Stanford Report, May 1, 2002
|In Print & On the
THE MAY ISSUE OF STANFORD BUSINESS magazine has just been published. Find it on the web at www.gsb.stanford.edu/community/bmag/sbsm0205/.
"MARKETS ARE TOO IMPORTANT TO BE left to ideologues," Business School Professor John McMillan writes in his vivid report on markets ranging from ancient bazaars to today's online auctions and controversial markets for professional athletes and life-saving but expensive pharmaceuticals. As someone who has both designed markets and studied their problems, McMillan thinks that much of what has been written about them is too abstract for real understanding to occur. He points out two great ironies: "Those on the far left of the political spectrum, who abhor poverty, espouse policies that would entrench it. The fervent proponents of laissez-faire, who esteem markets, advocate a system that would trigger their collapse." McMillan's article is an excerpt from Reinventing the Bazaar: A Natural History of Markets, to be published by W. W. Norton & Co. later this month.
HOWARD DAVIES "TYPIFIES THE NEW generation at the top in a more meritorious Britain," writes a London journalist in a profile of the world's most powerful regulator of financial services companies and a 1980 graduate of the Business School's Sloan Program. Davies is executive chairman of Britain's new Financial Services Authority, which has regulatory authority in Britain comparable to that of 70 separate agencies in the United States.
RISK-AVERSE BANKERS HAVE INVESTED in low-income San Jose neighborhoods thanks partly to the venture philanthropy ideas developed by Business School alumni.
IF AMERICA IS TO MAINTAIN ITS GROWTH rate, the government needs to invest in more undergraduate science and engineering students, argues Business School Professor and Hoover Fellow Paul Romer.
YESTERDAY PHOTO: IT WASN'T QUITE THE Summer of Love, but 17 years ago there was a lot of huggin' goin' on at the GSB.
GSB Faculty Research
MEASURING THE PERFORMANCE OF TOP-level executives.
DON'T BLAME FREE TRADE FOR WORKER upheaval.
VOTERS, STANFORD STUDENTS ADAPT TO predicted outcomes.
VENTURE CAPITAL FUNDING SENDS to employees, stock market.