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The great financial crisis of 2008 and the ensuing global economic
and financial turmoil have launched a search for "models" for
recovery. The advocates of austerity present the Baltic States as
countries that through discipline and sacrifice showed the way out
of crisis. They have proposed the "Baltic model" of radical public
sector cuts, wage reductions, labor market reforms and reductions
in living standards for other troubled Eurozone countries to
emulate. Yet, the reality of the Baltic "austerity fix" has been
neither fully accepted by its peoples, nor is it fully a success.
This book explains why and what are the real social and economic
costs of the Baltic austerity model. We examine each of the Baltic
States by connecting national level studies within a European and
global political economy, thereby delivering comparative breadth
that supersedes localized understandings of the crisis. Thus for
each of the three Baltic states, individual chapters explore the
different economic and social dimensions of neo-liberal
post-communism and the subsequent wider global economic and
financial crisis in which these newly financialized economies have
found themselves especially vulnerable. The "austerity model"
adopted by Baltic national governments in response to the crisis
reveals the profound vulnerabilities created by their unwavering
commitment to liberalized economies, not least in terms of the
significant "exit" of their labor forces and consequent population
loss. This book looks beyond basic financial metrics claiming a
success story for the Baltic austerity model to reveal the damaging
economic and social consequences, first of neo-liberal policies
adopted during transition, and latterly of austerity measures based
on "internal devaluation." Combined these policies undermine the
possibility of longer-term recovery and even social and economic
sustainability, not to mention prospects for successful integration
in the now-faltering European project that has departed from its
"Social Model" roots.
The great financial crisis of 2008 and the ensuing global economic
and financial turmoil have launched a search for "models" for
recovery. The advocates of austerity present the Baltic States as
countries that through discipline and sacrifice showed the way out
of crisis. They have proposed the "Baltic model" of radical public
sector cuts, wage reductions, labor market reforms and reductions
in living standards for other troubled Eurozone countries to
emulate. Yet, the reality of the Baltic "austerity fix" has been
neither fully accepted by its peoples, nor is it fully a success.
This book explains why and what are the real social and economic
costs of the Baltic austerity model. We examine each of the Baltic
States by connecting national level studies within a European and
global political economy, thereby delivering comparative breadth
that supersedes localized understandings of the crisis. Thus for
each of the three Baltic states, individual chapters explore the
different economic and social dimensions of neo-liberal
post-communism and the subsequent wider global economic and
financial crisis in which these newly financialized economies have
found themselves especially vulnerable. The "austerity model"
adopted by Baltic national governments in response to the crisis
reveals the profound vulnerabilities created by their unwavering
commitment to liberalized economies, not least in terms of the
significant "exit" of their labor forces and consequent population
loss. This book looks beyond basic financial metrics claiming a
success story for the Baltic austerity model to reveal the damaging
economic and social consequences, first of neo-liberal policies
adopted during transition, and latterly of austerity measures based
on "internal devaluation." Combined these policies undermine the
possibility of longer-term recovery and even social and economic
sustainability, not to mention prospects for successful integration
in the now-faltering European project that has departed from its
"Social Model" roots.
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The Great Credit Crash (Paperback)
Jeffrey Sommers, Martijn Konings; Contributions by Anastasia Nesvetailova, Dick Bryan, Gary A. Dymski, …
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R682
Discovery Miles 6 820
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Ships in 12 - 17 working days
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Most accounts of the current financial crisis tell a story of
deregulation, out-of-control markets and irresponsible speculation.
But few of those works have done more than regurgitate the
newspaper coverage. In contrast, The Great Credit Crash digs
deeper, drawing on some of the most prominent radical analysts of
the modern market to foreground the key questions that are still
waiting to be answered. This volume presents a more complete and
convincing analysis of the recent economic disaster, which is
revealed as a product of a social order built during the
triumphalist years of neoliberal capitalism. The contributors
assess current events and political responses, critically examining
official rhetoric and hegemonic narratives to point the way to an
understanding of the crisis beyond the subprime headlines.
The year 2015 marked the centennial of the 1915 United States
occupation of Haiti and Haiti's resistance to that signal event in
its history. This study surveys the issues of economics, race, and
realpolitik embedded in the political economy of U.S. interactions
with Haiti that resulted in occupation. It then interrogates what
constitutes the "state" as it pertains to foreign policy, along
with an inspection of who benefits from empire. This approach
eschews tired dichotomies of whether or not the United States as a
whole materially benefited from empire to instead simply look at
who individually gained and what were the capacities of these
beneficiaries to craft policy. Next it delivers insights derived
from a forensic analysis of Woodrow Wilson's perception of race and
his decision to intervene in Haiti. Attitudes enabling United
States military leaders to implement a policy of occupation are
provided through a study of Admiral William Caperton's role in the
intervention. The focus then telescopes out to inspect the role
played by the press, especially as booster for commercial
opportunities. In short, the project answers the questions of why,
who, and how American empire was undertaken through the case study
of Haiti and its occupation in 1915.
The year 2015 marked the centennial of the 1915 United States
occupation of Haiti and Haiti's resistance to that signal event in
its history. This study surveys the issues of economics, race, and
realpolitik embedded in the political economy of U.S. interactions
with Haiti that resulted in occupation. It then interrogates what
constitutes the "state" as it pertains to foreign policy, along
with an inspection of who benefits from empire. This approach
eschews tired dichotomies of whether or not the United States as a
whole materially benefited from empire to instead simply look at
who individually gained and what were the capacities of these
beneficiaries to craft policy. Next it delivers insights derived
from a forensic analysis of Woodrow Wilson's perception of race and
his decision to intervene in Haiti. Attitudes enabling United
States military leaders to implement a policy of occupation are
provided through a study of Admiral William Caperton's role in the
intervention. The focus then telescopes out to inspect the role
played by the press, especially as booster for commercial
opportunities. In short, the project answers the questions of why,
who, and how American empire was undertaken through the case study
of Haiti and its occupation in 1915.
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