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The second half of the twentieth century has witnessed several waves of democratization in Europe, the Americas, and in other regions of the world, such as South East Asia. Although for the most part these democratic regimes are no longer haunted by the prospect of a return to authoritarianism, severe economic and social problems have posed serious challenges, creating a situation where change is often achieved through alternating periods of consolidation and crisis. Drawing on a systematic, empirical analysis of four key Southern European countries, Portugal, Spain, Greece, and Italy, Morlino identifies several key aspects of democratic consolidation: consensus and legitimation, party system and party organization, and the ways in which organized and non-organized interests are related to parties and the institutions of state. The resulting models of consolidation are analysed and the mechanisms and patterns of their unfolding crises identified, taking care to disentangle the pragmatic reactions against the regime, often related to corruption, from more ideological ones grounded in differences in values. Finally, the author addresses the question of the `quality' of democracy, examining how this is related to the outcome of processes of consolidation and crisis. This insightful study offers the first extensive, comparative analysis of consolidation and crisis in these countries, and features a wealth of up-to-date information on party organizations, interest associations, the media, and public opinion. Although clearly focusing on Southern Europe, the author's findings are extremely relevant for understanding the politics of several other regions, including Eastern Europe, Latin America, and South East Asia.
This study offers the first extensive, comparative analysis of consolidation and crisis in these countries, and features a wealth of up-to-date information on party organizations, interest associations, the media, and public opinion.
Examines the economic, social, cultural, as well as purely political threats to democracy in the light of current knowledge.
A review of the dilemmas, tensions and contradictions arising from democratic consolidation in South Korea. It explores the turbulent features of Korean democracy in its first decade, assesses the progress that has been made, and identifies the key obstacles to effective democratic governance.
5. Actors and contexts
Should policymakers wait for fiscal crisis early warning signals before repairing the roof? We give an answer to this question by investigating the interlinkages between early warning signals for fiscal crisis, policy responses, and policy outcomes, using a broad panel of 119 countries. We find that fiscal adjsutment is a good remedy for countries that act proactively, reducing their likelihood of facing fiscal crisis by up to about 60 percent. For those waiting for wake-up calls from early-detection tools, however, fiscal adjustment may not fully prevent fiscal crisis occurrence, with the chance of fiscal crisis prevention not only smaller (about 30 percent) but also statistically not significant. These findings highlight the prominence of repairing the roof when the sun is shining, particularly in countries with weak institutions.
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Crisis and Response: An FDIC History, 2008¿2013 reviews the experience of the FDIC during a period in which the agency was confronted with two interconnected and overlapping crises¿first, the financial crisis in 2008 and 2009, and second, a banking crisis that began in 2008 and continued until 2013. The history examines the FDIC¿s response, contributes to an understanding of what occurred, and shares lessons from the agency¿s experience.
The financial crisis has largely been studied by economists, but the diversity of European countries' response has both an economic and a political perspective. By exploring national responses not just in fiscal terms, but also from a political-administrative perspective, it reveals that decision making has been driven by political factors, leading to profound effects on public administration and management. Filling an important gap in the research literature for scholars of public management, public administration and policy, it will be a benchmark for future work on the global economic crisis.