Define Casino Economy
- Las Vegas Economy
- Economic Impact Of Casinos
- Define Casino Economy Pros And Cons
- Las Vegas Casino Economic News
- Casino definition: 1. A building where games, especially roulette and card games are played for money 2.
- In this book, she defined 'casino capitalism' as a form of capitalism that is extremely volatile and unpredictable as a consequence of the 'speculatively-oriented lifts' in finance capital. There is a financial 'contagion' creating a huge instability in the.
- Before he transformed the skylines of Las Vegas and Macau or became a decisive donor to US presidents and Israeli prime ministers, Sheldon Adelson estimated he had done 50 different jobs.
NDSU Agribusiness and Applied Economics Department Casino legalization is controversial because, historically, gambling is perceived by some as immoral, foolish and irrational, and unlike other entertainment businesses, gambling creates social and economic costs that must be borne by gamblers and nongamblers.
Portrait of Susan Strange in 1980 | |
| Born | 9 June 1923 |
|---|---|
| Died | 25 October 1998 (aged 75) Aylesbury, Buckinghamshire, England, UK |
| Alma mater | London School of Economics |
| Institutions | University of Warwick European University Institute London School of Economics Chatham House |
| International relations | |
Notable ideas | International political economy, structural power |
Susan Strange (9 June 1923 – 25 October 1998) was a British scholar of international relations who was 'almost single-handedly responsible for creating international political economy'.[1] Notable publications include Casino Capitalism (1986), States and Markets (1988), The Retreat of the State (1996), and Mad Money (1998).
Early life[edit]
Susan Strange was born on 9 June 1923 in Langton Matravers (County Dorset). She went to the Royal High School, Bath, and to the University of Caen in France,[2] and graduated with a bachelor's degree in economics from the London School of Economics (LSE) during the Second World War.[3] Like Robert W. Cox, the other founder of British International Political Economy, she never obtained a PhD.[4]
Career[edit]
Las Vegas Economy
Susan Strange earned a first in economics at the London School of Economics (LSE) in 1943; it would be twenty years before she established her reputation as an academic. She raised six children and worked as a financial journalist for The Economist, then The Observer until 1957. In 1964, she began to conduct full-time research. She remained a full-time researcher at Chatham House (formerly The Royal Institute of International Affairs).[1][5] From 1978 to 1988, she served as the Montague Burton Professor of International Relations at LSE, and was the first woman at LSE to hold this chair and professorship. She served as professor of international political economy at the European University Institute in Florence, Italy, from 1989 to 1993. Strange's final academic post, which she held from 1993 until her death in 1998, was as chair of international relations and professor of international political economy at the University of Warwick, where she built up the graduate programme in International Political Economy.[6] She also taught in Japan, where between 1993 and 1996 she was several times guest lecturer at Aoyama Gakuin University in Tokyo.
She was a major figure in the professional associations in both Britain and the United States. She was an instrumental founding member and the first treasurer of the British International Studies Association and served as the third female president of the International Studies Association in 1995.[7]
Positions on international relations[edit]
Strange played a central role in developing international political economy as a field of study in Britain. She claimed that in general, 'economists simply do not understand how the global economy works' due to a poor understanding of power and an over-reliance on abstract economic models. However, she noted that political scientists also have a woeful understanding of international economics due to their emphasis on institutions and power. Thus she became one of the earliest campaigners advocating the necessity of studying both politics and economics for international relations scholars.[1]
Power and international financial markets[edit]
States and Markets (1988) delineates four key channels that constitute power—security, production, finance, and knowledge; power is the ability to 'provide protection, make things, obtain access to credit, and develop and control authoritative modes of interpreting the world'. Strange posits that the most overlooked channel of power is financial access, which consequently becomes the most important one to comprehend; in other words, she argues that one cannot comprehend how the world works without a thorough understanding of international financial markets. To illustrate, Casino Capitalism, published in 1986, discusses the dangers of the international financial system, which she considered confirmed by the 1997 Asian financial crisis. In this book, she defined 'casino capitalism' as a form of capitalism that is extremely volatile and unpredictable as a consequence of the 'speculatively-oriented lifts' in finance capital. There is a financial 'contagion' creating a huge instability in the international financial markets.[8]
Her analysis in States and Markets (1988) focused on what she called the 'market-authority nexus', the see-saw of power between the market and political authority. She maintained that the global market, relative to the nation state, had gained significant power since the 1970s and that a 'dangerous gap' was emerging between the two. She considered nation states inflexible, limited by territorial boundaries in a world of fragile intergovernmental co-operation; 'Westfailure' is what she called Westphalia. Markets would be able to flout regulations and reign free, creating more uncertainty and risk in an already chaotic environment.
Position on the International Monetary System[edit]
In Casino Capitalism, Susan Strange problemizes the nonsystem that the international monetary system has become. She compares it with a casino whereon the foreign exchange plays as snakes and ladders. She sets the stakes that international finance has become stronger than states and has been deregularized. The Smithsonian Agreement has been weak leading further to benign neglect from the US, the Eurodollar market and OPEC has been strong undermining the Bretton Woods system. There is no state or actor governing the international monetary system and the international financial markets. American banks are made free to pursue their interests since the 1980s strengthened by the possibility to finance American bonds in the world, making a carousel of bond trading with the OPEC and the Eurodollar market. The forces of market integration set by the Bretton Woods system was going through.[9]
Personal life[edit]
In 1942, she married Denis Merritt (died 1993); they had one son and one daughter, and the marriage was dissolved in 1955. In 1955 she married Clifford Selly, with whom she had three sons, and one daughter.[3]
Bibliography[edit]
- Strange, Susan (1971). Sterling and British Policy: A Political Study of an International Currency in Decline. London etc.: Oxford University Press. ISBN978-0192149855.CS1 maint: ref=harv (link)[10]
- International Economic Relations of the Western World, 1959-1971: International Monetary Relations (1976)
- Casino Capitalism (1986) ISBN0-7190-5235-1
- States and Markets (1988) ISBN0-8264-7389-X
- Strange, Susan (1989). ''I Never Meant to Be an Academic''. In Kruzel, Joseph; Rosenau, James N. (eds.). Journeys Through World Politics: Autobiographical Reflections of Thirty-four Academic Travellers. Lexington: Lexington Books. pp. 429–436. OCLC18561394 (all editions). Archived from the original on 31 January 2021. Retrieved 31 January 2021.CS1 maint: ref=harv (link)
- Rival States, Rival Firms: Competition for World Market Shares with John M. Stopford and John S. Henley (1991) ISBN0-521-42386-4
- The Retreat of the State: The Diffusion of Power in the World Economy (1996) ISBN0-521-56429-8
- Mad Money: When Markets Outgrow Governments (1998) ISBN0-472-06693-5
References[edit]
- ^ abcBrown, Chris (July 1999). 'Susan Strange: A Critical Appreciation'. Review of International Studies. 25 (3): 531–535. doi:10.1017/s0260210599005318. JSTOR20097617.
- ^Baker 2004.
- ^ abGautam Sen. 'Obituary: Professor Susan Strange | Culture'. The Independent. Retrieved 16 July 2016.
- ^Cohen, Benjamin J (2007). 'The transatlantic divide: Why are American and British IPE so different?'. Review of International Political Economy. 14 (2): 208. doi:10.1080/09692290701288277. S2CID16476865.
- ^Halliday, Fred (24 September 2008). 'The revenge of ideas: Karl Polanyi and Susan Strange'. openDemocracy. Retrieved 12 June 2012.
- ^William Coleman; Alina Sajed (26 June 2013). Fifty Key Thinkers on Globalization. p. 232. ISBN9781136163944. Retrieved 16 July 2016.
- ^'Presidents of ISA'. Isanet.org. Retrieved 16 July 2016.
- ^Macmillan., Palgrave (2015). Global politics. Palgrave Macmillan. ISBN9781137349262. OCLC979008143.
- ^Strange, Susan, Casino Capitalism, Manchester University Press, 1986, pp. 1–48
- ^Review of Strange 1971: Conan, A. (1971). '(review of) Sterling and British Policy by S. Strange'. The Economic Journal. 81 (324): 998–1000. doi:10.2307/2230361.
Sources[edit]
- Baker, Ann Pimlott (23 September 2004). 'Strange [married names Merritt, Selly], Susan'. Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/71291.CS1 maint: ref=harv (link)(Subscription or UK public library membership required.)
- Harry Bauer & Elisabetta Brighi (Eds) (2003) International Relations at LSE: A History of 75 Years, London: Millennium Publishing Group, ISBN978-0-9544397-0-5.
External links[edit]
- Friman, H. Richard (August–October 2003). 'Caught Up in the Madness? State Power and Transnational Organized Crime in the Work of Susan Strange'. Alternatives. Culture & Conflicts. 28 (4): 473–489. doi:10.1177/030437540302800403. JSTOR40645091. S2CID141508384.
- Palan, Ronen (Summer 1999). 'Susan Strange 1923–1998: A Great International Relations Theorist'. Review of International Political Economy. 6 (2): 121–132. doi:10.1080/096922999347254. JSTOR4177305.
- Leander, Anna (February 2001). 'Dependency Today: Finance, Firms, Mafias and the State: A Review of Susan Strange's Work from a Developing Country Perspective'. Third World Quarterly. 22 (1): 115–128. doi:10.1080/713701141. JSTOR3993349. S2CID154791701.
Casino Hotel Industry: Sector Overview & Forecast
Market Overview
A casino hotel is a facility that provides temporary lodging services, casino services and restaurant – bar services. The customers are benefitted by both lodging as well as gambling (casino) facilities. As both these offerings are available under one roof it becomes very convenient for the customers as they can enjoy all benefits without moving to different places (lodging, food, and casino in one place). The casino hotel industry has witnessed a phenomenal growth in the last few years. This has enabled the sector investors to invest and establish many luxurious casino hotels in several prime regions.
The casino hotel industry spawns revenues from various services and amenities such as food, beverages, entertainment, gaming and casino, dining, rooms and lodging, get-together facilities and so on. There are many casino hotels across the globe and these are taking over the lodging and hotel industry in terms of tourist preference at a faster rate. The trend of the casino hotel industry is to make available different facilities in the luxury tourism sector to attract more customers and ensure the long stay of these customers to enjoy and experience the casino hotel property. This industry is perceived as glamorous. The growth of the casino hotel industry is generally seen in spring and summer seasons rather than winter as people prefer travelling during favourable weather conditions.
Casino Hotel Industry: Push Factors
There are many aspects that contribute to the exponential growth of the casino hotel industry. This industry plays a major role in the economic development of a country. Moreover, it provides a wide range of career opportunities such as supervisors, gaming managers, slow machine supervisors, security guard positions, gaming dealers etc. It also provides opportunities in other areas such as accounting, food services, advertising, event production and management, and so on. It does not require any additional qualifications for these posts and hence people find it even more convenient to earn from the glamorous world of the casino hotel industry.
The casino hotel industry has a strong record of internal promotions of their workers and staff based on their performance and this adds to the popularity aspect of this industry. It also helps the government by generating tax revenues. Consumer spending on the tourism sector has increased after the economic growth due to high disposable income. Online reservations make it easier and convenient for the tourists as well as the staff members to make accommodation changes and also exchange information regarding current offers, best deals etc. This convenience aspect leads to an increase in the number of travellers on any given day.
Casino Hotel Industry: Pull Factors
Economic recession is a major challenge faced by the casino hotel industry. Owing to the possible downturn of the economy, the demand in this sector could be in the declining phase resulting in dropping sales figures. Further, the reduction in domestic as well as international travels would be a major detrimental factor to the growth of the casino hotel industry as it relies on the tourists and their footfall in the various casino hotel facilities.
Casino Hotel Industry: Key Regions
The casino hotel industry is popular in the United States, Macau, Australia, China, Singapore and South Korea. The emerging economies in the Asia Pacific region reflect high growth potential. The United States is a relatively bigger market for the casino hotel industry.
Casino Hotel Industry: Key Players
Caesars Entertainment Corporation, MGM Grand, Las Vegas Sands Corporation, Wynn Resorts Limited, Bellagio, CasaBlanca and Marina Hotel and Casino are some of the well-known players in the casino hotel industry sector.
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Economic Impact Of Casinos
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Casino Hotel Industry Sector Overview And Forecast
Report Highlights:
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Define Casino Economy Pros And Cons
Abstract
Las Vegas Casino Economic News
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How Businesses Can Utilize Market Research to Create Reactive, Recession-proof Strategies for Survivalby - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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