The Chinese Currency and Global Rebalancing: A Discussion

Perceived to be substantially undervalued, the Chinese currency, the yuan, has attracted much attention in recent years, especially since the recession of 2008-2009. To remedy the situation, a proposal put forward recently by C. Fred Bergsten is noteworthy, for its impressive boldness in calling for drastic US policy actions, and for the potentially far-reaching impacts on the global rebalancing and recovery it may bring about. The purpose of this article is twofold: to assess the underlying analytical validity of this proposal and to explore its implications for the US, China and the rebalancing and recovery of the world economy.

Tags in the Catalogue: Insights From a Usability Study of LibraryThing for Libraries

Library of Congress Subject Headings (LCSH), the standard subject language used in library catalogues, are often criticized for their lack of currency, biased language, and atypical syndetic structure. Conversely, folksonomies (or tags), which rely on the natural language of their users, offer a flexibility often lacking in controlled vocabularies and may offer a means of augmenting more rigid controlled vocabularies such as LCSH. Content analysis studies have demonstrated the potential for folksonomies to be used as a means of enhancing subject access to materials, and libraries are beginning to integrate tagging systems into their catalogues. This study examines the utility of tags as a means of enhancing subject access to materials in library online public access catalogues (OPACs) through usability testing with the LibraryThing for Libraries catalogue enhancements. Findings indicate that while they cannot replace LCSH, tags do show promise for aiding information seeking in OPACs. In the context of information systems design, the study revealed that while folksonomies have the potential to enhance subject access to materials, that potential is severely limited by the current inability of catalogue interfaces to support tag-based searches alongside standard catalogue searches.

British Monetary Sovereignty: A Cultural Analysis

In this thesis, I will document and analyze historical aspects of the British debate over adopting a common currency with the European Community primarily during the last half of the twentieth century until the present. More specifically, while on the surface such a decision would seem to turn on economic or political considerations, I will show that this historic British decision not to surrender their pound sterling in exchange for the euro was rooted in the nation's cultural identity. During this decades long British debate over the euro, two opposing, but strongly held, positions developed; one side believed that Britain had a compelling interest in bonding with the rest of Europe economically as well as politically, the other side believed that Britain's independent heritage was deeply rooted in many of its traditions including maintaining control of its own monetary matters, which included keeping its pound sterling. As part of this thesis, I have conducted interviews with business leaders, economists, and social scientists as well as researched public records in order to assess many of the arguments favoring and opposing Britain's adoption of the euro. Many Britons strongly believed that it was time to join other Europeans, who were willing to sacrifice their sovereign currency to a bold common currency experiment, while other Britons viewed the pound sterling as too integral a part of British heritage to abandon. Ultimately, British leaders and citizens had to determine whether such a currency tradeoff would be worth it to them as a nation. It was a gamble that twelve other nations (at the time of the euro's 2002 launch) were ready to take, optimistically calculating that easier credit and reduced exchange transaction costs would lead to greater economic prosperity. Many asserted that only with ! ! such a united European monetary coalition would Europe's nations be able to compete trade-wise with powerful economic nations like the United States and China. My conclusion is that Britain's refusal to join the euro was a decision that had less to do with economic opportunity or political motivations and much more to do with how the British people viewed themselves culturally and their identity as an independent nation.