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Books > Business & Economics > Economics > Financial crises & disasters
The credit and banking crisis which hit the western world in 2007/2008 has and will continue to have far-reaching after-effects. At their core are Collateralized Debt Obligations (CDOs) and Credit Default Swaos (CDSs), the main themes of this book.
In the midst of the current world economic crisis, many claim there is a necessity to return to the Marxian and Keynesian traditions in order to better understand the dynamics of market economies. This book is an important step in that direction. It presents a critical examination of the foundations of macroeconomics as developed in the traditions of Marx, Keynes and Kalecki, which are contrasted with the current mainstream. Particular attention is given to the problem of market forms and their relevance for macroeconomics. Professional economists and postgraduate students in economics, in particular those concerned with macroeconomics and the history of economic thought in the 20th century, will find this insightful resource invaluable. This book should be required reading for a large proportion of the economics profession who are dissatisfied with the mainstream. Contents: Foreword Preface 1. Introduction 2. The Marxian Notion of a Monetary Economy and the Critique of Say's Law 3. General Overproduction Crises 4. Keynes s Critique of Say s Law 5. Keynesian Underemployment Equilibria 6. A Critique of Keynes s Microfoundations 7. Kaleckian Macroeconomics: An Outline 8. The Problem of Market Forms in Modern Macroeconomics 9. Concluding Remarks A. A Formalization of Marx s Schemes of Reproduction B. Effects of Wage Changes in Keynes s Model C. Price Determination and Income Distribution in Kalecki
This book introduces embodied innovations into the circle of already recognised causes of economic crises. The author shows how issues of investment, accumulation and structural change associated with embodied innovations can be used to monitor potential crisis. The author argues that crises are predictable and manageable in depth.
Why has the Eurozone ended up with an unemployment rate more than twice that of the United States more than six years after the collapse of Lehman Brothers? Why did the vast majority of low- and middle-income countries suffer a prolonged economic slowdown in the last two decades of the 20th century? What was the role of the International Monetary Fund in these economic failures? Why was Latin America able to achieve substantial poverty reduction in the 21st century after more than two decades without any progress? Failed analyzes these questions, explaining why these important economic developments of recent years have been widely misunderstood and in some cases almost completely ignored. First, in the Eurozone, Mark Weisbrot argues that the European authorities' political agenda, which included shrinking the welfare state, reducing health care, pension, and other social spending, and reducing the bargaining power of labor played a very important role in prolonging the Eurozone's financial crisis and pushing it into years of recession and mass unemployment. This conclusion is based not only on public statements of European officials, but also on thousands of pages of documentation from consultations between the IMF and European governments after 2008. The second central theme of Failed is that there are always practical alternatives to prolonged economic failure. Drawing on the history of other financial crises, recessions, and recoveries, Weisbrot argues that regardless of initial conditions, there have been and remain economically feasible choices for governments of the Eurozone to greatly reduce unemployment-including the hardest hit, crisis-ridden country of Greece. The long-term economic failure of developing countries, its social consequences, as well as the subsequent recovery in the first decade of the 21st century, constitute the third part of the book's narrative, one that has previously gotten too little attention. We see why the International Monetary Fund has lost influence in middle income countries. Failed also examines the economic causes and consequences of Latin America's "second independence" and rebound in the twenty-first century, as well as the challenges that lie ahead.
This volume is a debate about a sociology and economics of money: a form of positive trespassing. It is unique in being written by scholars of both disciplines committed to this mutual venture and in starting from the original groundwork laid by Geoffrey Ingham. The contributors look critically at money's institutions and the meanings and history of money-creation and show the cross cutting purposes or incommensurable sides of money and its crises. These arise from severe tensions and social conflicts about the production of money and its many purposes. We demonstrate the centrality of money to capitalism and consider social disorders since the 2007 crisis, which marks the timeliness and need for dialogue. Both disciplines have far too much to offer to remain in the former, damaging standoff. While we are thankful to see a possible diminution of this split, remnants are maintained by mainstream economic and sociological theorists who, after all the crises of the past 30 years, and many before, still hold to an argument that money really does not 'matter'. We suggest, to many different and interested audiences, that since money is a promise, understanding this social relation must be a joint though plural task between economics and sociology at the very least.
Incorporating insights from political economy and behavioural psychology, this radical book provides an up-to-date account of the dilemmas facing social policy this decade: where did we go wrong, and what we can do about it? Ian Greener reconsiders one of the leading analyses by Jessop of the relationship between the economic and the political, combining it with insights from behavioural science. Covering the economy, healthcare, education and social security, detailed case studies show that the tensions and contradictions in present policy stem from the relationship between government and corporations and a resulting growth in inequality. The author presents a new, unified and effective framework to consider where social policy has come from, where it is now, and what what can we do about it? This book is ideal for those who want the bigger picture of politics and social policy, including advanced undergraduates and postgraduate students of social policy, welfare studies, politics, or other social science disciplines.
Organizational sustainability and uncertain economies are key topics for modern organizations. New, updated knowledge about such matters is necessary for companies to ensure they are sufficiently prepared for future crises. Additional research is required in this area as the overall amount of material available is below par. The Handbook of Research on Organizational Sustainability in Turbulent Economies provides theoretical and practical evidence that demonstrates how the integration, adaptation, construction, and application of strategic models, methods, and tools can promote organizational sustainability for economies in situations of uncertainty. Covering topics such as work engagement and sustainable development goals, this major reference work is ideal for academicians, practitioners, policymakers, entrepreneurs, business owners, researchers, instructors, and students.
From bank bailouts to austerity, Europe's and Ireland's response to the economic crisis has been engineered specifically to shift the burden of paying for the crisis onto ordinary citizens while investors, financiers, bankers and the privileged are protected. The authors expose the class-based nature of Ireland's crisis resolution.
This book addresses the causes and consequences of the international financial crisis of 2008. A range of esteemed contributors explore developments in the United States, where the crisis of 2008 originated, as well as the smallest country affected, Iceland, by evaluating developments since 2008. Currently, many countries are facing similar problems as Iceland did in 2008: this book is of interest to economists and policy makers in these countries to study what happened in Iceland, and why the recovery of that economy was strong and swift. The chapters in this book originate from panel discussions and conferences and explore areas including regulation, state projects and inflation.
This timely research review analyses a broad selection of important readings from the existing literature addressing several fundamental questions about recessions. These include what a recession is, the causes and effects of recessions, how to identify and predict recessions, and how to manage the associated risks. The review offers a general overview of the subject, detailed analysis of the readings, discussion of policy implications and acknowledgment of the areas where further research is required, proving itself to be an invaluable source of reference for academics, scholars and practitioners alike.
The European public debt problem was in the making long before the 2007-2009 recession, as budget deficits had become endemic. A similar crisis is now developing in America, where the same fundamental causes have been at work. The Public Debt Problem analyzes the situation of public debts in America and reviews official forecasts for the federal government. The author carefully explains the main concepts (budget deficit, public debt, etc.) and analytical tools (discounting, government accounting, Treasury securities, bonds, yields, etc.) necessary to understand the issues.
This book has a dual purpose. First, it analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought. Second, it presents an empirical analysis of the Great Recession in Spain, addressing the growth period of 1995 to 2007-08, the subsequent depression until 2013-14 and the recovery that followed. It also shows the way in which the inner contradictions of capital manifests itself in an European peripheral economy under a real estate bubble, emphasizing the role of the Spanish economy in European capitalism. This theoretical and empirical heterodox approach will be of interest to students and scholars in political economy, and those with an interest in the Eurozone.
Significant, and usually unwelcome, surprises, such as floods, financial crisis, epileptic seizures, or material rupture, are the topics of Extreme Events in Nature and Society. The book, authored by foremost experts in these fields, reveals unifying and distinguishing features of extreme events, including problems of understanding and modelling their origin, spatial and temporal extension, and potential impact. The chapters converge towards the difficult problem of anticipation: forecasting the event and proposing measures to moderate or prevent it. Extreme Events in Nature and Society will interest not only specialists, but also the general reader eager to learn how the multifaceted field of extreme events can be viewed as a coherent whole.
Following World War II, Nordic countries were commonly regarded as successful and stable economies. This perception was, however, shattered in the early 1990s when Finland and Sweden encountered severe financial crises. Here, the authors explore the symptoms of financial crisis - decreasing real income, soaring unemployment and exploding public deficits - and their devastating effects. The book compares and contrasts the experiences of Finland and Sweden, then adopts an international perspective, encompassing the experiences of Asia, Latin America, Denmark and Norway. Lessons from the 1990s crisis are drawn, and possible solutions prescribed. The conclusion is that long-term effects of financial crises - financial liberalization and integration - are not as dramatic as the short-term effects, but may prove to be of greater importance over time. Only the future will show whether these long-term benefits will balance or even outweigh the enormous short-term costs of the crises. Highly relevant to the current international financial crisis currently afflicting the world economy, this timely book will prove invaluable to economists and other social scientists with a general interest in financial crises, and to those with a more specific interest in the evolution and models of Scandinavian economies.
Disaster risk management is of increasing significance in today's world. Every year, natural disasters cause tens of thousands of deaths and tens of billions of dollars' worth of losses. Northeast Asia holds a high propensity for natural disasters, including earthquakes, tsunamis, typhoons, floods and landslides. Countries in the region have a long history of natural disasters that have devastated populations, cities and their heritage. Restoring livelihoods and rebuilding social and economic infrastructures requires adequate political actions and financial resources, necessitating the implementation of a comprehensive strategy for the management of catastrophe risks. Coping with Disaster: Risk Management in Northeast Asia provides an examination of the disaster risk management approaches and financing practices adopted in China, Taiwan, Japan and South Korea. The objective of this book is to provide the necessary information on hazards, exposures and vulnerabilities to assist policy development design to increase governmental preparedness for catastrophe risks. It addresses the traditional aspects of disaster risk management, but goes further to focus on the measures of financial protection required to secure post-disaster resources and strengthen budgetary discipline. Written in an accessible and comprehensible manner, the book will appeal to a wide audience, but is of special interest to policy-makers, public officials, insurance managers and students eager to learn more about disaster risk management in one of the most exposed regions in the world.
Looking at the precedents set by the panic of 1907 and the Great Depression in America, this book investigates the causes of the 2007-2008 financial crisis. Pizzutto examines the effects of monetary policy, as well as of expanding and contracting financial cycles, in order to analyze the breakdown of the money market and capital market circuits. Not only exploring the impact of the Federal Reserve and central banking on monetary policy, he also analyzes the role of non-bank financial intermediaries. How can monetary policy resolve the instability of the US financial system? How can financial intermediation work effectively? This timely book highlights how historical lessons can be used to avoid the next financial crisis.
This timely reader of seminal papers published by Palgrave on behalf of Comparative Economic Studies, examines how and why foreign banks enter emerging markets and the positive benefits they bring to the host countries.
This outstanding book examines whether and how the finance-led growth model can be transformed. The authors' insightful analyses make significant contributions to our understanding of the global economic crisis since 2008 and the search for possible new paths beyond the crisis.' - Stein Kuhnle, University of Bergen, Norway and Hertie School of Governance, Germany'This book sheds a powerful light on the current uncertainty of the world economy. Indispensable reading for understanding the roots of the crisis and the possible ways out.' - Carlota Perez, Technological University of Tallinn, Estonia and London School of Economics, UK This timely and far-reaching book addresses the long-term impact of the recent global economic crisis. New light is shed on the crisis and its historical roots, and resolutions for a more robust, resilient future socio-economic model are prescribed. Leading experts across a range of field including macroeconomics, politics, economic history, social policy, linguistics and global economic relations address key issues emerging from the crisis. They consider whether a new era in interactions between state, society and markets is actually dawning, and whether the finance-led economic growth model will be transformed into a new and more stable model. The role of the crisis in economy, polity and society, in shaking up existing institutional regimes and in paving the way for new ones is also discussed. Post-crisis combinations of state-society-economy relations are identified, and the question of whether the crisis has led to the reconsideration of economic relations and their institutional embeddedness is explored. This challenging book will provide a thought provoking read for academics, students and researchers focusing on economics, political science and sociology. Policymakers in the fields of economic, industrial and social policy will also find this book to be an informative point of reference. Contributors: R.E. Backhouse, M. Benner, R. Boyer, A.W. Gustafsson, F. Hansen, B. Jessop, L. Jonung, J. Lindvall, A. Lundqvist, B.-A. Lundvall, L. Schoen, N.-L. Sum, J. Svensson
Rapid improvements and constant advancements in information technology have inevitably lead to significant changes for businesses across the globe. As a result, some of these large shifts have unfortunately ended in major financial crises. Technology and Financial Crisis: Economical and Analytical Views investigates financial crises from unique points of view. Not only does this publication consider the broader economical implications that a financial crisis can have on one business or on a whole country, but it also thoroughly discusses the smaller areas which are affected or contribute to the downfall. This book is intended to be of use to the public sector, researchers, practitioners, and educators who are interested in the affects of a financial crises and possible ways to reduce such large scale problems in the future.
This volume brings together historians, economists, political scientists, and anthropologists to present a global perspective on the new forms of lending and borrowing that have become a key feature of twentieth-century mass consumer societies, emphasizing comparative and transnational historical perspectives.
As national leaders struggle to revive their economies, the people of Europe face a stark reality, which has created an opportunity for local leaders and citizen movers and shakers to rise to the occasion to spur revitalization from the bottom up. The author offers a six-point plan to prosperity.
This book provides an in-depth account of the politics of the Eurozone crisis in Italy, Spain, Greece, Portugal, Cyprus and Malta, mapping the positions expressed by the governments of Southern EU countries during the Eurozone crisis negotiations, including Greece's bailout deal, the so-called "Six Pack" and the "Fiscal Compact" and exploring the process of domestic preference formation. The book relies on original data resulting from fieldwork conducted in the context of the EU Commission- funded Horizon 2020 project "The Choice for Europe since Maastricht".
The financial stress of 2008 propelled the world into the most severe recession since the great depression. Despite the significant risk that it poses to the real economy, the complex interaction between financial stress and economic performance is not well understood due to the crucial gaps that remain in our understanding of this critical and dynamic relationship. Dynamics of Financial Stress and Economic Performance: Insights and Analysis from the World Economy attempts to understand the complex non-linear dynamics between financial system stress and economic performance on a global level. An analytical approach is taken to examine twelve major countries, and provide a detailed understanding of the crucial financial and economic issues faced in light of financial stress; including interest rate bottoms, inflation asymmetries, financial health of households, money supply bubbles, fiscal issues, trade dynamics, over leveraging of the financial markets, behaviour of housing prices, debt problems, potential for economic growth, or a complex combination of any of the above. This book will appeal to practitioners, students and researchers in fields such as financial economics, risk management and quantitative finance who wish to expand their knowledge of these crucial and complex dynamics. It is also an appealing read for those who are generally curious about business, banking, financial markets and macro-economic issues occurring on both an individual country and global level.
Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, "This Time Is Different" presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, "This Time Is Different" exposes centuries of financial missteps.
This book seeks to understand why almost all commentators on the Irish economy were unprepared for the scale of the recent economic crisis. It analyses the public contributions from a broad range of observers, including domestic and international agencies, academics, the newspapers and politicians. This approach gives new insights into the analytical and institutional shortfalls that inhibited observers from recognising the degree of the risk. The book demonstrates that most commentators were either impeded in what they could say, or else lacked the expertise to challenge the prevailing view. The findings have significant implications for a broad range of institutions, particularly the media and the Oireachtas (the Irish Parliament). |
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