In this sweeping, incisive post mortem, Dean Starkman exposes the critical shortcomings that softened coverage in the business press during the mortgage era and the years leading up to the financial collapse of 2008. He locates the roots of the problem in the origin of business news as a market messaging service for investors in the early twentieth century. This access-dependent strain of journalism was soon opposed by the grand, sweeping work of the muckrakers. Propelled by the innovations of Bernard Kilgore, the great postwar editor of the Wall Street Journal, these two genres merged when mainstream American news organizations institutionalized muckraking in the 1960s, creating a powerful guardian of the public interest. Yet as the mortgage era dawned, deep cultural and structural shifts-some unavoidable, some self-inflicted-eroded journalism's appetite for its role as watchdog. The result was a deafening silence about systemic corruption in the financial industry. Tragically, this silence grew only more profound as the mortgage madness reached its terrible apogee from 2004 through 2006. Starkman frames his analysis in a broad argument about journalism itself, dividing the profession into two competing approaches-access reporting and accountability reporting-which rely on entirely different sources and produce radically different representations of reality. As Starkman explains, access journalism came to dominate business reporting in the 1990s, a process he calls "CNBCization," and rather than examining risky, even corrupt, corporate behavior, mainstream reporters focused on profiling executives and informing investors. Starkman concludes with a critique of the digital-news ideology and corporate influence, which threaten to further undermine investigative reporting, and he shows how financial coverage, and journalism as a whole, can reclaim its bite.

We are living through a cost of living crisis, with interest rate hikes and the prices of everyday consumables and energy bills sky-rocketing. Why is this happening? Sometimes we are told that wages are too high, or that the government has "printed" too much money or that events far away, such as the war in Ukraine, are solely to blame. The plain argument that high prices go together with high profits, falling wages, and weak production is often distorted and hidden by mainstream commentary in the media and elsewhere. This plain-speaking pamphlet tells it straight: the big businesses dominating production and distribution make huge profits out of high inflation, while working people lose out. It sets out factual evidence to illustrate that the source of record profits is the fall in real wages as inflation rises. A large part of the income of working people is being transferred directly into the profits of big business. The pamphlet shows that the deeper roots of the "cost of living crisis" lie in the very low investment and poor productivity growth for many years. The basic steps to resolving the crisis are simple: prices, especially of essentials, must be brought down, and wages, salaries, benefits, and pensions must be increased.

Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book is intended to advance the dialogue around these issues by providing a comprehensive overview of the problems raised by debt and describing new and practical approaches to overcoming them. It will be the first in more than a decade to bring together under one cover the voices of prominent members of the international debt community. It will include pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians. As contributions come from such leading thinkers across a range of disciplines, this book will offer a timely guide for understanding and influencing the debt debate.

The 21st century marks a watershed in the history of the human economic condition. Income and wealth inequalities are now greater than ever before - and their role in the global financial crisis is one of the burning issues of today. Commodity looks at the great financial crisis from an entirely original perspective - that of the global commodity system as a newly operational totality. In the 19th century, the commodity system as defined by Karl Marx was limited to a few regions and embraced only the labour and capital capacities and their outputs. By the end of the 20th century, it encompassed the entire planet and embraced government capacity as well as private capacities, financial securities and material goods and services. This book shows how the financial crisis and its causes can only properly be understood as a result of this vast, unprecedented extension of the commodity system - a system which benefits the rich. The author makes the watertight case that it is only through the creation of a global tax authority - to coordinate national tax regimes and to implement a tax on global wealth - that we can avoid another crisis and create a fairer and more equitable world. Addressing a broad range of themes, Commodity offers a new perspective which will be of interest to political economists as well as researchers specialising in other related fields of social enquiry. Written in a clear and engaging way, the book's concise nature also makes it accessible for the non-specialist reader, and it will especially appeal to all those who want a more just society.

Neil Shephard has brought together a set of classic and central papers that have contributed to our understanding of financial volatility. They cover stocks, bonds and currencies and range from 1973 up to 2001. Shephard, a leading researcher in the field, provides a substantial introduction in which he discusses all major issues involved.

Being the first casualty of the international financial crisis, Iceland was, in many ways, turned into a laboratory when it came to responding to one of the largest corporate failures on record. This edited volume offers the most wide-ranging treatment of the Icelandic financial crisis and its political, economic, social, and constitutional consequences. Interdisciplinary, with contributions from historians, economists, sociologists, legal scholars, political scientists and philosophers, it also compares and contrasts the Icelandic experience with other national and global crises. It examines the economic magnitude of the crisis, the social and political responses, and the unique transitional justice mechanisms used to deal with it. It looks at backward-looking elements, including a societal and legal reckoning - which included the indictment of a Prime Minister and jailing of leading bankers for their part in the financial crisis - and forward-looking features, such as an attempt to rewrite the Icelandic constitution. Throughout, it underscores the contemporary relevance of the Icelandic case. While the Icelandic economic recovery has been much quicker than expected; it shows that public faith in political elites has not been restored. This text will be of key interest to scholars, policy-makers and students of the financial crisis in such fields as European politics, international political economy, comparative politics, sociology, economics, contemporary history, and more broadly the social sciences and humanities.

Fannie Mae and Freddie Mac were created by Congress to serve the American Dream of homeownership. By the end of the century, they had become extremely profitable and powerful companies, instrumental in putting millions of Americans in their homes. So why does the government now want them dead?In 2008, the U.S. Treasury put Fannie and Freddie into a life-support state known as "conservatorship" to prevent their failure--and worldwide economic chaos. The two companies, which were always controversial, have become a battleground. Today, Fannie and Freddie are profitable again but still in conservatorship. Their profits are being redirected toward reducing the federal deficit, which leaves them with no buffer should they suffer losses again. China and Japan are big owners of Fannie and Freddie securities, and they want to ensure the safety of their investments--which helps explain why the government is at an impasse about what to do. But the current state of limbo is unsustainable.Based on comprehensive reporting and dozens of interviews, Shaky Ground by bestselling author Bethany McLean, chronicles the story of Fannie and Freddie seven years after the meltdown, and tells us why homeownership finance is now one of the biggest unsolved issues in today's global

Dramatic increases in food prices, as witnessed on a global scale in recent years, threaten the food security of hundreds of millions of the rural poor in Sub-Saharan Africa alone. This book focuses on recent food and financial crises as they have affected Africa, illustrating the problems using country case studies, that cover their origins, effects on agriculture and rural poverty, their underlying factors and making recommendations as to how such crises could best be addressed in the future.

The global economy has experienced four waves of rapid debt accumulation over the past fifty years. The first three debt waves ended with financial crises in many emerging and developing economies.

The global financial crisis of 2007-8 did not offer the political and economic opportunities to the left that many thought it would. As financial institutions collapsed, traditional left-wing issues were apparently back on the agenda. However, instead of being a trigger for a resurgence of the left, in many European countries left-wing parties have suffered savage electoral defeat. At the same time, the crisis has led to austerity programmes being implemented across Europe. This book brings together essays that consider ten EU member states, including all bail-out recipients and some of the main 'donor' states, in an examination of this crucial period for the left in Europe from a number of perspectives. Comparisons are presented between the various EU member states, as well as different party families of the left, from social democracy through green left to radical left. -- .

Capitalism is in a profound state of crisis. Beyond the mere dispassionate cruelty of 'ordinary' structural violence, it appears today as a global system bent on reckless economic revenge; its expression found in mass incarceration, climate chaos, unpayable debt, pharmaceutical violence and the relentless degradation of common life. In Revenge Capitalism, Max Haiven argues that this economic vengeance helps us explain the culture and politics of revenge we see in society more broadly. Moving from the history of colonialism and its continuing effects today, he examines the opioid crisis in the US, the growth of 'surplus populations' worldwide and unpacks the central paradigm of unpayable debts - both as reparations owed, and as a methodology of oppression. Revenge Capitalism offers no easy answers, but is a powerful call to the radical imagination.

The global financial crisis of 2007-8 did not offer the political and economic opportunities to the left that many thought it would. As financial institutions collapsed, traditional left-wing issues were apparently back on the agenda. However, instead of being a trigger for a resurgence of the left, in many European countries left-wing parties have suffered savage electoral defeat. At the same time, the crisis has led to austerity programmes being implemented across Europe. This book brings together essays that consider ten EU member states, including all bail-out recipients and some of the main 'donor' states, in an examination of this crucial period for the left in Europe from a number of perspectives. Comparisons are presented between the various EU member states, as well as different party families of the left, from social democracy through green left to radical left. -- .

"The End of the World as We Know It?" explores the origins and effects of the capitalist crisis that began in 2008. It moves on to examine the responses of both the dispossessed and the ruling classes to the catastrophe, giving special attention to student mobilizations around the world. Weaving together a global network of stories and analyses, editor Deric Shannon creates an outline of what real and effective opposition to the forces that are destroying our lives and our planet might look like. From solidarity networks to revolutionary unionism, student strikes, and ever-new forms of state and corporate control, "The End of the World as We Know It?" is a guide to the future of anticapitalist struggle

"Highly recommended reading for the contemporary dissident.""--"Ruth Kinna, author of "A Beginner's Guide to Anarchism"

" """The End of the World As We Know It?" will be an invaluable resource for students of political economy in our momentous times.... it] offers an indispensable array of perspectives on the crisis in contemporary global capitalism, with an eye toward dismantling it."" "--Alessandro De Giorgi, author of "Re-thinking the Political Economy of Punishment"

" """A" must-read for those interested in navigating the turbulent waters of economic uncertainty, political instability, and global resistance. The contributors not only provide clear and accessible analyses but also, and more importantly, a range of thought-provoking proposals for change which challenge an increasingly unequal and unsustainable status quo." --Nathan Jun, Author of "Anarchism and Political Modernity"

" ""There is nothing more important for anticapitalists than providing sharp analysis and relevant answers to the problems of our time, rather than merely propagating noble ideals. Here is a book that lives up to the task." --Gabriel Kuhn, editor of "All Power to the Councils ""A Documentary History of the German Revolution of 1918-1919 "

"The contributions in "The End of the World As We Know It? "provide us with important lessons concerning the economic crisis and the attempts of working people to create a world worth living in." --Andrej Grubacic, author of "Don't Mourn, Balkanize Essays After Yugoslavia"

This book considers the social and economic damage wrought by neo-liberalism, both in Britain and beyond. Paul Taylor analyzes the effects of the increasing inequalities of income and wealth in recent years, concluding that a wide range of problems for the middle sections of society can be traced to the appearance of a class of the 'uber-rich', the example they set and the demands they make. He takes the view that what has happened is the opposite of the much vaunted 'trickle-down effect'; there is actually a 'trickle-up effect' not only in the distribution of wealth but also in the ownership of property and access to education, medicine and the law. He goes on to look at the government's failure to deal effectively with these problems, putting them in the context of the need to deal with the threat of terrorism and the effects of globalization. The book is highly relevant to the current crisis in the global financial system, especially with regard to its effects in the UK and USA, but it places that crisis in the context of wider developments.

Germany's financial collapse in the summer of 1931 was one of the biggest economic catastrophes of modern history. It led to a global panic, brought down the international monetary system, and turned a worldwide recession into a prolonged depression. The crisis also contributed decisively to the rise of Hitler. Within little more than a year of its onset, the Nazis were Germany's largest political party at both the regional and national level, paving the way for Hitler's eventual seizure of power in January 1933. The origins of the collapse lay in Germany's large pile of foreign debt denominated in gold-backed currencies, which condemned the German government to cut spending, raise taxes, and lower wages in the middle of a worldwide recession. As political resistance to this policy of austerity grew, the German government began to question its debt obligations, prompting foreign investors to panic and sell their German assets. The resulting currency crisis led to the failure of the already weakened banking system and a partial sovereign default. Hitler managed to profit from the crisis because he had been the most vocal critic of the reparation regime responsible for the lion's share of German debts. As the financial system collapsed, his relentless attacks against foreign creditors and the alleged complicity of the German government resonated more than ever with the electorate. The ruling parties that were responsible for the situation lost their credibility and became defenceless in the face of his onslaught against an establishment allegedly selling the country out to her foreign creditors. Meanwhile, these creditors hesitated too long to take the wind out of Hitler's sails by offering debt relief. In this way, a financial crisis soon developed into a political catastrophe for both Europe and the world.

The most prominent aspect of the current financial crisis is its systemic character which manifests itself in high levels of inequality, rampant unemployment, economic and social insecurity and environmental decay. This book explores the potential of a pluralistic and interdisciplinary approach for a deeper understanding of the manifold aspects of the economic crisis. This book examines the potential of a number of contributions from heterodox economics and psychoanalysis in providing a deeper understanding of these problems. The book analyses some of the most debated aspects of the concepts of market, democracy and socialism and explores the role of structural ties between economic, social and psychological aspects of collective life. It also addresses the main economic aspects of the crisis and pays particular attention to a number of structural imbalances, and to the psychological interpretation of these phenomena. By drawing together approaches from heterodox economics and psychoanalysis, this book adopts a pluralist and interdisciplinary approach to the study of these phenomena and manages to overcome the fragmentation so often present in social sciences.

What is the link between the financial cycle -financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate surrounding the recent financial and economic crisis.With contributions from eminent academics and policy makers, this multi-disciplinary collection ascertains the policy challenges perpetuated by financial cycles in the real economy. Prominent macroeconomic models are challenged as experts question the nexus between financial deepening and growth, and assess the contribution of real estate bubbles to financial crises. Focusing on Europe, and in particular on Central, Eastern and South-Eastern Europe, the collection provides country-specific accounts, suggesting policy initiatives for dealing with financial cycles. The book concludes that financial cycles are leading indicators for financial crises and calls for economists to integrate financial factors into macroeconomic modeling. The multi-faceted nature of this book will be invaluable to researchers and students interested in the post financial crisis debate. Policy makers and practitioners will find the expert insight into lessons learned in Europe in the wake of the financial crisis and the proposal for dynamic policy initiatives to be invaluable. Contributors: J. Asmussen, M. Belka, D. Bernhofer, C. Borio, C.M. Buch, G. M. Caporale, K. D'Hulster, M. Dumi i , O. Fernandez-Amador, M. Gachter, U. Herman, O. Holtemoeller, B. Jazbec, M. Lozej, D. Mihaljek, B. Mijailovi , E. Nowotny, E. Ortega, J. Penalosa, C. Rault, F. Sindermann, V. o i , A. Sova, R. Sova, A. Subelyte, J.W. van den End, P. van den Noord, A. Winkler, E. Zamrazilova, V. arek

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.

Examining the news coverage of the economic crisis in Greece, this book develops a framework for identifying discourses of legitimation of actors, political decisions, and policies in the news. This study departs from the assumption that news is a privileged terrain where discursive struggles (over power) are represented and take place. Incorporating systematic analysis of news texts and journalistic practices, the model contextualises the analysis in its specific socio-political environment and examines legitimising discourse through the prism of the news. Ultimately the book recognises the active role played by journalists and media in legitimating economic crisis related policies and decisions, and how they help dominant actors establish and legitimate their authority, which in turn helps journalists legitimate their own role and authority. A concise, focused book that applies a strong theoretical and methodological framework, Discourse of Legitimation in the News is a strong contribution to the field for researchers and postgraduate students.

'A fearless and important book . . . The End of Alchemy isn't just an elegant guide to the history of economic ideas. It also gives a genuine insider's account' Telegraph The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity. Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. But those events, vivid though they remain in our memories, comprised only the latest in a long series of financial crises since our present system of commerce became the cornerstone of modern capitalism. Alchemy explains why, ultimately, this was and remains a crisis not of banking - even if we need to reform the banking system - nor of policy-making - even if mistakes were made - but of ideas. In this refreshing and vitally important book, former governor of the Bank of England Mervyn King - an actor in this drama - proposes revolutionary new concepts to answer the central question: are money and banking a form of Alchemy or are they the Achilles heel of a modern capitalist economy?

This timely book utilizes the tools of politics, economics and public policy to explore the causes of the recent global financial crisis, which, the author argues, can be explained as the absence of a public interest perspective in policy making. Maurice Mullard points out that recessions are not collective shared experiences. Recessions create winners and losers. Furthermore, recessions are not an external event but reflect the outcomes of the policy process. The author looks beyond economic explanations for the economic crisis, and instead points towards a structural explanation. He explores the concept of social structures, the effects of the relationships between power and influence, and the role of ideology and income inequalities as contributory factors. The commitment to deregulated financial markets created an over the counter derivatives market worth some $640 trillion dollars compared to a global GDP worth $65 trillion dollars. The growth of derivatives markets, the role of credit rating agencies, major shifts in policy making and growing income inequalities are described as major factors explaining the present economic recession. The absence of a public interest perspective, the breakdown of trust in institutions, policy makers dependence on financial contributions, the housing bubble, and the increased concentration of income have distorted the democratic process. Thought provoking and stimulating, this book will provide a fascinating study for students and academics with an interest in politics, economics, political economy and public policy.

This provocative look at the global financial crisis argues that the United States, the European Union and Japan have intentionally and unwittingly adopted wrong-headed economic policies in a futile attempt to deal with sovereign debt resulting from the global financial crisis. It offers persuasive evidence of how the politics of austerity fail to encourage economic recovery, and proposes instead a number of alternative ideas and solutions. The book begins with a detailed breakdown of the financial crisis and the government response in the United States, with particular focus on the Dodd-Frank Wall Street Reform and Consumer Protection Act. The author then puts forth a basic three-part plan calling for (1) fundamental tax and entitlement reform; (2) massive economic stimulus in the form of public and private investment to modernize the country's aging infrastructures; and (3) mortgage relief to revitalize the nation's housing markets. The book concludes with specific policy proposals designed to achieve these goals and return the US economy to a state of full employment and robust economic growth. This timely and insightful volume will appeal to students and scholars of economics, public policy and finance, as well as anyone with an interest in the recent economic history of the United States.

This timely book utilizes the tools of politics, economics and public policy to explore the causes of the recent global financial crisis, which, the author argues, can be explained as the absence of a public interest perspective in policy making. Maurice Mullard points out that recessions are not collective shared experiences. Recessions create winners and losers. Furthermore, recessions are not an external event but reflect the outcomes of the policy process. The author looks beyond economic explanations for the economic crisis, and instead points towards a structural explanation. He explores the concept of social structures, the effects of the relationships between power and influence, and the role of ideology and income inequalities as contributory factors. The commitment to deregulated financial markets created an over the counter derivatives market worth some $640 trillion dollars compared to a global GDP worth $65 trillion dollars. The growth of derivatives markets, the role of credit rating agencies, major shifts in policy making and growing income inequalities are described as major factors explaining the present economic recession. The absence of a public interest perspective, the breakdown of trust in institutions, policy makers dependence on financial contributions, the housing bubble, and the increased concentration of income have distorted the democratic process. Thought provoking and stimulating, this book will provide a fascinating study for students and academics with an interest in politics, economics, political economy and public policy.

The Covid-19 pandemic has brought the nagging issue of the Global South's debt back into the spotlight. With declining export earnings and tax revenues, many countries in Africa, Latin America and Asia have found themselves objectively unable to service their foreign currency debt. This situation, reminiscent of the international debt crisis of the 1980s and 1990s, is the backdrop of the 38th volume of the Research in Political Economy series edited by Ndongo Samba Sylla. In Imperialism and the Political Economy of Global South's Debt, expert contributions connect the history of this issue with a range of factors including class dynamics, the changing landscape of sovereign debt markets, the global liquidity cycle, the enduring constraints of commodity dependence, ecological sustainability and the limitations of the current ad hoc sovereign debt restructuring procedures. In contrast to orthodox accounts that view debt crises in the Global South as a cyclical problem or as consequences of 'mismanagement' or 'fiscal irresponsibility'. Imperialism and the Political Economy of Global South's Debt recognises the systemic nature of the Global South's external debt, revealed only further by the economic uncertainty of the Covid-19 pandemic, as well as the need to analyse it in relation to existing imperialist structures.

This insightful book explores the economic conditions and policy response of four major East Asian economies in the wake of the 2008 global economic crisis. Written by a distinguished group of Asian social scientists, this study summarizes and synthesizes the economic impacts of the crisis on individual countries and their policy response over the past few years, and in particular carefully scrutinizes the immediate and remote causes of the crisis. It not only offers an assessment of the impacts of the crisis, and identifies specific country measures that can be undertaken to stabilize the situation, but also looks at the crisis from three important economic perspectives: that of a healthy fiscal system, international trade, and the energy market. This insightful research monograph will be gratefully received by academics in economics and development studies as well as public policy think tanks. Government economic planning agencies in emerging countries, as well as international economic organizations and institutions such as World Bank and United Nations will also find plenty of key insights and important information in this path-breaking book.