologic growth as in the transportation system. It is the purpose of this paper to briefly examine and illustrate the patterns of manufacturing change in the Lower Peninsula of Michigan from 1840 to 1963 and to summarize these changes in terms of four major areas of technologic development.

The article presents comments on the problems of international economic policy by providing various discussions from specialized conferences. There are two persistent enemies of international commerce. The one is restrictionism, the other discrimination. Great Britain and the United States alike have tried to compromise with both. Neither American protectionism, even as modified by the Hull agreements, nor the system of preferential tariffs, as exemplified in trade treaties among Great Britain and the Dominions, is consistent with international prosperity nor with international friendship. According to one of the economists, for the European continent foreign trade is simply vital for maintaining of decent living possibilities, it is not a question of a degree of economic stability but of the whole economic structure. The postwar balance of trade may be unfavorably affected by the structural changes in the British balance of payments, as Great Britain has been a big surplus importer from the European Continent, supplying it with dollars and other overseas exchanges.

This paper reports on visits to 24 national operations-research societies (two in Germany) and to operations researchers in ten other countries. It considers each visit to a society specific-ally, plus some of the visits in countries not having societies. My purpose was to promote closer relations between the OPERATIONS RESEARCH SOCIETY OF AMERICA and operations researchers of other countries. The first visits were made during July-August of 1967,in conjunction with the Operations Research Around-the-World Meetings. Canada was visited in November, Central and South America in December-January, and the remaining countries in Europe during March-April of 1968. These visits included all of the world's major operations-research societies, and some others. [ABSTRACT FROM AUTHOR]

The article develops an economic hypothesis about the origin of social movements. The paper is divided into three parts: the first elaborates a theory of demand for social change or, more specifically, a theory about why the demand for change manifests itself in social movements. This first part, in turn, is subdivided into two sections examining: first, some structural components of the environment in which social movements originate and discussing, second, the definitions and assumptions of the proposed theory as well as its essential mechanisms. The second part introduces the concept of the supply of social movements and examines how this supply is related to the demand for social change. This discussion sheds some new light on the question of social change itself. This is briefly discussed in Section III. The hypothesis formulated appears to be consistent, at least in the large, with what is known of the history of social movements in Canada, in the United States, and in Europe during the first part of the twentieth century.

The use of aggregate production functions of the Cobb-Douglas type to explain the sources of growth and of differences in growth rates, in recent years among eight European countries and the United States is discussed in the article. Output is related to inputs of labor and capital, together with a residual not accounted for by these factor inputs, whether measured conventionally or in efficiency units. Until recently such procedures, when applied to European countries, required the use of balance-sheet data to measure capital, but ignorance of prices and valuation methods implicit in such data has been a serious weakness. Thanks mainly to the enterprise of economists Simon Kuznets, Moses Abramovitz and their co-workers, supported by the Social Science Research Council, historical series on gross investment have recently become available for some European countries. Despite uncertainties surrounding deflation procedures and the paucity of data for estimating useful lives, such capital estimates are greatly to be preferred to figures resting on balance sheet valuations. The availability of these new data prompted the present study, preliminary results of which are given in this paper.

Recently, professors Karl Kafer and V. K. Zimmerman presented an excellently documented paper on the evolution of the funds statement in the U.S. and in Europe. Following extensive exploration, they pointed out some significant deficiencies of the funds statement. The main purpose of this article, however, is to present a different format for the construction of this flow statement. It is hoped that a structural change in this flow statement will throw some additional light on the study of flows of economic resources at the business-enterprise level. In addition to recognizing the distinction between financial and nonfinancial flows of business operations, it is important to analyze their interplay. Productive activities may be financed internally, externally, or both. A detailed presentation of the financial activities of an enterprise will show not only how additional productive resources are acquired, but will also provide a basis, in part at least, for analyzing expansion and future income flow. The conventional balance sheet and income statement are deficient in depicting financial activities of a firm and in relating theft relationship to the firm's productive activities. It must be remembered that net income is "attributable to the whole process of business activity" and that the operations involves continuous movement of productive and financial resources. The resources-flow statement should not be treated as a supplementary device. It is a basic statement in its own right. With two basic types of flows, the need for at least two flow statements is quite dear. In addition, the resources-flow statement is much more than a statement of financial flows.