Richard Pomfret

This timely book analyses how the EU and China have collaborated in financing and managing projects to improve the functioning of the Middle Corridor. It examines the EU’s multifaceted view of China: as an economic competitor, a systemic rival and, increasingly, as a partner for cooperation. In light of the 2022 sanctions imposed on Russian railways, this book evaluates the methods and likely outcomes of the EU and China’s efforts to establish routes which bypass Russia and Iran. It explores the various modes of collaboration required to achieve this goal, involving the Caucasus, Central Asia and Türkiye, as well as the impacts of cooperation on Eurasian overland trade on these countries. Within the broader context of Sino-European relations, Richard Pomfret concludes by demonstrating how cooperation can be applied in other contexts to help stabilise an uncertain global economy. Connecting Europe and China is an essential read for scholars and students interested in the role of the EU and China in the global system, particularly those in the fields of economics, politics, international relations and economic geography. It is also relevant for readers interested in the position of Central Asia and the Caucasus in the Eurasian landmass.

This Element assesses the claim that Central Asian countries hold a special position as Russia's near abroad. The region has been important for millennia, and only after conquest in the second half of the nineteenth century did Russia become important for Central Asia. This connection became stronger after 1917 as Central Asia was integrated into the Soviet economy, with rail, roads, and pipelines all leading north to Russia. After independence, these connections were gradually modified by new trade links and by new infrastructure, while Russia's demand for unskilled labour during the 1999–2014 oil boom created a new economic dependency for Tajikistan and the Kyrgyz Republic. In 1991, political independence could not be accompanied by economic independence, but over the next three decades economic dependence on Russia was reduced, and the Central Asian countries have felt increasingly able to adopt political positions independent of Russia.

This Element assesses the claim that Central Asian countries hold a special position as Russia's near abroad. The region has been important for millennia, and only after conquest in the second half of the nineteenth century did Russia become important for Central Asia. This connection became stronger after 1917 as Central Asia was integrated into the Soviet economy, with rail, roads, and pipelines all leading north to Russia. After independence, these connections were gradually modified by new trade links and by new infrastructure, while Russia's demand for unskilled labour during the 1999–2014 oil boom created a new economic dependency for Tajikistan and the Kyrgyz Republic. In 1991, political independence could not be accompanied by economic independence, but over the next three decades economic dependence on Russia was reduced, and the Central Asian countries have felt increasingly able to adopt political positions independent of Russia.

The clearest and most up-to-date account of the achievements—and setbacks—of the European Union since 1945.Europe has been transformed since the Second World War. No longer a checkerboard of entirely sovereign states, the continent has become the largest single-market area in the world, with most of its members ceding certain economic and political powers to the central government of the European Union. This shift is the product of world-historical change, but the process is not well understood. The changes came in fits and starts. There was no single blueprint for reform; rather, the EU is the result of endless political turmoil and dazzling bureaucratic gymnastics. As Brexit demonstrates, there are occasional steps backward, too. Cutting through the complexity, Richard Pomfret presents a uniquely clear and comprehensive analysis of an incredible achievement in economic cooperation.The Economic Integration of Europe follows all the major steps in the creation of the single market since the postwar establishment of the European Coal and Steel Community. Pomfret identifies four stages of development: the creation of a customs union, the deepening of economic union with the Single Market, the years of monetary union and eastward expansion, and, finally, problems of consolidation. Throughout, he details the economic benefits, costs, and controversies associated with each step in the evolution of the EU. What lies ahead? Pomfret concludes that, for all its problems, Europe has grown more prosperous from integration and is likely to increase its power on the global stage.

The Road to Monetary Union analyses in non-technical language the process leading to adoption of a common currency for the European Union. The monetary union process involved different issues at different times and the contemporary global background mattered. The Element explains why monetary union was attempted and failed in the 1970s, and why the process was restarted in 1979, accelerated after 1992 and completed for a core group of EU members in 1999. It analyzes connections between eurozone membership and Greece's sovereign debt crisis. It concludes with analysis of how the eurozone works today and with discussion of its prospects for the 2020s. The approach is primarily economic, while acknowledging the role of politics (timing) and history (path dependence). A theme is to challenge simplistic ideas (e.g. that the euro has failed) with fuller analysis of competing pressures to shape the nature of monetary union.

In 1900 the global average life expectancy at birth was thirty-one years. By 2000 it was sixty-six. Yet, alongside unprecedented improvements in longevity and material well-being, the twentieth century also saw the rise of fascism and communism and a second world war followed by a cold war. This book tells the story of the battles between economic systems that defined the last century and created today's world.The nineteenth century was a period of rapid economic growth characterized by relatively open markets and more personal liberty, but it also brought great inequality within and between nations. The following century offered sharp challenges to free-wheeling capitalism from both communism and fascism, whose competing visions of planned economic development attracted millions of people buffeted by the economic storms of the 1930s. The Age of Equality describes the ways in which market-oriented economies eventually overcame the threat of these visions and provided a blueprint for reform in nonmarket economies. This was achieved not through unbridled capitalism but by combining the efficiency and growth potential of markets with government policies to promote greater equality of opportunity and outcome. Following on the heels of economic reform, rapid catch-up growth in countries such as China, India, Indonesia, Brazil, and Poland helped to reduce global inequality.At a time when inequality is on the rise in nations as disparate as the United States and Egypt, Pomfret’s interpretation of how governments of market economies faced the challenges of the twentieth century is both instructive and cautionary.

This contribution to the World Scientific series on the Belt and Road Initiative focuses on the overland connections west from China, the Silk Road Economic Belt component of the BRI. It emphasizes the economic underpinning of the Belt in the market-driven creation of the Eurasian Landbridge and the linking of regional value chains. A fundamental economic driver behind this is the twenty-first century evolution of international value chains, in which China plays a major role, and their transformation by new trade technologies. Finer fragmentation of production and wider scanning for participants in value chains underlie the need for common, preferably global, regulation of new trade technologies and the emergence of mega-regional trade agreements (and China's response to such agreements).Thus, the Eurasian part of the Belt and Road Initiative must be seen in conjunction with China's growing role in the twenty-first-century global economy. Especially since the 2016 US presidential election, these connections have become entwined with China's reactions to criticisms of the Belt and Road Initiative and China's recognition of the benefits of more nuanced economic diplomacy to find common ground with other economic powers, notably the European Union and signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

This book analyzes the Central Asian economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan, from their buffeting by the commodity boom of the early 2000s to its collapse in 2014. Richard Pomfret examines the countries’ relations with external powers and the possibilities for development offered by infrastructure projects as well as rail links between China and Europe.The transition of these nations from centrally planned to market-based economic systems was essentially complete by the early 2000s, when the region experienced a massive increase in world prices for energy and mineral exports. This raised incomes in the main oil and gas exporters, Kazakhstan and Turkmenistan; brought more benefits to the most populous country, Uzbekistan; and left the poorest countries, the Kyrgyz Republic and Tajikistan, dependent on remittances from migrant workers in oil-rich Russia and Kazakhstan. Pomfret considers the enhanced role of the Central Asian nations in the global economy and their varied ties to China, the European Union, Russia, and the United States. With improved infrastructure and connectivity between China and Europe (reflected in regular rail freight services since 2011 and China’s announcement of its Belt and Road Initiative in 2013), relaxation of United Nations sanctions against Iran in 2016, and the change in Uzbekistan’s presidency in late 2016, a window of opportunity appears to have opened for Central Asian countries to achieve more sustainable economic futures.

This book is the first general introduction to the economies of central Asia, specifically the recently independent countries of Uzbekistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Turkmenistan. Richard Pomfret provides a historical and structural analysis of this area of the former Soviet Union, with an emphasis on their economic situation since independence. With the strategic significance of this part of the world growing by the week, this book provides an invaluable source of material for understanding what has been for Westerners a very mysterious part of the world. The first part of the book deals with the five countries' common features, determined by geography and their role in the Soviet division of labor, which left many parts of the region heavily dependent on a cotton monoculture and facing serious environmental problems (notably the shrinking of the Aral Sea and contamination from nuclear testing). The author goes on to deal with the countries as national economies. Finally, he examines common problems facing the countries since they gained independence in late 1991. These last chapters focus on the immediate economic problems of 1992 and 1993 (economic transition and the decision whether to remain within the ruble zone), as well as long-term development issues and international economic relations. Originally published in 1995. 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.

International Trade: Theory, Evidence and Policy provides an integrated non-mathematical account of trade theory and policy that can be read straight through. The footnotes provide caveats, extensions and entry points, or further reading.This book is divided into three parts. The first part focuses on the core theoretical analysis of international trade that has evolved over a quarter-millennium. The second part reviews recent empirical research in global value chains, trade costs, and heterogeneous firms, particularly from analysing large datasets of individual firms' characteristics and of trade flows disaggregated to very finely detailed levels. The third section of the book analyzes trade policies and discusses current policy debates.This edition is based on Pomfret's Lecture Notes on International Trade Theory and Policy, first published in 2008. The content has been extensively updated and revised to stand as a new volume.

This volume provides a comprehensive examination of public policy aspects of the economics of professional sports.The book offers a unique focus on public policy, covering regulation and competition in the sports industry and its labour markets, governance issues including unethical behavior (corruption, doping, etc.), and public spending on stadiums and mega-events. It also offers an original combination of economic analysis and well-known international examples, from Australia, the United States and Europe, which have provided alternative organizational models of professional team sports. Australia is an interesting case study not only because sport holds a particularly important place in the national psyche but also due to the range of popular professional sports played. The book also analyses the globalization of many sports, the role of international governing bodies, and the difficulties in pursuing effective public policies in this context.This book is a significant contribution to research in sports economics aimed at students and academics interested in both the economics of professional sports and public policy.

First Published in 2005. The aim of this book is to provide an introduction to and interpretation of the development of the Canadian economy since European settlement. The main contrast between the book’s view and previous interpretations of Canada’s economic past is that, instead of emphasizing the continuity of Canadian economic development (with staple exports playing the leading role), the focus is on the transition from the sparsely populated colonial economy of the early nineteenth century to the modern economy ranking among the seven largest market economies whose leaders now meet for economic summits.

On Christmas Day 1991 the Soviet Union disappeared, and five unprepared Central Asian republics became nation states. In December 1992 the author was seconded to the United Nations as an economic advisor to the five countries and to Azerbaijan and Mongolia, which were also in transition from central planning. This book tells the story of the following year in Central Asia. The Central Asian oases were key points on the silk road from China to West Asia and to Europe, until maritime explorers opened up sea routes that led to several centuries of decline in the region. Conquered by Russia in the nineteenth century and under Communism isolated from the world in the twentieth century, the early 1990s brought dramatic new challenges for the people in the midst of economic and political chaos. The rich history, Islamic traditions and uncertain future made 1993 an interesting year in Central Asia.

Amid the major social changes in the England of the 1960s, the book tells through the eyes of a teenager the story of of a small-town football club's quest to win the greatest prize in English football.

This volume provides a comprehensive examination of public policy aspects of the economics of professional sports.The book offers a unique focus on public policy, covering regulation and competition in the sports industry and its labour markets, governance issues including unethical behavior (corruption, doping, etc.), and public spending on stadiums and mega-events. It also offers an original combination of economic analysis and well-known international examples, from Australia, the United States and Europe, which have provided alternative organizational models of professional team sports. Australia is an interesting case study not only because sport holds a particularly important place in the national psyche but also due to the range of popular professional sports played. The book also analyses the globalization of many sports, the role of international governing bodies, and the difficulties in pursuing effective public policies in this context.This book is a significant contribution to research in sports economics aimed at students and academics interested in both the economics of professional sports and public policy.

This book is the first general introduction to the economies of central Asia, specifically the recently independent countries of Uzbekistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Turkmenistan. Richard Pomfret provides a historical and structural analysis of this area of the former Soviet Union, with an emphasis on their economic situation since independence. With the strategic significance of this part of the world growing by the week, this book provides an invaluable source of material for understanding what has been for Westerners a very mysterious part of the world. The first part of the book deals with the five countries' common features, determined by geography and their role in the Soviet division of labor, which left many parts of the region heavily dependent on a cotton monoculture and facing serious environmental problems (notably the shrinking of the Aral Sea and contamination from nuclear testing). The author goes on to deal with the countries as national economies. Finally, he examines common problems facing the countries since they gained independence in late 1991. These last chapters focus on the immediate economic problems of 1992 and 1993 (economic transition and the decision whether to remain within the ruble zone), as well as long-term development issues and international economic relations. Originally published in 1995. 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.

This up-to-date and informative book provides a comprehensive treatment of the costs of trading across borders and of trade facilitation policies. While traditional tariff and non-tariff barriers to trade have been reduced, international trade continues to involve higher costs in money and time than domestic trade. These include not only transport costs, that are determined by distance and commodity characteristics, but also at-the-border and behind-the-border costs which can be reduced by appropriate policies. Research on trade costs has flourished since the turn of the century, and this book by Patricia Sourdin and Richard Pomfret, takes stock of our increased knowledge of the nature and magnitude of trade costs, analyzing why they are high and how they can be reduced to increase the gains from trade. Trade Facilitation will appeal to economists and policy makers at the national level and in multinational institutions, researchers and postgraduate students interested in international trade and trade policy, as well as students in international business.

This book examines an important economic development in East Asia during the first decade of the 21st century. Whereas regional arrangements were, with the sole significant exception of ASEAN, conspicuously absent before 2000, they have proliferated since 2000 in both the monetary and trade areas. The book places this political development in the changing nature of the national economies, especially their increasing integration into regional and global value chains with the fragmentation of production processes.This is a freshly written, coherent analysis of the topic, drawing upon (updated) material from a series of articles that the author has published on the subject over the years. Although the book is based on theoretical and, especially, empirical analysis of regionalism, it is written in a non-technical style accessible to a wide range of readers. The book is likely to be adopted as supplementary reading for university courses on Asian economies, whether be it in area studies or economics/political economy disciplines.

This book provides a comprehensive review of the theory of international trade and trade policy, including coverage of recent areas of research such as heterogeneous firm trade models and trade costs. It then proceeds to analyze the history of trade policies and the evolution of the global trading system, with a primary focus on important policies or controversial issues such as the Doha Round, antidumping duties, regionalism and fair trade.It aims to emphasize the significance of different theories and how they are interconnected. Unlike other technique-driven international economics textbooks, this book focuses on readers understanding how theory and policy are connected. Written in a lecture note format and in a straightforward manner, the presentation is self-contained with no assumed mathematical knowledge.

The 9/11 attacks, the U.S. invasion of Afghanistan, and the oil boom of recent years have greatly increased the strategic importance of resource-rich Central Asia, making an understanding of its economic--and therefore political--prospects more important than ever. In The Central Asian Economies Since Independence, Richard Pomfret provides a concise and up-to-date analysis of the huge changes undergone by the economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan since the collapse of the Soviet Union in 1991. The book assesses the economic prospects of each country, and the likelihood that economic conditions will spur major political changes. With independent chapters on each country, and chapters analyzing their comparative economic performance, the book highlights similarities and differences. Facing common problems caused by the breakdown of Soviet economic relations and the hyperinflation of the early 1990s, these countries have taken widely divergent paths in the transition from Soviet central planning to more market-based economies. The book ends in 2005 with the bloodless Kyrgyz revolution and the violence in Uzbekistan, which signaled the end of the region's political continuity. Throughout the book, Pomfret emphasizes the economic forces that foster political instability--from Kazakhstan's resource boom and Turkmenistan's lack of reform to Tajikistan's abject poverty.