In Stateless Commerce, Barak Richman uses the colorful case study of the diamond industry to explore how ethnic trading networks operate and why they persist in the twenty-first century. How, for example, does the 47th Street diamond district in midtown Manhattan—surrounded by skyscrapers and sophisticated financial institutions—continue to thrive as an ethnic marketplace that operates like a traditional bazaar? Conventional models of economic and technological progress suggest that such primitive commercial networks would be displaced by new trading paradigms, yet in the heart of New York City the old world persists. Richman’s explanation is deceptively simple. Far from being an anachronism, 47th Street’s ethnic enclave is an adaptive response to the unique pressures of the diamond industry. Ethnic trading networks survive because they better fulfill many functions usually performed by state institutions. While the modern world rests heavily on lawyers, courts, and state coercion, ethnic merchants regularly sell goods and services by relying solely on familiarity, trust, and community enforcement—what economists call “relational exchange.” These commercial networks insulate themselves from the outside world because the outside world cannot provide those assurances. Extending the framework of transactional cost and organizational economics, Stateless Commerce draws on rare insider interviews to explain why personal exchange succeeds, even as most global trade succumbs to the forces of modernization, and what it reveals about the limitations of the modern state in governing the economy.

In Stateless Commerce, Barak Richman uses the colorful case study of the diamond industry to explore how ethnic trading networks operate and why they persist in the twenty-first century. How, for example, does the 47th Street diamond district in midtown Manhattan—surrounded by skyscrapers and sophisticated financial institutions—continue to thrive as an ethnic marketplace that operates like a traditional bazaar? Conventional models of economic and technological progress suggest that such primitive commercial networks would be displaced by new trading paradigms, yet in the heart of New York City the old world persists. Richman’s explanation is deceptively simple. Far from being an anachronism, 47th Street’s ethnic enclave is an adaptive response to the unique pressures of the diamond industry. Ethnic trading networks survive because they better fulfill many functions usually performed by state institutions. While the modern world rests heavily on lawyers, courts, and state coercion, ethnic merchants regularly sell goods and services by relying solely on familiarity, trust, and community enforcement—what economists call “relational exchange.” These commercial networks insulate themselves from the outside world because the outside world cannot provide those assurances. Extending the framework of transactional cost and organizational economics, Stateless Commerce draws on rare insider interviews to explain why personal exchange succeeds, even as most global trade succumbs to the forces of modernization, and what it reveals about the limitations of the modern state in governing the economy.

This book represents a unique resource about Stewart Macaulay one of the common law world’s leading scholars of the law of contract and of the law in action approach to the study of law. Since 1959, he has published over 50 articles in leading journals, a number of working papers, (with colleagues at the University of Wisconsin Law School) a pathbreaking casebook for the teaching of the law of contract, and (with other colleagues) equally pathbreaking collections of materials for the teaching of the law in action or law in context approach to the study of law. In this work Macaulay has established himself as one of the postwar world’s leading scholars of the law of contract and of the sociology of law. His work is an absolute reference point in both disciplines, and it has attracted great attention elsewhere, most notably in economic sociology, where his concept of non-contractual economic relationships is regarded as an important theoretical innovation. Macaulay’s work has become an object of commentary in its own right, and the proposed book is intended to assist further such commentary by making hitherto difficult to obtain works readily accessible. Most of Macaulay’s work is now, when the leading journals are generally available in electronic form, readily accessible to students and researchers in universities. There are, however, a number of interesting and in most cases important works published in less accessible journals or works which were not published in an electronic form, which are difficult to obtain. This book will make them readily available, and in so doing will make it possible in future for scholars to have Macaulay’s complete oeuvre readily to hand. Although Macaulay’s work has provoked very considerable discussion, there previously have been no overall accounts of that work as opposed to critical engagements with aspects of it. In this book, two additional essays by leading commentators give accounts of Macaulay’s work and provide an introduction to, exegesis of and general evaluation of Macaulay’s work as a whole which is not to be found in the existing literature.

COM+, the next generation of COM, DCOM, and MTS, is here! Now best-selling author Roger Sessions offers an unbiased introduction to COM+ and the fascinating world of Component-Oriented Middleware (COMWare). In this book, you'll learn the new features of COM+ and how it fits in with other Microsoft technologies, how COM+ compares to CORBA 3.0 and Enterprise JavaBeans, and how to plan your future N-tier enterprise applications. To demonstrate how Microsoft's middle-tier technologies are being utilized in some of today's largest applications, Sessions then presents three case studies from Dell, Silknet, and Acentris-complete with business requirements, architectural overviews, system benchmarks, and lessons learned. Whether you're an IT executive planning your company's middle-tier strategy, a programmer trying to understand the new features of COM+, or an analyst interested in the differences between COM+, EJB, and CORBA 3.0, this book is for you. Advance praise for Roger Sessions's new book: "Roger has a gift for relating the somewhat esoteric topic of distributed computing to the everyday world. COM+ and the Battle for the Middle Tier provides a fine introduction to the problems addressed by the middle tier and the solutions offered by Microsoft's COM+."- MARY KIRTLAND Program Manager, Microsoft Corp. "Although I often don't agree with Roger Sessions's opinions and conclusions, I always enjoy reading his work. This book on COM+ is no exception. Roger uses simple real-world scenarios to explain very complex concepts about distributed computing,components, and scalable transaction processing, and his frequent play on words had me laughing out loud. For those who are true believers of the Microsoft way, this book may become your bible. It certainly will provide you with plenty of arguments to defend your technology choice. For those who believe in CORBA and EJB, this book will help you understand the strong appeal that Windows NT and COM+ have. (But keep the faith and don't be swayed.)"- ANNE THOMAS Senior Analyst, Patricia Seybold Group Visit our Web site at www.wiley.com/compbooks/

Global trade is of vital interest to citizens as well as policymakers, yet it is widely misunderstood. This compact exposition of the market forces underlying international commerce addresses both of these concerned groups, as well as the needs of students and scholars. Although it contains no equations, it is almost mathematical in its elegance, precision, and power of expression. Understanding Global Trade provides a thorough explanation of what shapes the international organization of production and distribution and the resulting trade flows. It reviews the evolution of knowledge in this field from Adam Smith to today as a process of theoretical modeling, accumulation of new empirical data, and then revision of analytical frameworks in response to evidence and changing circumstances. It explains the sources of comparative advantage and how they lead countries to specialize in making products which they then sell to other countries. While foreign trade contributes to the overall welfare of a nation, it also creates winners and losers, and Helpman describes mechanisms through which trade affects a country's income distribution. The book provides a clear and original account of the revolutions in trade theory of the 1980s and the most recent decade. It shows how scholars shifted the analysis of trade flows from the sectoral level to the business-firm level, to elucidate the growing roles of multinational corporations, offshoring, and outsourcing in the international division of labor. Helpman’s explanation of the latest research findings is essential for an understanding of world affairs.

Cover -- Title Page -- Copyright -- Dedication -- Contents -- Preface -- 1. Statelessness in Context -- 2. A Case Study in Statelessness: Diamonds, the Diamond Network, and Diamontaires -- 3. The Mechanics of Statelessness -- 4. A Theory of Statelessness -- 5. The Costs of Statelessness: Cartel Behavior and Resistance to Change -- 6. Lessons from Statelessness: Economic History, Ethnic Networks, and Development Policy -- 7. Governing Statelessness -- 8. The Limits of Statelessness and an Autopsy of Cooperation -- Notes -- References -- Index

This book will be based upon the recently finalized Enterprise JavaBeans Specification version 2.0 from Sun Microsystems.