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themselves against adverse economic shocks, but they have to find ways to do it that don’t involve banks, insurance companies, or other formal insti- tutions. For example, instead of putting their savings into an account that will give them a sure return, they might just buy a goat (see sidebar 12.1). Understanding the importance of finance, why credit and insurance markets fail, and what can be done about it is essential to development economics. These topics trace their roots to two of the deepest dimensions of the human experience: time and risk. Most of the big

5 Budget and Finance Few areas of Chinese military affairs are more opaque and difficult to re- search than the revenue/expenditure and budget/finance domains—but per- haps none is more important to understand. PLA doctrine, force structure, threat perception, and organization are all more transparent and research- able than PLA economic affairs. Yet knowledge of the PLA’s fiscal base is crucial to understanding these other areas. The allocation of financial re- sources is indicative of strategic priorities and calculations. In the case of the PLA, it is

VI Internal Financing How has the state managed to finance such a massive capital invest- ment program in a country noted for its low level of per-capita income? This question may sound strange for a totalitarian econ- omy in which the state is supposed to be in a position to prede- termine the resource allocation between capital formation and consumption. But the problem of internal financing is as real as it is for other economies.1 As was brought out in the introductory chapter, the state had to rely heavily on pricing to stimulate pro- duction and to

96 s i x School Finance A lot of Anglo guys used to argue with me; they didn’t like it. They thought I was a Communist. I told them, I’m no more Communist than you are. I’m using the judicial system and I don’t care what you say. I told them, You know why I’m doing this? Because I’ve been the victim of discrimination. — Demetrio Rodriguez on why he fi led suit over school fi nancing As the University of Texas experience shows, Hispanics, too, enjoy the benefi ts and the burdens of affi rmative action. In Texas, one cannot talk minorities without

CHAPTER V Noninflationary War Finance • Could inflation tendencies be completely avoided in a major war?—This chapter contains an inquiry into the possi- bilities of noninflationary war finance without taking into account difficulties usually designated as political. In other words, the problem will be discussed in terms of economic analysis in the narrower sense. Conclusions to be derived from so narrow an approach are not significant per se, but method- ologically it seems convenient to isolate different aspects of one and the same problem. In the next

/// To Finance Television Without Commercials Television is a high-cost enterprise. No discounts or econ- omy sizes are available just because it is programmed in the public interest. Perhaps that worthy purpose gains extra contributions in time and talent, equipment and cash. But this flow of pro bono generosity has never been suf- ficient to fulfill the aspirations and potentials of public television. In large measure the system-building endeavors of the past few years have been aimed at national patterns and mutual assistance to tap those financial

Financing California's System of Postsecondary Education* by F. E. BALDERSTON Who is the piper? What is the tune that he who pays the piper wants to call? Adapting the old adage, I wish to consider the ques- tions of money for California higher education, but this must be done with appropriate attention to the predictable influence that money brings with it, and to the consequences, broadly consid- ered, of the alternatives available for financing California's higher education system. Just about the only fiscal proposition on which all opinions are

CHAPTER I The Irrationality of War Finance • Rational war finance— T h e problem of raising money for the purposes of war finance is inherently different from the problem of mobilizing real resources for a war. In a major war, real resources—labor, plant, equipment, raw mate- rials—inevitably become scarce. Money becomes scarce only if policies are pursued which will make it scarce. It is clearly desirable to overcome the scarcity of real resources so far as is possible, but it is clearly undesirable to make money more and more abundant: abundance of

G E O R G E G A R V Y East European Credit and Finance in Transition The contributions included in this volume as well as the related com- ments and oral discussion at the Workshop covered a much broader range of topics than "money and finance in Communist Countries." Indeed, the financial reforms now being introduced from the Oder to the Sea of Japan are embedded in a complex process of change that encompasses many aspects of life in the countries of Eastern Europe; an attempt to assess their significance thus becomes a true exercise in political economy