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"Using a synthetic narrative approach, this ambitious work uses the lens of multipolarity to analyze Tang China's (618-907) relations with Turkestan; the Korean states of Koguryŏ, Silla, and Paekche; the state of Parhae in Manchuria; and the Nanzhao and Tibetan kingdoms. Without any one entity able to dominate Asia's geopolitical landscape, the author argues that relations among these countries were quite fluid and dynamic--an interpretation that departs markedly from the prevalent view of China fixed at the center of a widespread "tribute system." To cope with external affairs in a tumultuous world, Tang China employed a dual management system that allowed both central and local officials to conduct foreign affairs. The court authorized Tang local administrators to receive foreign visitors, forward their diplomatic letters to the capital, and manage contact with outsiders whose territories bordered on China. Not limited to handling routine matters, local officials used their knowledge of border situations to influence the court's foreign policy. Some even took the liberty of acting without the court's authorization when an emergency occurred, thus adding another layer to multipolarity in the region's geopolitics. The book also sheds new light on the ideological foundation of Tang China's foreign policy. Appropriateness, efficacy, expedience, and mutual self-interest guided the court's actions abroad. Although officials often used "virtue" and "righteousness" in policy discussions and announcements, these terms were not abstract universal principles but justifications for the pursuit of self-interest by those involved. Detailed philological studies reveal that in the realm of international politics, "virtue" and "righteousness" were in fact viewed as pragmatic and utilitarian in nature."--Publisher's description

Abstract
American Beauty is a movie depicting two American middle class dysfunctional families. In this paper three key characters are analyzed. Carolyn, wife of Lester Bumham, is pursuing material success, the American Dream; Lester Bumham is going through his mid-life crisis in a world of fantasy; Colonel Fitts is a homophobia, repressing hard his inner desire.

We identify exposure to political risk by exploiting a unique variation around land lease extension protection after 2047 in Hong Kong's housing market due to historical arrangements. Relative to properties that have been promised an extension protection, those with unprotected leases granted by the current government are sold at a discount of 8 percent; those with colonial leases suffer an additional discount of 8 percent. Incorporating estimated structural parameters that suggest an additional 20 percent ground rent after 2047, our model matches empirical discounts well across lease horizons. Discounts increase over time, particularly in areas with greater pessimism about the city's future. (JEL D72, G12, R31, R38)