William W. Grimes
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0006
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis has severely weakened the legitimacy of the US-led global financial system. This has not only led to efforts to remake the global system through the G20 and related ...
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The Global Financial Crisis has severely weakened the legitimacy of the US-led global financial system. This has not only led to efforts to remake the global system through the G20 and related process but has also aroused interest in regional alternatives to the global architecture. Considerable attention has understandably been focused on Europe, but the global crisis also has profound implications for East Asia. Clichés about the ‘rise of East Asia’ obscure the very real contest now being fought over the shape of regional financial cooperation in East Asia, particularly through the ASEAN + 3. This chapter investigates the impact of two variables that theories predict will be of particular importance going forward: (a) the increasing desire of East Asian neighbors to contain Chinese influence in the region and (b) the increased number of ASEAN + 3 participants that have also become official participants in the global-level discussions due to the formation of the G20. The chapter concludes that these changes are likely to increase the tensions inside ASEAN + 3, even as the demand for regionalist solutions increases.Less
The Global Financial Crisis has severely weakened the legitimacy of the US-led global financial system. This has not only led to efforts to remake the global system through the G20 and related process but has also aroused interest in regional alternatives to the global architecture. Considerable attention has understandably been focused on Europe, but the global crisis also has profound implications for East Asia. Clichés about the ‘rise of East Asia’ obscure the very real contest now being fought over the shape of regional financial cooperation in East Asia, particularly through the ASEAN + 3. This chapter investigates the impact of two variables that theories predict will be of particular importance going forward: (a) the increasing desire of East Asian neighbors to contain Chinese influence in the region and (b) the increased number of ASEAN + 3 participants that have also become official participants in the global-level discussions due to the formation of the G20. The chapter concludes that these changes are likely to increase the tensions inside ASEAN + 3, even as the demand for regionalist solutions increases.
Claus D. Zimmerman
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780199680740
- eISBN:
- 9780191760686
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199680740.003.0006
- Subject:
- Law, Public International Law, Company and Commercial Law
Like earlier crises, the Global Financial Crisis has triggered a restructuring of the international financial architecture. The G-20 was revived to provide a forum for the leaders of the world’s ...
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Like earlier crises, the Global Financial Crisis has triggered a restructuring of the international financial architecture. The G-20 was revived to provide a forum for the leaders of the world’s largest economies to agree on reforms intended to promote global economic and financial stability. The Financial Stability Forum was re-established with increased responsibilities and an extended membership as the Financial Stability Board. The IMF increased its efforts to assess the financial sectors of its members and of their compliance with financial standards and codes. Finally, in order to increase the IMF’s legitimacy and effectiveness, the IMF’s membership has undertaken the largest-ever overhaul of the IMF’s governance structure. This chapter takes a succinct look at the key aspects of these reform avenues and assesses whether the experience of the Global Financial Crisis has prompted states to substantially change the way they exercise their sovereign powers in monetary and financial matters.Less
Like earlier crises, the Global Financial Crisis has triggered a restructuring of the international financial architecture. The G-20 was revived to provide a forum for the leaders of the world’s largest economies to agree on reforms intended to promote global economic and financial stability. The Financial Stability Forum was re-established with increased responsibilities and an extended membership as the Financial Stability Board. The IMF increased its efforts to assess the financial sectors of its members and of their compliance with financial standards and codes. Finally, in order to increase the IMF’s legitimacy and effectiveness, the IMF’s membership has undertaken the largest-ever overhaul of the IMF’s governance structure. This chapter takes a succinct look at the key aspects of these reform avenues and assesses whether the experience of the Global Financial Crisis has prompted states to substantially change the way they exercise their sovereign powers in monetary and financial matters.
Kevin P. Gallagher
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0007
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the ...
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The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the reemergence of capital controls as legitimate tools to promote financial stability. Whereas capital controls were seen as orthodox in the neoliberal era that began in the late 1970s, there is now an emerging consensus that capital controls can play a legitimate role in promoting financial stability. From 2009 to early 2011, a number of developing nations resorted to capital controls to halt the appreciation of their currencies, and to pursue independent monetary policies to cool asset bubbles and inflation. This chapter evaluates he effectiveness of these controls is conducted for the cases of Brazil, South Korea, and Taiwan. This analysis suggests that Brazil and Taiwan have been relatively successful in deploying controls, though South Korea’s success has been more modest. The fact that capital controls continue to yield positive results is truly remarkable given the fact that there has been little (or contrary) support for global coordination, and that many nations lack the necessary institutions for effective policies. The chapter concludes by pointing to the need for more concerted global and national efforts to manage global capital flows for stability and growth.Less
The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the reemergence of capital controls as legitimate tools to promote financial stability. Whereas capital controls were seen as orthodox in the neoliberal era that began in the late 1970s, there is now an emerging consensus that capital controls can play a legitimate role in promoting financial stability. From 2009 to early 2011, a number of developing nations resorted to capital controls to halt the appreciation of their currencies, and to pursue independent monetary policies to cool asset bubbles and inflation. This chapter evaluates he effectiveness of these controls is conducted for the cases of Brazil, South Korea, and Taiwan. This analysis suggests that Brazil and Taiwan have been relatively successful in deploying controls, though South Korea’s success has been more modest. The fact that capital controls continue to yield positive results is truly remarkable given the fact that there has been little (or contrary) support for global coordination, and that many nations lack the necessary institutions for effective policies. The chapter concludes by pointing to the need for more concerted global and national efforts to manage global capital flows for stability and growth.
Wyn Grant and Graham K. Wilson (eds)
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.001.0001
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The ...
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The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.Less
The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.
Ben Clift
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0011
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
This chapter analyzes French responses to the financial crisis, arguing that a ‘post-dirigiste’ interpretation predicated on an expansive notion of the state as actor in and enactor of markets best ...
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This chapter analyzes French responses to the financial crisis, arguing that a ‘post-dirigiste’ interpretation predicated on an expansive notion of the state as actor in and enactor of markets best captures the qualitative shift in French state/market relations. Post-dirigisme incorporates how influential institutional and ideational legacies of the French dirigiste tradition continue to influence outcomes by generating anticipation of state action to shape the market. These distinctive traits leave footprints on French institutions and market structures, and the evolutionary trajectory of French capitalism. In analyzing the French political economy in the wake of the financial crisis in terms of ‘new state activism’, this chapter explores the French state as a ‘midwife’ of change in banking and the automobile industry. It uses post-dirigisme to explain French state responses to the financial crisis, noting how state actors, in concert with the elites, actively facilitated dominant market positions of French international champions.Less
This chapter analyzes French responses to the financial crisis, arguing that a ‘post-dirigiste’ interpretation predicated on an expansive notion of the state as actor in and enactor of markets best captures the qualitative shift in French state/market relations. Post-dirigisme incorporates how influential institutional and ideational legacies of the French dirigiste tradition continue to influence outcomes by generating anticipation of state action to shape the market. These distinctive traits leave footprints on French institutions and market structures, and the evolutionary trajectory of French capitalism. In analyzing the French political economy in the wake of the financial crisis in terms of ‘new state activism’, this chapter explores the French state as a ‘midwife’ of change in banking and the automobile industry. It uses post-dirigisme to explain French state responses to the financial crisis, noting how state actors, in concert with the elites, actively facilitated dominant market positions of French international champions.
Claus D. Zimmermann
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780199680740
- eISBN:
- 9780191760686
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199680740.001.0001
- Subject:
- Law, Public International Law, Company and Commercial Law
This book analyses whether the concept of monetary sovereignty is evolving under the impact of economic globalization and increasing financial integration, and assesses what this implies. Chapter 1 ...
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This book analyses whether the concept of monetary sovereignty is evolving under the impact of economic globalization and increasing financial integration, and assesses what this implies. Chapter 1 reviews the origins of the concept of monetary sovereignty and concludes that, as a dynamic concept with both positive and normative components, monetary sovereignty cannot become eroded under the impact of legal and economic constraints. Chapter 2 examines the ongoing hybridization of international monetary law arising from changes in the sources of this body of law, from the unsuitability of the categories of “hard” and “soft” law for characterizing all normative evolutions in this field, and from the emergence of transnational monetary law. Chapter 3 scrutinizes the phenomenon of exchange rate misalignment under monetary and trade law. Intrinsically related, it assesses which aspects of the IMF’s legal framework should be reformed to tackle contemporary challenges to the stability of the international monetary system, such as global current account imbalances. Chapter 4 analyses the increasing regionalization of monetary sovereignty through monetary union movements. In this context, relevant aspects of the European sovereign debt crisis are examined in detail. It is argued that, as long as transferring sovereign powers to a monetary union is what provides a state’s population with maximum monetary and financial stability, the underlying transfers are not a surrender of monetary sovereignty, but its effective exercise under the form of cooperative sovereignty. Finally, chapter 5 looks into the ongoing reorganization of the international financial architecture and assesses whether the experience of the Global Financial Crisis has prompted states to rethink the way sovereign powers in monetary and financial matters are exercised.Less
This book analyses whether the concept of monetary sovereignty is evolving under the impact of economic globalization and increasing financial integration, and assesses what this implies. Chapter 1 reviews the origins of the concept of monetary sovereignty and concludes that, as a dynamic concept with both positive and normative components, monetary sovereignty cannot become eroded under the impact of legal and economic constraints. Chapter 2 examines the ongoing hybridization of international monetary law arising from changes in the sources of this body of law, from the unsuitability of the categories of “hard” and “soft” law for characterizing all normative evolutions in this field, and from the emergence of transnational monetary law. Chapter 3 scrutinizes the phenomenon of exchange rate misalignment under monetary and trade law. Intrinsically related, it assesses which aspects of the IMF’s legal framework should be reformed to tackle contemporary challenges to the stability of the international monetary system, such as global current account imbalances. Chapter 4 analyses the increasing regionalization of monetary sovereignty through monetary union movements. In this context, relevant aspects of the European sovereign debt crisis are examined in detail. It is argued that, as long as transferring sovereign powers to a monetary union is what provides a state’s population with maximum monetary and financial stability, the underlying transfers are not a surrender of monetary sovereignty, but its effective exercise under the form of cooperative sovereignty. Finally, chapter 5 looks into the ongoing reorganization of the international financial architecture and assesses whether the experience of the Global Financial Crisis has prompted states to rethink the way sovereign powers in monetary and financial matters are exercised.
Cathie Jo Martin
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0010
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The global meltdown prompted minimal challenges to the welfare state and governmental controls in Scandinavia, even while spurring a resurgence of enthusiasm for the touchstones of neoliberal thought ...
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The global meltdown prompted minimal challenges to the welfare state and governmental controls in Scandinavia, even while spurring a resurgence of enthusiasm for the touchstones of neoliberal thought within Liberal countries. This chapter suggests that nations’ differential responses to the crisis reflect, in part, the varying societal capacities of countries to develop and to enact new solutions to economic malaise. Organized social partners — acting in conjunction with state leaders — have differing collective capacities for policymaking; for example, Scandinavian employers participate much more strongly in policymaking forums concerning human capital investment and industrial relations. While one might expect the institutions of managed capitalism to be most threatened by the crisis, strong state‐society relations have persisted and the social partners have jointly struggled to articulate nonzero-sum solutions that secure greater social solidarity. The case highlights the importance of processes of collective political engagement in shaping policy responses to seismic economic transformations.Less
The global meltdown prompted minimal challenges to the welfare state and governmental controls in Scandinavia, even while spurring a resurgence of enthusiasm for the touchstones of neoliberal thought within Liberal countries. This chapter suggests that nations’ differential responses to the crisis reflect, in part, the varying societal capacities of countries to develop and to enact new solutions to economic malaise. Organized social partners — acting in conjunction with state leaders — have differing collective capacities for policymaking; for example, Scandinavian employers participate much more strongly in policymaking forums concerning human capital investment and industrial relations. While one might expect the institutions of managed capitalism to be most threatened by the crisis, strong state‐society relations have persisted and the social partners have jointly struggled to articulate nonzero-sum solutions that secure greater social solidarity. The case highlights the importance of processes of collective political engagement in shaping policy responses to seismic economic transformations.
Graham K. Wilson and Wyn Grant
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0001
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
In its early stages, the Global Financial Crisis (GFC) seemed to offer the prospect for a major shift in policy paradigms. One of the central issues in political science is when and under what ...
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In its early stages, the Global Financial Crisis (GFC) seemed to offer the prospect for a major shift in policy paradigms. One of the central issues in political science is when and under what conditions does policy change, when a punctuation occurs in the equilibrium that usually characterizes most policy areas. Long periods of relative stability are followed by very significant changes. At the onset of the GFC, it seemed reasonable to suppose that there would be widespread reconsideration of neoliberalism and some of the initial responses suggested this might be the case. However, social democratic parties of the center-left have been unable to develop a convincing response to the crisis. That reconsideration may have occurred in academic circles particularly among those always critical of it. It is the enduring strength of neoliberalism that is now impressive. The possibility of a second phase of the crisis triggered by sovereign debt is a very real one, but there is no sign of new thinking to respond to it.Less
In its early stages, the Global Financial Crisis (GFC) seemed to offer the prospect for a major shift in policy paradigms. One of the central issues in political science is when and under what conditions does policy change, when a punctuation occurs in the equilibrium that usually characterizes most policy areas. Long periods of relative stability are followed by very significant changes. At the onset of the GFC, it seemed reasonable to suppose that there would be widespread reconsideration of neoliberalism and some of the initial responses suggested this might be the case. However, social democratic parties of the center-left have been unable to develop a convincing response to the crisis. That reconsideration may have occurred in academic circles particularly among those always critical of it. It is the enduring strength of neoliberalism that is now impressive. The possibility of a second phase of the crisis triggered by sovereign debt is a very real one, but there is no sign of new thinking to respond to it.
Graham K. Wilson
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0004
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The consequences of the Global Financial Crisis (GFC) in the United States have differed significantly between the short and longer terms. The initial consequences were to strengthen the center-left ...
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The consequences of the Global Financial Crisis (GFC) in the United States have differed significantly between the short and longer terms. The initial consequences were to strengthen the center-left (nowadays synonymous with the Democrats) politically and to discredit faith in markets and other neoliberal nostrums. The longer terms consequences have been to strengthen the center-right (the Republicans), to leave little legacy in terms of financial reform, and to open up the possibility of a major shift to the right in public policy more generally. The chapter attempts to explain these apparently contradictory consequences.Less
The consequences of the Global Financial Crisis (GFC) in the United States have differed significantly between the short and longer terms. The initial consequences were to strengthen the center-left (nowadays synonymous with the Democrats) politically and to discredit faith in markets and other neoliberal nostrums. The longer terms consequences have been to strengthen the center-right (the Republicans), to leave little legacy in terms of financial reform, and to open up the possibility of a major shift to the right in public policy more generally. The chapter attempts to explain these apparently contradictory consequences.
Richard Sylla
- Published in print:
- 2018
- Published Online:
- August 2018
- ISBN:
- 9780198817314
- eISBN:
- 9780191858833
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198817314.003.0002
- Subject:
- Economics and Finance, Financial Economics, International
New York, the epicentre of the 2007–9 Global Financial Crisis, during the ensuing decade regained much of its pre-Crisis stature as a pre-eminent international financial centre. Its advantages going ...
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New York, the epicentre of the 2007–9 Global Financial Crisis, during the ensuing decade regained much of its pre-Crisis stature as a pre-eminent international financial centre. Its advantages going forwards include the huge US Treasury debt market, the dollar as the leading reserve currency, the Federal Reserve System as a de facto world central bank, a stronger US banking system, and the world’s largest securities markets which list and trade leading US-based companies and many corporations based in other countries. Congress’s 2010 Dodd–Frank Act reduced systemic financial risks, but also contained regulatory overkill that is gradually being modified; attempts to repeal or replace Dodd–Frank appear unlikely to succeed. Fintech represents both an opportunity—more efficient financial services—and a threat—reduced profits—for New York financial firms, which will most probably incorporate fintech innovations into their business models. For New York, Brexit is more of an opportunity than a threat.Less
New York, the epicentre of the 2007–9 Global Financial Crisis, during the ensuing decade regained much of its pre-Crisis stature as a pre-eminent international financial centre. Its advantages going forwards include the huge US Treasury debt market, the dollar as the leading reserve currency, the Federal Reserve System as a de facto world central bank, a stronger US banking system, and the world’s largest securities markets which list and trade leading US-based companies and many corporations based in other countries. Congress’s 2010 Dodd–Frank Act reduced systemic financial risks, but also contained regulatory overkill that is gradually being modified; attempts to repeal or replace Dodd–Frank appear unlikely to succeed. Fintech represents both an opportunity—more efficient financial services—and a threat—reduced profits—for New York financial firms, which will most probably incorporate fintech innovations into their business models. For New York, Brexit is more of an opportunity than a threat.
Alexander R. Bazelow
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780823249602
- eISBN:
- 9780823250752
- Item type:
- chapter
- Publisher:
- Fordham University Press
- DOI:
- 10.5422/fordham/9780823249602.003.0008
- Subject:
- Philosophy, Political Philosophy
This chapter discusses the movie Twelve Hours to Midnight— How Brazil Has Responded to the Global Financial Crisis, a documentary about how a country emerges from an economic crisis and ultimately ...
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This chapter discusses the movie Twelve Hours to Midnight— How Brazil Has Responded to the Global Financial Crisis, a documentary about how a country emerges from an economic crisis and ultimately redeems itself. Above all, it is the story of five men, Oded Grajew, Helio Mattar, Paulo Itacarambi, Ricardo Young, and Raymundo Magliano, who helped found the corporate social responsibility movement and later the Instituto Ethos in Brazil. It is a documentary about what happens to a country when it realizes it has hit “rock bottom” and has no choice but to face traditionally repressed realities and begin the long hard road to reforming itself. In short, it is where this conference should end, rather than begin, and I think it is also a fitting tribute to Hannah Arendt, the thinker whose ideas inform and inspire it.Less
This chapter discusses the movie Twelve Hours to Midnight— How Brazil Has Responded to the Global Financial Crisis, a documentary about how a country emerges from an economic crisis and ultimately redeems itself. Above all, it is the story of five men, Oded Grajew, Helio Mattar, Paulo Itacarambi, Ricardo Young, and Raymundo Magliano, who helped found the corporate social responsibility movement and later the Instituto Ethos in Brazil. It is a documentary about what happens to a country when it realizes it has hit “rock bottom” and has no choice but to face traditionally repressed realities and begin the long hard road to reforming itself. In short, it is where this conference should end, rather than begin, and I think it is also a fitting tribute to Hannah Arendt, the thinker whose ideas inform and inspire it.
Cláudia Perrone-Moisés
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780823249602
- eISBN:
- 9780823250752
- Item type:
- chapter
- Publisher:
- Fordham University Press
- DOI:
- 10.5422/fordham/9780823249602.003.0009
- Subject:
- Philosophy, Political Philosophy
As the former President of Bovespa, the Brazilian stock exchange, Raymundo Magliano Filho established model programs in corporate social responsibility that establish Brazil for how to imagine a ...
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As the former President of Bovespa, the Brazilian stock exchange, Raymundo Magliano Filho established model programs in corporate social responsibility that establish Brazil for how to imagine a capitalist economy without the excesses and crises that threaten capitalism around the world. Filho tells of the importance of Hannah Arendt in his own thinking. In his professional life, he says, he has been guided by Arendt's observation that power can never be a single individual’s property; rather, it lies at the basis of, and derives its legitimacy from, group action.Less
As the former President of Bovespa, the Brazilian stock exchange, Raymundo Magliano Filho established model programs in corporate social responsibility that establish Brazil for how to imagine a capitalist economy without the excesses and crises that threaten capitalism around the world. Filho tells of the importance of Hannah Arendt in his own thinking. In his professional life, he says, he has been guided by Arendt's observation that power can never be a single individual’s property; rather, it lies at the basis of, and derives its legitimacy from, group action.
Ross Fergusson
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9781447307013
- eISBN:
- 9781447311713
- Item type:
- book
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447307013.001.0001
- Subject:
- Political Science, Public Policy
Mass youth unemployment is now endemic and almost ubiquitous in middle-income, rich and poor countries alike. This book re-interprets the changing relationship between young people’s ...
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Mass youth unemployment is now endemic and almost ubiquitous in middle-income, rich and poor countries alike. This book re-interprets the changing relationship between young people’s non-participation in education and labour markets, their access to state welfare and their involvement in crime by locating it in historical, political-economic and policy contexts in the UK and internationally before, during and after the Global Financial Crisis. It provides a critical assessment of evidence about the causes of non-participation in academic analysis and in policy-making. The principal aim of the book is to establish the non-participation-welfare-crime relationship at the centre of critical policy analysis in the fields of social and criminal justice policies as they shape the lives and life-chances of young people. It endeavours to circumnavigate the analytical limitations of working within a single tradition of youth studies, and works deliberately across historical separations between policy fields, social science disciplines and theoretical traditions which have, it argues, restricted the development of understanding of the relationship. It queries interpretations founded on dominant analytical approaches and places theories of governance and criminalisation at the centre of analysis. Part Two focuses on data, research and policy in relation to work, welfare and crime, and on the limitations of the contested analyses they have generated. Part Three introduces two theorists whose work offers new ways of understanding non-participation and its relationship with welfare and crime. Part Four applies these understandings to argue that dominant modes of the governance of non-participation are becoming increasingly criminalising in their effects.Less
Mass youth unemployment is now endemic and almost ubiquitous in middle-income, rich and poor countries alike. This book re-interprets the changing relationship between young people’s non-participation in education and labour markets, their access to state welfare and their involvement in crime by locating it in historical, political-economic and policy contexts in the UK and internationally before, during and after the Global Financial Crisis. It provides a critical assessment of evidence about the causes of non-participation in academic analysis and in policy-making. The principal aim of the book is to establish the non-participation-welfare-crime relationship at the centre of critical policy analysis in the fields of social and criminal justice policies as they shape the lives and life-chances of young people. It endeavours to circumnavigate the analytical limitations of working within a single tradition of youth studies, and works deliberately across historical separations between policy fields, social science disciplines and theoretical traditions which have, it argues, restricted the development of understanding of the relationship. It queries interpretations founded on dominant analytical approaches and places theories of governance and criminalisation at the centre of analysis. Part Two focuses on data, research and policy in relation to work, welfare and crime, and on the limitations of the contested analyses they have generated. Part Three introduces two theorists whose work offers new ways of understanding non-participation and its relationship with welfare and crime. Part Four applies these understandings to argue that dominant modes of the governance of non-participation are becoming increasingly criminalising in their effects.
John Quiggin
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780198817345
- eISBN:
- 9780191858864
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198817345.003.0009
- Subject:
- Economics and Finance, International, Development, Growth, and Environmental
This chapter covers the macroeconomic aspects of the Global Financial Crisis, the subsequent Great Recession/Lesser Depression and the policy responses in developed and developing countries. DESA was ...
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This chapter covers the macroeconomic aspects of the Global Financial Crisis, the subsequent Great Recession/Lesser Depression and the policy responses in developed and developing countries. DESA was one of the first international bodies to recognize the impending threat of financial crisis and to advocate the use of Keynesian fiscal stimulus. In the aftermath of the crisis, the goal of most international institutions was to seek an early return to pre-crisis ‘normality’. This was reflected in a rapid turn towards fiscal consolidation, justified by the expectation that private sector expansion would offset public sector austerity. By contrast, WESP correctly warned of the dangers of a premature end to fiscal stimulus.Less
This chapter covers the macroeconomic aspects of the Global Financial Crisis, the subsequent Great Recession/Lesser Depression and the policy responses in developed and developing countries. DESA was one of the first international bodies to recognize the impending threat of financial crisis and to advocate the use of Keynesian fiscal stimulus. In the aftermath of the crisis, the goal of most international institutions was to seek an early return to pre-crisis ‘normality’. This was reflected in a rapid turn towards fiscal consolidation, justified by the expectation that private sector expansion would offset public sector austerity. By contrast, WESP correctly warned of the dangers of a premature end to fiscal stimulus.
Harry Blutstein
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9781784992897
- eISBN:
- 9781526104311
- Item type:
- chapter
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9781784992897.003.0015
- Subject:
- Political Science, Democratization
At the start of the twenty-first century, globalisation faces serious challenges. Since 9/11, particularly during the presidency of George W. Bush, US unilateralism has undermined the rule of law, as ...
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At the start of the twenty-first century, globalisation faces serious challenges. Since 9/11, particularly during the presidency of George W. Bush, US unilateralism has undermined the rule of law, as the US withdrew or undermined a number of international treaties. The Bush Administration also blocked reform of the IMF and World Bank, preventing emerging powers like China to play a more prominent role in global governance. And finally, the universality embedded in the World Trade Organization is being challenged by major regional trade agreements. As a result, the global architecture is fraying with the rise of nationalism and regional blocs. Moreover, the public is losing confidence in globalisation as governments fail to strengthen the global financial system in the wake of the 2007/8 credit crunch, and cannot agree to a strong treaty to counter climate change.Less
At the start of the twenty-first century, globalisation faces serious challenges. Since 9/11, particularly during the presidency of George W. Bush, US unilateralism has undermined the rule of law, as the US withdrew or undermined a number of international treaties. The Bush Administration also blocked reform of the IMF and World Bank, preventing emerging powers like China to play a more prominent role in global governance. And finally, the universality embedded in the World Trade Organization is being challenged by major regional trade agreements. As a result, the global architecture is fraying with the rise of nationalism and regional blocs. Moreover, the public is losing confidence in globalisation as governments fail to strengthen the global financial system in the wake of the 2007/8 credit crunch, and cannot agree to a strong treaty to counter climate change.
James Walter
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199666423
- eISBN:
- 9780191751462
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199666423.003.0002
- Subject:
- Political Science, Comparative Politics
This chapter develops a conceptual framework for systematic description and analysis of prime-ministerial leadership. It focuses particularly on the issue of the power of prime ministers. The author ...
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This chapter develops a conceptual framework for systematic description and analysis of prime-ministerial leadership. It focuses particularly on the issue of the power of prime ministers. The author proposes that to understand that power and its successful deployment demands far more than an institutional analysis of prime ministers’ authority resources, it also requires an understanding of the personality (motives, world views, skills) and styles of individual office-holders, as well as a systematic analysis of how the (political, economic, cultural) context in which they operate shapes and constrains their power chances. The argument is illustrated by a comparative examination of the prime-ministerial leadership of Gordon Brown (United Kingdom), Stephen Harper (Canada), Kevin Rudd (Australia) and John Key (New Zealand) during the Global Financial Crisis of the late 2000s.Less
This chapter develops a conceptual framework for systematic description and analysis of prime-ministerial leadership. It focuses particularly on the issue of the power of prime ministers. The author proposes that to understand that power and its successful deployment demands far more than an institutional analysis of prime ministers’ authority resources, it also requires an understanding of the personality (motives, world views, skills) and styles of individual office-holders, as well as a systematic analysis of how the (political, economic, cultural) context in which they operate shapes and constrains their power chances. The argument is illustrated by a comparative examination of the prime-ministerial leadership of Gordon Brown (United Kingdom), Stephen Harper (Canada), Kevin Rudd (Australia) and John Key (New Zealand) during the Global Financial Crisis of the late 2000s.
Roger Berkowitz
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780823249602
- eISBN:
- 9780823250752
- Item type:
- chapter
- Publisher:
- Fordham University Press
- DOI:
- 10.5422/fordham/9780823249602.003.0001
- Subject:
- Philosophy, Political Philosophy
Cheap money is often said to be the origin of the global financial crisis. Others say that the crisis, like all economic crises, are just part of capitalism. But such an explanation, however true, ...
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Cheap money is often said to be the origin of the global financial crisis. Others say that the crisis, like all economic crises, are just part of capitalism. But such an explanation, however true, risks normalizing the crisis and shies from affixing blame and making judgments. Building on Hannah Arendt's work, this introduction argues that the intellectual origins of the financial crisis lie in the elevation of economic over political thinking and the retreat of political thinking in the 20th century. The economic and scientific spirit of our age means that whatever can be done, should be done. Thus political judgment limiting action—economic, global, or scientific—is increasingly an anachronism.Less
Cheap money is often said to be the origin of the global financial crisis. Others say that the crisis, like all economic crises, are just part of capitalism. But such an explanation, however true, risks normalizing the crisis and shies from affixing blame and making judgments. Building on Hannah Arendt's work, this introduction argues that the intellectual origins of the financial crisis lie in the elevation of economic over political thinking and the retreat of political thinking in the 20th century. The economic and scientific spirit of our age means that whatever can be done, should be done. Thus political judgment limiting action—economic, global, or scientific—is increasingly an anachronism.
Eunice Goes
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780719090707
- eISBN:
- 9781526109637
- Item type:
- chapter
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9780719090707.003.0001
- Subject:
- Political Science, UK Politics
This chapter explains how and why the Labour Party under Ed Miliband tried to use the global financial crisis as a trigger to recreate a social democratic moment. In order to do so, this chapter ...
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This chapter explains how and why the Labour Party under Ed Miliband tried to use the global financial crisis as a trigger to recreate a social democratic moment. In order to do so, this chapter explains the political significance of the global financial crisis and how different political parties sought to use it for their own purposes ideological. Next, the chapter analyses the role of ideas in politics and explains the analytical framework that will be used to ascertain whether Ed Miliband was successful in his task of renewing social democracy. In particular, it will explain how discursive institutionalism and historical institutionalism offer appropriate heuristic devices to analyse the interplay between the ideas and the ideational, political and institutional constraints that informed and constrained the development of Labour’s political programme.Less
This chapter explains how and why the Labour Party under Ed Miliband tried to use the global financial crisis as a trigger to recreate a social democratic moment. In order to do so, this chapter explains the political significance of the global financial crisis and how different political parties sought to use it for their own purposes ideological. Next, the chapter analyses the role of ideas in politics and explains the analytical framework that will be used to ascertain whether Ed Miliband was successful in his task of renewing social democracy. In particular, it will explain how discursive institutionalism and historical institutionalism offer appropriate heuristic devices to analyse the interplay between the ideas and the ideational, political and institutional constraints that informed and constrained the development of Labour’s political programme.
Yukon Huang
- Published in print:
- 2017
- Published Online:
- July 2017
- ISBN:
- 9780190630034
- eISBN:
- 9780190630065
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190630034.003.0003
- Subject:
- Economics and Finance, International
Deng Xiaoping’s most celebrated achievement was to reshape economic incentives and concentrate development along China’s coast. In doing so, he set the stage for what is referred to as China’s ...
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Deng Xiaoping’s most celebrated achievement was to reshape economic incentives and concentrate development along China’s coast. In doing so, he set the stage for what is referred to as China’s unbalanced growth process. Premier Zhu Rongji kept the growth momentum going by overhauling key financial and economic institutions in response to the Asian Financial Crisis. These reforms led to unprecedented double-digit GDP growth over the three decades prior to 2010. Both Deng Xiaoping and Zhu Rongji were “policy entrepreneurs.” Through their ideas and actions, they were able to overcome vested interests, all while taking risks and launching new reform initiatives. Progress on the reform agenda slowed in the years leading up to the Global Financial Crisis as the subsequent leadership was lulled into a false sense of confidence because of China’s strong economic performance.Less
Deng Xiaoping’s most celebrated achievement was to reshape economic incentives and concentrate development along China’s coast. In doing so, he set the stage for what is referred to as China’s unbalanced growth process. Premier Zhu Rongji kept the growth momentum going by overhauling key financial and economic institutions in response to the Asian Financial Crisis. These reforms led to unprecedented double-digit GDP growth over the three decades prior to 2010. Both Deng Xiaoping and Zhu Rongji were “policy entrepreneurs.” Through their ideas and actions, they were able to overcome vested interests, all while taking risks and launching new reform initiatives. Progress on the reform agenda slowed in the years leading up to the Global Financial Crisis as the subsequent leadership was lulled into a false sense of confidence because of China’s strong economic performance.
Ross Fergusson
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9781447307013
- eISBN:
- 9781447311713
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447307013.003.0001
- Subject:
- Political Science, Public Policy
Chapter One highlights the wide-ranging evidence of a crisis of unemployment and more general non-participation among young people in the UK and internationally, and identifies a parallel crisis in ...
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Chapter One highlights the wide-ranging evidence of a crisis of unemployment and more general non-participation among young people in the UK and internationally, and identifies a parallel crisis in academic analyses of non-participation and its relationship to crime. In particular it argues that the academic study of young people has contributed relatively little to a convincing account of how and why mass unemployment and non-participation have become associated with crime. Disciplinary separations and divisions between analytical approaches are proposed as contributory factors, and the chapter queries claims of a rapprochement between divided traditions of youth studies. Insights into the relationship between non-participation and crime that take full account of the effects of changing education and welfare policies and labour market circumstances have been scarce, especially regarding the transformative impacts of the Global Financial Crisis on young people’s options and their prospects for financial and social independence. The chapter provides a brief overview of seven key texts spanning two decades that have been exceptions, making important contributions to understanding young people’s non-participation in these broader contexts, by crossing disciplinary boundaries and providing critical theoretical analyses. It concludes by setting out the detailed aims, structure and coverage of the book.Less
Chapter One highlights the wide-ranging evidence of a crisis of unemployment and more general non-participation among young people in the UK and internationally, and identifies a parallel crisis in academic analyses of non-participation and its relationship to crime. In particular it argues that the academic study of young people has contributed relatively little to a convincing account of how and why mass unemployment and non-participation have become associated with crime. Disciplinary separations and divisions between analytical approaches are proposed as contributory factors, and the chapter queries claims of a rapprochement between divided traditions of youth studies. Insights into the relationship between non-participation and crime that take full account of the effects of changing education and welfare policies and labour market circumstances have been scarce, especially regarding the transformative impacts of the Global Financial Crisis on young people’s options and their prospects for financial and social independence. The chapter provides a brief overview of seven key texts spanning two decades that have been exceptions, making important contributions to understanding young people’s non-participation in these broader contexts, by crossing disciplinary boundaries and providing critical theoretical analyses. It concludes by setting out the detailed aims, structure and coverage of the book.
