The unprecedented rise and fall in silver's price during 1979 and 1980 resulted in charges against the Hunt brothers of Dallas of monopolization and market manipulation, charges which led to a lengthy trial. This book focuses on the economic analysis used at this trial. Drawing upon interviews with the judge, jury, attorneys and expert witnesses, it investigates the elusive definition of manipulation in sophisticated markets, the difficulties of interpreting statistical evidence, the imprecision in calculating damages, the hidden assumptions behind inferences (...) concerning intent, and the hazards introduced when economic analysis enters complex litigation. The author concludes that these problems induce courtroom procedures to oversimplify the economic analysis and cause the law on market manipulation to be created retroactively. Yet the failure lies not with the legal institutions but with the futures exchanges who had not developed in advance the rules to minimize large-scale trading during the unusual price moves. (shrink)

PC Wars: Politics and Theory in the Academy addresses the very issue of political correctness and the current skirmishes in the culture wars. It includes statements from many of our leading contemporary public intellectuals, including Joan Wallach Scott, Michael Be;rube;, Bruce Robbins, Henry Giroux, and Gerald Graff. The collection marks a watershed in the debate about "pc" in that it presents serious considerations and analyses of the factors, causes, and consequences of the culture wars. Carefully examining the construction of "pc," (...) PC Wars analyses political correctness by focusing on the mass media, class politics, and the ideology of managerial democracy. It places the disputes around "pc" in the context of contemporary developments in critical and cultural theory and the current backlash against theory, manifested in the recent attacks on Marxism, feminism and deconstruction. The book also scrutinizes the undercurrents of anti-intellectualism and anti-professionalism which have tended to create a fertile ground for the "pc" hysteria. Offering much more than slogans and slinging arrows, PC Wars provides a spirited and critical look at the reaction, ideology, and political forces that have coalesced around the term. Contributors: Michael Be;rube;, Reed Way Dasenbrock, Frank Farmer, Henry Giroux, Gerald Graff, Darlene Hantzis and Devoney Looser, John S. Howard and James M. Lang, Tom Lewis, James Neilson, Christopher Newfield, Richard Ohmann, Burce Robbins, Barry Sarchett, Joan W. Scott, Michael Sprinker, Jeffrey Williams. (shrink)

Storage and Commodity Markets is primarily a work of economic theory, concerned with how the capability to store a surplus affects the prices and production of commodities. Its focus on the behaviour, over time, of aggregate stockpiles provides insights into such questions as how much a country should store out of its current supply of food considering the uncertainty in future harvests. Related topics covered include whether storage or international trade is a more effective buffer and whether stockpiles are more (...) useful in raw or processed form. Several chapters are devoted to analysing such government programmes as price bands, buffer stocks, and strategic reserves. This material is in the domain of applied welfare analysis with public finance. Because the theory presented is sufficiently general, it should be of interest to macroeconomists studying aggregate inventories or savings and to those in operations research studying inventory and pricing policies of large firms. (shrink)