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The Uncertain Hand: Hong Kong Taxis and Tenders (Friedman Lecture Fund Monograph)

Christopher D. Hall

The Uncertain Hand: Hong Kong Taxis and Tenders (Friedman Lecture Fund Monograph) Christopher D. Hall Amazon Price: $37.50
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By: Columbia University Press
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Anglo-American Securities Regulation: Cultural and Political Roots, 1690-1860

Stuart Banner

Anglo-American Securities Regulation: Cultural and Political Roots, 1690-1860 Stuart Banner Amazon Price: $120.00
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By: Cambridge University Press
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Editorial Review:

This book examines the regulation of the earliest securities markets in England and the United States, from their origins in the 1690s through the 1850s. Professor Banner argues that during the reign of Queen Anne a complex and moderately effective body of regulatory control was already extant, reflecting widespread Anglo-American attitudes toward securities speculation. He uses traditional legal materials as well as a broad range of nonlegal sources to show that securities regulation has a much longer ancestry than is often supposed.

Curb Rights: A Foundation for Free Enterprise in Urban Transit

Daniel B. Klein, Adrian Moore, Binyam Reja

Curb Rights: A Foundation for Free Enterprise in Urban Transit Daniel B. Klein, Adrian Moore, Binyam Reja List Price: $39.95
By: Brookings Institution Press
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Customer Reviews:
Total reviews: 4 Average rating: 3.0 of 5

Great Book! 5 out of 5 stars.
6 of 7 people found this review helpful.

There would be no need to take a "survey on how customers felt before and after deregulation." The "survey" would be expressed by customers voluntarily using the service, i.e. whether they were willing to purchase rides on deregulated transit vehicles. If customers were satisfied, the transit company would prosper. If not, they would go out of business and another company could enter the market and provide satisfactory service. That is the only survey that counts! If that's too much Econ 101 speculation, then you just don't get it!

Demonstrably Wrong 1 out of 5 stars.
3 of 8 people found this review helpful.

I wouldn't spend any money on this book. The theory espoused in this book is so far from reality, it isn't funny.

This book promotes the notion that "free enterprise" must be inserted into public transit so as to maximize the benefits to passengers and society at large.

However, this notion is demonstrably wrong.

For example, local bus operations in British cities outside of London were completely de-regulated in the 1980's by the national Tory government, e.g., public funding was almost entirely cut off and private bus companies were allowed to compete freely against one another (as opposed to "privatization" in the U.S. which has mainly meant a public agency putting service out to competitive bid). Regional pass schemes allowing passengers to freely transfer from one route or operator to another were abolished.

The results are conclusive. Bus patronage in British cities dropped more than 30% by the early 1990's. In London, bus patronage over the same period actually increased somewhat, despite major cuts in subsidy funding. The difference was that London retained regional governmental control of fare and service decisions, despite putting much of the service out to bid.

The disaster of British local bus de-regulation has also been repeated in spades by the ill-considered "privatization" of British Rail. Rail privatization has been a big enough disaster to become one of the hottest public issues in Great Britain.

The successes obtained by "centralized" regional planning and decision-making authority in elected government hands is quite conclusive in other countries. In Zurich, per capita transit usage is among the highest in the developed world, exceeding a number of Japanese cities. Zurich's success--in one of the most affluent, high auto-owning urban areas on the planet--is based on centralized planning at the canton level, plus generous government funding. Zurich has managed to retain very high transit market share despite rapid motorization since the 1960's. The reasons that Toronto, Canada's past success with generating high transit usage levels, are essentially the same as Zurich, though the current pseudo-free market provincial government in Ontario is too boorish to understand this.

"Free market" economists like Klein often cite the "success" of private transit in Southeast Asia; however, those "capitalist" bastions of Hong Kong, Singapore, and Malaysia have relied on centralized planning and sufficient funding to allow new transit systems to function through selective privatization, but not anywhere near the model that Klein espouses. In effect, government transportation policies in Hong Kong and Singapore guarantee the transit market (e.g., car use is restricted, heavily taxed). The Zurich and Toronto models have proven to be less authoritarian.

Klein proves how blinkered economists--particularly those who espouse "libertarian" views ("new right" in British and Australian terms)--are very shortsighted about public transit and other similar public policy issues.

For one of the few books that I've seen that "gets it right," I recommend "A Very Public Solution" by Paul Mees, a professor of Planning and Public Policy at Melbourne University, Melboune, Australia (yes, Amazon carries it).

Mee's point about urban transit is best summed up by this from one of my unpublished papers:

Flexibility would be the greatest benefit of improved transit to "transit dependents" and would-be "choice" users. This is clearly explained by the book "A Very Public Solution" (Page 289; Dr. Paul Mees, Melbourne University Press, 2000. Melbourne, Australia):

(Mees' excerpt):

With public transport itself, the critical issue is flexibility. And the key to flexibility for passengers is simplicity and predictability, not a bewildering array of constantly changing options. The latter produces confusion, not convenience. Paradoxically, to be flexible, public transport must also be rigidly predictable: perhaps the best analogy is with the road system, rather than with cars themselves...

This means that frequent service on an easy-to-understand, predictable, and reliable network of regional and local transit services delivers vastly superior flexibility to the customer. Such transit systems typically service a far higher percentage of "choice" patronage. Compared to an infrequent, specialized, hard to understand jumble of routes, such transit networks compete successfully with automobiles.

A Very Public Solution's prime case study is Toronto, Canada. Toronto has significantly higher per transit usage per capita than many European cities, an order of magnitude higher than most U.S. urban areas. Toronto's exceptionally high transit use occurs despite millions of residents living in dispersed suburbs essentially indistinguishable from the American norm. Canadian fuel prices are only slightly higher than the United States. There are more similarities than differences between Canadian and U.S. culture. Toronto's transit usage remain high, despite service cuts caused by an early 1990's recession.

Regulating Financial Markets: A Critique and Some Proposals

George J. Benston

Regulating Financial Markets: A Critique and Some Proposals George J. Benston Amazon Price: $13.22
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By: AEI Press
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Editorial Review:

Financial services--and the firms that provide them--have for centuries been regulated to a greater extent than are most products that do not directly affect people's health or safety. In this illuminating overview, George Benston explains why.

After describing the problematic aspects of the current regulatory system, which is costly and unfriendly to consumers, he offers thoughtful and practical proposals for its revision. These include the removal of almost all specific regulations affecting financial-services firms, markets, and products, with the principal exception of a high relative capital requirement--which can be met with both equity and subordinated debt--to protect government-insured deposits and some insurance beneficiaries. The system Benston proposes would benefit taxpayers and consumers and impose almost no cost on prudently run firms.

An Introduction to U.S. Telecommunications Law (Artech House Telecommunications Library)

Charles H. Kennedy

An Introduction to U.S. Telecommunications Law (Artech House Telecommunications Library) Charles H. Kennedy Amazon Price: $121.00
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Editorial Review:

An exploration of telecommunications law in the USA. It offers a jargon-free discussion of how electronic media and telecommunications companies are required to price their services, interconnect with customers and other service providers, and respond to competition. This revised edition includes a comprehensive look at the Telecommunications Act of 1996, its sweeping reforms, and the short-term increase in TC regulation complexity resulting from its passage. The volume also covers how the rapid advance of telecommunications technology has drastically altered regulations first developed when TC meant fixed networks, copper wire and mechanical switches.

Telecommunications Deregulation: Market Power and Cost Allocation Issues (The IC2 Management and Management Science Series)

Telecommunications Deregulation: Market Power and Cost Allocation Issues (The IC2 Management and Management Science Series) Amazon Price: $107.95
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By: Quorum Books
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Editorial Review:

This volume explores critical issues in telecommunications regulatory policy by using a unique multidisciplinary lens to focus on the problems of market power and cost allocation in long distance telecommunications markets. The contributors approach the subject from the traditional perspectives of economics and law but also incorporate developments in newer disciplines such as operations research, decision theory, policy analysis, and corporate strategy. Each section includes a series of main papers as well as critical reviews by scholars using methodologies from other disciplines.

Contrived Competition: Regulation and Deregulation in America

Richard Vietor

Contrived Competition: Regulation and Deregulation in America Richard Vietor List Price: $23.50
By: Belknap Press
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Editorial Review:

This book explains how four major firms--American Airlines, El Paso Natural Gas, AT&T, and Bank America--and their respective managements were challenged by the deregulation of markets starting in the late 1970s. The four stories illustrate the dynamic process of market restructuring and organizational adjustment, as well as the ways in which managers and regulators painfully learned to operate effectively as their economic and political environments shifted around them.

The Economics of Regulation and Antitrust (Harpercollins Series in Economics)

Giles H. Burgess

The Economics of Regulation and Antitrust (Harpercollins Series in Economics) Giles H. Burgess Amazon Price: $158.00
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Deregulating Telecommunications

Kevin G. Wilson

Deregulating Telecommunications Kevin G. Wilson Amazon Price: $108.00
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By: Rowman & Littlefield Publishers, Inc.
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Customer Reviews:
Total reviews: 1 Average rating: 4.0 of 5

Beyond Deregulation 4 out of 5 stars.
0 of 0 people found this review helpful.

I found this book to go beyond a dry history of what is called telecommunications deregulation to address the economic paradigms that legitimate different regulatory regimes. The author has included some simple organizational tables, geographic service area maps, and graphs to help an outsider understand deregulation of the telephone system in the U.S. and Canada. The book is devoid of algebraic formulas characteristic of many economics texts on the subject that are meant to impress, obscure, or use parochial language that is only understood by other economists. On page 56 the author includes one of the simplest examples of how to describe marginal pricing I have ever run across. Likewise, his simple explanation of different radio frequency technologies makes the book accessible to a wide audience. It is interesting that the author concludes that the history of telecommunications regulation is a lesson in realpolitik, in that telecom providers have have been successful in a "near categoric refusal to compete with each other." The book is devoid of politicization but it does have a point of view.

Editorial Review:

Deregulating Telecommunications critically examines the transition from monopoly to competition in the U.S. and Canadian telecommunications industries. Accessibly written with a minimum of technical language, this thorough yet concise book looks at the history of the telephone industry, its regulation, and over a century of related public policy.

NASD Arbitration Solution: Five Black Belt Principles to Protect and Grow Your Financial Services Practice

Thomas J. Hine, John K. Brubaker

NASD Arbitration Solution: Five Black Belt Principles to Protect and Grow Your Financial Services Practice Thomas J. Hine, John K. Brubaker Amazon Price: $32.97
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By: Wiley
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Customer Reviews:
Total reviews: 2 Average rating: 5.0 of 5

Must have for Financial Planners 5 out of 5 stars.
0 of 0 people found this review helpful.

John Brubaker is an insightful, thoughtful author. If you are a FP, this is a MUST HAVE!

NASD Arbitration Solution 5 out of 5 stars.
0 of 0 people found this review helpful.

NASD Arbitration Solution: Five Black Belt Principles to Protect and Grow Your Financial Services Practice. This book was very informative. It was very well written and I would recommend it to any finacial services employee.

Editorial Review:

The right brain guide to NASD compliance for Registered Representatives

This book tells the thrilling story of Thomas Hine's 22-month NASD arbitration, and how he applied timeless martial arts principles to build and protect his wealth advisory practice. The authors combine courtroom drama, vivid anecdotes, analogies, humor, and practical "how to" advice to create the definitive one-stop resource for Registered Representatives.


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