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Books > Business & Economics > Economics > Financial crises & disasters

Governing Risk - The IMF and Global Financial Crises (Hardcover): M. Moschella Governing Risk - The IMF and Global Financial Crises (Hardcover)
M. Moschella
R1,513 Discovery Miles 15 130 Ships in 10 - 15 working days

This book examines the changing nature of the policies adopted to promote international financial stability. Specifically, it investigates the policies that the IMF followed in response to the Mexican, Asian, and subprime crisis. The book argues that these policies can be explained by the interaction of economic ideas and historical contexts.

Unions and Economic Crisis - Britain, West Germany and Sweden (Paperback): Peter Gourevitch, Andrew Martin, George Ross,... Unions and Economic Crisis - Britain, West Germany and Sweden (Paperback)
Peter Gourevitch, Andrew Martin, George Ross, Stephen Bornstein, Andrei Markovits, …
R1,325 Discovery Miles 13 250 Ships in 12 - 19 working days

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.

Growth, Crisis and the Korean Economy (Paperback): Dongchul Cho Growth, Crisis and the Korean Economy (Paperback)
Dongchul Cho
R1,571 Discovery Miles 15 710 Ships in 12 - 19 working days

Since the 2008 global financial crisis, policymakers as well as academicians have been seeking to fathom why subsequent recoveries remain tenuous. Other outstanding issues that they have been trying to understand include: why do some economies grow faster than others? How should the exchange rate volatility be understood and what factors make an economy more likely to fall into an exchange rate crisis? What policies need to be taken during tranquil periods, and how should they be changed once the crisis is triggered? As a partial effort to meet such interests, this book provides insights into these issues. This book examines growth and convergence (Part I), exchange rate volatility and the Asian crisis (Part II), and the global crisis (Part III). In addition, the book also draws lessons from South Korea's experiences - a country which has undergone three different crises and brisk recoveries (Part IV). The book also includes some practical and policy-oriented analysis. This is a truly comprehensive book bringing together varied topics and diversity under one common theme - economic growth and crisis.

Corporate Law and Financial Instability (Hardcover): Andreas Kokkinis Corporate Law and Financial Instability (Hardcover)
Andreas Kokkinis
R4,481 Discovery Miles 44 810 Ships in 12 - 19 working days

Virtually all large banks and other financial institutions in the UK and internationally are public limited liability companies whose shares are listed on one or several stock exchanges. As such, their corporate governance and, in particular, the incentives faced by their directors and senior managers are to a significant extent determined by corporate and securities law rules such as directors' duties, directors' liability in insolvency, takeover regulation, disclosure obligations, shareholder rights and rules on executive remuneration. At the same time, systemically important financial institutions in the UK are licensed, regulated and supervised by the Prudential Regulation Authority (PRA). This book explores the relationship between, on the one hand, the broader corporate law, corporate governance and securities law framework and, on the other, the prudential regulatory framework. Although the book's main focus is on UK law, much of the policy argumentation is relevant globally and therefore appropriate international comparisons are drawn, and analysis of EU law and regulation is included. The book argues that the corporate law regime, which focuses on shareholder empowerment and profit maximisation, operates as an antithesis to prudential regulatory objectives thus undermining the safety and soundness of banks and other financial institutions by encouraging risky behaviour that may be in the best interests of their shareholders, but is clearly not in the public interest.

Global Financial Crisis And Challenges For China (Hardcover): Mu Yang, Michael Siam-Heng Heng Global Financial Crisis And Challenges For China (Hardcover)
Mu Yang, Michael Siam-Heng Heng
R1,462 Discovery Miles 14 620 Ships in 12 - 19 working days

The book analyzes the nature of Chinese economy which enables it to go through the financial tsunami pretty unscathed. It discusses the stimulus package designed by the Chinese government to keep the economy on course, as well as its results - both positive and negative aspects in the middle and long term.The 2008-09 financial crisis makes it very clear that we need a two-pronged approach to deal with the situation, namely governments need a) to take quick and decisive actions to stem any further deterioration in financial systems; b) to revamp their economies by refitting existing engines in the real economy. China, as the third largest economy in the world, and with its robust domestic consumption and a healthy financial system, is one of the most important drivers to pull the world out of recession.According to the Chinese leadership, China's main contribution is to keep its own economy running smoothly. In response to the crisis, the Beijing government has poured money into the following sectors: public housing, earthquake reconstruction, physical infrastructure, social security, education and healthcare. So far, the results have helped China to maintain the targeted high growth. Given the open nature of its economy, its high growth has also benefited other countries, thereby contributing to the global economy.The current crisis strengthens a trend that has emerged since the Asian financial crisis of 1997. And that is the enhanced economic integration of China with its East Asian neighbours and Southeast Asia. This augurs well for East Asian regionalism which may include the birth of Asian Monetary Fund.The global environment in the wake of the crisis poses new challenges to China, for example, in the form of shrinking size of its traditional export market in the USA and Europe. China needs to modify its strategy from previous export-oriented and investment-driven strategy into one with more emphasis on consumption. There is a lot of scope for China to embark on productive consumption such as cleaning up the environment, physical infrastructure, social security, education and healthcare. If done well, they will lay a firm basis for long-term economic development. It represents an occasion for China to embark on a nation-wide effort to upgrade its economy in the key sectors. At the same time, attention needs to be paid to improving economic-legal institutional framework to support China's role as a major global player.

Boom and Bust - A Global History of Financial Bubbles (Hardcover, New Ed): William Quinn, John D. Turner Boom and Bust - A Global History of Financial Bubbles (Hardcover, New Ed)
William Quinn, John D. Turner
R1,028 Discovery Miles 10 280 Ships in 12 - 19 working days

Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.

Media Amnesia - Rewriting the Economic Crisis (Hardcover): Laura Basu Media Amnesia - Rewriting the Economic Crisis (Hardcover)
Laura Basu
R2,695 Discovery Miles 26 950 Ships in 10 - 15 working days

From Donald Trump, to Brexit and the rise of nationalist populism across Europe, what role has the media played in shaping our current political moment? Following the news coverage of a decade-long crisis that includes the 2008 financial crash and the Great Recession, the UK deficit, the eurozone crisis, austerity and rising inequality, we see that coverage is suffering from an acute amnesia about the policies that caused the crisis in the first place. Rather than remembering its roots in the dynamics of 'free market' capitalism, the media remains devoted to a narrative of swollen public sectors, out-of-control immigration and benefits cheats. How has history been so quickly rewritten, and what does this mean for attempts to solve the economic problems? Going behind the coverage, to decode the workings of media power, Basu shows that without a rejection of neoliberal capitalism we'll be stuck in an infinite cycle of crisis.

Irving Fisher (Hardcover, 1st ed. 2019): Robert W. Dimand Irving Fisher (Hardcover, 1st ed. 2019)
Robert W. Dimand
R3,121 Discovery Miles 31 210 Ships in 10 - 15 working days

Acclaimed by Joseph Schumpeter as 'The greatest economist the United States has ever produced', this book examines the life and work of American economist and statistician Irving Fisher (1867-1947). Fisher's reputation suffered for decades after his incorrect predictions for the stock market in October 1929 and the impact of Keynesian macroeconomics, but the importance of his work came to be recognized through the advocacy of many prestigious scholars including Milton Friedman, Hyman Minsky and James Tobin. With pivotal contributions including his Debt-Deflation Theory, Fisher Diagram and Ideal Index Number, his research in neoclassical economics influenced policymaking in his own day as well as during the recent financial crisis. This volume will be of interest to all those interested in the twentieth century transformation of economics.

Worst-Case Economics - Extreme Events in Climate and Finance (Hardcover): Frank Ackerman Worst-Case Economics - Extreme Events in Climate and Finance (Hardcover)
Frank Ackerman
R1,160 R973 Discovery Miles 9 730 Save R187 (16%) Ships in 10 - 15 working days
China And East Asia: After The Wall Street Crisis (Hardcover): Yaqing Qin, Peng Er Lam, Mu Yang China And East Asia: After The Wall Street Crisis (Hardcover)
Yaqing Qin, Peng Er Lam, Mu Yang
R3,151 Discovery Miles 31 510 Ships in 10 - 15 working days

This book examines the need for greater East Asian cooperation and the challenges to this grand endeavor. With differing national outlooks, how can East Asia preserve peace, prosperity and stability amidst geopolitical competition? To answer this question, the volume examines the political and economic relations between Beijing and its neighbors against the backdrop of two trends: the power shift from the West to the East in the aftermath of the American Financial Crisis and the ongoing eurozone crisis, as well as the rise of China.

Unravelling the Credit Crunch (Hardcover): David Murphy Unravelling the Credit Crunch (Hardcover)
David Murphy
R5,846 Discovery Miles 58 460 Ships in 12 - 19 working days

Fascinating Insight into How the Financial System Works and How the Credit Crisis AroseClearly supplies details vital to understanding the crisis Unravelling the Credit Crunch provides a clearly written, comprehensive account of the current credit crisis that is easily understandable to non-specialists. It explains how the financial system was drawn into the crunch and the issues that need to be addressed to prevent further disasters. To enable an understanding of the credit crunch, the author first examines the rules that constrain how financial institutions operate. He discusses how these institutions do business, what products were central to the development of the crunch, and how they behave. He thoroughly describes how financial institutions raise money and the legal and regulatory frameworks under which they operate. After exploring how the system works, the book illustrates how to change the rules to make financial disasters less likely. Focusing on the rules involved in the game of finance is essential if we want to figure out what happened that led to this financial debacle. This book shows us how the actions of many financial institutions, regulatory bodies, central banks, and investment managers adversely affected the entire financial system.

The Gulf Stock Exchange Crash - The Rise and Fall of the Souq Al-Manakh (Paperback): Fida Darwiche The Gulf Stock Exchange Crash - The Rise and Fall of the Souq Al-Manakh (Paperback)
Fida Darwiche
R1,547 Discovery Miles 15 470 Ships in 12 - 19 working days

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.

Greek Endgame - From Austerity to Growth or Grexit (Hardcover): Nicos Christodoulakis Greek Endgame - From Austerity to Growth or Grexit (Hardcover)
Nicos Christodoulakis
R4,055 R2,853 Discovery Miles 28 530 Save R1,202 (30%) Ships in 12 - 19 working days

The book explores in depth both the origins of the Greek debt crisis and the conditions under which the economy might be turned around from its current malaise. Greek debt turned explosive after the 2008 global crisis, through a combination of a fiscal spree and domestic policy complacency, but the unpreparedness and indecision of the European Union intensified the problem of liquidity and a massive bail-out agreement became inevitable. However, the stringencies of the adjustment program led to more recession and unemployment, while social tension and political polarization became entrenched. In 2015, a radical Left party, Syriza, ascended to power on a ticket to end austerity and renegotiate Greece's debt agreements, but a long-lasting growth and reform agenda is still to be settled upon. This book lays out some key reforms that would allow Greece to return to growth and, at the same time, keep the Euro, an option that still remains a cornerstone for the country's economic and geopolitical stability.

Reimagining Public Sector Management - A New Age of Renewal and Renaissance? (Hardcover): John Diamond, Joyce Liddle Reimagining Public Sector Management - A New Age of Renewal and Renaissance? (Hardcover)
John Diamond, Joyce Liddle
R2,970 R2,811 Discovery Miles 28 110 Save R159 (5%) Ships in 12 - 19 working days

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”.

Philosophy in the Time of Economic Crisis - Pragmatism and Economy (Hardcover): Kenneth W. Stikkers, Krzysztof Piotr Skowronski Philosophy in the Time of Economic Crisis - Pragmatism and Economy (Hardcover)
Kenneth W. Stikkers, Krzysztof Piotr Skowronski
R4,467 Discovery Miles 44 670 Ships in 12 - 19 working days

For over 2000 years, economics was studied in the West as a branch of ethics, or moral philosophy. Presently, though, few economists and no textbook in economic orthodoxy claim any close connection between economic science and philosophy. However, might the current 'crises' in economics, and in the economics profession have their deep roots in the separation of economics from philosophy and ethics? American pragmatism, among the various contemporary philosophic traditions, lends itself specially to dialogue with economics because of its view of philosophy as an instrument for solving the real, concrete problems of human life, both personal and social. The essays in this volume, drawing heavily on the tradition of pragmatism, suggest that the economic crises of our time (the 2008 collapse of real estate and finance markets) might not be merely technical in nature - that is, the result of faulty applications of economic tools by politicians and policy makers, based up conventional economic models - but also due to the faulty philosophical assumptions underlying those models. These essays suggest that the overcoming of our current economic crises requires that economists once again become moral philosophers, or that philosophers once again engage themselves in economic matters. In either case, this volume aims to foster dialogue between the two disciplines and in that way, contribute to the improvement of contemporary economic life. This book is suitable for those who study political economy, economic theory and economic philosophy.

Economic Crisis and Austerity in Southern Europe - Threat or Opportunity for a Sustainable Welfare State (Paperback): Maria... Economic Crisis and Austerity in Southern Europe - Threat or Opportunity for a Sustainable Welfare State (Paperback)
Maria Petmesidou, Ana Marta Guillen
R1,541 Discovery Miles 15 410 Ships in 12 - 19 working days

Southern Europe has been hit hard by the global economic crisis and, as such, their welfare states have come under acute strain. Unmet need has sharply increased while significant welfare reforms and deep social spending cuts have been prominent in the crisis management solutions implemented by governments, labouring under EU constraints and the strict rescue-deal requirements for Greece and Portugal. This volume provides a systematic comparative appraisal of welfare-state reform trajectories across Southern Europe prior to and during the crisis, and traces the impact of austerity policies and wider recession upon income inequality and poverty. It brings together a number of cross-country studies on major social policy areas, raising crucial questions. What policy choices are driving reforms as Southern European economies work their way out of fiscal difficulty? Can the crisis provoke the improvement of institutional capabilities and recalibration of social? Or, instead, does structural adjustment indicate a significant policy turn towards the erosion of social rights? The contributions critically approach these issues and bring evidence to bear upon whether Southern European welfare capitalisms are becoming more dissimilar. This book was originally published as a special issue of South European Society & Politics.

Mutual, Cooperative and Employee-Owned Businesses in the Asia Pacific - Diversity, Resilience and Sustainable Growth... Mutual, Cooperative and Employee-Owned Businesses in the Asia Pacific - Diversity, Resilience and Sustainable Growth (Paperback)
Chris Rowley, Jonathan Michie
R1,612 Discovery Miles 16 120 Ships in 12 - 19 working days

The 25 years leading up to the international financial crisis have been depicted as 'capitalism unleashed', containing deregulation, privatisation, demutualisation and financialisation. Yet remarkably, given this economic and political context, co-operatives and mutuals appear to have been gaining ground in many countries, albeit modestly, even before the international financial crisis and the resulting global recession, from which the global economy is still only slowly recovering. The 2007-2008 international financial crisis called into question how appropriate the shareholder-owned model is, certainly if it is allowed to dominate the financial services sector. However the International Co-operative Alliance is determined to make the mutual and co-operative sector of the economy a dynamic, sustainable and increasingly important sector of the global economy. This book looks at the contribution of co-operative, mutual and employee-owned firms to the Asia Pacific economy - both currently and prospectively - and the challenges the standard 'Western' model faces regarding employment and output. It also looks at the role of Governments, the nature of co-operatives in China and the role of the state, and the future prospects for cross-border growth of co-operative and mutual business within Asia Pacific, and more widely. This book was originally published as a Special Issue of Asia Pacific Business Review.

The Effects of the Eurozone Sovereign Debt Crisis - Differentiated Integration between the Centre and the New Peripheries of... The Effects of the Eurozone Sovereign Debt Crisis - Differentiated Integration between the Centre and the New Peripheries of the EU (Paperback)
Christian Schweiger, Jose Magone
R1,016 Discovery Miles 10 160 Ships in 12 - 19 working days

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.

Economic Policy and the Financial Crisis (Paperback): Lukasz Mamica, Pasquale Tridico Economic Policy and the Financial Crisis (Paperback)
Lukasz Mamica, Pasquale Tridico
R1,117 Discovery Miles 11 170 Ships in 12 - 19 working days

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 Consequences of the International Crisis for European SMEs - Vulnerability and Resilience (Paperback): Bruno Dallago,... The Consequences of the International Crisis for European SMEs - Vulnerability and Resilience (Paperback)
Bruno Dallago, Chiara Guglielmetti
R1,687 Discovery Miles 16 870 Ships in 12 - 19 working days

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.

Institutions and Development After the Financial Crisis (Paperback): Sebastiano Fadda, Pasquale Tridico Institutions and Development After the Financial Crisis (Paperback)
Sebastiano Fadda, Pasquale Tridico
R1,073 Discovery Miles 10 730 Ships in 12 - 19 working days

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.

Ethnographies of Austerity - Temporality, crisis and affect in southern Europe (Hardcover): Charles Stewart, Daniel Knight Ethnographies of Austerity - Temporality, crisis and affect in southern Europe (Hardcover)
Charles Stewart, Daniel Knight
R4,468 Discovery Miles 44 680 Ships in 12 - 19 working days

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.

Human Rights Practices during Financial Crises (Hardcover, 1st ed. 2019): Rana S. Gautam Human Rights Practices during Financial Crises (Hardcover, 1st ed. 2019)
Rana S. Gautam
R1,644 Discovery Miles 16 440 Ships in 10 - 15 working days

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.

The Asian Financial Crisis - Crisis, Reform and Recovery (Paperback, New): Shalendra Sharma The Asian Financial Crisis - Crisis, Reform and Recovery (Paperback, New)
Shalendra Sharma
R640 Discovery Miles 6 400 Ships in 12 - 19 working days

The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies long considered 'miracles' respond? How did the United States, Japan and other G-7 countries respond to the crisis? What role did the IMF play?. Why did China, which suffers many of the same structural problems responsible for the crisis remain conspicuously insulated from the turmoil raging in its midst?. What explains the remarkable recovery now underway in Asia? In what fundamental ways did the Asian crisis serve as a catalyst to the current thinking about the "new international financial architecture"?. This book provides answers to all the above questions and more, and gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses, and what needs to be done to fix it. -- .

American Default - The Untold Story of FDR, the Supreme Court, and the Battle over Gold (Hardcover): Sebastian Edwards American Default - The Untold Story of FDR, the Supreme Court, and the Battle over Gold (Hardcover)
Sebastian Edwards
R884 R753 Discovery Miles 7 530 Save R131 (15%) Ships in 12 - 19 working days

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.

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