The book analyses the emerging centre-periphery divisions within the European Union which result from the unprecedented conditions created by the 2008-09 global financial crisis and the subsequent Eurozone sovereign debt crisis. The multiple layers of policy coordination which emerged in response to the crisis have initiated a process by which the EU is increasingly divided in terms of the level of vertical integration between the Eurozone core group and differentiated peripheries amongst the outsiders. At the same time the sovereign debt crisis has created a periphery of predominantly Southern European countries within the Eurozone that became dependent on external financial support from the other member states. The contributions in this book critically examine various aspects of the emerging internal post-crisis constellation of the EU. The main focus lies on national and supranational governance issues, national dynamics and dynamics in the Eurozone core as well as in the periphery. This book was originally published as a special issue of Perspectives on European Politics and Society.

The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system has had a negative impact on the willingness of financial institutions to give credit to companies for investment. Therefore, the key issue for current economic policy is to find a balance between the stabilisation of public finance and maintaining the momentum of long-term growth. This book offers an evolutionary-developmental analysis, combining elements of neo-Schumpeterian economics, institutional economics and post-Keynesian economics, to show that selection processes within an economy, and the institutional rules shaping those processes, are substantially more important than usually recognised by evolutionary economic theory. Two major challenges for economic theory and policy, in particular, have emerged during the crisis. The first is the rise of unemployment coupled with growing public deficits. The second is the financial instability which threatens the permanence of economic development. This book examines the performance of the advanced economies since the crisis and explores why some of them have been more successful in tackling these challenges than others. It is argued that the reasons for the varied performances of these economies lie in the economic policies which were introduced before and in the aftermath of the crisis and the differences in the regulation of their labour markets. This volume will be of interest to students and academics in the areas of macroeconomics, public economics and public management.

The book explores how, to what extent and with what consequences the international crisis of 2007-2008 and the recession which followed have affected European SMEs (small and medium enterprises) in both the well established market economies of the old member countries and in the post-transformation new member countries, and what can be done at the institutional and political level to uphold them.

The financial crash of 2007-2008 and the subsequent global economic crisis have raised questions about the viability of capitalism and the desirability of alternative types of economic system. In this context, Keynesian and Marxist ideas in particular have become more popular. These two approaches, along with some other heterodox perspectives, agree on the need for institutional analysis and for better institutions and governance in order to promote economic development. This volume poses fundamental institutional, evolutionary and ontological questions relating to the emergence of a new mode of governance after the financial crisis. The book argues that, contrary to the recent austerity policies implemented in the EU in particular, a new level of government involvement is required in order to keep aggregate demand stable, make full employment possible, and create a transparent financial sector, serving the real economy and encouraging productive investments. This book will be of interest to students, researchers and policy makers working in the areas of finance, institutional economics, development economics and international political economy.

Some of the worst effects of the global economic downturn that commenced in 2008 have been felt in Europe, and specifically in the Eurozone's so-called PIIGS (Portugal, Italy, Ireland, Greece, and Spain) and Cyprus. This edited volume is the first collection to bring together ethnographies of living with austerity inside the Eurozone, and explore how people across Southern Europe have come to understand their experiences of increased social suffering, insecurity, and material poverty. The contributors focus on how crises stimulate temporal thought (temporality), whether tilted in the direction of historicizing, presentifying, futural thought, or some combination of these possibilities. One of the themes linking diverse crisis experiences across national boundaries is how people contemplate their present conditions and potential futures in terms of the past. The studies in this collection thus supply ethnographies that journey to the source of historical production by identifying the ways in which the past may be activated, lived, embodied, and refashioned under contracting economic horizons. In times of crisis modern linear historicism is often overridden (and overwritten) by other historicities showing that in crises not only time, but history itself as an organizing structure and set of expectations, is up for grabs and can be refashioned according to new rules. This book was originally published as a special issue of History and Anthropology.

In this remarkable and provocative book, Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of the global economic crisis. Rather, they are symptoms of a much deeper malaise which can be traced all the way back to the Great Crash of 1929, then on through to the 1970s: the time when a 'Global Minotaur' was born. Just as the Athenians maintained a steady flow of tributes to the Cretan beast, so the 'rest of the world' began sending incredible amounts of capital to America and Wall Street. Thus, the Global Minotaur became the 'engine' that pulled the world economy from the early 1980s to 2008. Today's crisis in Europe, the heated debates about austerity versus further fiscal stimuli in the US, the clash between China's authorities and the Obama administration on exchange rates are the inevitable symptoms of the weakening Minotaur; of a global 'system' which is now as unsustainable as it is imbalanced. Going beyond this, Varoufakis lays out the options available to us for reintroducing a modicum of reason into a highly irrational global economic order. An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.

From the Great Depression in the twentieth century to the Great Recession in the twenty-first, systemic banking crises have been a recurring problem for both developing and developed countries. This book offers a human rights perspective on financial crises vis-a-vis low-income and least developed countries. It systematically analyzes government's commitment to women's economic rights and basic human rights during systemic banking crises. The book combines a wealth of data with rich theoretical arguments that weave together distinct but related bodies of literature from international development, human rights, and political economy.

Adam Smith's 'invisible hand' relied on the self-interest of individuals to produce good outcomes. Economists' belief in efficient markets took this idea further by assuming that all individuals are selfish. This belief underpinned financial deregulation, and the theories on incentives and performance which supported it. However, although Adam Smith argued that although individuals may be self-interested, he argued that they also have other-regarding motivations, including a desire for the approbation of others. This book argues that the trust-intensive nature of financial services makes it essential to cultivate such other-regarding motivations, and it provides proposals on how this might be done. Trustworthiness in the financial services industry was eroded by deregulation and by the changes to industry structure which followed. Incentive structures encouraged managers to disguise risky products as yielding high returns, and regulation failed to curb this risk-taking, rent-seeking behaviour. The book makes a number of proposals for reforms of governance, and of legal and regulatory arrangements, to address these issues. The proposals seek to harness values and norms that would reinforce 'other-regarding' behaviour, so that the firms and individuals in the financial services act in a more trustworthy manner. Four requirements are identified which together might secure more strongly trustworthy behaviour: the definition of obligations, the identification of responsibilities, the creation of mechanisms which encourage trustworthiness, and the holding to account of those involved in an appropriate manner. Financial reforms at present lack sufficient focus on these requirements, and the book proposes a range of further actions for specific parts of the financial industry.

Although the triggering effect of economic crises on revolt is a classic sociological topic, crises have until recently mostly triggered large-scale collective action in developing countries. The antigovernment protests that occurred in several European countries in the aftermath of the global financial crisis brought crises to the forefront of collective action research in democratic societies, as well as provide important opportunities for studying how crises can trigger large-scale collective action. This volume focusses on Iceland's 'Pots and Pans Revolution', a series of large scale antigovernment protests and riots that took place in Iceland in autumn 2008 and January 2009. The Icelandic case offers a rare opportunity to study processes that can trigger political protest in an affluent, democratic society. The protests took place in the aftermath of a national financial collapse triggered by the global financial crisis in early October 2008. While having almost no tradition of mass protest, Iceland was among the first countries to respond to the global crisis with large-scale protest. The level of public mobilization was exceptionally high (about 25 percent participation rate) and the protests did not stop until they had brought down the ruling government of Iceland. Using qualitative and quantitative data, this volume situates the protest in historical-cultural context and applies social movement theory to explore how the economic crisis ended up triggering the protests, thus providing a step toward understanding why the global financial crisis has triggered public unrest in other countries.

This second book in the FightBack collection responds to the question: what could the 'new normal' look like? Felix Staeritz and Sven Jungmann believe that business leaders and organizations have have formidable tools at their disposal - not just to cope with this situation, but to recreate the world so they come out of this stronger and more inventive. As entrepreneurs, Staeritz and Jungmann are passionate about solving challenges through continuous experimentation, in search of the solutions that will define and shape the new normal. At its core, this book is about the shared experiences of many business leaders, academics and entrepreneurs around how corporations can most effectively build new digital models to make the most of their existing assets. FightBack NOW is a timely and necessary book, challenging leaders and organizations to consider the new realities and the urgent problems which ultimately impact the future of every person and business.

The European Union entered into an economic crisis in late 2009 that was sparked by bank bailouts and led to large, unsustainable, sovereign debt. The crisis was European in scale, but hit some countries in the Eurozone harder than others. Despite the plethora of writings devoted to the economic crisis in Europe, present understandings of how the political decisions would influence the integration project continue to remain vague. What does it actually mean to be European? Is Europe still a collection of peoples that rallied together during good times and then retreat to nationalism when challenges appear? Or has Europe adopted a common identity that would foster solidarity during hard times? This book provides its reader with a fresh perspective on the importance identity has on the functioning of the European Union as exemplified in Jurgen Habermas' seminal text, 'The Crisis of the European Union: A Response'. Rather than exploring the causes of the crisis, the contributors examine the current state of European identity to determine the likelihood of implementing Habermas' suggestions. The contributor's interdisciplinary approach is organized into four parts and examines the following key areas of concern: Habermas' arguments, placing them into their historical context. To which degree do Europeans share the ideals Habermas describes as crucial to his program of reform. Influence of Habermas' cosmopolitanism through religious and literary lenses. Impact of Habermas' notions in the arenas of education, national economies, austerity, and human rights. Jurgen Habermas and the European Economic Crisis will be read by scholars in the fields of Political Theory and Philosophy, European Politics and Cultural Studies.

In this latest volume of the Critical Perspectives on International Public Sector Management series, Professors John Diamond and Joyce Liddle have gathered leading scholars and new research to help discern some immediate areas of public policy making that have been impacted by the Covid-19 pandemic. With this new profoundly different context, “business as normal” is seen as no longer viable. Reimagining Public Sector Management delves into the crisis and emergency management of the pandemic, exploring the ways in which different agencies responded to the pandemic and the lessons learnt in terms of disaster planning and co-ordination. Chapters analyse the ways in which health services and the associated work linked to vaccine development provided significant lessons for those involved in public policy making and analysis before highlighting the emergence of a new consensus on the role of public agencies and institutions could play in the post pandemic environment as captured in the slogan “Build Back Better”.

The world economy fell into a global financial crisis in 2008/9 and is still jittered by its aftershocks. Like other financial crises happened in the world economy, it came as a surprise. In historical perspective, financial crises should be understood as a natural fact of life in the world economy and a more pertinent question that should be posed would be why people so easily forget and do not learn from the historical experience. This book deals with the question in two ways. First, it investigates the frame of mind that distances people from the reality of life. At the heart of it, it argues that there are wrong perceptions on the working of the world economy, in particular, the international financial market. It summarizes them as 'the five conventional wisdoms' in the international financial market and, by critically examining them, it draws on 'the five financial theorems', which would provide intellectual pillars for a more realistic understanding of the global financial market. Second, the book examines in detail the case of an emerging market economy that fell into a financial crisis twice in the recent decade. South Korea provides us with an interesting case of emerging market financial crises that came as 'surprises': it faced a financial crisis in 1997/98 after it had been acclaimed as one of 'East Asian miracle economies' and it was again befallen to a crisis during the global financial crisis in 2008/2009 after it was widely regarded as a country that had recovered from the crisis with one of the most successful implementations of the IMF-sponsored reforms. The book attempts to provide the readers with a realistic understanding of emerging market financial crises by interpreting the recent global financial crisis and the Korean crises with some general concepts manifested in 'the five financial theorems'. It also tries to draw more general implications for policy management of emerging market economies.

What effects will the current economic crisis have on the long-term development of our societies? What does the future hold in store when we emerge from the crisis? These two questions lie at the heart of this important new book by the leading French sociologist Alain Touraine. In an era dominated by the global economy and the triumph of individualism, our society has broken away from the old model of integration in place since the industrial revolution. We no longer see ourselves as players in an economic system around which every aspect of society is ordered but rather as individuals with our own rights, capable of creating our own lives in a world in which cultural values prevail. The financial crisis and the growing autonomy of speculative and financial imperatives have exacerbated the rift between the economy and society and could push this long-term tendency in either of two directions. On the one hand, individuals who find themselves unemployed, impoverished and stripped of their savings may feel increasingly excluded and incapable of reacting politically, which would explain the silence of many victims of the crisis. On the other hand, individuals could also find themselves transformed into social actors who are defined increasingly in moral and universal terms, in which case the crisis could help to precipitate a long-term cultural evolution. We are facing a future as yet undecided, a future hovering between catastrophe and radical reform. This book explores the factors that could tip the balance.

How should Europe cope with the negative and still unfolding economic consequences of the current economic crisis? And why does Europe seem to be more conservative than the USA in dealing with the crisis? Since the outbreak of the current international economic crisis in 2008, the USA and many of the European countries have been tormented by high levels of unemployment and low levels of inflation, interest rates close to zero and fiscal policies of austerity. As such, the modern economic mainstream has been challenged by these empirical facts. Today, several years after the outbreak of the international economic crisis, supply side effects do not seem to be increasing employment as the modern mainstream claimed they would. Aggregate demand has to play a more important role in macroeconomic analysis than hitherto. That is, there is a need for alternative explanations of how a modern macro economy is expected to function and how the macroeconomic outcome could be manipulated by the right economic policy proposals. As expressed by the contents of the present book, a Post Keynesian understanding proposes such an alternative theoretically, methodologically and in terms of policy measures. This book will present new materials and approaches, especially new evidence and new views on the potential problems of public debt, the European Union and the present crisis, Central Banking, hysteresis in an agent based framework, the foundations of macroeconomics and the problems of uncertainty.

This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance.The 'end' or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole.The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the sixteenth and seventeenth centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions.

We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations a focus on austerity and reduction in welfare spending versus a focus on financial crisis and democratic regulation of finance are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.

First published in 1984. This book represents a major study of union responses to the economic crisis of the 1970s and 1980s. Abjuring governmental or managerial outlooks, it argues that unions, as representatives of essential producer groups, would be central to the renegotiation of the economic world. The work also stresses the importance of situating union responses to the crisis within the socio-historical evolution of their political economies during the rise and decline of the post-war economic boom. The Social Democratic affiliation of unions in Britain, West Germany and Sweden make them particularly comparable. This title will be of interest to students of politics and economics.

The collapse of Souq Al-Manakh in Kuwait in August 1982 was the most spectacular financial crash of recent years. The market had developed as a parallel stock exchange dealing in the shares of Gulf companies not resident in Kuwait. Fuelled by manic speculation, the market grew at a phenomenal rate throughout 1981 and early 1982. Inexperienced investors gambled huge sums on the shares of shell companies promoted largely for share speculation. At the height of the market US$92 billion was outstanding on nearly 30,000 postdated cheques, the usual form of payment used in the market. The financial crisis created by the collapse of the Souq Al-Manakh threatened the stability of Kuwait. The government was forced to intervene and absorb the major part of the loss. This book, first published in 1986, traces the growth of the stock market and analyses its collapse. It also discusses in detail the wider impact of this debacle on the economic life of the Gulf.

Translated by Ciaran Cronin.

The world is a state of turmoil. From the financial crisis to the chaos in the eurozone, from the Arab uprisings to protests in Athens, Barcelona, New York and elsewhere, many of the familiar frameworks are collapsing and we have to find new ways to orient ourselves in a world undergoing rapid change. Of course, it is necessary for political leaders to address local issues and react to people's specific demands, but without a cosmopolitan outlook, such a reaction is likely to be inadequate. Ulrich Beck's "Twenty-one Observations on a World in Turmoil" is a demonstration of cosmopolitan politics in practice. It is more than a mirror: it is a magnifying glass that brings into focus the processes that are transforming our world and highlights the great challenges we face today.'Global domestic politics', the concept introduced and developed by Beck, is much more than a political theory, a philosophical utopia (or dystopia), a governance programme or a mental state: it is the reality of our times. Beck turns the argument that 'global domestic politics' is an unrealistic ideology on its head, arguing that it is the proponents of the national who are the idealists. They view reality through the obsolete lenses of the nation-state and thus cannot see the profound global changes that are transforming our reality. Global domestic politics is therefore a perspective, a political reality and a normative idea. And it is the critical theory of our times since it challenges the most profound truths which we hold dear: the truths of the nation.

Organised civil society in Greece is generally regarded as weak with rankings for associational density, volunteerism and levels of social capital traditionally among the lowest in Europe. Austerity and the Third Sector in Greece explores the context behind the statistics and general perceptions of a society of takers, not givers. Stereotypes of a country living beyond its means have been exacerbated by the Eurozone crisis but, since 2008, there has in fact been a great proliferation of organised civil society initiatives in the country. Has the financial crisis seen a belated awakening of Greek civil society? Offering a broad overview of contemporary civil society in Greece this book explores how various characteristics of the country's socio-political context have affected the development of the third sector and examines the effect of the economic crisis on it. Expert contributors combine macro-level analyses with local case studies to form a fascinating new study on the influences of national and regional context on civil society development. Their findings provide not only for a better understanding of similar movements, but also contribute to wider academic debates on societal responses to economic crises.

Since 2008 many European states have experienced significant challenges in adapting to austerity, and political actors within these states have made significant changes in their discourses and practices. This book explores the short-term impact of the sovereign debt crisis on aspects of political representation in Greece and Portugal, two of the countries that have been the most severely affected. It provides the most systematic examination to date of the attitudinal change of voters and elites regarding participation and representation, and of the legitimacy of the political system in two of the bailed-out Eurozone states. By examining the congruence between elites and voters, the shift in the patterns of competition, and the position of both citizens and representatives on the main issues, the studies contribute towards a reassessment of the validity of the responsible party model and of theories about democratic accountability. By relying on original mass and elite surveys conducted both before and after the bailouts, the volume helps us understand how the EU/IMF intervention has affected partisan alignments in Greece and Portugal, as well as the differences and similarities in the way political elites and civil society have adapted to severe austerity. This book was originally published as a special issue of South European Society & Politics.

The untold story of how FDR did the unthinkable to save the American economy The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the U.S. dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history. Sebastian Edwards provides a compelling account of the economic and legal drama that embroiled a nation already reeling from global financial collapse. It began on April 5, 1933, when FDR ordered Americans to sell all their gold holdings to the government. This was followed by the abandonment of the gold standard, the unilateral and retroactive rewriting of contracts, and the devaluation of the dollar. Anyone who held public and private debt suddenly saw its value reduced by nearly half, and debtors--including the U.S. government-suddenly owed their creditors far less. Revaluing the dollar imposed a hefty loss on investors and savers, many of them middle-class American families. The banks fought back, and a bitter battle for gold ensued. In early 1935, the case went to the Supreme Court. Edwards describes FDR's rancorous clashes with conservative Chief Justice Charles Evans Hughes, a confrontation that threatened to finish the New Deal for good-and that led to FDR's attempt to pack the court in 1937. At a time when several major economies never approached the brink of default or devaluing or recalling currencies, American Default is a timely account of a little-known yet drastic experiment with these policies, the inevitable backlash, and the ultimate result.

This book traces the impact of the global financial crisis on East Asia, and the way that key regional states responded to the crisis. It considers the extent to which the region is decoupling from the global economy (or the West), the impact of crises on the definition of "region", and the effectiveness and functioning of regional institutions and governance mechanisms (including environmental governance). A key focus of the book is the increasing legitimacy of statist alternatives to (neo)liberal development strategies and modes of governance - or perhaps more correctly, the extent to which the legitimacy of "western" norms and practices have been delegitimized by the crisis. This book was originally published as a special issue of Contemporary Politics

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.