Chris Jochnick and Fraser A. Preston (eds)
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness ...
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Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina, have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book advances the dialogue around these issues by providing an overview of the problems raised by debt and describing new and practical approaches to overcoming them. It brings together the voices of prominent members of the international debt community. It includes pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians.Less
Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, coupled with the highly publicized Bono/O'Neill tour of Africa, and the spectacular default and economic implosion of Argentina, have helped spur a global debate over debt. A growing chorus of globalization critics, galvanized by the Catholic Church's demand for forgiveness and bolstered by recent defaults, has put debt near the top of the international agenda. Creditor governments and international financial institutions have belatedly recognized the need for more sustainable progress on debt as an inescapable step towards economic recovery in many parts of the world. This book advances the dialogue around these issues by providing an overview of the problems raised by debt and describing new and practical approaches to overcoming them. It brings together the voices of prominent members of the international debt community. It includes pieces from the most relevant constituencies: from creditors (the IMF/World Bank, government lenders, private investors) to critics (debtor representatives, activists, and academics) and analysis from economists, bankers, lawyers, social scientists, and politicians.
JAMES E. VESTAL
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198290278
- eISBN:
- 9780191684814
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198290278.003.0002
- Subject:
- Business and Management, International Business, Political Economy
This chapter presents an overview of the first three decades of Japan's post-war development. Japan's remarkably rapid growth between 1945 and 1973 occurred simultaneously with the widespread use of ...
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This chapter presents an overview of the first three decades of Japan's post-war development. Japan's remarkably rapid growth between 1945 and 1973 occurred simultaneously with the widespread use of industrial policy, and the changing focus and history of this policy serves to divide Japanese growth into four distinct periods. The Occupation period, from August 1945 to April 1952, witnessed the creation of many of the tools of industrial policy and was characterized by the state's emphasis on economic recovery. From 1952 to 1960, policy tools were perfected and were used to promote the rationalization and modernization of select industries in order to achieve economic autonomy. The 1960s was a decade of trade and capital liberalization. While trade concerns remained a policy priority in the early 1970s, this period was also characterized by a focus on an improved quality of life, an emphasis that was interrupted by the first oil crisis.Less
This chapter presents an overview of the first three decades of Japan's post-war development. Japan's remarkably rapid growth between 1945 and 1973 occurred simultaneously with the widespread use of industrial policy, and the changing focus and history of this policy serves to divide Japanese growth into four distinct periods. The Occupation period, from August 1945 to April 1952, witnessed the creation of many of the tools of industrial policy and was characterized by the state's emphasis on economic recovery. From 1952 to 1960, policy tools were perfected and were used to promote the rationalization and modernization of select industries in order to achieve economic autonomy. The 1960s was a decade of trade and capital liberalization. While trade concerns remained a policy priority in the early 1970s, this period was also characterized by a focus on an improved quality of life, an emphasis that was interrupted by the first oil crisis.
Lord Bullock and William Deakin
- Published in print:
- 2005
- Published Online:
- October 2011
- ISBN:
- 9780198221142
- eISBN:
- 9780191678417
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198221142.003.0014
- Subject:
- History, European Modern History
The years between 1929 and 1933 represent the hinge connecting the two decades of the inter-war period, the decade of reconstruction and the decade of disintegration. A time of great fluidity and ...
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The years between 1929 and 1933 represent the hinge connecting the two decades of the inter-war period, the decade of reconstruction and the decade of disintegration. A time of great fluidity and unease in international relations, the cracks that had opened in the European state system by the late 1920s now began to gape even wider. The chief feature of the period, dominant in all historical discussions, was that of economic crisis. The actions taken during this hinge period would unleash the full force of nationalism and give greater importance and influence to the more dynamic revisionist countries, Japan, Italy, and Germany, once Adolf Hitler and the National Socialists ‘captured’ power in January 1933. The search for solutions to the old problems of European stability and security continued but in a very different global context, as states opted for highly nationalist solutions to the problems of economic recovery and armaments.Less
The years between 1929 and 1933 represent the hinge connecting the two decades of the inter-war period, the decade of reconstruction and the decade of disintegration. A time of great fluidity and unease in international relations, the cracks that had opened in the European state system by the late 1920s now began to gape even wider. The chief feature of the period, dominant in all historical discussions, was that of economic crisis. The actions taken during this hinge period would unleash the full force of nationalism and give greater importance and influence to the more dynamic revisionist countries, Japan, Italy, and Germany, once Adolf Hitler and the National Socialists ‘captured’ power in January 1933. The search for solutions to the old problems of European stability and security continued but in a very different global context, as states opted for highly nationalist solutions to the problems of economic recovery and armaments.
G. C. Peden
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198207078
- eISBN:
- 9780191677472
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198207078.003.0006
- Subject:
- History, British and Irish Modern History, Economic History
The Treasury had to respond to severe challenges in the 1930s: first, an international depression of unprecedented severity, and then a world drift to the Second World War. There was innovation in ...
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The Treasury had to respond to severe challenges in the 1930s: first, an international depression of unprecedented severity, and then a world drift to the Second World War. There was innovation in monetary policy after Britain had been forced off the gold standard, and, in the special circumstances of rearmament, even in fiscal policy. The Treasury used monetary policy as its major policy instrument to achieve economic recovery. The pessimism that had marked much of the Treasury's thinking about unemployment for most of the decade was absent from Sir Frederick Phillips's memoranda in the spring of 1939, as defence expenditure promised to bring the economy to full employment. The fact that the Treasury found it hard to contain civil as well as military expenditure must have confirmed officials' worst fears about the propensity of politicians to spend when it was no longer necessary to balance the budget.Less
The Treasury had to respond to severe challenges in the 1930s: first, an international depression of unprecedented severity, and then a world drift to the Second World War. There was innovation in monetary policy after Britain had been forced off the gold standard, and, in the special circumstances of rearmament, even in fiscal policy. The Treasury used monetary policy as its major policy instrument to achieve economic recovery. The pessimism that had marked much of the Treasury's thinking about unemployment for most of the decade was absent from Sir Frederick Phillips's memoranda in the spring of 1939, as defence expenditure promised to bring the economy to full employment. The fact that the Treasury found it hard to contain civil as well as military expenditure must have confirmed officials' worst fears about the propensity of politicians to spend when it was no longer necessary to balance the budget.
Barry Eichengreen
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195101133
- eISBN:
- 9780199869626
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195101138.003.0012
- Subject:
- Economics and Finance, Economic History
By 1934, it was impossible to ignore the contrast between the persistence of depression in gold standard countries and the acceleration of recovery in the rest of the world; the continued allegiance ...
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By 1934, it was impossible to ignore the contrast between the persistence of depression in gold standard countries and the acceleration of recovery in the rest of the world; the continued allegiance to gold by several European countries, led by France, has consequently been regarded as an enigma. This chapter shows how domestic politics combined with collective memory of inflationary chaos in the 1920s to sustain resistance to currency depreciation. Indeed, inflation anxiety in the gold bloc was not entirely unfounded, and sometimes it proved self‐fulfilling. When currency depreciation finally came to France in 1936, it was accompanied by inflation and social turmoil, but not by the beneficial effects evident in other countries. Here, as in the rest of the book, historical and political factors, not just economics, bear the burden of explanation.Less
By 1934, it was impossible to ignore the contrast between the persistence of depression in gold standard countries and the acceleration of recovery in the rest of the world; the continued allegiance to gold by several European countries, led by France, has consequently been regarded as an enigma. This chapter shows how domestic politics combined with collective memory of inflationary chaos in the 1920s to sustain resistance to currency depreciation. Indeed, inflation anxiety in the gold bloc was not entirely unfounded, and sometimes it proved self‐fulfilling. When currency depreciation finally came to France in 1936, it was accompanied by inflation and social turmoil, but not by the beneficial effects evident in other countries. Here, as in the rest of the book, historical and political factors, not just economics, bear the burden of explanation.
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 ...
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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.
Souvik Gupta and Jacques Miniane
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.003.0004
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This chapter examines past recessions and recoveries in Asia in order to shed light on these issues. Key findings suggest that recoveries in Asia have typically been weak because they were driven by ...
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This chapter examines past recessions and recoveries in Asia in order to shed light on these issues. Key findings suggest that recoveries in Asia have typically been weak because they were driven by single engine ― exports. In Asia, deep recessions have resulted in substantial declines in potential output growth, meaning that their effects are not just cyclical but permanent. With external demand for Asia's products vanishing as a result of a sharp deleveraging in advanced economies at the height of the global financial crisis, export and industrial production growth in the region plunged in late 2008 to unimaginable levels. In turn, weakness in exports spilled over to domestic demand, with investment in particular showing signs of decline at a high rate. Major policy efforts in Asia and abroad averted the worst, and paved the road for normalization in global trade and growth.Less
This chapter examines past recessions and recoveries in Asia in order to shed light on these issues. Key findings suggest that recoveries in Asia have typically been weak because they were driven by single engine ― exports. In Asia, deep recessions have resulted in substantial declines in potential output growth, meaning that their effects are not just cyclical but permanent. With external demand for Asia's products vanishing as a result of a sharp deleveraging in advanced economies at the height of the global financial crisis, export and industrial production growth in the region plunged in late 2008 to unimaginable levels. In turn, weakness in exports spilled over to domestic demand, with investment in particular showing signs of decline at a high rate. Major policy efforts in Asia and abroad averted the worst, and paved the road for normalization in global trade and growth.
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/9780198202059.003.0001
- Subject:
- History, European Modern History, Economic History
This chapter first sets out the purpose of this book, which is to examine the period from 1929 to 1932 that constituted a watershed for Greece. It examines what happened when, as a consequence of the ...
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This chapter first sets out the purpose of this book, which is to examine the period from 1929 to 1932 that constituted a watershed for Greece. It examines what happened when, as a consequence of the economic depression, Greece was forced to abandon its traditional reliance on agricultural exports, remittances, and foreign loans and turn instead towards a policy of autarkic development based upon domestic sources of growth. The chapter then discusses the economic recovery in the early 1930s, the abandonment of the gold standard to stimulate the domestic economy, and the influence of politics and ideology on recovery.Less
This chapter first sets out the purpose of this book, which is to examine the period from 1929 to 1932 that constituted a watershed for Greece. It examines what happened when, as a consequence of the economic depression, Greece was forced to abandon its traditional reliance on agricultural exports, remittances, and foreign loans and turn instead towards a policy of autarkic development based upon domestic sources of growth. The chapter then discusses the economic recovery in the early 1930s, the abandonment of the gold standard to stimulate the domestic economy, and the influence of politics and ideology on recovery.
Yung Chul Park
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199276776
- eISBN:
- 9780191603051
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199276773.003.0007
- Subject:
- Economics and Finance, South and East Asia
The Asian crisis occurred due to massive foreign investments in East Asia which created strong inflationary pressures, overvalued currencies, and growing current account deficits. An examination of ...
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The Asian crisis occurred due to massive foreign investments in East Asia which created strong inflationary pressures, overvalued currencies, and growing current account deficits. An examination of the post-crisis period questions whether the rapid recovery can be attributed to the IMF structural reform programs.Less
The Asian crisis occurred due to massive foreign investments in East Asia which created strong inflationary pressures, overvalued currencies, and growing current account deficits. An examination of the post-crisis period questions whether the rapid recovery can be attributed to the IMF structural reform programs.
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/9780198202059.003.0009
- Subject:
- History, European Modern History, Economic History
This chapter charts the dimensions of Greece's economic recovery, its limitations, and the tensions it created. Import-substitution benefited both agriculture and industry, but had rather different ...
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This chapter charts the dimensions of Greece's economic recovery, its limitations, and the tensions it created. Import-substitution benefited both agriculture and industry, but had rather different effects in the two sectors. In both cases output rose as did prices — with little effective government control. In both cases the chief stimulus was the shift in relative prices after Greece left the gold standard. Although many peasants remained encumbered by debt, their economic position generally improved compared with the crisis years of 1929–32. Domestic industry benefited too, but few of the benefits reached the workers. Inflation affected neither the bulk of the peasantry, who could retreat to some form of self-sufficiency, nor industrialists, who passed on higher input prices to the consumer. But it did hit the vulnerable urban classes-workers, civil servants, and artisans.Less
This chapter charts the dimensions of Greece's economic recovery, its limitations, and the tensions it created. Import-substitution benefited both agriculture and industry, but had rather different effects in the two sectors. In both cases output rose as did prices — with little effective government control. In both cases the chief stimulus was the shift in relative prices after Greece left the gold standard. Although many peasants remained encumbered by debt, their economic position generally improved compared with the crisis years of 1929–32. Domestic industry benefited too, but few of the benefits reached the workers. Inflation affected neither the bulk of the peasantry, who could retreat to some form of self-sufficiency, nor industrialists, who passed on higher input prices to the consumer. But it did hit the vulnerable urban classes-workers, civil servants, and artisans.
Jaime Ros and Nora Lustig
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0007
- Subject:
- Economics and Finance, International
By the mid‐1980s, the Mexican economy was still suffering the consequences of the 1982 debt crisis, and these were compounded by the difficulties created by the collapse of oil prices in early 1986, ...
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By the mid‐1980s, the Mexican economy was still suffering the consequences of the 1982 debt crisis, and these were compounded by the difficulties created by the collapse of oil prices in early 1986, but three years later, a turnaround had taken place. Following a successful heterodox stabilization program, which began in late 1987, a sharp reduction in domestic and external public debt, facilitated by a Brady agreement in mid‐1989, and financed with large privatization revenues, Mexico returned to the international capital markets, and its economy finally appeared to be on its way to recover economic growth and price stability after almost a decade of economic decline and high inflation. When the North American Free Trade Agreement (NAFTA) was approved in 1993, optimistic expectations became even more rampant; this chapter addresses the question of why the country that was supposed to enter a period of sustained prosperity, and one of the most successful emerging markets, found itself in the mid‐1990s immersed in the worst economic crisis in the last seventy years. In the first section, the balance of payments liberalization measures that preceded the episode of massive capital inflows of the early 1990s are reviewed, and its macroeconomic consequences discussed. The second section then examines how these macroeconomic developments were reflected in the labor market, the third section turns to the evolution of income distribution and poverty since the mid‐1980s, and a concluding section draws lessons from the Mexican experience, and discusses the prospects of the economy after the crisis.Less
By the mid‐1980s, the Mexican economy was still suffering the consequences of the 1982 debt crisis, and these were compounded by the difficulties created by the collapse of oil prices in early 1986, but three years later, a turnaround had taken place. Following a successful heterodox stabilization program, which began in late 1987, a sharp reduction in domestic and external public debt, facilitated by a Brady agreement in mid‐1989, and financed with large privatization revenues, Mexico returned to the international capital markets, and its economy finally appeared to be on its way to recover economic growth and price stability after almost a decade of economic decline and high inflation. When the North American Free Trade Agreement (NAFTA) was approved in 1993, optimistic expectations became even more rampant; this chapter addresses the question of why the country that was supposed to enter a period of sustained prosperity, and one of the most successful emerging markets, found itself in the mid‐1990s immersed in the worst economic crisis in the last seventy years. In the first section, the balance of payments liberalization measures that preceded the episode of massive capital inflows of the early 1990s are reviewed, and its macroeconomic consequences discussed. The second section then examines how these macroeconomic developments were reflected in the labor market, the third section turns to the evolution of income distribution and poverty since the mid‐1980s, and a concluding section draws lessons from the Mexican experience, and discusses the prospects of the economy after the crisis.
Glenn Yago and Susanne Trimbath
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780195149234
- eISBN:
- 9780199871865
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195149238.003.0004
- Subject:
- Economics and Finance, Financial Economics
An account and analysis is given of the largely unanticipated decline of the US high‐yield market in 1989 and 1990, and its subsequent rallying in 1991 and 1992. Structural and cyclical factors ...
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An account and analysis is given of the largely unanticipated decline of the US high‐yield market in 1989 and 1990, and its subsequent rallying in 1991 and 1992. Structural and cyclical factors affecting the high‐yield market are discussed by looking at the economic factors that influence changes in its supply and demand, and returns: aspects addressed are the default rate on high‐yield debt, higher spreads, credit conditions, stock prices, and repayment. A test developed by Brown, Durbin and Evans (1975) is used to analyze the level and month‐to‐month changes in returns and the number of high‐yield issues from 1985 to 1991, and this shows that structural stability was not part of the landscape. In other words, the functional economic relationships between cyclical factors, credit/quality defaults, competitive market yields (etc.) that drove the high market during the 1980s changed considerably – apparently as a result of the dramatic increases in government regulatory intervention in that market – but appear to have been restored by late 1991 as the market recovered from regulatory destabilization and responded to more economic fundamentals in the marketplace. The remainder of the chapter discusses the cause and consequences of financial distress in companies, the fact that some industries are more sensitive to economic conditions than others, company restructuring for economic recovery, and challenges and opportunities in 2001 and beyond; Appendix B gives details of the technical material used in the chapter.Less
An account and analysis is given of the largely unanticipated decline of the US high‐yield market in 1989 and 1990, and its subsequent rallying in 1991 and 1992. Structural and cyclical factors affecting the high‐yield market are discussed by looking at the economic factors that influence changes in its supply and demand, and returns: aspects addressed are the default rate on high‐yield debt, higher spreads, credit conditions, stock prices, and repayment. A test developed by Brown, Durbin and Evans (1975) is used to analyze the level and month‐to‐month changes in returns and the number of high‐yield issues from 1985 to 1991, and this shows that structural stability was not part of the landscape. In other words, the functional economic relationships between cyclical factors, credit/quality defaults, competitive market yields (etc.) that drove the high market during the 1980s changed considerably – apparently as a result of the dramatic increases in government regulatory intervention in that market – but appear to have been restored by late 1991 as the market recovered from regulatory destabilization and responded to more economic fundamentals in the marketplace. The remainder of the chapter discusses the cause and consequences of financial distress in companies, the fact that some industries are more sensitive to economic conditions than others, company restructuring for economic recovery, and challenges and opportunities in 2001 and beyond; Appendix B gives details of the technical material used in the chapter.
Timothy J. Hatton and Mark Thomas
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199663187
- eISBN:
- 9780191749216
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199663187.003.0011
- Subject:
- Economics and Finance, Economic History
This chapter examines the labour market experience of the UK and US in the recessions of the early 1920s and early 1930s and the subsequent recoveries. Compared with 2008–09, these were deep ...
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This chapter examines the labour market experience of the UK and US in the recessions of the early 1920s and early 1930s and the subsequent recoveries. Compared with 2008–09, these were deep recessions, but the recoveries were very different. In the UK, the recovery of the 1920s was incomplete but that of the 1930s was less protracted than in the US. By contrast, the US experienced strong recovery in the 1920s but weaker recovery from the deeper recession of the 1930s. A key ingredient to understanding these patterns is the interaction between economic shocks and labour market institutions. The literature on interwar labour markets is surveyed to identify elements that underpinned labour market performance. Developments in wage-setting institutions and in unemployment insurance inhibited a return to full employment in interwar Britain, while in the US, New Deal legislation impeded labour market adjustment in the 1930s.Less
This chapter examines the labour market experience of the UK and US in the recessions of the early 1920s and early 1930s and the subsequent recoveries. Compared with 2008–09, these were deep recessions, but the recoveries were very different. In the UK, the recovery of the 1920s was incomplete but that of the 1930s was less protracted than in the US. By contrast, the US experienced strong recovery in the 1920s but weaker recovery from the deeper recession of the 1930s. A key ingredient to understanding these patterns is the interaction between economic shocks and labour market institutions. The literature on interwar labour markets is surveyed to identify elements that underpinned labour market performance. Developments in wage-setting institutions and in unemployment insurance inhibited a return to full employment in interwar Britain, while in the US, New Deal legislation impeded labour market adjustment in the 1930s.
Padma Desai
- Published in print:
- 2011
- Published Online:
- November 2015
- ISBN:
- 9780231157865
- eISBN:
- 9780231527743
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231157865.003.0004
- Subject:
- Economics and Finance, Public and Welfare
This chapter examines the prospects for economic recovery of North and South America, Europe, and Asia in 2010. The North American economy recorded positive real gross domestic product (GDP) growth ...
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This chapter examines the prospects for economic recovery of North and South America, Europe, and Asia in 2010. The North American economy recorded positive real gross domestic product (GDP) growth between two and three percent in 2010. With the exception of Venezuela, which had a growth forecast of exceeding negative two percent, the growth of major South American countries in 2010 ranged from two to five percent. With the exception of Greece, Ireland, Italy, Portugal, and Spain, the rest of the European states comprising the Economic and Monetary Union (EMU) showed positive signs of recovery in early 2010 and eventually stabilized by mid-2010. In contrast, Asia presented solid GDP growth prospects for 2010, led by China, India, South Korea, Malaysia, and Indonesia.Less
This chapter examines the prospects for economic recovery of North and South America, Europe, and Asia in 2010. The North American economy recorded positive real gross domestic product (GDP) growth between two and three percent in 2010. With the exception of Venezuela, which had a growth forecast of exceeding negative two percent, the growth of major South American countries in 2010 ranged from two to five percent. With the exception of Greece, Ireland, Italy, Portugal, and Spain, the rest of the European states comprising the Economic and Monetary Union (EMU) showed positive signs of recovery in early 2010 and eventually stabilized by mid-2010. In contrast, Asia presented solid GDP growth prospects for 2010, led by China, India, South Korea, Malaysia, and Indonesia.
JAMES E. VESTAL
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198290278
- eISBN:
- 9780191684814
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198290278.003.0004
- Subject:
- Business and Management, International Business, Political Economy
This chapter correlates policy measures with the economic criteria which must have been fulfilled in order for industrial policy to have positively affected Japan's economic recovery and growth. If ...
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This chapter correlates policy measures with the economic criteria which must have been fulfilled in order for industrial policy to have positively affected Japan's economic recovery and growth. If Japanese industrial policy is to be considered to have helped foster successful economic development, it must satisfy two necessary conditions. First, industrial policy must be rational. It must serve an economic purpose which in the absence of policy would be unfulfilled. Otherwise, government intervention can only lower the growth potential of an economy. The usual competitive economic paradigm is of little use in analysing this issue, since the assumption of perfectly competitive markets is equivalent to asserting that industrial policy cannot be important in economic development. It has been observed here that if industrial policy matched market failures and externalities, it was rational and possibly served a useful function.Less
This chapter correlates policy measures with the economic criteria which must have been fulfilled in order for industrial policy to have positively affected Japan's economic recovery and growth. If Japanese industrial policy is to be considered to have helped foster successful economic development, it must satisfy two necessary conditions. First, industrial policy must be rational. It must serve an economic purpose which in the absence of policy would be unfulfilled. Otherwise, government intervention can only lower the growth potential of an economy. The usual competitive economic paradigm is of little use in analysing this issue, since the assumption of perfectly competitive markets is equivalent to asserting that industrial policy cannot be important in economic development. It has been observed here that if industrial policy matched market failures and externalities, it was rational and possibly served a useful function.
Josh Bivens and Lawrence Mishel
- Published in print:
- 2011
- Published Online:
- August 2016
- ISBN:
- 9780801450150
- eISBN:
- 9780801460654
- Item type:
- chapter
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9780801450150.003.0006
- Subject:
- Economics and Finance, Public and Welfare
This concluding chapter offers some solutions that can ensure the slow (but assured) recovery of the American economy. It argues that today's policy-making elite are severely underestimating the ...
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This concluding chapter offers some solutions that can ensure the slow (but assured) recovery of the American economy. It argues that today's policy-making elite are severely underestimating the fallout in the economy post-Recession—many feel that the economy is indeed on its way to recovery, despite statistical forecasts indicating otherwise. Furthermore, the chapter laments that politics and ideology lie in the way of implementing clear economic remedies; as is usually the case, in a contest between good economics and bad politics, politics seems to win every time. Policy changes have to be made that entail affirmative choices which would take the economy in a different direction, in order to tip the balance of economic power away from the privileged few and back toward everybody else.Less
This concluding chapter offers some solutions that can ensure the slow (but assured) recovery of the American economy. It argues that today's policy-making elite are severely underestimating the fallout in the economy post-Recession—many feel that the economy is indeed on its way to recovery, despite statistical forecasts indicating otherwise. Furthermore, the chapter laments that politics and ideology lie in the way of implementing clear economic remedies; as is usually the case, in a contest between good economics and bad politics, politics seems to win every time. Policy changes have to be made that entail affirmative choices which would take the economy in a different direction, in order to tip the balance of economic power away from the privileged few and back toward everybody else.
Richard Coopey
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198289449
- eISBN:
- 9780191684708
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198289449.003.0008
- Subject:
- Business and Management, Business History
The swings between recession and recovery in the British economy directly affected both 3i and its customers, creating cycles of expansion and retrenchment. In addition to generating these market ...
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The swings between recession and recovery in the British economy directly affected both 3i and its customers, creating cycles of expansion and retrenchment. In addition to generating these market opportunities and pressures, the decade also saw the fundamental ownership and operating rubric of 3i called into question, as the shareholding banks debated the idea of selling their interest by floating the Company. The ramifications of a publicly quoted 3i were to spark a continuing debate over the essential nature of 3i's business. Viewed as a whole, the 1980s can be seen to encompass a recessionary beginning, selective sectoral and regionally-based recovery and boom faltering into a second, more persistent and widespread recession towards the closing years of the decade.Less
The swings between recession and recovery in the British economy directly affected both 3i and its customers, creating cycles of expansion and retrenchment. In addition to generating these market opportunities and pressures, the decade also saw the fundamental ownership and operating rubric of 3i called into question, as the shareholding banks debated the idea of selling their interest by floating the Company. The ramifications of a publicly quoted 3i were to spark a continuing debate over the essential nature of 3i's business. Viewed as a whole, the 1980s can be seen to encompass a recessionary beginning, selective sectoral and regionally-based recovery and boom faltering into a second, more persistent and widespread recession towards the closing years of the decade.
David Malone
- Published in print:
- 1998
- Published Online:
- October 2011
- ISBN:
- 9780198294832
- eISBN:
- 9780191685071
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198294832.003.0007
- Subject:
- Political Science, International Relations and Politics
This chapter provides an overview of the main developments in Haiti relevant to the UN's involvement in its affairs from October 1994 until the end of 1997, when the UN peacekeeping force there was ...
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This chapter provides an overview of the main developments in Haiti relevant to the UN's involvement in its affairs from October 1994 until the end of 1997, when the UN peacekeeping force there was replaced by a smaller police training mission. The months following Aristide's return saw basic freedoms restored in Haiti, but aspirations for economic recovery were largely disappointed. The new Haitian democracy garnered early international praise, but it was fragile and harboured the potential for future instability, as actors until recently in power have now been largely marginalized.Less
This chapter provides an overview of the main developments in Haiti relevant to the UN's involvement in its affairs from October 1994 until the end of 1997, when the UN peacekeeping force there was replaced by a smaller police training mission. The months following Aristide's return saw basic freedoms restored in Haiti, but aspirations for economic recovery were largely disappointed. The new Haitian democracy garnered early international praise, but it was fragile and harboured the potential for future instability, as actors until recently in power have now been largely marginalized.
Perry Sadorsky
- Published in print:
- 2012
- Published Online:
- June 2013
- ISBN:
- 9780804770095
- eISBN:
- 9780804778640
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804770095.003.0014
- Subject:
- Business and Management, Organization Studies
This chapter discusses green financing, arguing that this type of financing is increasingly necessary for the world economy to move toward sustainability. It examines four economic recovery ...
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This chapter discusses green financing, arguing that this type of financing is increasingly necessary for the world economy to move toward sustainability. It examines four economic recovery scenarios: U-shaped recovery, V-shaped recovery, stagflation, and deflation. It also assesses the impacts that each of these scenarios will have on the future of green financing. Some countries are seeing stimulus investing as an opportunity to transform into sustainable economies. For instance, South Korea has devoted 20 percent of its stimulus spending to environmental measures and thus has the greenest fiscal stimulus package.Less
This chapter discusses green financing, arguing that this type of financing is increasingly necessary for the world economy to move toward sustainability. It examines four economic recovery scenarios: U-shaped recovery, V-shaped recovery, stagflation, and deflation. It also assesses the impacts that each of these scenarios will have on the future of green financing. Some countries are seeing stimulus investing as an opportunity to transform into sustainable economies. For instance, South Korea has devoted 20 percent of its stimulus spending to environmental measures and thus has the greenest fiscal stimulus package.
Scott Newton
- Published in print:
- 1996
- Published Online:
- October 2011
- ISBN:
- 9780198202127
- eISBN:
- 9780191675164
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198202127.003.0001
- Subject:
- History, European Modern History
This introductory chapter begins with a discussion of the British policy of appeasement and how it was continued beyond the outbreak of war with the support of the government until Chamberlain's ...
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This introductory chapter begins with a discussion of the British policy of appeasement and how it was continued beyond the outbreak of war with the support of the government until Chamberlain's resignation on 10 May 1940, and quite unofficially thereafter. It also traces the roots of the pre-war status quo back at least to the mid-Victorian order, when it became axiomatic for British politics and economics to centre on the defence of free trade, the convertibility of sterling into gold at a fixed rate of exchange, and the balanced budget.Less
This introductory chapter begins with a discussion of the British policy of appeasement and how it was continued beyond the outbreak of war with the support of the government until Chamberlain's resignation on 10 May 1940, and quite unofficially thereafter. It also traces the roots of the pre-war status quo back at least to the mid-Victorian order, when it became axiomatic for British politics and economics to centre on the defence of free trade, the convertibility of sterling into gold at a fixed rate of exchange, and the balanced budget.
