Phuong Pham
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199580361
- eISBN:
- 9780191722691
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199580361.003.0008
- Subject:
- History, British and Irish Modern History
Chapter 7 documents the abandonment of the last symbolic remnants of Britain's world role in the aftermath of devaluation. The devaluation of Sterling itself, in November 1967, had little direct ...
More
Chapter 7 documents the abandonment of the last symbolic remnants of Britain's world role in the aftermath of devaluation. The devaluation of Sterling itself, in November 1967, had little direct effect on defence and foreign policy. But when Roy Jenkins became the new Chancellor of the Exchequer in December 1967, he set about the task of preparing further economic measures to shore up the Pound at its new, reduced level. The bulk of his proposed cuts came from domestic expenditure: but his strategy for getting the cuts through Cabinet involved the initial symbolic sacrifice of the remnants of Britain's ‘East of Suez’ role, and an accelerated withdrawal from Malaysia and Singapore. Within the Cabinet itself, the old structure of authority that had maintained the Wilson Government's former policies had broken down, enabling Jenkins to guide it to abandon the last echo of Britain's former Empire.Less
Chapter 7 documents the abandonment of the last symbolic remnants of Britain's world role in the aftermath of devaluation. The devaluation of Sterling itself, in November 1967, had little direct effect on defence and foreign policy. But when Roy Jenkins became the new Chancellor of the Exchequer in December 1967, he set about the task of preparing further economic measures to shore up the Pound at its new, reduced level. The bulk of his proposed cuts came from domestic expenditure: but his strategy for getting the cuts through Cabinet involved the initial symbolic sacrifice of the remnants of Britain's ‘East of Suez’ role, and an accelerated withdrawal from Malaysia and Singapore. Within the Cabinet itself, the old structure of authority that had maintained the Wilson Government's former policies had broken down, enabling Jenkins to guide it to abandon the last echo of Britain's former Empire.
P. L. Pham
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199580361
- eISBN:
- 9780191722691
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199580361.001.0001
- Subject:
- History, British and Irish Modern History
In 1964, Britain's defence presence in Malaysia and Singapore was the largest and most expensive component of the country's world‐wide role. Yet within three and a half years, the Wilson Government ...
More
In 1964, Britain's defence presence in Malaysia and Singapore was the largest and most expensive component of the country's world‐wide role. Yet within three and a half years, the Wilson Government had announced that Britain would be withdrawing from its major Southeast Asian bases and abandoning any special military role ‘East of Suez’. The purpose of this book is to document and explain the British policy process leading to the decisions to withdraw.The book argues that the Wilson Government faced two fundamental dilemmas regarding its defence policy. The first was a conflict between Britain's limited economic means, which compelled cuts to the country's defence role, and its need to maintain its relations with its major allies, especially the Johnson Administration in the United States, all of whom wanted Britain to maintain a significant military presence in Southeast Asia. This conflict was fundamentally resolved after the Labour Party revolted over defence policy in early 1967, when the Government decided to withdraw from the bases in Singapore and Malaysia. Thereafter, the Wilson Government faced a second dilemma over whether to minimise the political and symbolic impact of its decisions for the sake of its international allies, or to maximise it for domestic political advantage. This conflict was not fully settled until January 1968, when the Government announced a faster withdrawal and complete abandonment of Britain's ‘East of Suez’ role, as a means of gaining acceptance for the social cuts it was implementing in the aftermath of the devaluation of the Pound.Less
In 1964, Britain's defence presence in Malaysia and Singapore was the largest and most expensive component of the country's world‐wide role. Yet within three and a half years, the Wilson Government had announced that Britain would be withdrawing from its major Southeast Asian bases and abandoning any special military role ‘East of Suez’. The purpose of this book is to document and explain the British policy process leading to the decisions to withdraw.
The book argues that the Wilson Government faced two fundamental dilemmas regarding its defence policy. The first was a conflict between Britain's limited economic means, which compelled cuts to the country's defence role, and its need to maintain its relations with its major allies, especially the Johnson Administration in the United States, all of whom wanted Britain to maintain a significant military presence in Southeast Asia. This conflict was fundamentally resolved after the Labour Party revolted over defence policy in early 1967, when the Government decided to withdraw from the bases in Singapore and Malaysia. Thereafter, the Wilson Government faced a second dilemma over whether to minimise the political and symbolic impact of its decisions for the sake of its international allies, or to maximise it for domestic political advantage. This conflict was not fully settled until January 1968, when the Government announced a faster withdrawal and complete abandonment of Britain's ‘East of Suez’ role, as a means of gaining acceptance for the social cuts it was implementing in the aftermath of the devaluation of the Pound.
Bernd Widdig
- Published in print:
- 2001
- Published Online:
- March 2012
- ISBN:
- 9780520222908
- eISBN:
- 9780520924703
- Item type:
- book
- Publisher:
- University of California Press
- DOI:
- 10.1525/california/9780520222908.001.0001
- Subject:
- History, European Modern History
For many Germans the hyperinflation of 1922 to 1923 was one of their most decisive experiences of the twentieth century. This book investigates the effects of that inflation on German culture during ...
More
For many Germans the hyperinflation of 1922 to 1923 was one of their most decisive experiences of the twentieth century. This book investigates the effects of that inflation on German culture during the Weimar Republic. It argues that inflation, with its dynamics of massification, devaluation, and the rapid circulation of money, is an integral part of modern culture and intensifies and condenses the experience of modernity in a traumatic way.Less
For many Germans the hyperinflation of 1922 to 1923 was one of their most decisive experiences of the twentieth century. This book investigates the effects of that inflation on German culture during the Weimar Republic. It argues that inflation, with its dynamics of massification, devaluation, and the rapid circulation of money, is an integral part of modern culture and intensifies and condenses the experience of modernity in a traumatic way.
Richard Pomfret
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691182216
- eISBN:
- 9780691185408
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691182216.003.0004
- Subject:
- Business and Management, International Business
This chapter discusses the national economy and transition strategies of Kazakhstan. Kazakhstan's national economic history divides sharply between 1991 and 1998, and the years since 1999. The first ...
More
This chapter discusses the national economy and transition strategies of Kazakhstan. Kazakhstan's national economic history divides sharply between 1991 and 1998, and the years since 1999. The first period, dominated by nation-building, saw traumatic economic adjustment to the shocks of the early 1990s and a large unanticipated decline in living standards. As the country started to recover from the economic nadir in 1997 it was hit by the 1998 Russian crisis, and only in 1999 did sustained economic growth begin. However, when growth did begin—stimulated by policy decisions such as a large currency devaluation and sustained by rising oil prices—Kazakhstan enjoyed a decade during which it was one of the fastest growing economies in the world. The chapter also considers the banking crisis in 2007–2008, whose impact was exacerbated by the collapse in the price of oil in the second half of 2008.Less
This chapter discusses the national economy and transition strategies of Kazakhstan. Kazakhstan's national economic history divides sharply between 1991 and 1998, and the years since 1999. The first period, dominated by nation-building, saw traumatic economic adjustment to the shocks of the early 1990s and a large unanticipated decline in living standards. As the country started to recover from the economic nadir in 1997 it was hit by the 1998 Russian crisis, and only in 1999 did sustained economic growth begin. However, when growth did begin—stimulated by policy decisions such as a large currency devaluation and sustained by rising oil prices—Kazakhstan enjoyed a decade during which it was one of the fastest growing economies in the world. The chapter also considers the banking crisis in 2007–2008, whose impact was exacerbated by the collapse in the price of oil in the second half of 2008.
Barry Eichengreen
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195101133
- eISBN:
- 9780199869626
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195101138.003.0010
- Subject:
- Economics and Finance, Economic History
This chapter traces the consequences of the disintegration of the gold standard system, contrasting economic recovery in countries that jettisoned gold with continued depression in countries that ...
More
This chapter traces the consequences of the disintegration of the gold standard system, contrasting economic recovery in countries that jettisoned gold with continued depression in countries that retained it. An attempt is made to account for their respective policy decisions. The case of the USA emerges as something of an anomaly, and is addressed further in the next chapter. The first section of the chapter looks at the new international economic environment following sterling depreciation and the abandonment of the gold standard by many other countries from 1932 onward. The remaining sections look at the pressure on the dollar, the spread of devaluation, the initial responses to abandonment of the gold standard in the countries concerned, and the responses of the remaining ‘gold bloc’ countries.Less
This chapter traces the consequences of the disintegration of the gold standard system, contrasting economic recovery in countries that jettisoned gold with continued depression in countries that retained it. An attempt is made to account for their respective policy decisions. The case of the USA emerges as something of an anomaly, and is addressed further in the next chapter. The first section of the chapter looks at the new international economic environment following sterling depreciation and the abandonment of the gold standard by many other countries from 1932 onward. The remaining sections look at the pressure on the dollar, the spread of devaluation, the initial responses to abandonment of the gold standard in the countries concerned, and the responses of the remaining ‘gold bloc’ countries.
Barry Eichengreen
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195101133
- eISBN:
- 9780199869626
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195101138.003.0011
- Subject:
- Economics and Finance, Economic History
This chapter analyzes the critical period in the spring of 1933 when American policy was reversed and the dollar devalued. Roosevelt's abandonment of gold coincided with the World Economic ...
More
This chapter analyzes the critical period in the spring of 1933 when American policy was reversed and the dollar devalued. Roosevelt's abandonment of gold coincided with the World Economic Conference, which was held in London in June 1933, in a last attempt to respond cooperatively to the economic crisis. The connections are traced between the dollar's depreciation and the London Conference and an explanation given of why the latter failed. The different sections of the chapter discuss the background to the negotiations, the conference itself, the international monetary repercussions, and the impact of devaluation of the dollar.Less
This chapter analyzes the critical period in the spring of 1933 when American policy was reversed and the dollar devalued. Roosevelt's abandonment of gold coincided with the World Economic Conference, which was held in London in June 1933, in a last attempt to respond cooperatively to the economic crisis. The connections are traced between the dollar's depreciation and the London Conference and an explanation given of why the latter failed. The different sections of the chapter discuss the background to the negotiations, the conference itself, the international monetary repercussions, and the impact of devaluation of the dollar.
Jean‐Charles Asselain and Alain Plessis
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198288039
- eISBN:
- 9780191596230
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198288034.003.0007
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Economic History
France and Italy both stabilized their currencies relatively late. Although the French franc was initially undervalued and the lira overvalued, there were significant similarities in subsequent ...
More
France and Italy both stabilized their currencies relatively late. Although the French franc was initially undervalued and the lira overvalued, there were significant similarities in subsequent developments. Both countries remained on the gold standard after the departure of Britain in 1931, and both were eventually forced to devalue after a difficult period of deflation in the mid‐1930s. This study examines the effects of these decisions on trade and growth in the two countries. Italy was more successful than France in holding down the rate of inflation and also achieved a more rapid rate of economic growth. The authors attribute this primarily to the ability of the Fascist dictatorship to impose a consistent policy on the Bank of Italy and the commercial banks, to maintain effective exchange controls, and to enforce wage reductions on the labour force.Less
France and Italy both stabilized their currencies relatively late. Although the French franc was initially undervalued and the lira overvalued, there were significant similarities in subsequent developments. Both countries remained on the gold standard after the departure of Britain in 1931, and both were eventually forced to devalue after a difficult period of deflation in the mid‐1930s. This study examines the effects of these decisions on trade and growth in the two countries. Italy was more successful than France in holding down the rate of inflation and also achieved a more rapid rate of economic growth. The authors attribute this primarily to the ability of the Fascist dictatorship to impose a consistent policy on the Bank of Italy and the commercial banks, to maintain effective exchange controls, and to enforce wage reductions on the labour force.
Isabelle Cassiers
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198288039
- eISBN:
- 9780191596230
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198288034.003.0008
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Economic History
The central feature of this comparative analysis of the French and Belgian experience is the distinction between the international and domestic sectors of the two economies. The author shows that in ...
More
The central feature of this comparative analysis of the French and Belgian experience is the distinction between the international and domestic sectors of the two economies. The author shows that in Belgium, as in France, the stabilization of the franc in 1926 brought a period of export‐led growth to an end, and further economic expansion rested on a boom in the domestic sector, with high profitability and a surge in private investment. In the case of Belgium, the domestic sector remained relatively prosperous during the initial stages of the Great Depression, but the strict deflationary policies imposed in the attempt to sustain the gold standard eventually reduced domestic demand and the economy plunged into depression. Both countries were forced to devalue, but political and economic differences made the process more successful in Belgium than in France.Less
The central feature of this comparative analysis of the French and Belgian experience is the distinction between the international and domestic sectors of the two economies. The author shows that in Belgium, as in France, the stabilization of the franc in 1926 brought a period of export‐led growth to an end, and further economic expansion rested on a boom in the domestic sector, with high profitability and a surge in private investment. In the case of Belgium, the domestic sector remained relatively prosperous during the initial stages of the Great Depression, but the strict deflationary policies imposed in the attempt to sustain the gold standard eventually reduced domestic demand and the economy plunged into depression. Both countries were forced to devalue, but political and economic differences made the process more successful in Belgium than in France.
Antoin E. Murphy
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198286493
- eISBN:
- 9780191596674
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828649X.003.0015
- Subject:
- Economics and Finance, History of Economic Thought
Because of his success with the Mississippi Company, John Law was appointed Contrôlleur Général des Finances in January, 1720. This meant he was the equivalent of the Prime Minister. Further ...
More
Because of his success with the Mississippi Company, John Law was appointed Contrôlleur Général des Finances in January, 1720. This meant he was the equivalent of the Prime Minister. Further speculation in the share price of the Mississippi Company took place through the options market. Law's attempts to keep the public using shares or paper money led to the introduction of laws against the use and the holding of gold and silver. Problems with the share price support operation in Feb and Mar, 1720.Less
Because of his success with the Mississippi Company, John Law was appointed Contrôlleur Général des Finances in January, 1720. This meant he was the equivalent of the Prime Minister. Further speculation in the share price of the Mississippi Company took place through the options market. Law's attempts to keep the public using shares or paper money led to the introduction of laws against the use and the holding of gold and silver. Problems with the share price support operation in Feb and Mar, 1720.
S. Mansoob. Murshed
- Published in print:
- 2004
- Published Online:
- April 2005
- ISBN:
- 9780199275786
- eISBN:
- 9780191602160
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199275785.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter examines the links between natural resources, economic growth, and economic policy using a short-run theoretical macroeconomic model of a small open economy endowed with a natural ...
More
This chapter examines the links between natural resources, economic growth, and economic policy using a short-run theoretical macroeconomic model of a small open economy endowed with a natural resource exporting sector. It considers the short-run effects of resource booms, devaluation, and a consumption tax on the non-traded good. Typologies are developed, distinguishing between the East Asian (diffuse resource-rich) and Latin American (point-source linkages) cases.Less
This chapter examines the links between natural resources, economic growth, and economic policy using a short-run theoretical macroeconomic model of a small open economy endowed with a natural resource exporting sector. It considers the short-run effects of resource booms, devaluation, and a consumption tax on the non-traded good. Typologies are developed, distinguishing between the East Asian (diffuse resource-rich) and Latin American (point-source linkages) cases.
Caroline McCracken-Flesher
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780195169676
- eISBN:
- 9780199787876
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195169676.003.0004
- Subject:
- Literature, 19th-century Literature and Romanticism
Scott wonders whether playing through literary and financial markets reveals that value is contingent and inevitably means devaluation for Scotland. In The Talisman, he allies the Scot with his ...
More
Scott wonders whether playing through literary and financial markets reveals that value is contingent and inevitably means devaluation for Scotland. In The Talisman, he allies the Scot with his racial other, and suggests that otherness perhaps should be embraced for the invisibility of the other offers an opportunity stealthily to rework the self and the dominant English culture — otherness may allow agency. In Woodstock, however, Scott considers the negative possiblity that value can never be fixed because everything is performance: when everyone is a performer (including the king), national politics is a self-reflexive farce.Less
Scott wonders whether playing through literary and financial markets reveals that value is contingent and inevitably means devaluation for Scotland. In The Talisman, he allies the Scot with his racial other, and suggests that otherness perhaps should be embraced for the invisibility of the other offers an opportunity stealthily to rework the self and the dominant English culture — otherness may allow agency. In Woodstock, however, Scott considers the negative possiblity that value can never be fixed because everything is performance: when everyone is a performer (including the king), national politics is a self-reflexive farce.
Ervin Staub
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780195382044
- eISBN:
- 9780199864942
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195382044.003.0008
- Subject:
- Psychology, Social Psychology
This chapter identifies the cultural and societal characteristics that can increase the likelihood of mass violence. One of these is a history of devaluation of and discrimination against a group. ...
More
This chapter identifies the cultural and societal characteristics that can increase the likelihood of mass violence. One of these is a history of devaluation of and discrimination against a group. Another is a past history of victimization of a group, which makes its members feel vulnerable and the world look dangerous, as well as harsh treatment—victimization—of children as part of their socialization. Autocratic/authoritarian societies, social inequality and injustice, past use of violence by the group, and certain group beliefs and group self-concepts, shaped by historical experiences or current social conditions, are also among the cultural characteristics that can contribute to violence.Less
This chapter identifies the cultural and societal characteristics that can increase the likelihood of mass violence. One of these is a history of devaluation of and discrimination against a group. Another is a past history of victimization of a group, which makes its members feel vulnerable and the world look dangerous, as well as harsh treatment—victimization—of children as part of their socialization. Autocratic/authoritarian societies, social inequality and injustice, past use of violence by the group, and certain group beliefs and group self-concepts, shaped by historical experiences or current social conditions, are also among the cultural characteristics that can contribute to violence.
Rob Stones
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780198278528
- eISBN:
- 9780191684210
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198278528.003.0009
- Subject:
- Political Science, UK Politics
This chapter deals with the non-devaluation policy of pound sterling by the Labour Government which ruled between 1964 and 1967. The non-devaluation of the pound is typically presented as a key to ...
More
This chapter deals with the non-devaluation policy of pound sterling by the Labour Government which ruled between 1964 and 1967. The non-devaluation of the pound is typically presented as a key to the understanding of the failure of the Wilson Government's plan for economic growth and why many of the promises of advances in social justice were not kept. The chapter also illustrates the ability of the policy networks approach to enhance our understanding of a domestic political decision which had a crucial international dimension. With regards to the policy of the non-devaluation of the pound sterling, the policy networks approach is useful in its emphasis on the disaggregation of the policy field into its various component parts.Less
This chapter deals with the non-devaluation policy of pound sterling by the Labour Government which ruled between 1964 and 1967. The non-devaluation of the pound is typically presented as a key to the understanding of the failure of the Wilson Government's plan for economic growth and why many of the promises of advances in social justice were not kept. The chapter also illustrates the ability of the policy networks approach to enhance our understanding of a domestic political decision which had a crucial international dimension. With regards to the policy of the non-devaluation of the pound sterling, the policy networks approach is useful in its emphasis on the disaggregation of the policy field into its various component parts.
Ervin Staub
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780195382044
- eISBN:
- 9780199864942
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195382044.003.0014
- Subject:
- Psychology, Social Psychology
Central to harmful and violent actions against another group is people drawing a strong line between us and them, and devaluing the potential victim group. This chapter discusses how the development ...
More
Central to harmful and violent actions against another group is people drawing a strong line between us and them, and devaluing the potential victim group. This chapter discusses how the development of positive attitudes toward members of another group can prevent violence and promote reconciliation. It can be done by information that shows the other's humanity, including positive actions in the past; and by extended positive contact, especially in the framework of cooperation in joint projects in the service of shared goals. Knowing that people we are close to have good relations with members of the other group, and even imagining contact with “others”, can have positive effects. After past violence and extended hostility, contact must be combined with other aspects of prevention and reconciliation to bring lasting benefits, and it will ideally include “inoculation” to limit the impact of changing circumstances that may renew hostility.Less
Central to harmful and violent actions against another group is people drawing a strong line between us and them, and devaluing the potential victim group. This chapter discusses how the development of positive attitudes toward members of another group can prevent violence and promote reconciliation. It can be done by information that shows the other's humanity, including positive actions in the past; and by extended positive contact, especially in the framework of cooperation in joint projects in the service of shared goals. Knowing that people we are close to have good relations with members of the other group, and even imagining contact with “others”, can have positive effects. After past violence and extended hostility, contact must be combined with other aspects of prevention and reconciliation to bring lasting benefits, and it will ideally include “inoculation” to limit the impact of changing circumstances that may renew hostility.
Juan Carlos Moreno-Brid and Jaime Ros
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780195371161
- eISBN:
- 9780199870608
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371161.003.0005
- Subject:
- Economics and Finance, Economic History
Chapter 5 examines the postwar golden age of industrialization from 1940 to 1970 and the process of catching up that it made possible. This era is divided into three periods: the war boom up to 1945 ...
More
Chapter 5 examines the postwar golden age of industrialization from 1940 to 1970 and the process of catching up that it made possible. This era is divided into three periods: the war boom up to 1945 during which industrial expansion was driven by exports, the period of growth with a devaluation-inflation cycle from 1946 to 1955, and the gem of the golden age from 1956 to 1970 in which an acceleration of economic and industrial growth was reconciled with low inflation and balance of payments stability. The chapter reviews the development policy framework that generated the rapid progress of the economy as well as the sources of productive capacity expansion, overall productivity growth, and factor accumulation, and places the outstanding growth performance in an international comparative perspective.Less
Chapter 5 examines the postwar golden age of industrialization from 1940 to 1970 and the process of catching up that it made possible. This era is divided into three periods: the war boom up to 1945 during which industrial expansion was driven by exports, the period of growth with a devaluation-inflation cycle from 1946 to 1955, and the gem of the golden age from 1956 to 1970 in which an acceleration of economic and industrial growth was reconciled with low inflation and balance of payments stability. The chapter reviews the development policy framework that generated the rapid progress of the economy as well as the sources of productive capacity expansion, overall productivity growth, and factor accumulation, and places the outstanding growth performance in an international comparative perspective.
Griffith-Jones Stephany
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was ...
More
The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was brought about by several different factors that include the large scale of deficits in the current account, how these deficits were funded by short-term capital inflows, how the Mexican authorities asserted a relatively fixed nominal exchange rate that was seemingly overvalued to reduce inflation, and the outwardly relaxed monetary policy imposed during 1994. The causes also include how the government allowed the transformation of a huge part of this debt into dollar-dominated paper, how devaluation was mismanaged, and, lastly, how criminal and political events have emerged during this period. This chapter takes on a chronological approach in analyzing this crisis and concentrates on issues of devaluation and imperfections within the capital market.Less
The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was brought about by several different factors that include the large scale of deficits in the current account, how these deficits were funded by short-term capital inflows, how the Mexican authorities asserted a relatively fixed nominal exchange rate that was seemingly overvalued to reduce inflation, and the outwardly relaxed monetary policy imposed during 1994. The causes also include how the government allowed the transformation of a huge part of this debt into dollar-dominated paper, how devaluation was mismanaged, and, lastly, how criminal and political events have emerged during this period. This chapter takes on a chronological approach in analyzing this crisis and concentrates on issues of devaluation and imperfections within the capital market.
MARK MAZOWER
- Published in print:
- 1991
- Published Online:
- October 2011
- ISBN:
- 9780198202059
- eISBN:
- 9780191675126
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198202059.003.0006
- Subject:
- History, European Modern History, Economic History
The shock waves from the European financial debacle of 1931 reverberated through the Balkans. The collapse of existing international monetary institutions on the heels of the British sterling ...
More
The shock waves from the European financial debacle of 1931 reverberated through the Balkans. The collapse of existing international monetary institutions on the heels of the British sterling devaluation that autumn dealt the decisive blow to Liberal confidence. It led to a serious financial crisis in Greece that eventually pushed her off the gold standard. By staking so much on the outcome of his self-proclaimed ‘battle for the drachma’, Venizelos ensured that his failure to prevent devaluation would precipitate a serious political crisis as well. His ebullient rhetoric would come to sound increasingly hollow, and public opinion would swing towards the view expressed some time later by Dimitrios Maximos, a leading anti-Venizelist, that ‘his incorrigible optimism had led him and the country into a dreadful impasse’. This chapter charts the course of this stage of the crisis. It begins by sketching the background to existing monetary arrangements in Greece. For relations between the new central bank — the Bank of Greece — and the commercial banks left much to be desired. And as a result, the gold standard operated in Greece in a way which was not to be found in any textbook on banking theory, and which would have rather unexpected effects on the impact of the financial crisis there.Less
The shock waves from the European financial debacle of 1931 reverberated through the Balkans. The collapse of existing international monetary institutions on the heels of the British sterling devaluation that autumn dealt the decisive blow to Liberal confidence. It led to a serious financial crisis in Greece that eventually pushed her off the gold standard. By staking so much on the outcome of his self-proclaimed ‘battle for the drachma’, Venizelos ensured that his failure to prevent devaluation would precipitate a serious political crisis as well. His ebullient rhetoric would come to sound increasingly hollow, and public opinion would swing towards the view expressed some time later by Dimitrios Maximos, a leading anti-Venizelist, that ‘his incorrigible optimism had led him and the country into a dreadful impasse’. This chapter charts the course of this stage of the crisis. It begins by sketching the background to existing monetary arrangements in Greece. For relations between the new central bank — the Bank of Greece — and the commercial banks left much to be desired. And as a result, the gold standard operated in Greece in a way which was not to be found in any textbook on banking theory, and which would have rather unexpected effects on the impact of the financial crisis there.
Sarah A. Chase
- Published in print:
- 2008
- Published Online:
- April 2010
- ISBN:
- 9780195308815
- eISBN:
- 9780199894154
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195308815.003.0007
- Subject:
- Psychology, Clinical Child Psychology / School Psychology
This concluding chapter flushes out how this study of the everyday lives of prep school students reveals how privilege and social hierarchies are perpetuated through cultural traditions and ...
More
This concluding chapter flushes out how this study of the everyday lives of prep school students reveals how privilege and social hierarchies are perpetuated through cultural traditions and institutions such as schools. It summarizes how both the boys and the girls value the masculine characteristics of self-focused lives, individuality, fun, and freedom while devaluing the feminine characteristics of other-focused lives, lack of fun, conformity, and constraint. As the path to acceptance for these students is based on excelling at gender, the girls perform femininity in order to form relationships and connections with others but do so at the expense of their self-esteem. The broader implications of the performance of gender extremes is discussed, as is the idea that the understanding of the sources and rationality of these pressures can provide the power to resist.Less
This concluding chapter flushes out how this study of the everyday lives of prep school students reveals how privilege and social hierarchies are perpetuated through cultural traditions and institutions such as schools. It summarizes how both the boys and the girls value the masculine characteristics of self-focused lives, individuality, fun, and freedom while devaluing the feminine characteristics of other-focused lives, lack of fun, conformity, and constraint. As the path to acceptance for these students is based on excelling at gender, the girls perform femininity in order to form relationships and connections with others but do so at the expense of their self-esteem. The broader implications of the performance of gender extremes is discussed, as is the idea that the understanding of the sources and rationality of these pressures can provide the power to resist.
Kenneth O Morgan
- Published in print:
- 1990
- Published Online:
- March 2012
- ISBN:
- 9780198227649
- eISBN:
- 9780191678769
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198227649.003.0007
- Subject:
- History, British and Irish Modern History
With the Labour Party winning by a narrow majority, Harold Wilson prioritized science and technology, the arts, and education. Welfare, penal reform, and race relations were also tackled. The huge ...
More
With the Labour Party winning by a narrow majority, Harold Wilson prioritized science and technology, the arts, and education. Welfare, penal reform, and race relations were also tackled. The huge balance-of-payments deficit was unsuccessfully addressed through an unpopular series of tax increases, which in turn led to a heavy run on the pound halted only by an increase in the bank rates. The promise of the new term quickly faded under issues of a stagnant economy, the weak economic structure, and political indirection due to internal bickering. Labour relations deteriorated leading to nationwide strikes that crippled the administration further. In contrast, a flourishing pop culture helped provide some relief from the bleak economic situation. Unrelenting pressure on the sterling and gold reserves led to the eventual devaluation of the sterling and failure to improve relations in Europe over the crisis in Rhodesia heralded the downfall of the Labour party's dominance.Less
With the Labour Party winning by a narrow majority, Harold Wilson prioritized science and technology, the arts, and education. Welfare, penal reform, and race relations were also tackled. The huge balance-of-payments deficit was unsuccessfully addressed through an unpopular series of tax increases, which in turn led to a heavy run on the pound halted only by an increase in the bank rates. The promise of the new term quickly faded under issues of a stagnant economy, the weak economic structure, and political indirection due to internal bickering. Labour relations deteriorated leading to nationwide strikes that crippled the administration further. In contrast, a flourishing pop culture helped provide some relief from the bleak economic situation. Unrelenting pressure on the sterling and gold reserves led to the eventual devaluation of the sterling and failure to improve relations in Europe over the crisis in Rhodesia heralded the downfall of the Labour party's dominance.
Kenneth O Morgan
- Published in print:
- 1990
- Published Online:
- March 2012
- ISBN:
- 9780198227649
- eISBN:
- 9780191678769
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198227649.003.0008
- Subject:
- History, British and Irish Modern History
Following the pound's devaluation, the Wilson government entered into a period of austerity and deflation with increased taxes and currency restrictions that reduced standards of living and further ...
More
Following the pound's devaluation, the Wilson government entered into a period of austerity and deflation with increased taxes and currency restrictions that reduced standards of living and further decreased the Labour Party's popularity at the polls. Military policy consisted of further budget cuts and the proposed withdrawal of British forces in the Middle East and South East Asia. Ethnic violence, class conflict, and the youth revolution were also witnessed in Britain. Nationalist sentiment in Scotland and Wales, racial tensions, and the threat of Northern Island all contributed to the period's turbulence. This, coupled with continued low productivity undermined the government's effort at economic recovery. Industrial relations continued to be chaotic and institutional reform in local government, particularly in civil service, lagged behind. International relations also suffered, with conflicts in the commonwealth zones. Wilson's term ended on a slightly positive note through a balance-of-payments surplus and improvements in education and technology.Less
Following the pound's devaluation, the Wilson government entered into a period of austerity and deflation with increased taxes and currency restrictions that reduced standards of living and further decreased the Labour Party's popularity at the polls. Military policy consisted of further budget cuts and the proposed withdrawal of British forces in the Middle East and South East Asia. Ethnic violence, class conflict, and the youth revolution were also witnessed in Britain. Nationalist sentiment in Scotland and Wales, racial tensions, and the threat of Northern Island all contributed to the period's turbulence. This, coupled with continued low productivity undermined the government's effort at economic recovery. Industrial relations continued to be chaotic and institutional reform in local government, particularly in civil service, lagged behind. International relations also suffered, with conflicts in the commonwealth zones. Wilson's term ended on a slightly positive note through a balance-of-payments surplus and improvements in education and technology.
