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North Castle Books
Journal of Economic Issues
Editor: Christopher Brown, Arkansas State University (jei@astate.edu)

The Journal of Economic Issues is an internationally respected journal of institutional and evolutionary economics and serves as the official journal of the Association for Evolutionary Economics (AFEE). JEI publishes articles that describe aspects of evolving economies, economic problems, economic policy, economic history, and methodology.

The primary mission of JEI is to present articles that use and develop the core ideas of institutional economics in discussions of current economic problems and policy alternatives. JEI is the leading journal for ongoing debate of institutional economic theory and a major forum for discussion of solutions to real economic problems.

Papers that apply institutional analysis to current and ongoing economic issues of social provisioning processes are welcome. The potential spectrum of topics is broad including public policy, economic development, environmental and ecological issues, education policy, economic stabilization, labor relations, monetary management, and other topics. Papers that advance institutional theory and methodology are also welcome and interdisciplinary work is encouraged.

For information about membership in AFEE and individual member subscriptions to JEI contact Dr. Eric R. Hake, AFEE Secretary, KSOB 327, Catawba College, 2300 W. Innes St, Salisbury, NC 28144; 704-637-4293, fax 704-637-4491, erhake@catawba.edu or visit the AFEE website.
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ISSN:  Current volume: Frequency Per Year:
0021-3624 Vol. 48 No. 2 (June 2014 - March 2014) 4

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Editorial Board
Daniel L. Friesner, North Dakota State University; Daphne Greenwood, University of Colorado--Colorado Springs; John Hall, Portland State University; Mark Harcourt, University of Waikato; John Harvey, Texas Christian University; Richard P.F. Holt, Southern Oregon University; Anna Klimina, St. Thomas More College, University of Saskatchewan; Yan Liang, Willamette University; Philip A. O'Hara, Global Political Economy Research Unit, Perth, Australia; James Peach, New Mexico State University; Robert Scott III, Monmouth University; Tonia Warnecke, Rollins College; John Watkins, Westminster College; Christian Weller, University of Massachusetts--Boston, and Center for American Progress; Timothy Wunder, University of Texas--Arlington
The Association for Evolutionary Economcs: President: Janet Knoedler, Bucknell College; President-Elect: Fred Lee, University of Missouri--Kansas City; Immediate Past-President: Philip A. O'Hara, Global Political Economy Research Unit, Perth, Australia; Secretary: Eric Hake, Catawba College; Treasurer: David Zalewski, Providence College
Board of Directors: Morris Altman, Victoria University of Wellington; Ilene Grabel, University of Denver; Svetlana Kirdina, Russian Academy of Sciences, Economics; Mayo Toruno, Cal-State University--San Bernadino; Eric Tymoigne, Lewis & Clark College; Mary Wrenn, Webber State University & Girton College; Timonthy Wunder, University of Texas--Arlington
Past Presidents of the Association serve on a Board of Trustees

Table of Contents
June 2014
Vol. 48 No. 2

The Veblen-Commons Award
The 2014 Veblen-Commons Award Recipient: Samuel Bowles
Michael Reich 263
Niccolò Machiavelli and the Origins of Mechanism Design
Samuel Bowles 267
Presidential Address
Political Economy of Systemic and Micro-Corruption Throughout the World
Phillip Anthony O'Hara 279
Institutions and the Importance of Social Control in a Nation's Development
Svetlana Kirdina 309
Institutional Changes in Financial Crises: Lessons from Latin America
Eugenia Correa 323
Understanding the Low Yields of the Long-Term Japanese Sovereign Debt
Tanweer Akram and Anupam Das 331
Conditions for a Sustainable Counter-Cyclical Fiscal Policy: The Case of Spain
Jesús Ferreiro, Carmen Gómez, and Felipe Serrano 341
Revolutionizing the Nonprofit Sector Through Social Entrepreneurship
Michelle J. Stecker 349
Social Entrepreneurship Questioning the Status Quo: Waste as a Resource
Denise L. Parris and Cecilia V. McInnis-Bowers 359
Social Entrepreneurship, Microfinance, and Economic Development in Africa
Berhanu Nega and Geoffrey Schneider 367
The “Individualist Entrepreneur” vs. Socially Sustainable Development: Can Microfinance Build Community?
Tonia Warnecke 377
Work Time, Gender, and Inequality: The Conundrums of Flexibility
Janice Peterson and Barbara Wiens-Tuers 387
Energy Impoverishment: Addressing Capitalism's New Driver of Inequality
Lynne Chester 395
Access to Justice as a Form of Inequality
Anton Oleinik 405
Death by a Thousand Cuts: Financial Innovation and Income Inequality
William Redmond 413
Finding a Positive Vision for State Capitalism
Anna Klimina 421
Quantitative Easing as a Means of Reducing Unemployment: A New Version of Trickle-Down Economics
John P. Watkins 431
Culture and Good Governance: A Brief Empirical Exercise
Richard V. Adkisson and Randy McFerrin 441
Firm Reorganization: Social Control or Social Contract?
Hendrik Leendert Aalbers, Wilfred Dolfsma, and Rowan Blinde-Leerentveld 451
The Mythology of Debts and Deficits
William Waller 461
Neoliberal Europe: Enabling Ethno-Cultural Neutrality or Fueling Neo-Nationalist Sentiment?
Quentin Duroy 469
Unveiling and Deconstructing the Enabling Myths of Neoliberalism Through Immanent Critique
Mary V. Wrenn 477
The Economics of Influence
David Colander 485
Collective Action and Economic Justice: A Structural Approach
David A. Zalewski 493
Gender Dimensions of the U.S. Consumer Borrowing Expansion
Barbara E. Hopkins and Zdravka Todorova 501
Ignorance Is Not Bliss: Asymmetric Information in the Residential Mortgage Market
Glen W. Atkinson, Stephen P. Paschall, Brian P. Bonnefant, and Frederick A. Steinmann 507
Repurchase Agreements and the Law: How Legislative Changes Fueled the Housing Bubble
Fiona Maclachlan 515
The Institutions of Economics: A First Approximation
David Dequech 523
Restructuring Double-Entry Accounting for Climate Change Remediation by Monetary Authorities
F. Gregory Hayden 533
WPA for Today: Can the US Afford Economic Recovery?
Scott L.B. McConnell 541
Green Keynesianism and Suburban Retrofit: An Institutional Perspective
Bruce R. McFarling 551
The Rise of Money Manager Capitalism and Its Implications for Economic Theory and Policy
Robert E. Prasch 559
Banking Sector Viability and Fiscal Austerity: From Rhetoric to the Reality of Bank Behavior
Mario Seccareccia 567
How to Guide the Economy in a Socially Desirable Direction: Lessons from the 2007 Financial Turmoil
Faruk Ülgen 575
Comment and Reply
Why Culture Alone Cannot Explain Morality, and Why It Matters: A Response to Charles K. Wilber
Geoffrey M. Hodgson 585
Charles K. Wilber 587
Book Reviews
Jinglian Wu, edited with an introduction by Barry Naughton: Wu Jinglian: Voice of Reform in China
Geoffrey M. Hodgson 589
Robert Cull, Asli Demirgüç-Kunt, and Jonathan Morduch, eds.: Banking the World: Empirical Foundations of Financial Inclusion
Deborah M. Figart 590
Anders Åslund: How Ukraine Became a Market Economy and Democracy
Ararat L. Osipian 592
Casper Bruun Jensen and Brit Ross Winthereik: Monitoring Movements in Development Aid: Recursive Partnerships and Infrastructures
Winston H. Griffith 595


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