Knights or the Brush: The Hudson River School and the Moral Landscape by James F. Cooper Hudson Hills Press, 1999 Readers of this journal will recall the article entitled An Artistic Renaissance? in the summer 1999 issue that told of the American Arts Quarterly's championing of a potential aesthetic renewal in the United States. The goal of the Newington-Cropsey Foundation, publisher of the Quarterly, has been to promote sublimity and beauty in the arts, supplanting what it sees as a studied ugliness in postmodernist art. One of the early-American schools of art that is often featured within the Quarterly is the Hudson River School of Romantic painters that towered over American painting between 1830 and 1860. Although the Quarterly contains articles by a number of authors about many different artists and their work, the intellectual core of the Quarterly's efforts comes from two men: James F. Cooper, the editor, and Frederick Turner, who works with the magazine and serves on the editorial advisory board. Now the Quarterly is in effect supplemented by a book of high-- quality artistic reproductions and aesthetic, historical commentary. James F. Cooper is Knights of the Brush's primary author, providing the text that accompanies the illustrations and that explains the characteristics of the Hudson River School and its place in American history. Frederick Turner adds a second to Cooper's views with a brief Foreword. Fifty-six colorplate reproductions of the leading paintings by such artists as Thomas Cole, Jasper F. Cropsey, Frederic Edwin Church, Asher Brown Durand, and others, combine with the text to make this book rank high among the many beautiful and informative art books available. The early nineteenth century American wilderness, suffused with light that is made even more striking by its contrast with deep shadow, provides the paintings' subject. The scenes often contain Protestant Christian imagery, reflecting the artists' central purpose of presenting nature as a manifestation of God's presence. The values informing their work? - virtue, chivalry, spirituality, beauty, order - to which we might add Plato's philosophic Realism, as is evident when reference is made to "timeless archetypal forms." Accordingly, Cooper and Turner see the Hudson River School as a champion of artistic standards that have been repudiated by the postmodernist school, which for several years has held sway within academic and institutional art. They tell us how art today has been politicized and condemns the past as Eurocentric, heterosexual, racist, hierarchical, and an instrument of class and racial oppression. The radical relativism of Foucault and Derrida denies the value of standards, representational art, and archetypes. To present this contrast and to point, then, to a possible renewal of Western artistic commitment to beauty, Knights of the Brush contains three sections: "Paradise Found," about the Hudson River School itself; "Paradise Lost," about the slide
骑士还是画笔:哈德逊河学派和道德景观，作者:詹姆斯·f·库珀哈德逊山出版社，1999在1999年的夏季号上，讲述了《美国艺术季刊》对美国潜在美学复兴的支持。《季刊》的出版商纽灵顿-克罗普西基金会(Newington-Cropsey Foundation)的目标一直是促进艺术中的崇高和美，取代它所认为的后现代主义艺术中刻意制造的丑陋。在《季刊》中经常出现的早期美国艺术流派之一是哈德逊河浪漫主义画家学派，他们在1830年至1860年期间在美国绘画中占据主导地位。虽然《季刊》包含了许多作者关于许多不同艺术家及其作品的文章，但《季刊》的知识核心来自两个人:主编詹姆斯·f·库珀(James F. Cooper)和与杂志合作并担任编辑顾问委员会成员的弗雷德里克·特纳(Frederick Turner)。现在，《季刊》实际上是由一本高质量的艺术复制品和美学、历史评论书补充的。詹姆斯·f·库珀(James F. Cooper)是《刷子骑士》的主要作者，他提供了插图的文字，解释了哈德逊河学派的特点及其在美国历史上的地位。弗雷德里克·特纳用简短的前言补充了库珀的观点。由托马斯·科尔、贾斯帕·f·克罗普西、弗雷德里克·埃德温·丘奇、阿瑟·布朗·杜兰德等艺术家的56幅彩板复制品，加上文字，使这本书在许多美丽和信息丰富的艺术书籍中名列前茅。十九世纪早期的美国荒野，充满了光，与深沉的阴影形成对比，更加引人注目，提供了绘画的主题。这些场景通常包含新教基督教的意象，反映了艺术家们将自然表现为上帝存在的中心目的。他们工作的价值观是什么?——美德、骑士精神、灵性、美、秩序——我们可以加上柏拉图的哲学现实主义，当提到“永恒的原型形式”时，这一点很明显。因此，库珀和特纳将哈德逊河画派视为被后现代主义流派所否定的艺术标准的捍卫者，后现代主义流派多年来一直在学术和机构艺术中占据主导地位。他们告诉我们今天的艺术是如何被政治化的，并谴责过去的欧洲中心主义、异性恋、种族主义、等级制度，以及阶级和种族压迫的工具。福柯和德里达的激进相对主义否定了标准、表现艺术和原型的价值。为了呈现这种对比，并指出西方艺术对美的承诺的可能更新，《画笔骑士》包含三个部分:“发现天堂”，关于哈德逊河学派本身;《失乐园》(Paradise Lost)，讲的是滑向世俗主义和文化异化;以及讲述新生迹象的《复乐园》(Paradise resing)。关于这些画作和艺术家本身，这里还有更多可以讲述的，但最好还是留给读者亲自去体验，因为画作比语言更能雄辩地表达。然而，在一些重要的方面，这位评论家提出了一种与文本所提供的不同的对近期艺术史的分析:认为当代美国艺术否定了过去以美为中心的艺术，这是一个错误，因为它只关注“艺术机构”所认可的艺术。．..
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Book file PDF easily for everyone and every device. You can download and read online Chinese Intelligence Operations file PDF Book only if you are registered here. And also you can download or read online all Book PDF file that related with Chinese Intelligence Operations book. Happy reading Chinese Intelligence Operations Bookeveryone. Download file Free Book PDF Chinese Intelligence Operations at Complete PDF Library. This Book have some digital formats such us :paperbook, ebook, kindle, epub, fb2 and another formats. Here is The Complete PDF Book Library. It's free to register here to get Book file PDF Chinese Intelligence Operations.
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Pub Date : 2000-04-01DOI: 10.1111/j.1444-0938.1959.tb00100.x
J. H. Hughes
New initiatives are needed by the U.S to maintain a strong space program, inclouding the develop of the moon. This program will help the U.S. to build a missile defense system in space. Key Words: Ballistic missile defense, Brilliant Pebbles, Space Based Laser, space transportation, heavy lift booster, the moon, water on the moon. Our vision for space has changed since Wernher von Braun led the space program and Apollo moonshot.1 The growth of computers, development of sophisticated infrared, radar, and optical sensors, and innovative use of satellite networks have created new roles for space, especially in telecommunications. But one essential element is missing: the pioneer with the vision, passion, and understanding to develop space. On July 20, 1969, Neil Armstrong stepped on the moon's surface. But since then, more than 25 years ago, man has yet to return to the moon. In spite of the discovery of water on the moon, greatly simplifying the development and operation of a manned lunar base, the United States has yet to send a man back to the moon.2 We need a vision for space with new horizons, including man in space. A vision for space will help the United States keep ahead of Russia, China, Europe, Japan, and India, who are actively challenging American leadership.3 A vision for space can lead to a surge of technological and scientific progress, benefiting the U.S. economy and military with long-term improvements in basic technological infrastructure. A vision for space will develop manned bases on the moon.4 A vision for space will build various two-stage reusable rocket and Single Stage To Orbit designs to dramatically cut the cost of space launches.5 The economic and military implications of a Single Stage To Orbit (or two-stage reusable rocket) - lower launch costs - are enormous. It will open wide the door to space. A vision for space would exploit the technological advantages of deploying ballistic missile defenses in space to meet the growing threat of intermediate and long range ballistic missiles. In March 1999, the House and Senate, recognizing the growing threat of long range ballistic missiles, voted overwhelmingly for deploying a national missile defense.6 Strategy for Space There is an essential link between space programs and defense.7 The German V-2 rocket spawned the American and Russian ballistic missile and space programs. The linkage between space and defense extends to the deployment of ballistic missile defenses in space. There are inherent advantages to deploying ballistic missile defenses in space: automated operation; continuous, global coverage; higher position compared to ground based defenses or a boosting rocket; long lines of sight especially for high energy lasers; and a boost phase defense capability, which ground-based defenses lack. A strong space program will deploy ballistic missile defenses in space to control space.8 A strong space program will also result in spin-offs assisting the deployment of ballistic
{"title":"A Vision for Space","authors":"J. H. Hughes","doi":"10.1111/j.1444-0938.1959.tb00100.x","DOIUrl":"https://doi.org/10.1111/j.1444-0938.1959.tb00100.x","url":null,"abstract":"New initiatives are needed by the U.S to maintain a strong space program, inclouding the develop of the moon. This program will help the U.S. to build a missile defense system in space. Key Words: Ballistic missile defense, Brilliant Pebbles, Space Based Laser, space transportation, heavy lift booster, the moon, water on the moon. Our vision for space has changed since Wernher von Braun led the space program and Apollo moonshot.1 The growth of computers, development of sophisticated infrared, radar, and optical sensors, and innovative use of satellite networks have created new roles for space, especially in telecommunications. But one essential element is missing: the pioneer with the vision, passion, and understanding to develop space. On July 20, 1969, Neil Armstrong stepped on the moon's surface. But since then, more than 25 years ago, man has yet to return to the moon. In spite of the discovery of water on the moon, greatly simplifying the development and operation of a manned lunar base, the United States has yet to send a man back to the moon.2 We need a vision for space with new horizons, including man in space. A vision for space will help the United States keep ahead of Russia, China, Europe, Japan, and India, who are actively challenging American leadership.3 A vision for space can lead to a surge of technological and scientific progress, benefiting the U.S. economy and military with long-term improvements in basic technological infrastructure. A vision for space will develop manned bases on the moon.4 A vision for space will build various two-stage reusable rocket and Single Stage To Orbit designs to dramatically cut the cost of space launches.5 The economic and military implications of a Single Stage To Orbit (or two-stage reusable rocket) - lower launch costs - are enormous. It will open wide the door to space. A vision for space would exploit the technological advantages of deploying ballistic missile defenses in space to meet the growing threat of intermediate and long range ballistic missiles. In March 1999, the House and Senate, recognizing the growing threat of long range ballistic missiles, voted overwhelmingly for deploying a national missile defense.6 Strategy for Space There is an essential link between space programs and defense.7 The German V-2 rocket spawned the American and Russian ballistic missile and space programs. The linkage between space and defense extends to the deployment of ballistic missile defenses in space. There are inherent advantages to deploying ballistic missile defenses in space: automated operation; continuous, global coverage; higher position compared to ground based defenses or a boosting rocket; long lines of sight especially for high energy lasers; and a boost phase defense capability, which ground-based defenses lack. A strong space program will deploy ballistic missile defenses in space to control space.8 A strong space program will also result in spin-offs assisting the deployment of ballistic","PeriodicalId":52486,"journal":{"name":"Journal of Social, Political, and Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2000-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87030835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stocks for the Long Run Jeremy J. Siegel McGraw Hill, 1998 Jeremy Siegel has written a book that could have a great effect on the reader's wealth while challenging conventional academic views. It is written at the popular level but references the underlying academic articles (i.e. it is footnoted). Siegel is a finance professor at the University of Pennsylvania's Wharton School, so he is well qualified to draw on the academic literature. The basic message of the book is that stocks have been a wonderful long run investment, and can be expected to continue to be so. The emphasis is on the long run, because there is no doubt that stocks can be exceedingly risky in the short run. As an illustration of stocks' short-run risk, consider October 19, 1987, when the stock market dropped by 22.6% in one day (see Miller 1999 for a review of a book focusing on this episode). Because of the short-run riskiness of stocks, one who is saving for an event in the near future (such as the next vacation), runs a considerable risk of losing money. However, most saving is done not for such short-run purposes but for long-run purposes such as retirement, or to leave money to descendants. Siegel makes a convincing case that stocks are much better for such long-run purposes than either bonds or money market instruments. Bank deposits usually earn even less than money market instruments, and hence are also dominated by stocks. The textbooks I use in teaching finance present evidence that stocks have, on average, outperformed bonds since 1926. Siegel carries this evidence back to 1802, presenting data on the returns from stocks and bonds from 1802 to 1997. Over this long period stocks have had an average return of 8.4%, composed of price increases averaging 3.0%, and dividends averaging 5.4%. In contrast, long-term US government bonds have averaged 4.7%, and short-term US governments, 4.3%. This superiority of stocks held true for major subdivisions of the period studied also. Economists talk about the equity risk premium, the differential between stocks and bonds, which is usually interpreted as the reward to bearing the risks of equity. This of course varies tremendously year to year. Siegel plots a thirty-year running average of the equity risk premium. It is striking that it is virtually always well above 0% (the exceptions appear to be around 1841 and 1861, which are well over a century ago). Thus, for someone investing for the long run, it appears stocks virtually always exceed bonds in return. The riskiness of having stocks underperform bonds turns out to depend very much on the holding period. A fascinating graph (showing data from 1802 to 1997) shows the maximum and minimum real (i.e., inflation adjusted) annualized returns for various holding periods (p. 27). For short holding periods, there is the expected result that one can lose more money on stocks than on either bonds or T-bills, frighteningly more. The worst one-year return on stocks is -30.6% (the best is
杰里米·西格尔写了一本可能对读者的财富产生巨大影响的书，同时挑战了传统的学术观点。它是在通俗的层面上写的，但参考了潜在的学术文章(即脚注)。西格尔是宾夕法尼亚大学沃顿商学院(University of Pennsylvania’s Wharton School)的金融学教授，因此他完全有资格借鉴学术文献。这本书的基本信息是，股票一直是一种极好的长期投资，而且可以预期将继续如此。这里强调的是长期，因为毫无疑问，股票在短期内会有极大的风险。为了说明股票的短期风险，考虑1987年10月19日，当时股市在一天内下跌了22.6%(见Miller 1999年关于这一事件的书评)。由于股票的短期风险，为近期事件(如下一次度假)存钱的人有很大的赔钱风险。然而，大多数储蓄不是为了短期目的，而是为了长期目的，比如退休，或者给后代留下钱。西格尔提出了一个令人信服的理由，即从长期来看，股票比债券或货币市场工具要好得多。银行存款的收益通常比货币市场工具还要低，因此也以股票为主。我在讲授金融时使用的教科书提供的证据表明，自1926年以来，股票的平均表现优于债券。西格尔将这一证据追溯到1802年，展示了1802年至1997年股票和债券回报的数据。在这段时间里，股票的平均回报率为8.4%，其中股价平均上涨3.0%，股息平均上涨5.4%。相比之下，长期美国政府债券的平均收益率为4.7%，短期美国政府债券的平均收益率为4.3%。股票的这种优势在研究期间的主要细分领域也成立。经济学家谈论股票风险溢价，股票和债券之间的差异，通常被解释为承担股票风险的回报。这当然每年都有很大的不同。西格尔绘制了股票风险溢价的30年运行平均值。令人惊讶的是，它实际上总是远高于0%(例外是在1841年和1861年左右，这是一个多世纪以前的事了)。因此，对于长期投资的人来说，股票的回报率似乎总是高于债券。事实证明，股票表现不如债券的风险很大程度上取决于持有期限。一张引人入胜的图表(显示了1802年至1997年的数据)显示了不同持有期的最大和最小实际(即经通胀调整后的)年化回报率(第27页)。对于短期持有期，预期的结果是，人们在股票上的损失可能比在债券或国库券上的损失要大得多。股票最差的一年回报率为-30.6%(最好的一年回报率为66.6%)。顺便说一句，短期内债券也有可观的风险，最差的债券表现为-21.9%，最差的国库券表现为-15.6%。当高通胀降低了债券和国库券的实际购买力时，债券和国库券就会贬值。债券就有这种风险。此外，当利率意外上升时，他们可能会遭受巨大损失，从而降低风险。股票的风险高于债券，债券的风险高于国库券(以及银行存款和其他货币市场工具)，这是标准的教科书教材。这通常被解释为投资者不喜欢风险，只有在获得更大回报的情况下才愿意承担更高的风险。因此，投资者应该只有在承诺比债券高得多的回报时才愿意持有股票。然而，大多数投资者(尤其是那些拥有大笔资金的投资者)的投资期限都比一年长。然而，股票风险溢价似乎随着持有期的增加而缩小。…
{"title":"Stocks for the Long Run","authors":"E. Miller","doi":"10.5860/choice.40-2908","DOIUrl":"https://doi.org/10.5860/choice.40-2908","url":null,"abstract":"Stocks for the Long Run Jeremy J. Siegel McGraw Hill, 1998 Jeremy Siegel has written a book that could have a great effect on the reader's wealth while challenging conventional academic views. It is written at the popular level but references the underlying academic articles (i.e. it is footnoted). Siegel is a finance professor at the University of Pennsylvania's Wharton School, so he is well qualified to draw on the academic literature. The basic message of the book is that stocks have been a wonderful long run investment, and can be expected to continue to be so. The emphasis is on the long run, because there is no doubt that stocks can be exceedingly risky in the short run. As an illustration of stocks' short-run risk, consider October 19, 1987, when the stock market dropped by 22.6% in one day (see Miller 1999 for a review of a book focusing on this episode). Because of the short-run riskiness of stocks, one who is saving for an event in the near future (such as the next vacation), runs a considerable risk of losing money. However, most saving is done not for such short-run purposes but for long-run purposes such as retirement, or to leave money to descendants. Siegel makes a convincing case that stocks are much better for such long-run purposes than either bonds or money market instruments. Bank deposits usually earn even less than money market instruments, and hence are also dominated by stocks. The textbooks I use in teaching finance present evidence that stocks have, on average, outperformed bonds since 1926. Siegel carries this evidence back to 1802, presenting data on the returns from stocks and bonds from 1802 to 1997. Over this long period stocks have had an average return of 8.4%, composed of price increases averaging 3.0%, and dividends averaging 5.4%. In contrast, long-term US government bonds have averaged 4.7%, and short-term US governments, 4.3%. This superiority of stocks held true for major subdivisions of the period studied also. Economists talk about the equity risk premium, the differential between stocks and bonds, which is usually interpreted as the reward to bearing the risks of equity. This of course varies tremendously year to year. Siegel plots a thirty-year running average of the equity risk premium. It is striking that it is virtually always well above 0% (the exceptions appear to be around 1841 and 1861, which are well over a century ago). Thus, for someone investing for the long run, it appears stocks virtually always exceed bonds in return. The riskiness of having stocks underperform bonds turns out to depend very much on the holding period. A fascinating graph (showing data from 1802 to 1997) shows the maximum and minimum real (i.e., inflation adjusted) annualized returns for various holding periods (p. 27). For short holding periods, there is the expected result that one can lose more money on stocks than on either bonds or T-bills, frighteningly more. The worst one-year return on stocks is -30.6% (the best is ","PeriodicalId":52486,"journal":{"name":"Journal of Social, Political, and Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2000-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73664677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Financial Services, Globalization and Domestic Policy Change William D. Coleman St. Martin's Press, New York, 1996. Financial markets are going global. Policy makers are struggling to adjust. This book, by a Canadian political scientist, exams the policy response in five countries, the U.S., Canada, the UK, France, and Germany. As one might expect from a political scientist the emphasis is on how countries reach their decision on how to respond as much as on how countries actually responded. The emphasis is on two industries, loan making and security trading, which at the start of the period discussed, the 1960's were generally viewed as separate industries, with separate firms in each (except in Germany). In many countries, the business of making loans was divided among different types of firms, with firms called banks specializing in loans to business firms, and other firms (saving and loans, building societies) specializing in residential lending, and a variety of other intermediaries meeting the needs of the lower income populations, the rural population, or small businesses. In most countries there was a breakdown in the barriers between these separate segments, and a move towards permitting banking firms to engage in any type of financing, including selling securities. This is referred to as universal banking. Much of this movement was driven by the concern that if domestic firms did not expand and internationalize, some of the business would be lost to more flexible foreign firms. In security markets, the pressure was to lower the prices to users of the services and make the services more efficient. While in the U.S., the pressure for this seems to have been directed towards benefiting the consumers of financial services (here especially the institutional investors), in other countries the move seems to have been driven by a fear that the business would go abroad unless the domestic markets were highly efficient and provided services at a low price. While the focus of the book is on the process by which change occurs, it may be most interesting for the readers of this journal to point out how large the changes are that various countries have undergone. For instance, France started the period in the sixties with a highly fragmented system with commercial banks, merchant banks, savings banks, and financial cooperative all operating under different rules, with special institutions handling lending to agriculture, to artisans, and to local governments. Only 15% of the financial needs of the economy came through security markets. The government owned the major banks and in addition had a highly intricate system of credit controls and allocation, with 70 different interest rate regimes covering 44% of lending. A traditional career path had top graduates from the Ecole Nationale de Administration move to the Grand Corps of the Inspection general des finances and from there to the Ministry of Finance. After a rapid rise through the ranks they were
{"title":"Financial Services, Globalization and Domestic Policy Change","authors":"E. Miller","doi":"10.5860/choice.34-2268","DOIUrl":"https://doi.org/10.5860/choice.34-2268","url":null,"abstract":"Financial Services, Globalization and Domestic Policy Change William D. Coleman St. Martin's Press, New York, 1996. Financial markets are going global. Policy makers are struggling to adjust. This book, by a Canadian political scientist, exams the policy response in five countries, the U.S., Canada, the UK, France, and Germany. As one might expect from a political scientist the emphasis is on how countries reach their decision on how to respond as much as on how countries actually responded. The emphasis is on two industries, loan making and security trading, which at the start of the period discussed, the 1960's were generally viewed as separate industries, with separate firms in each (except in Germany). In many countries, the business of making loans was divided among different types of firms, with firms called banks specializing in loans to business firms, and other firms (saving and loans, building societies) specializing in residential lending, and a variety of other intermediaries meeting the needs of the lower income populations, the rural population, or small businesses. In most countries there was a breakdown in the barriers between these separate segments, and a move towards permitting banking firms to engage in any type of financing, including selling securities. This is referred to as universal banking. Much of this movement was driven by the concern that if domestic firms did not expand and internationalize, some of the business would be lost to more flexible foreign firms. In security markets, the pressure was to lower the prices to users of the services and make the services more efficient. While in the U.S., the pressure for this seems to have been directed towards benefiting the consumers of financial services (here especially the institutional investors), in other countries the move seems to have been driven by a fear that the business would go abroad unless the domestic markets were highly efficient and provided services at a low price. While the focus of the book is on the process by which change occurs, it may be most interesting for the readers of this journal to point out how large the changes are that various countries have undergone. For instance, France started the period in the sixties with a highly fragmented system with commercial banks, merchant banks, savings banks, and financial cooperative all operating under different rules, with special institutions handling lending to agriculture, to artisans, and to local governments. Only 15% of the financial needs of the economy came through security markets. The government owned the major banks and in addition had a highly intricate system of credit controls and allocation, with 70 different interest rate regimes covering 44% of lending. A traditional career path had top graduates from the Ecole Nationale de Administration move to the Grand Corps of the Inspection general des finances and from there to the Ministry of Finance. After a rapid rise through the ranks they were","PeriodicalId":52486,"journal":{"name":"Journal of Social, Political, and Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74982226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Andean Cocaine Industry Patrick L. Clawson and Rensselar W. Lee III New York: St. Martin's Press, 1996 Criminal activities are not normally considered as a contributor to national income, yet the cocaine industry in the Andean countries (Peru, Bolivia, and Columbia) are important enough to be a major part of their national economies, as this fascinating book documents. Cocaine exports (cocaine is primarily an export industry) are estimated to be 53% of Peru's exports in 1992. For Bolivia, U.S.AID estimates had put cocaine exports as 90% of the exports in 1988, but "only 23%" by 1992. For an illegal activity, these are high figures. The structure of the industry consists of large numbers of peasants growing the crop in low-lying and jungle areas, and with processing in "laboratories" located in the rural areas. The per capita incomes derived at this stage are low. The big profits are made by smuggling the drug into the U.S. and Europe. Estimates are that cocaine hydrochloride costs $1000 per kilogram, with the cost of transportation to the United States market being $3,000, and miscellaneous other costs (handling, bribes in major markets) $500. With a wholesale price estimated at $13,000 per kilogram in the U.S. market, the profit potential is very high. Getting the proceeds back home in legal form is estimated as costing 15% of the total, leaving the gross profit margins from shipping to the U.S. at $6,500 per kilogram, about half of the wholesale proceeds. Interestingly, European prices appear to be much higher at $35,000 per kilogram. With the retail price of cocaine being $120-$151 per gram, the retail price is $121,000-$151,000 per kilogram, about 10 fold higher than the port-of-entry prices. Thus most of the cocaine profits are made in the United States, creating a strong incentive for the Colombian exporters to move operations downstream. In many U.S. cities Colombians have established distribution cells that sell the cocaine in lots of 30 to 100 kilograms at prices of $35,000 to $45,000. These highly profitable operations are run by inmigrants from Columbia with strong ties back home (having relatives whose location is known to the exporter is one way of assuring loyalty). Since it is not known how many of these will eventually return home, it is unclear in national income accounting terms how much of this income should be credited to Columbia. Estimates by Colombian economists of their country's cocaine income differ widely from as low as $170 million to $3.1 billion. One table (p. 24) puts exports by core Colombian organizations (i.e. excluding the small organizations not affiliated with the major Cali or Medellincentered groups) at 250 tons to the U.S., and 80 tons to Europe, with total earnings of $3.71 billion. Due to higher prices in Europe, most of the earnings were actually from Europe. Estimating the major exporters as accounting for 75% of the exports, the total value of exports would be $8 billion. This substantial sum is 90
{"title":"The Andean Cocaine Industry","authors":"E. Miller","doi":"10.5860/choice.34-2417","DOIUrl":"https://doi.org/10.5860/choice.34-2417","url":null,"abstract":"The Andean Cocaine Industry Patrick L. Clawson and Rensselar W. Lee III New York: St. Martin's Press, 1996 Criminal activities are not normally considered as a contributor to national income, yet the cocaine industry in the Andean countries (Peru, Bolivia, and Columbia) are important enough to be a major part of their national economies, as this fascinating book documents. Cocaine exports (cocaine is primarily an export industry) are estimated to be 53% of Peru's exports in 1992. For Bolivia, U.S.AID estimates had put cocaine exports as 90% of the exports in 1988, but \"only 23%\" by 1992. For an illegal activity, these are high figures. The structure of the industry consists of large numbers of peasants growing the crop in low-lying and jungle areas, and with processing in \"laboratories\" located in the rural areas. The per capita incomes derived at this stage are low. The big profits are made by smuggling the drug into the U.S. and Europe. Estimates are that cocaine hydrochloride costs $1000 per kilogram, with the cost of transportation to the United States market being $3,000, and miscellaneous other costs (handling, bribes in major markets) $500. With a wholesale price estimated at $13,000 per kilogram in the U.S. market, the profit potential is very high. Getting the proceeds back home in legal form is estimated as costing 15% of the total, leaving the gross profit margins from shipping to the U.S. at $6,500 per kilogram, about half of the wholesale proceeds. Interestingly, European prices appear to be much higher at $35,000 per kilogram. With the retail price of cocaine being $120-$151 per gram, the retail price is $121,000-$151,000 per kilogram, about 10 fold higher than the port-of-entry prices. Thus most of the cocaine profits are made in the United States, creating a strong incentive for the Colombian exporters to move operations downstream. In many U.S. cities Colombians have established distribution cells that sell the cocaine in lots of 30 to 100 kilograms at prices of $35,000 to $45,000. These highly profitable operations are run by inmigrants from Columbia with strong ties back home (having relatives whose location is known to the exporter is one way of assuring loyalty). Since it is not known how many of these will eventually return home, it is unclear in national income accounting terms how much of this income should be credited to Columbia. Estimates by Colombian economists of their country's cocaine income differ widely from as low as $170 million to $3.1 billion. One table (p. 24) puts exports by core Colombian organizations (i.e. excluding the small organizations not affiliated with the major Cali or Medellincentered groups) at 250 tons to the U.S., and 80 tons to Europe, with total earnings of $3.71 billion. Due to higher prices in Europe, most of the earnings were actually from Europe. Estimating the major exporters as accounting for 75% of the exports, the total value of exports would be $8 billion. This substantial sum is 90","PeriodicalId":52486,"journal":{"name":"Journal of Social, Political, and Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75373078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Genesis of Chinese Communist Foreign Policy Michael H. Hunt Columbia University Press, New York, 1996. With 1.2 billion people and rapid economic growth, China will soon be the world's leading economic power, and can be expected to play a corresponding role in international relations. Understanding the origins of China's foreign policy then becomes important. Hunt's book starts with the crisis in the Quing Dynasty (starting from about 1800) when it became clear that China was threatened by the economically and militarily stronger Western powers. It ends with the Korean War. In recent years many new Chinese language documents have become available dealing the Mao era, permitting a reevaluation of this era. Mao and many other communist leaders are interpreted as "patriots" rather than "nationalists". The reason is that they valued the Chinese state and wished to see it powerful. This went beyond traditional "nationalism," with its emphasis of freeing ones home people from foreign domination. Dynastic China was an empire in which the majority of the population was Han (i.e. Chinese), but which had extended its control over the non-Chinese populations in Manchuria, Mongolia, Xinkiang (a large traditionally Muslim area in West China) and Tibet. The Communists and those who overthrew the Qing dynasty sought to maintain Chinese control over these outlying areas. This left the Communist with the problem of explaining why the Chinese people should be free of foreign domination, but yet the non-Chinese areas of Tibet, Xinkiang, Mongolia, etc. should be under Chinese control. Only recently has the area that in World War II was Manchuria, and is now called Northeast China, came to have a predominately Chinese population. It was originally populated by an ethnic group called the Manchu. These conquered China proper, setting up what Chinese called the Qing Dynasty (sometimes called the Manchu Dynasty). While the Manchu rulers adopted Chinese culture and styles of ruling, for most of their reign they restricted Han migration into their homeland. Only in the last century when Russia and Japan were seeking control of the region, did they encourage the Han migration that finally firmly tied the region to China (It is now at least ninety percent Han). Likewise, Inner Mongolia only recently became predominately Han rather than Mongolian, and the large area of Xinkiang only very recently came to have a Han majority. The same process now appears to be taking place in Tibet. For the Chinese "patriots" a problem was how to reconcile Chinese domination (and settlement) of these regions with calls for the Chinese themselves to be free of foreign domination. The book traces the conflict in the late Qing dynasty between two views. One feared the cultural influences of the foreigner and called for massive resistance to the foreign intrusions. Anther realized that China was militarily weak and needed access to foreign technology and skills, and were hence willing to accep
{"title":"The Genesis of Chinese Communist Foreign Policy","authors":"E. Miller","doi":"10.5860/choice.33-6445","DOIUrl":"https://doi.org/10.5860/choice.33-6445","url":null,"abstract":"The Genesis of Chinese Communist Foreign Policy Michael H. Hunt Columbia University Press, New York, 1996. With 1.2 billion people and rapid economic growth, China will soon be the world's leading economic power, and can be expected to play a corresponding role in international relations. Understanding the origins of China's foreign policy then becomes important. Hunt's book starts with the crisis in the Quing Dynasty (starting from about 1800) when it became clear that China was threatened by the economically and militarily stronger Western powers. It ends with the Korean War. In recent years many new Chinese language documents have become available dealing the Mao era, permitting a reevaluation of this era. Mao and many other communist leaders are interpreted as \"patriots\" rather than \"nationalists\". The reason is that they valued the Chinese state and wished to see it powerful. This went beyond traditional \"nationalism,\" with its emphasis of freeing ones home people from foreign domination. Dynastic China was an empire in which the majority of the population was Han (i.e. Chinese), but which had extended its control over the non-Chinese populations in Manchuria, Mongolia, Xinkiang (a large traditionally Muslim area in West China) and Tibet. The Communists and those who overthrew the Qing dynasty sought to maintain Chinese control over these outlying areas. This left the Communist with the problem of explaining why the Chinese people should be free of foreign domination, but yet the non-Chinese areas of Tibet, Xinkiang, Mongolia, etc. should be under Chinese control. Only recently has the area that in World War II was Manchuria, and is now called Northeast China, came to have a predominately Chinese population. It was originally populated by an ethnic group called the Manchu. These conquered China proper, setting up what Chinese called the Qing Dynasty (sometimes called the Manchu Dynasty). While the Manchu rulers adopted Chinese culture and styles of ruling, for most of their reign they restricted Han migration into their homeland. Only in the last century when Russia and Japan were seeking control of the region, did they encourage the Han migration that finally firmly tied the region to China (It is now at least ninety percent Han). Likewise, Inner Mongolia only recently became predominately Han rather than Mongolian, and the large area of Xinkiang only very recently came to have a Han majority. The same process now appears to be taking place in Tibet. For the Chinese \"patriots\" a problem was how to reconcile Chinese domination (and settlement) of these regions with calls for the Chinese themselves to be free of foreign domination. The book traces the conflict in the late Qing dynasty between two views. One feared the cultural influences of the foreigner and called for massive resistance to the foreign intrusions. Anther realized that China was militarily weak and needed access to foreign technology and skills, and were hence willing to accep","PeriodicalId":52486,"journal":{"name":"Journal of Social, Political, and Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77003859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Katyn: The Untold Story of Stalin's Polish Massacre","authors":"Dwight C. Murphey","doi":"10.5860/choice.29-3481","DOIUrl":"https://doi.org/10.5860/choice.29-3481","url":null,"abstract":"","PeriodicalId":52486,"journal":{"name":"Journal of Social, Political, and Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78119422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A recent book analyzing a large database about "insider trading" as reported to the Securities and Exchange Commission gives valuable insights into what can be learned, by investors and market analysts, from the buying and selling done by insiders. In this article, the book's results are reported, and commentary is added about the implications. Key Words: Insider trading, market indicators for investors, H. Ne)jats Seyhun, insiders' market behavior, statistical studies to predict securities market. H. Neyjats Seyhun's Investment Intelligence from Insider Trading (MIT Press, 1998) reports on a massive study of the ability of statistics on insider trading from 1973 to 1994 to predict U.S. stock returns. It should be of interest to both stock market investors and financial economists. The federal Securities Exchange Act of 1934 defines "insider" in two ways, one of which says insiders are high-level corporate executives, board members, or stockholders with over 10% ownership in the company. Insiders of this kind are forbidden from benefiting from any positions held for less than six months, and anyone in possession of material, non-public information (the other definition of "insider") is forbidden from trading in the firm's securities while having such information. To enforce these regulations, insiders of the first type are required to report their trading of the stocks for which they are insiders within 10 days of the month's close to the Securities and Exchange Commission, which then makes it public. Seyhun combines this data with other stock market data to also report on the profitability of investment rules involving such measures as priceearnings ratios, book-to-market ratios, take-overs, and trends in prices. In Seyhun's study, insider trading in a particular company is first aggregated by months, with a month where the insiders bought more shares than they sold defined as a buying month, and one in which they sold more than they bought being defined as a selling month. This resulted in 144,884 buy months and 164,309 sell months, making this a large database. The surplus of selling is probably because the category of insider includes many who started firms (or got in early), and who afterwards tend to be net sellers. Since most insiders have the bulk of their wealth in their company, standard financial advice would be to diversify (which of course is legal). It should be noted that much insider trading is for such legitimate purposes as diversification and personal liquidity. It is also legal for insiders to make trades based on public information (if, at the time, they have no inside material information). Of course, given their concentrated position and incentive to keep up-to-date on their companies, insiders may be better able to evaluate and use the public information. While it is illegal for insiders to trade on material, non-public information, it is legal to refrain from trading on the basis of material, non-public information, a poi
最近有一本书分析了向美国证券交易委员会(Securities and Exchange Commission)报告的一个关于“内幕交易”的大型数据库，就投资者和市场分析师可以从内幕交易中学到什么提供了有价值的见解。在本文中，报告了该书的结果，并添加了关于其含义的评论。关键词:内幕交易，投资者市场指标，内部人市场行为，证券市场预测统计研究H. Neyjats Seyhun的《来自内幕交易的投资情报》(MIT出版社，1998)报告了对1973年至1994年内幕交易统计数据预测美国股票回报能力的大规模研究。股市投资者和金融经济学家都应该对此感兴趣。1934年的《联邦证券交易法》(Securities Exchange Act)从两方面定义了“内部人”，其中一种说法是，内部人是公司高管、董事会成员或持有公司10%以上股权的股东。此类内部人员被禁止从持有时间少于6个月的任何头寸中获利，任何拥有重大非公开信息(“内部人员”的另一种定义)的人被禁止在获得此类信息时交易公司的证券。为了执行这些规定，第一类内幕人士必须在当月收盘后10天内向美国证券交易委员会(Securities and Exchange Commission)报告其所持股票的交易情况，后者随后将其公之于众。Seyhun将这些数据与其他股市数据结合起来，报告投资规则的盈利能力，包括市盈率、账面市值比、收购和价格趋势等指标。在Seyhun的研究中，某家公司的内幕交易首先按月汇总，当一个月内部人士买进多于卖出的股票被定义为买入月份，当一个月内部人士卖出多于买入的股票被定义为卖出月份。这产生了144,884个买入月和164,309个卖出月，使其成为一个大型数据库。抛售的过剩可能是因为内部人士包括许多创业(或早期进入)的人，他们后来往往是净卖家。由于大多数内部人士的大部分财富都在公司，标准的理财建议是分散投资(这当然是合法的)。应该指出的是，许多内幕交易都是出于多样化和个人流动性等合法目的。内部人士根据公开信息进行交易也是合法的(如果当时他们没有内部重大信息)。当然，考虑到他们的集中地位和保持公司最新动态的动机，内部人士可能更有能力评估和利用公开信息。虽然内部人利用重大的、非公开的信息进行交易是违法的，但不利用重大的、非公开的信息进行交易是合法的，这一点赛勋没有提到。为了说明这一点，考虑一个在公司中拥有重要职位的人(可能是创始人，或者行使了许多期权)。由于在这家公司之外的投资很少，他决定分散投资，每季度出售一部分，并仔细选择时机，这样他就不会在有重大的非公开信息(比如即将发布的异常糟糕的盈利公告)时出售。这是一项非常明智、理性的政策，大多数财务规划师都会赞成。现在，假设这位内部人士得到的非公开信息是，该公司本季度的收益将异乎寻常地好(甚至是该公司正在就以高额溢价被收购进行谈判)。在法律上，内部人士可以自由地取消他计划中的(但可能没有透露的)销售，在价格可能更高的时候推迟销售。由于其利用内幕信息的目的不是为了牟利，而是为了避免在掌握重大信息时进行交易，因此，尽管他仍然从内幕信息中获益，但他并未从事非法内幕交易。．．．
{"title":"Investment Intelligence from Insider Trading","authors":"E. Miller","doi":"10.5860/choice.36-4599","DOIUrl":"https://doi.org/10.5860/choice.36-4599","url":null,"abstract":"A recent book analyzing a large database about \"insider trading\" as reported to the Securities and Exchange Commission gives valuable insights into what can be learned, by investors and market analysts, from the buying and selling done by insiders. In this article, the book's results are reported, and commentary is added about the implications. Key Words: Insider trading, market indicators for investors, H. Ne)jats Seyhun, insiders' market behavior, statistical studies to predict securities market. H. Neyjats Seyhun's Investment Intelligence from Insider Trading (MIT Press, 1998) reports on a massive study of the ability of statistics on insider trading from 1973 to 1994 to predict U.S. stock returns. It should be of interest to both stock market investors and financial economists. The federal Securities Exchange Act of 1934 defines \"insider\" in two ways, one of which says insiders are high-level corporate executives, board members, or stockholders with over 10% ownership in the company. Insiders of this kind are forbidden from benefiting from any positions held for less than six months, and anyone in possession of material, non-public information (the other definition of \"insider\") is forbidden from trading in the firm's securities while having such information. To enforce these regulations, insiders of the first type are required to report their trading of the stocks for which they are insiders within 10 days of the month's close to the Securities and Exchange Commission, which then makes it public. Seyhun combines this data with other stock market data to also report on the profitability of investment rules involving such measures as priceearnings ratios, book-to-market ratios, take-overs, and trends in prices. In Seyhun's study, insider trading in a particular company is first aggregated by months, with a month where the insiders bought more shares than they sold defined as a buying month, and one in which they sold more than they bought being defined as a selling month. This resulted in 144,884 buy months and 164,309 sell months, making this a large database. The surplus of selling is probably because the category of insider includes many who started firms (or got in early), and who afterwards tend to be net sellers. Since most insiders have the bulk of their wealth in their company, standard financial advice would be to diversify (which of course is legal). It should be noted that much insider trading is for such legitimate purposes as diversification and personal liquidity. It is also legal for insiders to make trades based on public information (if, at the time, they have no inside material information). Of course, given their concentrated position and incentive to keep up-to-date on their companies, insiders may be better able to evaluate and use the public information. While it is illegal for insiders to trade on material, non-public information, it is legal to refrain from trading on the basis of material, non-public information, a poi","PeriodicalId":52486,"journal":{"name":"Journal of Social, Political, and Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87526686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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