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.

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.