This book addresses the viability of the EU economic and social model within and after the global economic crisis. It identifies four key issues which warrant further discussion and its contributions offer two perspectives on each of the four main issues: the asymmetry of the legal and policy framework of the euro and how this should be recalibrated; substantive tensions in the EU integration project between the Treaties' 'economic constitution' and the normative aims of social policy and inclusion and their impact on national policy, the role of civil society, including the two sides of industry in overcoming these tensions and the EU's global aspirations towards the creation of a viable socio-economic model.In drawing these debates together, the book provides a broad understanding as well as starting points for future research.Bringing together different disciplinary approaches, ranging from legal studies to political economy, sociology and macroeconomics, it is a valuable contribution to the debate on the European social model and introduces new insights by focusing on legal and political tensions, the impact of the financial crisis and other economic contexts as well as global dimensions.

Despite prognostications of the "end of history," the 21st century has posed new challenges and a host of global crises. This book takes up the current global economic crisis in relation to new and changing dynamics of territory, authority, and rights in today's global system. The authors explore long simmering conflicts in comparative perspective, including settler colonialism in South Africa, Northern Ireland and Israel/Palestine. They discuss indigenous struggles against environmental land grabs and related destruction of indigenous lands by the US nuclear weapons complex. The book uniquely considers the sacred in the context of the global system, including struggles of Latina/o farm workers in the U.S. for social justice and for change in the Catholic Church. Other chapters examine questions of civilizations and identity in the contemporary global system, as well as the role of world-regions.

The banking crisis in 2007-10 was one amongst many such crises in the past. This book provides a fresh approach to liquidity. It starts from basics and gradually builds up analysis of credit lines with few technicalities. Though the analysis is theoretical, the book provides a historical background, a macroeconomic perspective, and policy implications. An integrated view of the pre-1983 and the post-1983 literature is provided. A solution to the related problem of sudden outflow of funds from emerging economies is also suggested.

The great financial crisis of 2008 and the ensuing global economic and financial turmoil have launched a search for "models" for recovery. The advocates of austerity present the Baltic States as countries that through discipline and sacrifice showed the way out of crisis. They have proposed the "Baltic model" of radical public sector cuts, wage reductions, labor market reforms and reductions in living standards for other troubled Eurozone countries to emulate. Yet, the reality of the Baltic "austerity fix" has been neither fully accepted by its peoples, nor is it fully a success. This book explains why and what are the real social and economic costs of the Baltic austerity model. We examine each of the Baltic States by connecting national level studies within a European and global political economy, thereby delivering comparative breadth that supersedes localized understandings of the crisis. Thus for each of the three Baltic states, individual chapters explore the different economic and social dimensions of neo-liberal post-communism and the subsequent wider global economic and financial crisis in which these newly financialized economies have found themselves especially vulnerable. The "austerity model" adopted by Baltic national governments in response to the crisis reveals the profound vulnerabilities created by their unwavering commitment to liberalized economies, not least in terms of the significant "exit" of their labor forces and consequent population loss. This book looks beyond basic financial metrics claiming a success story for the Baltic austerity model to reveal the damaging economic and social consequences, first of neo-liberal policies adopted during transition, and latterly of austerity measures based on "internal devaluation." Combined these policies undermine the possibility of longer-term recovery and even social and economic sustainability, not to mention prospects for successful integration in the now-faltering European project that has departed from its "Social Model" roots.

This book is a major contribution exploring the policy options available for developing and emerging economies in response to the global economic crises. Written by a highly respected development economist, the book gives a clear-eyed account of the issues particular to these countries and critically evaluates different policy approaches, including reforms in financial, monetary and trade policies. Informed by deep scholarship as well as practical experience, Yilmaz Akyuz draws on empirical data, historical context and theoretical expertise, with special attention paid to issues such as the role of the International Monetary Fund and China. The Financial Crisis and the Global South is a landmark book that will be of interest to practitioners, scholars, theorists and students of economics and development studies.

This book analyzes the adverse effects of globalization and liberalization - acutely manifest in the increased financialization of capital and the concomitant global financial crisis of 2008-09 - on the labour force, especially in the developing countries. Drawing upon case studies from several countries including India, Columbia, Malawi, Brazil and Thailand, it highlights the worsening plight of working class as a whole and informal labour in particular. The essays examine issues such as down-sizing, lowering of wages, insecurity and erosion of labour rights, and show how labour is grappling with the situation. The volume critically re-assesses varied aspects of the growing informal sector: its dubious credential as an employment provider during crises; its non-adherence to internationally recognized standards of decent work; the problems and potential of workers' unions; and the need for a regulatory regime. It also discusses changes in the Indian labour market induced by business environment and technology as well as its future dynamics. Presenting a historical review of labour markets, the work explores the deregulation wave under the globalization of 1980s and the interactions between existing unstable asset markets and labour markets. The book will prove especially useful to students and scholars in economics, labour studies and sociology, and those engaged in public policy and governance.

This book explores the way in which the financial crisis that began in the US spread to the economy of the European Union. It takes a critical look at the measures adopted by EU institutions in response to that crisis, seeking to explain the rationale behind them, their context, their development and why different exit strategies were not adopted. In doing this, the book makes comparisons with the measures adopted by institutions in the US and the UK. As the crisis has shown that the financial supervision frameworks prevailing in 2007 were not fully able to deal with the largest financial crisis in history, this volume also reviews the proposals that have been designed to reform the supervisory architecture in financial services in the EU. The book concludes that the EU member states under most pressure from financial markets do suffer from intrinsic problems, but that the economic effects of the crisis have been exacerbated by shortcomings in economic governance within the EU. This work will be highly relevant to policy makers and scholars looking at EU integration, finance and market regulation.

Financial crises are dramatic events. When they emerge, they tend to dominate the attention of the press and become the focus of policymakers. In one form or another, they have affected the lives of millions of people throughout the world. As references to 16th century Dutch tulips, 18th South Seas merchant ventures, or 1920s Florida real estate make clear, they have been around for a long time. At their worst, such as in the cases of the Great Depression or the current Great Recession, their effects have been felt worldwide, with the number of people affected counted into the billions. They have at times changed the course of history.

This book analyses ten of the most important financial crises of the last thirty years. The specific crises covered in the book are the 1982 Chilean crisis, the 1992 ERM crisis, the 1994 Mexican crisis, the 1997 Asian crisis, the 1998 Russian crisis, the 1999 Brazilian crisis, the 1999 Ecuadorian crisis, the 2000 Turkish crisis, the 2002 Argentine crisis, and the 2008 crisis in Iceland. The set includes the most important emerging-market crises of the last three decades as well as two particularly informative advanced-country crises, the ERM crisis of 1992 and the Icelandic crisis of 2008. A separate chapter is devoted to each crisis, and a brief concluding chapter sums up some of the key lessons that I believe that we can draw from these events.

From the mid-1980s, investors in the US increasingly directed capital towards the financial sector at the expense of non-financial sectors, lured by the perception of higher profits. This flow of capital inflated asset prices, creating the stock market and housing bubbles which burst when the imbalance between stagnant incomes and rising debts triggered the banking meltdown. Profitability and the Great Recession analyses these trends in profitability and capital accumulation, which the authors identify as the root cause of the financial crisis, in the context of the US and other major OECD countries. Drawing on insights from Adam Smith, David Ricardo, John Stuart Mill and Karl Marx, the authors interpret the relationship between capital accumulation and profitability trends through the conceptual lens of classical political economy. The book provides extensive empirical evidence of declining rates of US non-financial corporate accumulations from the mid-1960s and profitability trends in that sector falling from post-war highs. In contrast to this, it is shown that there was a vigorous rise of profitability in the financial sector from a 1982 trough to the early part of the twenty-first century, which led to the bloating of that sector. The authors conclude that the long-term falling accumulation trend in the non-financial corporate sector, highlighted by the bankruptcy of major automobile corporations, stands out as the underlying force that transformed the financial crisis into a fully-fledged Great Recession. This book will be of interest to students and researchers in the areas of economics, political economy, business and finance.

This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe's current financial crisis. The first part of the book discusses Ludwig von Mises's and Friedrich August von Hayek's ideas on banking and monetary policy from both historical and economic standpoints. It includes contributions on Austrian monetary dynamics and micro-foundational business cycle theory, von Mises's concepts of liquidity and solvency of fractional-reserve banks, and liberalism of Austrian economics. The second part analyzes the measures taken by the European Central Bank (ECB) in light of the ideas of von Mises and Hayek. It includes contributions on non-neutrality of money, ECB monetary policy, and the future of the ECB. The third and final part presents discussions on monetary reforms, including contributions on Bitcoins, Cryptocurrencies and anti-deflationist Paranoia.

The contributions to this edited collection, first published in 1983, are based on two underlying themes. The first examines the major recession that took hold of the global economy during the 1980s and assesses its effects on key areas of social structure, including political and economic democracy and trade union representation. The second theme considers the limitations of state intervention in such changing circumstances, with particular reference to the welfare state. This is a comprehensive title, which is of great relevance to those with an interest in the current global economic situation and the potential impact of this on the welfare state and class structure.

This book scrutinizes global financial flows and stocks, both financial assets and liabilities and their impact on the global balance of economic power, especially as they affect the largest and fastest-growing countries in both the developed and the developing world. It shows how financial flows can promote economic growth and financial capital can serve as a tool for higher growth rates in emerging market economies, but also that the huge amounts of financial capital currently being spent in advanced countries to promote economic growth has produced at best very modest improvements and in some cases negative results. The book opens with an analysis of global capital flows and their concentration. It then offers an analysis of rates of relative economic growth (or decline). The final section deals with the (decreasing) economic efficiency of financial flows and the (un)sustainability of economic growth, especially during the past eight years of economic recovery. Tackling one of the most serious problems in the global economy today, this book will be of interest to academics, researchers, and students of capital markets, financial crisis, and financial economics.

All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.

The book by Christian Schweiger helps understand the processes currently taking place within the European Union, which result from the economic crisis. They concern the transformations within economic and social models taking place in the Member States. The uniqueness of this publication consists in the fact that the author confronted many of his opinions in the debates with researchers and experts from the states and regions he describes. Having read the book, one can only hope, but also be certain, that the European Union still has a future ahead.' - Maciej Duszczyk - Institute of Social Policy, University of Warsaw, Poland'This stimulating and well-argued book examines the areas relevant within the Varieties of Capitalism (VoC) debate such as employment-related institutions and policies including the welfare state, and fiscal and monetary policies. Schweiger's focus on the different VoC in Europe could not be timelier. Engaging in fundamental current European economic policy-related issues, this excellent book is a must read for scholars, policy advocates and students in the field.' - Lothar Funk, University of Applied Sciences, Dusseldorf, Germany The EU And The Global Financial Crisis analyses the emerging new political economy of the EU Single Market in the wake of the 2008-2009 global financial crisis. The crisis has initiated a new wave of functionalist spillover towards deeper integration in the eurozone, which in effect divides the EU into multiple integrative cores. Providing the first comprehensive examination of the emerging policy framework in the EU and the eurozone after the global financial crisis, this rigorous study applies a neofunctionalist approach to the analysis of the crisis implications by considering the emergence of the system of multiple cores in the EU as a result of the return of political spillover. It outlines the EU's post-crisis varieties of capitalism and examines the effects of the financial crisis on selected key economies in the Single Market. This authoritative book offers a complete breakdown of the EU's political economy in the wake of the global financial crisis and will therefore appeal to students of European politics, international political economy and European studies, as well as policy-makers and other stakeholders. Contents: Part I: The EU Policy Frameworks under Stress 1. Varieties of Capitalism and the Crisis 2. From Deregulation Towards 'Smart' Regulation 3. Europe 2020 and the Eurozone Crisis: A New Functionalist Era? Part II: National Varieties of Economic and Social Models in the EU-27 4. The United Kingdom - Still the Liberal Model? 5. Germany: The Modell Deutschland between Stagnation and Reform 6. The New Crisis Paradigm: The GIIPS Countries 7. Central and Eastern Europe: From Transition Towards New Risk 8. The New Varieties of Capitalism and the Future of the European Social Model Index

The City has long been the main generator of London's wealth and, needless to say, the impact of the Economic Crisis in the recent years on the City has greatly affected the wider urban and surrounding region, not to say country as a whole. This book examines the impact of the recession and discusses London's future trajectory as an entrepreneurial city and capital of the United Kingdom. While recognising the enduring capacity of London to 'reinvent' itself - from being the centre of a vast Empire to becoming a global centre for financial and business services - contributors evaluate different dimensions of the city's current and future development through analyses derived from sociological, economic, cultural and urban studies perspectives.

The 2008 financial crisis has severely shaken confidence in liberal economic theory and policy. However, the sharply divergent experiences of the six Anglo-Saxon 'liberal market economies' (LMEs) suggest that the reality is not so simple. This book traces the evolution of liberal capitalism, from its rebirth amidst the challenges of the 1970s to its role in the genesis of the 2008 crisis - and debates the assumptions underpinning the liberal capitalist paradigm.

Close examination reveals variety within liberal capitalism. Not only was there the familiar, "hands off" libertarian approach adopted by the US, UK and Ireland, but more bounded, better regulated and apparently more stable varieties of economic liberalism also emerged, through the more pragmatic approach taken by Canada, Australia and New Zealand.

The evidence is compelling. Whereas the American, British and Irish financial systems were severely damaged by the crisis, those of Canada, Australia and New Zealand proved more robust. This volume explores the degree to which these divergent experiences were a result of better and more intensive supervision, differences in business or political culture, broader commitment to social norms, and the pace of liberalisation.

Detailed comparative case studies reveal fundamental differences in the economic and political environments in which economic liberalisation took place, in approaches to finance and in the degree to which it was seen to be an engine for growth. The book concludes that this had a major influence on the evolving economic and financial systems, and consequently, their relative resilience when confronted with the challenges of the 2008 crisis.

The Group of Twenty book will provide a concise examination of the purpose, function and practice of the Group of Twenty (G20) summit with particular attention to its designation as a new "premier forum for international economic cooperation." Although providing a historical account of the G20 Finance Ministers and Central Bank Governors process, the main focus of the book will be on the conditions, events and debates that led to the formation of the permanent, expanded leaders' level forum. The historical span of the G20 Summit process is not long, but the global transformations that precipitated it are crucial for the analysis. Two central themes will guide the analysis of this book; first, an examination of "accumulating global deadlocks," which provide a framework of the functional deficiencies plaguing the global system; and second, "incremental institutional innovations," which will detail the patchwork of reforms to the institutions of global governance that led into the transformation of the G20's role. The book will explore a variety of major debates, including; governance by clubs versus multilateralism; the legitimacy of informal leadership; the issue of the G20's composition of both solution' countries and problem' countries; the role of the emerging powers; and, new conceptions of North-South relationships. It will address the array of functional challenges at the core of the global system. This book will provide insight and analysis on the G20 beyond its composition, offering a detailed examination of the ongoing shift in economic power and the momentum toward global institutional reform. This book takes into account the technical orientation of the G20 Finance and its financial agenda but will drill deeper on contextual issues. This book will also be produced very timely, following the early incarnations of the G20 at the leaders' level. It will draw from experiences of the initial four summits; Washington (Nov'08),

The Group of Twenty book will provide a concise examination of the purpose, function and practice of the Group of Twenty (G20) summit with particular attention to its designation as a new "premier forum for international economic cooperation." Although providing a historical account of the G20 Finance Ministers and Central Bank Governors process, the main focus of the book will be on the conditions, events and debates that led to the formation of the permanent, expanded leaders' level forum. The historical span of the G20 Summit process is not long, but the global transformations that precipitated it are crucial for the analysis. Two central themes will guide the analysis of this book; first, an examination of "accumulating global deadlocks," which provide a framework of the functional deficiencies plaguing the global system; and second, "incremental institutional innovations," which will detail the patchwork of reforms to the institutions of global governance that led into the transformation of the G20's role. The book will explore a variety of major debates, including; governance by clubs versus multilateralism; the legitimacy of informal leadership; the issue of the G20's composition of both solution' countries and problem' countries; the role of the emerging powers; and, new conceptions of North-South relationships. It will address the array of functional challenges at the core of the global system. This book will provide insight and analysis on the G20 beyond its composition, offering a detailed examination of the ongoing shift in economic power and the momentum toward global institutional reform. This book takes into account the technical orientation of the G20 Finance and its financial agenda but will drill deeper on contextual issues. This book will also be produced very timely, following the early incarnations of the G20 at the leaders' level. It will draw from experiences of the initial four summits; Washington (Nov'08),

This study explores the major patterns of change in the evolution of financial crises as enduring phenomena and analyzes the paradoxical position that crises are at once similar to and different from each other. Brenda Spotton-Visano examines economic, psychological and social elements intrinsic to the process of capitalist accumulation and innovation to explain the enduring similarities of crises across historical episodes. She also assesses the impact that changing financial and economic structures have on determining the specific nature of crises and the differential effect these have in focal point, manner and extent of transmission to other, otherwise unrelated, parts of the economy. Financial Crises offers a consistent method for interpreting variations in financial crises through time and allows for a better overall appreciation for both the transitory fragility and enduring flexibility of financial capitalism and the potential vulnerability created by on-going financial development. Topical and informative, this key book is of keen interest to all those studying and researching international economics and political economy.

This book examines China 's response to the 2007-2008 global financial crisis, and the resulting new status acquired by China within the international economy. It considers the things China did to weather the crisis, discussing the stimulus package put in place by China and how China 's banks coped, but above all examines the measures which countries outside China look to China to put in place in order to better encourage and secure world-wide economic recovery, measures such as currency revaluation, tax reform and greater stimulation of domestic demand. The book contrasts China 's response to the crisis, and China 's increasingly central role in the world economy, with the responses of the European Union. The book also assesses China 's increasingly important regional role, in particular its dialogue with the new Japanese government, and China 's positioning towards Southeast Asia, and also discusses the growth of Chinese foreign direct investment.

Despite prognostications of the "end of history," the 21st century has posed new challenges and a host of global crises. This book takes up the current global economic crisis in relation to new and changing dynamics of territory, authority, and rights in today's global system. The authors explore long simmering conflicts in comparative perspective, including settler colonialism in South Africa, Northern Ireland and Israel/Palestine. They discuss indigenous struggles against environmental land grabs and related destruction of indigenous lands by the US nuclear weapons complex. The book uniquely considers the sacred in the context of the global system, including struggles of Latina/o farm workers in the U.S. for social justice and for change in the Catholic Church. Other chapters examine questions of civilizations and identity in the contemporary global system, as well as the role of world-regions.

When the 2008 housing market bubble burst in the United States, a financial crisis rippled from the epi-center in the United States across borders into economies both near and far, causing persistent social and economic detriment in many countries. The Global Economic Crisis in Latin America: Impacts and Responses is an examination of the impacts and responses in the diverse Latin American region through the lens of three countries: Mexico, Brazil, and Argentina.

Until recently the world has been relying on the US dollar and the Euro to lubricate the flow of global trade and finance. A newcomer, the Renminbi (RMB) or Chinese Yuan, joined the global monetary system in 2000. The rise of the RMB is both an indicator and a result of the evolution in the global macro landscape that shifts economic weight from the developed markets, led by Europe, Japan and the US, to the emerging markets, led by China.Research on RMB internationalisation is difficult because events have been unfolding fast, with frequent shifting regulations. Most financial market research is sales-driven, shallow and without serious investigation into the structural underpinning of events. Most crucially, there has been insufficient systematic research on the structural realities behind the RMB internationalisation exercise. No-one has openly questioned the credibility of the RMB as an international currency. This is the first book to address these issues by focusing on the structural factors behind the rise of the RMB. It uses a critical approach, questioning conventional wisdom and the status quo to anslyse China's currency ambition in the post-subprime world. Discussions combine rigorous research thoughts, data, facts and economic logic with real world issues to elaborate on the arguments and make them reader-friendly.

Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. * A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis * Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets * Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation * Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies

Can grassroots social movements impact the financial system? Technological advancements are poised to completely transform the financial system, and soon it will be unrecognizable. Banks are increasingly using financial technologies ("fintech") to deliver products and services and maximize their profits. Technology enthusiasts and consumer advocates laude the field for its potential to expand access to banking and finance. However, if history is any indication, fintech stands to reinforce digital forms of redlining and enable banks' continued racialized exploitation of Black and Brown communities. Banking on a Revolution takes the perspective that the financial system needs a revolution-not the impending revolution driven by technology. Studying the various ways the financial system bolsters whites by exploiting and marginalizing Black and Brown communities, Terri Friedline challenges the optimistic belief that fintech can expand access to banking and finance. Friedline applies the lens of financialized racial neoliberal capitalism to demonstrate the financial system's inherent racism, and explores examples from student loan debt, corporate landlords, community benefits agreements, and banking and payday lending. Banking on a Revolution is deeply rooted in theory and research, and it presents new interpretations of the climate crisis, student loan debt, and community benefits agreements and their relationships to the financial system. The book makes a compelling case for a revolutionized financial system that centers the needs, experiences, and perspectives of those it has historically excluded, marginalized, and exploited.