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A stochastic framework for coordination of macroeconomic policies is introduced in this paper. It is suggested that: (i) measures of policy accountability should allow for the climate of uncertainty that surrounds policy decisions, and (ii) most models of aggregate economic activity impose arbitrary specifications of uncertainty that do not appear to be empirically justifiable. Ambiguities in interpreting the Humphrey-Hawkins reports of policy authorities are sketched in section II; a proposal for maximizing the ex ante prospects of policy objectives is illustrated in section III; finally, nonstationary allocations of uncertainty are discussed in sections IV and V. This paper provides a brief survey of ongoing work by members of the Federal Reserve Board staff on the role of uncertainty in policy forecasts. It suggests that policy discussion could be improved by more explicit consideration of the allocation of uncertainty. [ABSTRACT FROM AUTHOR]

The article comments on three papers within the issue: "Long-Term Effects of Government Deficits on the U.S. Output Potential," by George von Furstenburg, "Capital Formation and the Recent Productivity Slowdown," by Peter Clark, and "U.S. Productivity Growth Recession: History and Prospects for the Future," by Michael McCarthy. The author discusses each article and criticizes their shortcomings. He looks at von Furstenburg's use of the Phelps-Shell model of dynamic economic growth and notes the usefulness of neoclassical growth theory. The author feels that his discussion on the effects of government deficits on output growth or productivity represent a fruitful economic analysis innovation.

ABSTRACT: In this paper, we examine the convergence hypothesis using a long memory framework that allows for structural breaks and does not rely on a benchmark country using both univariate and multivariate estimates of the long memory parameter d. Using per capita GDP gaps, we confirm the findings of non‐stationarity and long memory behavior that have been found previously in the literature using univariate tests. However, the support for these findings is much weaker when using a multivariate framework, in which case we find more evidence of stationary behavior. Based on these results, we also investigate club formation, something that would suggest the presence of conditional convergence. We describe a club formation methodology using the sequential testing criteria that we have employed in our analysis as the basis for forming clusters or clubs of countries with similar convergence characteristics. [ABSTRACT FROM AUTHOR]

Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. We reconstruct the worldwide consolidated balance sheets of the major national banking systems to investigate the structure of their global operations across offices worldwide, shedding light on how their international asset positions were funded across currencies and counterparties. The analysis shows how the growth in European banks' US dollar assets produced structural US dollar funding needs, setting the stage for the global dollar shortage when interbank and swap markets became impaired. We demonstrate that such vulnerabilities are best measured along the contours of banks' consolidated balance sheets, rather than along national borders. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to shed light on the controversial issue of regional development incentives. Although extensive research has been conducted, a review of the literature gives an inconclusive answer to whether economic incentives are effective. Why do researchers arrive at different conclusions, even after analysing the same programmes? Among the problems that we find, for example, is the fact that for some researchers ‘effective’ means the significant location of new firms in targeted areas, while for others the creation of jobs regardless of whether new firms are arriving in a significant fashion. Furthermore, as we elaborate, the selection of an econometric model will have a significant impact on expected results. Different models, with different limitations, will lead researchers to evaluate the same incentive programme but arrive at different conclusions regarding its effectiveness. The contribution of the paper is to inform policymakers about the potential opportunities and pitfalls when designing incentive strategies. This is particularly relevant, given that both the US and Europe have been promoting incentives as a tool for regional economic development. [ABSTRACT FROM AUTHOR]

Prior to his Nobel Prize-winning work in economic development and human capital, T.W. Schultz focused his attention most centrally on the economics of U.S. agriculture. His research on this subject, published mostly between 1932 and 1951, laid the foundation for his later work. However, the lasting value of Schultz's earlier work may appear to have been called into question even by the author himself. In the three books of collected writings he published toward the end of his life (Schultz, 1990, 1993a, 1993b), very few early writings are reprinted or even cited. Nonetheless, among agricultural economists, Schultz's earlier work has been as influential as his later work became among economists generally. In the American Economic Association's (1969) compilation, Schultz was referenced in the index more than any other economist, and all twenty-two references to his works refer to studies of U.S. agriculture (and only two of them to his work on human capital). In this paper, I review Schultz's contributions under two headings: the economics of farming and agricultural policy. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Public Administration is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In 1996, Chrysler announced plans to build a replacement plant within 50 miles of its existing Toledo Jeep facilities. In theory, this presented an opportunity for alternatives to expensive ‘all or nothing’ individual competition; in practice, Toledo and other governments in the northwest Ohio/southeast Michigan region entered into the usual cutthroat contest when transnational corporations solicit incentive offers from across the United States. Chrysler's desire to remain within the region provides a unique context for analysing the opportunities and challenges associated with regional co-operation as an alternative to individual competition. In investigating the extent to which localities can co-operate and reduce wasteful incentives, this paper also identifies how the opportunities for such co-operation are limited. The research highlights the need to better incorporate this kind of region – without internal political coherence despite locational proximity – into conceptualisations and empirical analyses of regional co-operation, particularly with respect to issues of scale and conflict. [ABSTRACT FROM AUTHOR]

For most of the 1980s the New York City economy surged, carrying its expensive municipal government along with it. the fiscal crisis of the middle 1970s had become a nearly forgotten product of fiscal mismanagement and the death throes of the industrial economy. The city framed its budget according to accepted accounting principles and with its newly achieved satisfactory bond rating, it could once again market its general obligation bonds. New York's restructured economy, based in finance and advanced services, reaffirmed its enhanced status as global city. Then, just as rapidly as the boom began, it ended. The 1987 stock market crash constituted the first harbinger of decline, nevertheless New York's economy continued to grow for the next two years, albeit at a slower pace. By the end of 1989, however, almost all indicators had turned down and for the years 1990 and 19991 New York City showed declines in employment, a virtually total real-estate slump and a drastic shortfall in tax revenues as compared to anticipated receipts. The paper examines the causes and outcomes of the two post-1970 fiscal crises to indicate the links between New York's economic base, the financial condition of its government, its politics and the way in which these factors intertwine.

This paper presents the results of an exploratory study of African Americans and underdevelopment in the Mississippi Delta. The primary focus is on race-specific factors and their associations with social and economic development in the Delta. Data were obtained from The Southern Growth Policy's Southern County-Level Data Files (U.S. Department of Agriculture 1985) and a content analysis of racial conflicts in Mississippi beginning with the 1950s through the 1980s. The results of the analysis show that racial conflicts and a high concentration of poor African Americans are associated with the lack of new technology industries in Mississippi's core Delta counties. [ABSTRACT FROM AUTHOR]

ABSTRACT We reveal evidence that the US aggregate bank dividends exercise a causal impact on the US real GDP growth during the period from the introduction of the Prompt Corrective Action framework in 1992 until the outburst of the subprime mortgage market crisis in 2007. Over this period, the positive signalling effects of bank dividends outperform the negative effect of dividends on default risk. During the pre-Prompt Corrective Action and the recent post-2007 periods, bank dividends do not affect GDP growth. This regime-dependent relation is due to an asymmetric role of bank default risk. These findings are of interest to bank regulators in reassessing the role of bank dividends within Basel III and carry important policy implications as bank dividends constitute an important tool available to policy makers for strengthening real activity. Copyright © 2014 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

This paper examines how the 2005 shift in Russian exchange rate policy from US dollar (USD) single-currency to USD-EUR (euro) bi-currency targeting has impacted domestic interest rates. The finding show that this policy shift has disconnected Russian interest rates from US dollar-denominated interest rates, while instead linking them to a synthetic interest rate composed of USD and EUR rates at the same proportion as that of these two currencies in the currency basket against which the ruble's exchange rate is set. The Russian experience shows that while the adoption of bi-currency targeting may help ensure that domestic interest rates are less dependent on the monetary cycle of a single country, these rates are instead likely to reflect financial developments in all countries whose currencies are included in the currency basket. This insight is likely to be relevant for other countries that pursue basket-targeting policies. [ABSTRACT FROM AUTHOR]

During the last 2 decades, Europe's economy experienced a productivity slowdown whereas the United States (US) economy exhibited a marked acceleration. The result is that since the early 1990s the relative productivity levels between the two regions have continuously diverged, leading to a transatlantic productivity gap. Much of the explanation for this is the strong performance of the US in the so-called 'new economy' or 'knowledge economy' and in particular the underinvestment in R&D, and as a result, productivity and innovation has been at the forefront in the European Policy agenda. However, various explanations for the US-European Union transatlantic productivity gap suggest that the picture is rather more complex than simply the effects on, or the result of, particular technology-driven sectors. [ABSTRACT FROM AUTHOR]

The article focuses on addressing the employment situation in the U.S. following the recent global rescission of 2008-2009. Both the former President George W. Bush and President Barack Obama Administrations enacted several programs designed to stimulate the economy and employment growth. However, initial analysis of some of the stimuli programs have found that the efforts had a fairly limited impact on job creation and unemployment, and any impact at a significant per-job cost. It is stated that direct job creation policies can be effective in the current environment.

This article focuses on the adequacy of the growth record of the American economy in recent years. Within the past several years the question of whether or not the economy is advancing at a rapid enough pace has become a matter of serious interest to the general public as well as the economic specialist. This is true to such an extent that the economy's allegedly inadequate growth rate became one of the major issues in the 1960 presidential election campaign. The question of the adequacy of the growth performance of the American economy has been brought forcefully to public attention from a number of responsible and professionally competent sources. The central question in any discussion of the adequacy of the growth record of the economy is that of criteria. Evidence based upon per capita data rather than growth rates suggests that the economy's performance from 1944 through 1960 was relatively unsatisfactory. Real gains of sizable proportions were recorded in living standards as reflected in per capita consumption outlays, but the primary source of such gains was not the sustained growth iii the economy as a whole, but a large-scale shift in the end-use of the nation's total output. As the 1950's drew to a close, however, the possibilities of further progress in living standards from this particular source were becoming exhausted. The same holds for any future increases in the other major components of the output total, particularly investment outlays. In retrospect, therefore, the era 1945-1960 was primarily one in which the fruits of the economy's massive ware tune surge of growth were adapted to peacetime uses. It was not, an era of satisfactory growth.

In the United States, total government spending, and especially government social spending, has increased greatly over the last 50 years. What effect this has had on economic growth is a subject of intense debate among politicians, policymakers, and economists. However, there has been less attention paid to the distributional effects of government spending even though economic inequality has grown greatly over the last generation and much social spending is at least indirectly intended to reduce inequality. The effects of government social spending in the United States on growth in family income at deciles of the income distribution were estimated. The results suggested that social spending but not non-social spending was likely to increase growth in family income per capita measured over 10-year intervals. The largest effects of social spending were for deciles below the median income. At no point in the distribution does social spending have a negative effect. [ABSTRACT FROM AUTHOR]

Increased turnover among legislators can make them short-sighted, affecting fiscal policy and economic growth. We exploit the exogenous variation in legislative turnover induced by term limit laws and by redistricting in the 50 U.S. states, finding that increased turnover increases capital spending by state governments, which may be designed to constrain future governments. The changes may cause long-run distortions in the economy, reducing long-term economic growth. ( JEL H72, H73, H76) [ABSTRACT FROM AUTHOR]

For many citizens and policymakers, the empirical relationship between economic growth and biodiversity conservation has not been sufficiently established for purposes of identifying the types of economic policies amenable to biodiversity conservation. Some think economic growth conflicts with biodiversity conservation; others think economic growth conduces biodiversity conservation. With panel data from 1997-2011, encompassing US continental states, we developed a series of statistical models to investigate the relationships among species endangerment, human population, and economic growth as indicated by GDP and per capita GDP. Species endangerment is highly correlated with population and GDP, and per capita GDP is a significant regressor of species endangerment. Across US continental states, competitive exclusion of non-human species occurs via human economic growth and population growth. [ABSTRACT FROM AUTHOR]

The American states have provided a rich laboratory in which to examine influences on economic growth, physical capital, human capital, and a variety of policy variables. Existing studies typically use broad cross sections of all states or particular regional subsamples. Pairwise matching is an alternative design for better controlling of omitted variables. We estimate a growth model of U.S. states for 1997-2005 before and after applying different pairwise matching techniques. Our results indicate that sample estimates based on pairwise matching substantially improve the overall ability of the growth model to identify the growth-enhancing effects of lower tax burdens in general and lower individual income-tax rates in particular. These effects are more pronounced with narrower matching criteria. ( JEL H00, C29, O40) [ABSTRACT FROM AUTHOR]

The accountability movement in public policy hails a new programme for US foreign assistance - the Millennium Challenge Account established in 2004 with the aim of 'picking winners' for grants among developing countries based on their demonstrated quality of governance. This article uses the MCA's own rating system to dispute its claim to know in advance which countries are best positioned to meet major development goals. High governance scores alone bear little or no relationship to growth in national income or decline in poverty. Attempting to measure public-policy performance limits the range of choice available to policy-makers, and may inadvertently limit true performance. [ABSTRACT FROM AUTHOR]

The article discusses on the measure used to gauge poverty in the U.S., Europe and other developing countries. It discusses that the present official measure of poverty in the U.S. is flawed and both, the poverty threshold and measurement of available resources should be improved. It reports that European countries provided with sufficient social aid but they face a technical problem of relative poverty threshold. Also mentioned are the levels of economic development in developing and underdeveloped countries.

Abstract: Successful portfolio management strategies partly require accurate forecasts of term spreads. Such forecasts may also be useful for policymaking since the yield curve may contain predictive information for economic growth. This study asks whether experts accurately predict term spreads. We show that the consensus forecasts from two separate panels, while superior to alternative benchmark forecasts, are free of systematic bias but unable to replicate the degree of variability in the actual change. Moreover, these forecasts are directionally accurate under symmetric loss, implying that they are of value to a market participant who assigns similar costs to incorrect upward and downward moves. [Copyright &y& Elsevier]

It is widely held that foreign direct investment (FDI) has a positive effect on economic growth. To test this hypothesis, we perform convergence regressions derived from a theoretical model on the impact of FDI on endogenous technological change in small economies. The model includes FDI externalities that enhance growth, but also shows that FDI can crowd out host country income and reduce local innovation. The empirical analysis employs disaggregated US data for various FDI-related activities—in addition to the conventionally used aggregate FDI stocks and flows. We estimate the net FDI impact on the convergence rate of per-capita income to US levels, controlling for human development, financial development, and trade. We find that FDI accelerates convergence for high-income countries only, otherwise slowing it down. [ABSTRACT FROM AUTHOR]

Economic development has long been a central pillar of American foreign policy, but often coexists uneasily with the more self-interested tenets of U.S. diplomacy. Richard Nixon's development strategy for Latin America is an excellent example of this problem. Upon taking office, Nixon and his advisers elaborated a plan to accelerate Latin American economic development and thereby head off the threat of social unrest and revolution in the Western Hemisphere. The plan came to naught, however, as it was compromised by the administration's economic unilateralism, insistence on maximizing American power and diplomatic leverage, and unwillingness to tailor U.S. policies to Latin American realities. In the end, the administration was unable to implement a successful development policy or reconcile development with other U.S. objectives. By the mid-1970s, the White House had therefore turned away from development as a means of protecting U.S. interests in Latin America, and fully embraced more repressive expedients. [ABSTRACT FROM AUTHOR]

Copyright of EuroChoices is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article aims to present a conceptual framework for the analysis of ecosystem services (ES) supply in the U.S. It will also discuss some of the data and modeling issues that arise in predicting farmers' participation in ES contracts and the supply of ES resulting from them. To frame the discussion, the researchers outline a model of the supply of ES that illustrates the ways that spatial and system complexity can affect it. This model is used to discuss the data and modeling issues that arise in empirical implementation.

Housing policy in the developing world has usually been shaped by social and political considerations, yet housing can also be used to promote economic development. From the 1930s to the 1950s, it was increasingly deployed for this purpose by the agencies of colonial powers, including Britain and France; by the United States in Puerto Rico; and by the US Agency for International Development and the Inter-American Development Bank in Latin America. By the mid-1960s, the UN and affiliated agencies, notably the International Labour Office, had a keen and broad appreciation of its significance for economic policy. This understanding was temporarily swamped by rising social concerns and then sidelined when the World Bank began to support sites-and-services schemes in the 1970s. It reasserted itself in the 1980s in the form of ‘market enabling’ strategies which, however, too often became an excuse for inaction. This history underlines the importance of paying attention to the potential role of housing as a tool of economic development. Dans le monde en développement, la configuration de la politique du logement tient généralement à des aspects sociaux et politiques, alors que le logement peut aussi servir à promouvoir l’expansion économique. Des années 1930 à 1950, c’est dans ce but qu’elle a été mise en œuvre par les organes des puissances coloniales, dont la Grande-Bretagne et la France, par les États-Unis à Puerto Rico, ainsi que par l’agence de développement international des États-Unis (USAID) et la Banque interaméricaine de développement en Amérique latine. Au milieu des années 1960, l’ONU et ses agences, notamment le Bureau International du Travail, ont émis un avis général tranché quant à son importance en politique économique. Cette idée a été temporairement submergée par l’apparition de problèmes sociaux, puis mise sur la touche lorsque la Banque mondiale a soutenu les projets Sites et services dans les années 1970. Elle s’est réimplantée dans les années 1980 sous la forme de stratégies de stimulation de marché qui, toutefois, ont trop souvent servi d’excuse au manque d’action. Cet historique souligne l’intérêt à accorder au rôle potentiel du logement en tant qu’outil de développement économique. [ABSTRACT FROM AUTHOR]

Rural communities rely increasingly on local development organizations (LDOs) to promote economic development. The rise of LDOs has been the source of much debate. Using a national data set that links local governments with development organizations, we contrast the economic development activities, and their outcomes, of local governments and development organizations in rural America. We find that LDOs are involved in more economic development activities than are local governments. They are more successful at business recruitment and more effective at retention/expansion, both in number of firms and in jobs. The organizational networks of LDOs and local governments consistently influence their effectiveness. Finally, we examine the effects of an LDO's presence on the outcomes of business recruitment and of retention and expansion activities. The results suggest that the LDO's success may be due in part to the networks in which they are embedded and to the amount of effort they make to promote growth. [ABSTRACT FROM AUTHOR]

The article focuses on the promotion of local economic growth in urban and rural places in the United States. In light of the economic stresses faced by many urban and rural places in the 1970s and 1980s, many communities began actively promoting local economic growth. Subsequently, sociologists became interested in the effectiveness of such efforts. In particular, they wanted to know whether places can purposefully alter their economies, or whether ecological and other factors commonly associated with growth are more powerful. State-designated enterprise zones are an example of such attempts. The deindustrialization of America made economic development a concern for its largest cities and smallest towns. Advanced capitalism, characterized by concentration and disinvestment, has led to capital flight, plant closings, and employment loss in many American communities. The resulting economic dislocations have resulted in quality jobs migrating out of the central city to the suburbs and rural areas, the sunbelt, and overseas. As a consequence, many of the urban centers found themselves in the midst of a fiscal and social crisis.

The article answers questions like are views on the economy likely to affect political preferences. During the late 1980s and the early 1990s many Latin American countries underwent radical economic reform programmes in a neo-liberal direction. In that context, the answers to the questions seem to be of particular interest. In Latin America, the recent introduction of market oriented policies received wide-spread support, especially in those countries where they were preceded by high levels of inflation, such as in the cases of Bolivia, Argentina, and Peru. At first, some of these programmes were very successful. In several countries, the economy started growing again after a period of recession, productivity was increased, the budget deficit was reduced, and recently privatised companies began offering better services. The article considers three surveys conducted by the World Study Group between 1995 and 1997. National random and quota sampling were used. In Argentina 1,079 urban dwellers were interviewed. In Mexico the survey included 1,511 respondents, and the fieldwork was carried out in 1996 and 1997.

Copyright of Population & Development Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article presents the Hudson report on economic condition of Great Britain. According to the standard economic indices, Britain's growth rate averaged a mere 2-8 per cent, over the last eighteen years, comparable with that of the U.S., but well below that of France, Italy, Germany and Japan. If the problem is not solved, say the authors, Britain is headed for "a social and political upheaval". There is no shortage of explanations for Britain's relative decline, though it is hard to tell from the writing which is cause and which is effect.

The fast pace of economic growth of the East Asian nations known as the "Four Tigers"-South Korea, Taiwan, Hong Kong, and Singapore-has become a legend It is usually claimed that the export-oriented industrialization (EOI) strategy was the basic cause of that rapid growth However, it is contended that the growth strategy of these countries was the result of certain unique historical and geopolitical factors The colonial government had created the necessary infrastructure and international linkages which set the stage for initiating the 1301 strategy Furthermore, because of the political support accorded to them from foreign governments, these countries, with the exception of Hong Kong, excluded major oppositional groups from sharing political power, and thus they were able to pursue effectively growth and export-oriented policies South Korea and Taiwan also received a large amount of foreign aid from the U S This aid, and the fact the U S laid open its huge market for cheaper Asian exports without insisting on reciprocity, prepared the conditions for export-led growth in those countries [ABSTRACT FROM AUTHOR]

Economic development policy has a long history in the U.S. cities. Nevertheless, the scope and pace of local government economic development activity has increased greatly in recent years. One of the explanations for the adoption of economic development policies by local government is a response to economic need. A second set of explanations link the adoption of economic development policies to the activity of a pro-growth coalition of city elites and business interests. Finally, a third set of explanations suggest that particular institutional arrangements may make a difference in determining whether cities will be likely to adopt particular economic development policies.

Economic development initiatives have become common in recent years as stales and localities have sought to attract jobs and economic activity. Despite the popularity of industrial location incentives among state and local policy makers, it is not clear that current policies are either efficient or effective. Acknowledging that states and localities are not likely to cease offering economic development incentives, an alternative approach is presented here. By first determining how they fare in terms of uncontrollable business costs (transportation, energy, and labor costs), stales and localities can better focus their use of industrial location incentives. [ABSTRACT FROM AUTHOR]

State and local governments are increasingly engaged in efforts to create jobs and stimulate economic activity. While these economic development policies have a momentum of their own, many depend on federal tax, spending, and regulatory policies. State and local officials view some past and potential future federal policies as threats to their development efforts. In turn, federal officials view some state and local economic development activities as counterproductive. Some oppose issuance of tax-exempt bonds and other efforts which they think threaten the internal United States free market. Debates over federal tax reform and the federal deficit provide considerable room for continuing federal/state/local conflicts. In the long run, incentives for cooperation are stronger than those for conflict, and cooperative forces should prevail. State and local officials need federal cooperation to pursue many development objectives. Particularly important are federal research activities that can be linked to state and local efforts to expand technology transfer capabilities of state and local governments. [ABSTRACT FROM AUTHOR]

The article presents information on various techniques for economic development practices in the cities of Ontario. It offers a comparative study of the economic development practices in U.S. cities and cities in Ontario. It mentions that the most of the techniques are practiced in the area of marketing. It lists the ten most extensively employed economic techniques, including promotional literature, trade shows and visits to prospects. It states that infrastructure improvement, land based incentives and industrial zoning are other important techniques. It states that financial incentives like loans and tax abatements are most common in Ontario cities. It also mentions the economic effect of the limitation on bonuses as practiced in the Ontario cities.

President Clinton's budget for FY 1994 takes a high-risk approach to deficit reduction. By calling for the largest peace-time tax increase in American history as the centerpiece of his five-year economic plan, Clinton invited the possibility of either an outright defeat, unwelcome compromise in Congress, or a "victory" that might severely impair the prospects for economic growth. His willingness to accept such risks may be taken as strong evidence that reducing the deficit was the new administration's top priority. [ABSTRACT FROM AUTHOR]

This article focuses on the need for constructive analysis, planning, and policy to promote regional economic growth in the southern states of the U.S. The prospects and possibilities for the South's economic development are, of course, closely linked with growth of and changes in the national economy. During the past two decades, the South has shared increasingly well in national economic growth, and similar promise holds for the future. Although there are thus grounds for optimism, the expected improvement could presumably be made greater and more certain. The present momentum of Southern economic development provides a strong driving force which may be harnessed by special and concerted efforts to secure continued advance. Too much emphasis can hardly be placed on the productivity of the South's labor force in terms of its aptitudes, mobility, and employability. For several decades, the South has had somewhat more than its share of low productivity industry. Low-productivity areas are necessarily low-wage, low-income areas as well. A revealing example is the cotton-growing region of the South in which farms are typically too small, under-equipped, and poorly managed to be profitable. Such factors as the one-crop system, sharecropping, race, and an inadequate system of rural credit work in combination to reduce the productivity and cash incomes of these far too numerous farmers.

The article reflects on the timeliness of the topic of ecosystem services (ES) in the arena of agricultural policy in the U.S. According to the author, policies and programs founded in ES science and economics can provide genuine alternatives to decades of commodity-based federal farm policy. The evolution of agricultural policy as it transforms to incorporate ES measures and transactions is uncertain. It will be marked by analytic challenges and policy retreats to old ways. ES assessments will enable budget allocation, planning and priority setting on the part of public agencies.

Presents an overview of articles on economic policy agenda for the 21st century. Definition of the U.S. economic policy agenda; Analysis of the challenges of stimulating economic growth in Europe; Examination of the changes in European competition policy.

The U.S. administration has been reviewing and arguing about how this complex, interconnected relationship with the developing nations can be managed. First, the U.S. must adopt a positive and constructive attitude in addressing international problems encompassing the developing countries. Americans will seek common ground with these countries, for progress will only be possible when solutions are mutually beneficial to all parties. Second, the U.S. will recognize in the actions that interdependence requires its people, as they fashion their domestic policies, to take into account their impact on the rest of the world, including the Third World. Third, the structure of the international system is changing, gradually evolving from a "North" and a "South" into a global community in which all countries have responsibilities as well as rights. Fourth, while the policies must be global in their concept, their implementation must be specific to each situation. Fifth, the U.S. accepts the diverse models of economic and political development that the less developed countries have chosen to benefit their peoples.

This article examines the effect of peddling upon industrialization and economic development and the evolution of institutional arrangements in marketing in the Antebellum period. After 1840 peddling in America was undertaken, to an increasing extent, by newly arrived immigrants from Germany who displaced the traditional "Yankees" from the trade. The relationship between peddling and the development of entrepreneurship is explored, along with the special opportunities that peddling provided for economic and occupational mobility in the American milieu. The frequency with which individuals who started careers as peddlers rose to prominence in the fields of merchandising and finance points to the importance of the "schooling" function of this institution for newly arrived immigrants in American folkways, business practices, and commercial possibilities. [ABSTRACT FROM AUTHOR]