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The financial crisis that erupted on Wall Street in 2008 quickly cascaded throughout much of the advanced industrial world. Facing the specter of another Great Depression, policymakers across the globe responded in sharply different ways to avert an economic collapse. Why did the response to the crisis—and its impact on individual countries—vary so greatly among interdependent economies? How did political factors like public opinion and domestic interest groups shape policymaking in this moment of economic distress? Coping with Crisis offers a rigorous analysis of the choices societies made as a devastating global economic crisis unfolded. With an ambitiously broad range of inquiry, Coping with Crisis examines the interaction between international and domestic politics to shed new light on the inner workings of democratic politics. The volume opens with an engaging overview of the global crisis and the role played by international bodies like the G-20 and the WTO. In his survey of international initiatives in response to the recession, Eric Helleiner emphasizes the limits of multilateral crisis management, finding that domestic pressures were more important in reorienting fiscal policy. He also argues that unilateral decisions by national governments to hold large dollar reserves played the key role in preventing a dollar crisis, which would have considerably worsened the downturn. David R. Cameron discusses the fiscal responses of the European Union and its member states. He suggests that a profound coordination problem involving fiscal and economic policy impeded the E.U.'s ability to respond in a timely and effective manner. The volume also features several case studies and country comparisons. Nolan McCarty assesses the performance of the American political system during the crisis. He argues that the downturn did little to dampen elite polarization in the U.S.; divisions within the Democratic Party—as well as the influence of the financial sector—narrowed the range of policy options available to fight the crisis. Ben W. Ansell examines how fluctuations in housing prices in 30 developed countries affected the policy preferences of both citizens and political parties. His evidence shows that as housing prices increased, homeowners expressed preferences for both lower taxes and a smaller safety net. As more citizens supplement their day-to-day income with assets like stocks and housing, Ansell's research reveals a potentially significant trend in the formation of public opinion. Five years on, the prospects for a prolonged slump in economic activity remain high, and the policy choices going forward are contentious. But the policy changes made between 2007 and 2010 will likely constrain any new initiatives in the future. Coping with Crisis offers unmatched analysis of the decisions made in the developed world during this critical period. It is an essential read for scholars of comparative politics and anyone interested in a comprehensive account of the new international politics of austerity.
The reign of al-Muqtadir (295-320/908-32) is a crucial and controversial epoch in the history of the Abbasid empire. Al-Muqtadir’s regime has traditionally been depicted as one of decline, when the political power of the caliphate and the lustre of its capital began to crumble. This book not only offers a substantial investigation of the idea and reality of decline, but also provides new interpretations of the inner workings of the court and the empire. The authors, four specialists of Abbasid history, explore the formal and informal power relationships that shaped politics at the court, involving bureaucrats, military, harem, courtiers and of course al-Muqtadir himself. A study of the topography of Baghdad completes this vivid picture of the court and its capital.
Our Unsustainable Life: Why We Can't Have Everything We Want With the concept of the Imperial Mode of Living, Brand and Wissen highlight the fact that capitalism implies uneven development as well as a constant and accelerating universalisation of a Western mode of production and living. The logic of liberal markets since the 19thCentury, and especially since World War II, has been inscribed into everyday practices that are usually unconsciously reproduced. The authors show that they are a main driver of the ecological crisis and economic and political instability. The Imperial Mode of Living implies that people's everyday practices, including individual and societal orientations, as well as identities, rely heavily on the unlimited appropriation of resources; a disproportionate claim on global and local ecosystems and sinks; and cheap labour from elsewhere. This availability of commodities is largely organised through the world market, backed by military force and/or the asymmetric relations of forces as they have been inscribed in international institutions. Moreover, the Imperial Mode of Living implies asymmetrical social relations along class, gender and race within the respective countries. Here too, it is driven by the capitalist accumulation imperative, growth-oriented state policies and status consumption. The concrete production conditions of commodities are rendered invisible in the places where the commodities are consumed. The imperialist world order is normalized through the mode of production and living.
The word “crisis” denotes a break, a discontinuity, a rupture—a moment after which the normal order can continue no longer. Yet our political vocabulary today is suffused with the rhetoric of crisis, to the point that supposed abnormalities have been normalized. How can the notion of crisis be rethought in order to take stock of—and challenge—our understanding of the many predicaments in which we find ourselves? Instead of diagnosing emergencies, Didier Fassin, Axel Honneth, and an assembly of leading thinkers examine how people experience, interpret, and contribute to the making of and the response to critical situations. Contributors inquire into the social production of crisis, evaluating a wide range of cases on five continents through the lenses of philosophy, sociology, anthropology, political science, history, and economics. Considering social movements, intellectual engagements, affected communities, and reflexive perspectives, the book foregrounds the perspectives of those most closely involved, bringing out the immediacy of crisis. Featuring analysis from below as well as above, from the inside as well as the outside, Crisis Under Critique is a singular intervention that utterly recasts one of today’s most crucial—yet most ambiguous—concepts.
Crisis is everywhere: in Iraq, Afghanistan, Syria, and the Congo; in housing markets, money markets, financial systems, state budgets, and sovereign currencies. In Anti-Crisis, Janet Roitman steps back from the cycle of crisis production to ask not just why we declare so many crises but also what sort of analytical work the concept of crisis enables. What, she asks, are the stakes of crisis? Taking responses to the so-called subprime mortgage crisis of 2007–2008 as her case in point, Roitman engages with the work of thinkers ranging from Reinhart Koselleck to Michael Lewis, and from Thomas Hobbes to Robert Shiller. In the process, she questions the bases for claims to crisis and shows how crisis functions as a narrative device, or how the invocation of crisis in contemporary accounts of the financial meltdown enables particular narratives, raising certain questions while foreclosing others.
rofessor Gilpin uses history, sociology, and economic theory to identify the forces causing change in the world order.
A study of party competition in Europe since 2008 aids understanding of the recent, often dramatic, changes taking place in European politics.
1989 signifies the collapse of Soviet communism and the end of the Cold War, a moment generally recognized as a triumph for liberal democracy and when capitalism became global. The Global 1989 challenges these ideas. An international group of prominent scholars investigate the mixed, paradoxical and even contradictory outcomes engendered by these events, unravelling the intricacies of this important moment in world history. Although the political, economic and cultural orders generated have, for the most part, been an improvement on what was in place before, this has not always been clear cut: 1989 has many meanings, many effects and multiple trajectories. This volume leads the way in defining how 1989 can be assessed both in terms of its world historical impact and in terms of its contribution to the shape of contemporary world politics.
Today, the debate on world order is intense. As is always the case in times of transition, the global restructuring of international affairs is generating a deep reflection on how the world is, and how it should be reorganized. After the long frozen period of the cold war and the subsequent years marked by US unipolarism, the world has begun the new millennium with profound shifts. The relative decline of the USA, the crisis in the European Union, the consolidation of the BRIC emerging economies, and the diffusion of the power to non-state actors all constitute significant elements that demand a new conceptualization of the rules of the global game. In this pluralist and changing context, a number of different narratives are presented by the key actors in the international system. This book analyses these narratives in comparative terms by putting them in the wider framework of the transformation in global governance.