Background
Macesich, George was born on May 27, 1927 in Cleveland.
( In the years since World War II, the United States and ...)
In the years since World War II, the United States and other countries have created a new economic order which has produced one of the broadest and most sustained periods of prosperity in world history. The essence of this new economic order is a system of rules to govern, facilitate, and promote trade in goods and services. The result is applauded by some and condemned by others. This study discusses the roles of money, systems, and growth in the emerging, new economic order. Studying the roles of money, systems, and growth are important for gaining insight into the likely behavior of economies such as China's. A nation as large as China could undermine the ability of other countries to impose politically difficult economic disciplines. There is need for caution. The upheaval in Asia that is affecting the world's largest markets is a case in point. Failure to implement reforms consistent with the rules of the new economic order has pushed such countries as Albania, Romania, and Macedonia close to becoming Europe's hidden Third World. The power of monetary policy and economic growth to either facilitate or hinder a country's readiness to adopt the rules of the new economic order is underscored in this study.
http://www.amazon.com/gp/product/0275961710/?tag=2022091-20
( For Eastern European and other countries, market democr...)
For Eastern European and other countries, market democracy offers an organizing principle for reform, a model on which to base movement toward a market economy. Macesich stresses the importance of such an organizing principle, asserting that without it the state will again assume dominance and the political and economic structure will be taken over by well-organized special interests to the detriment of the rest of society. In such a scenario, reform simply perpetuates the interests of the ever-active political elite and bureaucracy. Market democracy, the culmination of more than three hundred years of economic and political thought, is centered on a pluralistic democracy with a free-market-oriented society. Proponents of market democracy do not share the Marxist pretention that commandeering society is the one way to assure prosperity and freedom; they are equally skeptical of the nationalism which has replaced Marxism in many of these countries as the guiding spirit of government. This study draws on the experience of the Austro-Hungarian Empire, demonstrating the futility of promoting narrow nationalism in the ethnic hodgepodge that constitutes the population in this part of Europe. The volume's eight chapters look at the organization of a market democracy and the historical and theoretical principles involved. Then Macesich zeroes in on the key role of money, the constraints of nationalism; bureaucracy and market democracy; and property rights, privatization, and other issues. The volume closes with two chapters devoted to the politics of reform and a re-examination of Europe's past. This timely volume will be especially valuable to scholars in the areas of development economics, international finance and trade, political economy, political science, and socialism.
http://www.amazon.com/gp/product/0275939898/?tag=2022091-20
( A pioneering work in comparative monetary and financial...)
A pioneering work in comparative monetary and financial studies, this is the first international comparative, empirical study of the money supply process (MSP) that involves all of the basic types of economies and institutional economic systems at all levels of economic development. As the authors note at the outset, the highly relative nature of the MSP contributes to wide differences in the MSP in different types of economies. Yet the MSP is one of the most important topics of both monetary theory and monetary practice. The comparative approach adopted here enables the authors to explain the differences that do occur in the MSP across economies and what causes them. By properly defining the general theory and overall monetary theory of MSP, the authors offer the reader both a better understanding of the national MSP and a broad framework of possibilities for improving the efficiency of monetary policy. The authors begin by describing their approach to an analysis of the MSP in national economies and the concepts and models used in this analysis. They then explain the classification of economies used in the study and their methodological approach, which is based on a two-dimensional flow of funds accounts matrix. Four chapters present the empirical evidence derived from this approach. Included are both a holistic analysis and a structural comparative analysis of the MSP. A separate chapter presents a comparative analysis involving 100 countries of the MSP during the 1978-83 time period. Finally, the authors look at the influence of the balance-of-payments and of domestic institutional sectors on the MSP. Their concluding chapters summarize their findings and point the way to further research in this area. Scholars and policymakers in economics, macroeconomics, and monetary policy will find this an illuminating addition to the literature of the money supply process.
http://www.amazon.com/gp/product/0275935973/?tag=2022091-20
( These essays, which focus on the critical issues that n...)
These essays, which focus on the critical issues that now confront the country in its continuing search for reform, stability, and unity, were written prior to recognition of the independence of Slovenia, Croatia, and Bosnia-Herzegovina by countries of the European Community, the United States, and others. The newly independent countries of the former Yugoslav federation will continue to occupy the same geographic and economic space. Their future economic and sociopolitical relations will provide many other opportunities for association. These essays provide valuable insight into the policies that may evolve from these relations and are of more than just historical interest. This volume will be valuable to economists, political scientists, and others in the social sciences interested in the dramatic events unfolding in Eastern Europe. It will also provide lessons for those in other countries seeking similar reforms.
http://www.amazon.com/gp/product/0275941752/?tag=2022091-20
( The constant and seemingly intractable problem of world...)
The constant and seemingly intractable problem of world debt is much in the news today, and, despite the Baker plan of the 1980s and the more recent Brady plan, the plight of third-world borrowing nations and their first-world creditors continues to worsen. Developing nations are stymied by the portions of their gross domestic product that must be given over to servicing debt, and money center banks continue to write down their third-world loans, damaging their own balance sheets as well as their credibility. In this study, a follow-up to his Monetary Reform and Cooperation Theory, George Macesich addresses the world debt crisis and proposes a method for overcoming the dilemma. Macesich develops a useful framework with which to approach the world debt problem, focusing on his cooperation theory, which calls for a bilateral approach on the part of both creditor and debtor countries. There are significant obstacles to this type of cooperation, however, and these difficulties and methods for overcoming them are discussed at length. Macesich begins the volume with a survey of the world debt problem, followed by a detailed examination of the theory and strategy of cooperation. In succeeding chapters he studies the barriers to cooperation: domestic constraints in debtor nations, domestic constraints in creditor nations, economic nationalism, and the nationalism of the bureaucratic and political elite. He concludes the work with a discussion of the relationship between debt burden and world monetary stability. This study will be a valuable resource for finance and banking professionals and for monetary policymakers, as well as for courses in banking, world finance, and international monetary policy. College, university, and public libraries will also find it a useful addition to their collections.
http://www.amazon.com/gp/product/0275936694/?tag=2022091-20
( This volume demonstrates how monetary and financial org...)
This volume demonstrates how monetary and financial organizations in the United States and abroad can be improved through a new addition to traditional monetary policy. Cooperation theory, a system developed from games theory, is shown to provide an appropriate action/reaction approach that can lead to cooperation without abandoning the free market. Institutional, theoretical, and empirical results of game theory, computer simulation, monetary theory, and policy analysis are woven together so that each reinforces the other. The text clearly stresses that although unilateral, noncooperative action may result in short-term advantage for an organization, it ultimately leads to long-term losses for all in the economic system. Monetary Reform and Cooperation Theory opens with a discussion of cooperation theory. It goes on to address improving the monetary financial organization. Bureaucracy and philosophy are analyzed, along with reform in the banking industry and banking in other countries. The book concludes with issues of international creditors and debtors. This work is full of useful information for the general economist, political scientist, and layman on the complex issue of monetary reform and the positive role cooperation theory can play in this vital process.
http://www.amazon.com/gp/product/0275931099/?tag=2022091-20
( Today's banking systems, from the prosperous American e...)
Today's banking systems, from the prosperous American economy to muddled Europe and wobbly Japan, may not be in as good shape as is generally assumed. Although, for instance, large financial institutions face the challenges of the new Euro with confidence, small and mid-sized banks are not as well prepared to deal with the world's changing financial scene. While most banks' profits continue to come from lending, many have become exposed to lesser borrowers, and others have entered businesses, such as asset management and trading, that could become less attractive. Given the pressure on banks to earn more profits and the extra risks they have taken, it behooves us to revisit the key issues in banking. This book casts the ongoing changes in money and banking into perspective. The issues discussed are long standing. Some have antecedents in the distant past, others are more recent. The book opens with a brief discussion of what money is, including the monetarist, Austrian, and Keynesian views, and of differing views on the role of supply and demand. It then considers the early and later years of central banking in the U.S. and abroad, moving on to the role of bureaucracy and monetary policy. The volume then considers contemporary commercial banking, the changing nature of banking today, and the Euro and the dollar. Written in nontechnical language, the book will be useful to the specialist and interested layman alike.
http://www.amazon.com/gp/product/0275967778/?tag=2022091-20
( Accelerating globalization of world markets and increas...)
Accelerating globalization of world markets and increasing interdependence of the economies of the world has made policy-making very complex, especially in the United States. One of the most debated subjects in recent years has been whether the U.S. is capable of simultaneously dealing with serious domestic challenges and economic challenges from the rest of the world. It is becoming more important for the generalist in economics, political science, business, and other areas to understand the issues confronting the American economy in relation to rapid global economic change.
http://www.amazon.com/gp/product/0275957055/?tag=2022091-20
( The economics and history of the closing years of the 2...)
The economics and history of the closing years of the 20th century may turn out to mark the era of transformation when the nation-states lose most of their ability to maneuver in economics as finance and investment become transnationalized. In the European Community and similar associations, the nation-state loses some formal powers and has to modify its policies to fit those of its neighbors and the association. An economically sustainable social democracy may be beyond the reach of any one nation, and reforms based in a single middle-sized country may be impossible.
http://www.amazon.com/gp/product/0275955184/?tag=2022091-20
( Combining a rich mixture of technical economics, politi...)
Combining a rich mixture of technical economics, political repercussions, and even the psychology of symbols and beliefs, monetary problems are both fascinating and perplexing. Given the unprecedented fiat monetary regime currently emerging, past and present struggles for monetary supremacy provide valuable lessons. This book provides insight into monetary and political problems as they appear in past and ongoing struggles for monetary supremacy in the United States and elsewhere. In effect, the issue is control over the stock of money. After examining such subjects as the failure of a common currency and the rise of barter economies, pricing in the currency of another country, specie standard monetary regimes with fixed exchange rates, currency boards, and common currency, the book considers the obstacles to the operation and survival of the current fiat monetary system. Arguing that member nation-states with competing and conflicting agendas pose the most serious obstacle, the book concludes with a consideration of cooperation theory.
http://www.amazon.com/gp/product/0275972186/?tag=2022091-20
( The transformation of Eastern and Central Europe into f...)
The transformation of Eastern and Central Europe into functioning market democracies can be facilitated by incorporating the lessons of cooperation theory into standard economic theory. By doing so, the countries are more likely to achieve the fruits and benefits of a market democracy so long denied their citizens. Institutional, theoretical, and empirical results of game theory and policy analysis are woven together to present a timely understanding of this complex issue. Policy makers with key roles in the transformation processes, general economists, political scientists, and laypersons will find this analysis a useful resource.
http://www.amazon.com/gp/product/0275949362/?tag=2022091-20
( This study argues that owing to the wide diversity of n...)
This study argues that owing to the wide diversity of nations, their often conflicting policies, and insistence on preserving their sovereignty, the processes of worldwide integration are facilitated by tying these countries together in a system of flexible exchange rates externally, while putting in place a rules-oriented monetary regime internally. The examination of the various issues involved in such an arrangement focuses on money and monetary policy drawing on historical, theoretical, philosophical, and empirical results.
http://www.amazon.com/gp/product/0275952428/?tag=2022091-20
( Since 1971, when the Bretton Woods gold exchange standa...)
Since 1971, when the Bretton Woods gold exchange standard ended, the world has been on a fiat monetary regime, with various fiat currencies managed according to the discretion of the issuing country. Inherent in this regime is a basic problem—the ease with which the system lends itself to political manipulation. This study examines the emerging fiat regime in a world of nation states determined to preserve their sovereignty from erosion by the global economy and places this process in its economic, historical, and political perspective.
http://www.amazon.com/gp/product/0275965724/?tag=2022091-20
Macesich, George was born on May 27, 1927 in Cleveland.
Associate of Arts, George Washington University, 1951. Bachelor, George Washington University, 1953. Master of Arts, George Washington University, 1954.
Doctor of Philosophy, University Chicago, 1958.
Teaching and research positions while completing graduate study, 1953-1958;
research economist, United States Chamber of Commerce, Washington, 1958-1959;
assistant professor Economics, Florida State University, Tallahassee, Florida, 1959-1961;
associate professor Economics, Florida State University, Tallahassee, 1961-1963;
professor Economics, Florida State University, Tallhassee, since 1963;
professor Economics, U. Belgrade, Yugoslavia, since 1972. Member Editorial Board Southern Economics Journal, 1961-1963. Consultant unites states department Commerce, 1961-1965.
Visiting economist National Bank of Yugoslavia, 1965. Founding director Center for Yugoslav-American Studies, Research and Exchanges, Florida State University,1961-, Institute Comparative Policy Studies Research and Exchanges, since 1992. Consultant Journal of Political Economy, University of Chicago, 1968-1981, The Council of Graduate Schools in the United States, Washington, 1971-1982, Journal of Money, Credit and Banking, 1977-1989.
Editorial board Foreign Trade and Cycles, 1970-1976, Southern Economic Journal, 1972-1976. And numerous other roles related to economics.
( This study argues that owing to the wide diversity of n...)
( These essays, which focus on the critical issues that n...)
( A pioneering work in comparative monetary and financial...)
( The constant and seemingly intractable problem of world...)
( The economics and history of the closing years of the 2...)
( In the years since World War II, the United States and ...)
( Since 1971, when the Bretton Woods gold exchange standa...)
( The transformation of Eastern and Central Europe into f...)
( Combining a rich mixture of technical economics, politi...)
( Accelerating globalization of world markets and increas...)
( This volume demonstrates how monetary and financial org...)
( For Eastern European and other countries, market democr...)
( Today's banking systems, from the prosperous American e...)
Board of directors Council Economics Development, Tallahassee, Florida, 1961-1963, Nikola Tesla Memorial Society, 1980-1981. Member United States - Yugoslav Economic Council, since 1987, Institute for International Education Screening Committee 1984-1987. With United States Navy 1944-1953.
Member American Academy Political and Social Science, American Economics Association, American Foreign Svc. Association, American Statistical Association, Southern Economic Association, United States Naval Institute, Pi Gamma Museum.
Married Susana Sonja Svorkovich, February 16, 1955. Children: Maja, Milena, George Member of Parliament.