Daniel Stedman Jones
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691161013
- eISBN:
- 9781400851836
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691161013.003.0007
- Subject:
- History, American History: 20th Century
This chapter considers how economic crises led to the breakthrough of transatlantic neoliberal politics in the 1970s. As Great Britain and the United States experienced stagflation—the combination of ...
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This chapter considers how economic crises led to the breakthrough of transatlantic neoliberal politics in the 1970s. As Great Britain and the United States experienced stagflation—the combination of high unemployment, high inflation, and low or no growth—political leaders and policymakers cast around for serious alternative economic policies to Keynesian demand management. The end of the Bretton Woods international monetary system, two oil price shocks in 1973 and 1979, the Vietnam War, the Watergate break-in at the Democratic Party headquarters in Washington, D.C., Great Britain's International Monetary Fund (IMF) loan of 1976, the virtual collapse of British industrial relations, and the failure of the prices and income policies that were supposed to fight inflation in both countries all created a policy vacuum into which neoliberal ideas flowed.Less
This chapter considers how economic crises led to the breakthrough of transatlantic neoliberal politics in the 1970s. As Great Britain and the United States experienced stagflation—the combination of high unemployment, high inflation, and low or no growth—political leaders and policymakers cast around for serious alternative economic policies to Keynesian demand management. The end of the Bretton Woods international monetary system, two oil price shocks in 1973 and 1979, the Vietnam War, the Watergate break-in at the Democratic Party headquarters in Washington, D.C., Great Britain's International Monetary Fund (IMF) loan of 1976, the virtual collapse of British industrial relations, and the failure of the prices and income policies that were supposed to fight inflation in both countries all created a policy vacuum into which neoliberal ideas flowed.
Mario Damill, Daniel Kampel, and Guillermo Rozenwurcel
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780231175081
- eISBN:
- 9780231541213
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231175081.003.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
the chapter assesses the contributions of Roberto Frenkel to the economic analysis of Latin America since the mid-1970s, on issues such as inflation and high inflation, stabilization policies, ...
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the chapter assesses the contributions of Roberto Frenkel to the economic analysis of Latin America since the mid-1970s, on issues such as inflation and high inflation, stabilization policies, balance of payments and financial crises, and the crucial role of real exchange rates in developing economies. The authors highlights the relevance of many of Frenkel’s findings for the analysis of current economic problems and then, having those findings in mind, discuss some key features of Argentina’s economic evolution throughout the last decade.Less
the chapter assesses the contributions of Roberto Frenkel to the economic analysis of Latin America since the mid-1970s, on issues such as inflation and high inflation, stabilization policies, balance of payments and financial crises, and the crucial role of real exchange rates in developing economies. The authors highlights the relevance of many of Frenkel’s findings for the analysis of current economic problems and then, having those findings in mind, discuss some key features of Argentina’s economic evolution throughout the last decade.
Assaf Razin
- Published in print:
- 2018
- Published Online:
- September 2018
- ISBN:
- 9780262037341
- eISBN:
- 9780262344234
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262037341.001.0001
- Subject:
- Political Science, Political Economy
The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book ...
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The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book spells out, empirically, how the globalization played a crucial role in advancing Israel's economic progress. That is, economists and policy makers can gain insights as to how a globalized economy takes advantage of international trade, labor mobility, its international financial links, and at the same time push up against globalization headwinds, such as those triggered by the 2008 global financial crisis. A general lesson which comes out is that once a gradual opening up process is set, time-consistent macroeconomic policy is adapted, and well-regulated institutional setup is put in place, Israel’s economy has been able ride on growth-enhancing globalization flows, and weather its chilly storms. The book analyzes these game-changing events, evaluates their role in Israel remarkable development, and compares these developments to groups of developed and emerging- market economies in similar circumstances. To gain broader perspective, the book also looks back into recent history. The unique saga of Israel’s high-inflation crisis and the long period where it rebuilt the major financial, and monetary institutions, and regulatory bodies. These elements provided better macroeconomic stability and help mitigate business cycle fluctuations, and get the economy through military conflicts and boycotts. The book also surveys trending developments that remain challenging. The exceptionally high fertility among ultra-Orthodox Jews, and Arab minority, increasing portions of the population, is the main reason for the flagging labor-force participation. High fertility diminishes skill attainment. A rise in income inequality in all advanced economies, which also takes place in Israel, has a potential for setting off social-political divide. In the case of Israel, its fast development came, however, at the cost of rising income inequality and social polarization. Israel now has the most unequal distribution of income among OECD countries and its public education has declined from one of the best to one of the worst in the OECD. Israel’s income redistributive policies, from rich to poor, from healthy to the sick and from young to old, is significantly less comprehensive in scope, compared to the European systems. It has been becoming even less so over the last decades. Israel has an unusually high fertility rate among the developed economies. The book endeavors to marry economic theory, empirical evidence, and narrative presentation. It does so in a way that is enlightening to the specialist, but remains digestible for the non-professional reader. It provides an opportunity for the reader to look through the rear mirror at the saga of Israel’s high-inflation, and the inflation conquest. To connect to the earlier literature, the book provides a review of books surveys of the earlier phases in the development of the economy of Israel. There could be at least two potential groups of readers: a. Policy makers, academic and non-academic (international institutions, banks, etc.) researchers and students interested in the Israeli Economy; b. Policy makers, academic and non-academic researches, interested in the effects of globalization; and, c. Advanced undergraduate, and graduate students in international macroeconomics courses.Less
The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book spells out, empirically, how the globalization played a crucial role in advancing Israel's economic progress. That is, economists and policy makers can gain insights as to how a globalized economy takes advantage of international trade, labor mobility, its international financial links, and at the same time push up against globalization headwinds, such as those triggered by the 2008 global financial crisis. A general lesson which comes out is that once a gradual opening up process is set, time-consistent macroeconomic policy is adapted, and well-regulated institutional setup is put in place, Israel’s economy has been able ride on growth-enhancing globalization flows, and weather its chilly storms. The book analyzes these game-changing events, evaluates their role in Israel remarkable development, and compares these developments to groups of developed and emerging- market economies in similar circumstances. To gain broader perspective, the book also looks back into recent history. The unique saga of Israel’s high-inflation crisis and the long period where it rebuilt the major financial, and monetary institutions, and regulatory bodies. These elements provided better macroeconomic stability and help mitigate business cycle fluctuations, and get the economy through military conflicts and boycotts. The book also surveys trending developments that remain challenging. The exceptionally high fertility among ultra-Orthodox Jews, and Arab minority, increasing portions of the population, is the main reason for the flagging labor-force participation. High fertility diminishes skill attainment. A rise in income inequality in all advanced economies, which also takes place in Israel, has a potential for setting off social-political divide. In the case of Israel, its fast development came, however, at the cost of rising income inequality and social polarization. Israel now has the most unequal distribution of income among OECD countries and its public education has declined from one of the best to one of the worst in the OECD. Israel’s income redistributive policies, from rich to poor, from healthy to the sick and from young to old, is significantly less comprehensive in scope, compared to the European systems. It has been becoming even less so over the last decades. Israel has an unusually high fertility rate among the developed economies. The book endeavors to marry economic theory, empirical evidence, and narrative presentation. It does so in a way that is enlightening to the specialist, but remains digestible for the non-professional reader. It provides an opportunity for the reader to look through the rear mirror at the saga of Israel’s high-inflation, and the inflation conquest. To connect to the earlier literature, the book provides a review of books surveys of the earlier phases in the development of the economy of Israel. There could be at least two potential groups of readers: a. Policy makers, academic and non-academic (international institutions, banks, etc.) researchers and students interested in the Israeli Economy; b. Policy makers, academic and non-academic researches, interested in the effects of globalization; and, c. Advanced undergraduate, and graduate students in international macroeconomics courses.
Mario Damill, Martín Rapetti, and Guillermo Rozenwurcel (eds)
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780231175081
- eISBN:
- 9780231541213
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231175081.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades ...
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Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades developing the theory’s core arguments and expanding their application throughout the discipline, revolutionizing our understanding of high inflation and hyperinflation, disinflation programs, and the behavior of foreign exchange markets as well as financial and currency crises in emerging economies. The essays in this collection assess Latin American neo-structuralism’s theoretical contributions and viability as the world’s economies evolve. The authors discuss Frenkel’s work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macroeconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners but also demonstrates its impact on the growth of economics.Less
Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades developing the theory’s core arguments and expanding their application throughout the discipline, revolutionizing our understanding of high inflation and hyperinflation, disinflation programs, and the behavior of foreign exchange markets as well as financial and currency crises in emerging economies. The essays in this collection assess Latin American neo-structuralism’s theoretical contributions and viability as the world’s economies evolve. The authors discuss Frenkel’s work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macroeconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners but also demonstrates its impact on the growth of economics.
Anne O. Krueger (ed.)
- Published in print:
- 2002
- Published Online:
- February 2013
- ISBN:
- 9780226454528
- eISBN:
- 9780226454542
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226454542.001.0001
- Subject:
- Economics and Finance, International
India is the second most populous country in the world and also one of the poorest. From the late 1940s to 1980, India's per capita income grew at an average annual rate of only two percent. ...
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India is the second most populous country in the world and also one of the poorest. From the late 1940s to 1980, India's per capita income grew at an average annual rate of only two percent. Expansionist economic reforms during the 1980s boosted economic growth but also unfortunately resulted in high inflation and a balance of payments crisis. As a consequence, in 1991 the government announced sweeping new changes in economic policies. This book evaluates the effects of those changes and identifies areas of the Indian economy still in urgent need of reform. After an overview of Indian economic policies and development since independence, papers focus on the country's fiscal situation, the environment for private economic activity, education, the reservation of certain activities for small-scale industry, and determinants of differentials in rates of growth across the different Indian states. Contributors include academic specialists on India and policy reform, high-level Indian administrators, and present and past policymakers.Less
India is the second most populous country in the world and also one of the poorest. From the late 1940s to 1980, India's per capita income grew at an average annual rate of only two percent. Expansionist economic reforms during the 1980s boosted economic growth but also unfortunately resulted in high inflation and a balance of payments crisis. As a consequence, in 1991 the government announced sweeping new changes in economic policies. This book evaluates the effects of those changes and identifies areas of the Indian economy still in urgent need of reform. After an overview of Indian economic policies and development since independence, papers focus on the country's fiscal situation, the environment for private economic activity, education, the reservation of certain activities for small-scale industry, and determinants of differentials in rates of growth across the different Indian states. Contributors include academic specialists on India and policy reform, high-level Indian administrators, and present and past policymakers.