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The Long Divergence

How Islamic Law Held Back the Middle East

How religious barriers stalled capitalism in the Middle East In the year 1000, the economy of the Middle East was at least as advanced as that of Europe. But by 1800, the region had fallen dramatically behind—in living standards, technology, and economic institutions. In short, the Middle East had failed to modernize economically as the West surged ahead. What caused this long divergence? And why does the Middle East remain drastically underdeveloped compared to the West? In The Long Divergence, one of the world's leading experts on Islamic economic institutions and the economy of the Middle East provides a new answer to these long-debated questions. Timur Kuran argues that what slowed the economic development of the Middle East was not colonialism or geography, still less Muslim attitudes or some incompatibility between Islam and capitalism. Rather, starting around the tenth century, Islamic legal institutions, which had benefitted the Middle Eastern economy in the early centuries of Islam, began to act as a drag on development by slowing or blocking the emergence of central features of modern economic life—including private capital accumulation, corporations, large-scale production, and impersonal exchange. By the nineteenth century, modern economic institutions began to be transplanted to the Middle East, but its economy has not caught up. And there is no quick fix today. Low trust, rampant corruption, and weak civil societies—all characteristic of the region's economies today and all legacies of its economic history—will take generations to overcome. The Long Divergence opens up a frank and honest debate on a crucial issue that even some of the most ardent secularists in the Muslim world have hesitated to discuss.

The Long Divergence opens up a frank and honest debate on a crucial issue that even some of the most ardent secularists in the Muslim world have hesitated to discuss.

Balancing the Banks

Global Lessons from the Financial Crisis

The financial crisis that began in 2007 in the US swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. This book draws critical lessons from the causes of the crisis and proposes important regulatory reforms.

This book draws critical lessons from the causes of the crisis and proposes important regulatory reforms. "Three giants in the field have teamed up to offer their insightful perspectives on prudential regulation at a crucial time.

A Matter of Interpretation

Federal Courts and the Law - New Edition

We are all familiar with the image of the immensely clever judge who discerns the best rule of common law for the case at hand. According to U.S. Supreme Court Justice Antonin Scalia, a judge like this can maneuver through earlier cases to achieve the desired aim—"distinguishing one prior case on his left, straight-arming another one on his right, high-stepping away from another precedent about to tackle him from the rear, until (bravo!) he reaches the goal—good law." But is this common-law mindset, which is appropriate in its place, suitable also in statutory and constitutional interpretation? In a witty and trenchant essay, Justice Scalia answers this question with a resounding negative. In exploring the neglected art of statutory interpretation, Scalia urges that judges resist the temptation to use legislative intention and legislative history. In his view, it is incompatible with democratic government to allow the meaning of a statute to be determined by what the judges think the lawgivers meant rather than by what the legislature actually promulgated. Eschewing the judicial lawmaking that is the essence of common law, judges should interpret statutes and regulations by focusing on the text itself. Scalia then extends this principle to constitutional law. He proposes that we abandon the notion of an everchanging Constitution and pay attention to the Constitution's original meaning. Although not subscribing to the “strict constructionism” that would prevent applying the Constitution to modern circumstances, Scalia emphatically rejects the idea that judges can properly “smuggle” in new rights or deny old rights by using the Due Process Clause, for instance. In fact, such judicial discretion might lead to the destruction of the Bill of Rights if a majority of the judges ever wished to reach that most undesirable of goals. This essay is followed by four commentaries by Professors Gordon Wood, Laurence Tribe, Mary Ann Glendon, and Ronald Dworkin, who engage Justice Scalia’s ideas about judicial interpretation from varying standpoints. In the spirit of debate, Justice Scalia responds to these critics. Featuring a new foreword that discusses Scalia’s impact, jurisprudence, and legacy, this witty and trenchant exchange illuminates the brilliance of one of the most influential legal minds of our time.

This essay is followed by four commentaries by Professors Gordon Wood, Laurence Tribe, Mary Ann Glendon, and Ronald Dworkin, who engage Justice Scalia’s ideas about judicial interpretation from varying standpoints.

Quantitative Risk Management

Concepts, Techniques and Tools - Revised Edition

This book provides the most comprehensive treatment of the theoretical concepts and modelling techniques of quantitative risk management. Whether you are a financial risk analyst, actuary, regulator or student of quantitative finance, Quantitative Risk Management gives you the practical tools you need to solve real-world problems. Describing the latest advances in the field, Quantitative Risk Management covers the methods for market, credit and operational risk modelling. It places standard industry approaches on a more formal footing and explores key concepts such as loss distributions, risk measures and risk aggregation and allocation principles. The book's methodology draws on diverse quantitative disciplines, from mathematical finance and statistics to econometrics and actuarial mathematics. A primary theme throughout is the need to satisfactorily address extreme outcomes and the dependence of key risk drivers. Proven in the classroom, the book also covers advanced topics like credit derivatives. Fully revised and expanded to reflect developments in the field since the financial crisis Features shorter chapters to facilitate teaching and learning Provides enhanced coverage of Solvency II and insurance risk management and extended treatment of credit risk, including counterparty credit risk and CDO pricing Includes a new chapter on market risk and new material on risk measures and risk aggregation

This book provides the most comprehensive treatment of the theoretical concepts and modelling techniques of quantitative risk management.

The Wealth of Religions

The Political Economy of Believing and Belonging

How religious beliefs and practices can influence the wealth of nations Which countries grow faster economically—those with strong beliefs in heaven and hell or those with weak beliefs in them? Does religious participation matter? Why do some countries experience secularization while others are religiously vibrant? In The Wealth of Religions, Rachel McCleary and Robert Barro draw on their long record of pioneering research to examine these and many other aspects of the economics of religion. Places with firm beliefs in heaven and hell measured relative to the time spent in religious activities tend to be more productive and experience faster growth. Going further, there are two directions of causation: religiosity influences economic performance and economic development affects religiosity. Dimensions of economic development—such as urbanization, education, health, and fertility—matter too, interacting differently with religiosity. State regulation and subsidization of religion also play a role. The Wealth of Religions addresses the effects of religious beliefs on character traits such as work ethic, thrift, and honesty; the Protestant Reformation and its long-term effects on education and religious competition; Communism’s suppression of and competition with religion; the effects of Islamic laws and regulations on the functioning of markets and, hence, on the long-term development of Muslim countries; why some countries have state religions; analogies between religious groups and terrorist organizations; the violent origins of the Dalai Lama’s brand of Tibetan Buddhism; and the use by the Catholic Church of saint-making as a way to compete against the rise of Protestant Evangelicals. Timely and incisive, The Wealth of Religions provides fresh insights into the vital interplay between religion, markets, and economic development.

In The Wealth of Religions, Rachel McCleary and Robert Barro draw on their long record of pioneering research to examine these and many other aspects of the economics of religion.

From New Deal Banking Reform to World War II Inflation

This selection from the authors' A Monetary History of the United States, 1867-1960 (Princeton) describes the changes that were made in the banking structure and in the monetary standard following the great contraction of 1929 to 1933, the establishment of monetary policies after the New Deal period, and the development of inflation during World War II. Originally published in 1980. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

change high-powered money by the same amount but in the opposite direction, since they consist of a transfer of cash or deposits at Reserve Banks from the public and banks to the Treasury, or conversely." We did not find it necessary in ...

Al-Qur'an

An Arabic-English edition of the Holy Book of Islam is presented in a poetic and contemporary translation that seeks to conserve the original cadences of the Quranic language and is complemented by explanatory notes that identify the full meanings of various terms. Reprint.

An Arabic-English edition of the Holy Book of Islam is presented in a poetic and contemporary translation that seeks to conserve the original cadences of the Quranic language and is complemented by explanatory notes that identify the full ...

Econometrics and the Philosophy of Economics

Theory-data Confrontations in Economics

This work shows that an econometrician with the proper understanding of economic theory and the right kind of questions can gain knowledge about characteristic features of the social world. It addresses varied topics in both classical and Bayesian econometrics.

This work shows that an econometrician with the proper understanding of economic theory and the right kind of questions can gain knowledge about characteristic features of the social world.

Great Cases in Constitutional Law

Slavery, segregation, abortion, workers' rights, the power of the courts. These issues have been at the heart of the greatest constitutional controversies in American history. And in this concise and thought-provoking volume, some of today's most distinguished legal scholars and commentators explain for a general audience how five landmark Supreme Court cases centered on those controversies shaped the country's destiny and continue to affect us even now. The book is a profound exploration of the Supreme Court's importance to America's social and political life. It is also, as many of the contributors show, an intriguing reflection of what some have seen as an important trend in legal scholarship away from an uncritical belief in the essentially benign nature of judicial power. Robert George opens with an illuminating survey of the themes that unite and divide the five cases. Other contributors then examine each case in detail through a lively commentary-and-response format. Mark Tushnet and Jeremy Waldron exchange views on Marbury v. Madison, the pivotal 1803 case that established the power of the courts to invalidate legislation. Cass Sunstein and James McPherson discuss Dred Scott v. Sandford (1857), the notorious case that confirmed the rights of slaveowners, declared that black people could not be American citizens, and is often seen as a cause of the Civil War. Hadley Arkes and Donald Drakeman explore the legacy of Lochner v. New York (1905), a case that ushered in decades of judicial hostility to social welfare laws. Earl Maltz and Walter Murphy assess Brown v. Topeka Board of Education (1954), the famous case that ended racial segregation in public schools. Finally, Jean Bethke Elshtain and George Will tackle Roe v. Wade (1973), still a flashpoint a quarter of a century later in the debate over abortion. While some of the contributors show sympathy for strong judicial interventions on social issues, many across the ideological spectrum are sharply critical of judicial activism. A compelling introduction to the greatest cases in U.S. constitutional law, this is also an enlightening glimpse of the state of the art in American legal scholarship.

A compelling introduction to the greatest cases in U.S. constitutional law, this is also an enlightening glimpse of the state of the art in American legal scholarship.

Citizenship, Inequality, and Difference

Historical Perspectives

"Offers an overview of citizenship's complex evolution, from ancient Rome to the present. Political leaders and thinkers still debate, as they did in Republican Rome, whether the presumed equivalence of citizens is compatible with cultural diversity and economic inequality. The author presents citizenship as 'claim-making'--the assertion of rights in a political entity. What those rights should be and to whom they should apply have long been subjects for discussion and political mobilization, while the kind of political entity in which claims and counterclaims have been made has varied over time and space. Citizenship ideas were first shaped in the context of empires. The relationship of citizenship to 'nation' and 'empire' was hotly debated after the revolutions in France and the Americas, and claims to 'imperial citizenship' continued to be made in the mid-twentieth century. [The author] examines struggles over citizenship in the Spanish, French, British, Ottoman, Russian, Soviet, and American empires, and ... explains the reconfiguration of citizenship questions after the collapse of empires in Africa and India. The author explores the tension today between individualistic and social conceptions of citizenship, as well as between citizenship as an exclusionary notion and flexible and multinational conceptions of citizenship."--

Citizenship, Inequality, and Difference offers a clarifying lens for understanding this critical and multifaceted concept."--Elizabeth F. Cohen, Syracuse University "This is a significant book by a master historian.