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This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years. The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe. Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.
Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
From the vantage point of the United States or Western Europe, the 1970s was a time of troubles: economic “stagflation,” political scandal, and global turmoil. Yet from an international perspective it was a seminal decade, one that brought the reintegration of the world after the great divisions of the mid-twentieth century. It was the 1970s that introduced the world to the phenomenon of “globalization,” as networks of interdependence bound peoples and societies in new and original ways. The 1970s saw the breakdown of the postwar economic order and the advent of floating currencies and free capital movements. Non-state actors rose to prominence while the authority of the superpowers diminished. Transnational issues such as environmental protection, population control, and human rights attracted unprecedented attention. The decade transformed international politics, ending the era of bipolarity and launching two great revolutions that would have repercussions in the twenty-first century: the Iranian theocratic revolution and the Chinese market revolution. The Shock of the Global examines the large-scale structural upheaval of the 1970s by transcending the standard frameworks of national borders and superpower relations. It reveals for the first time an international system in the throes of enduring transformations.
The decades after World War II were a golden age across much of the world. It was a time of economic miracles, an era when steady jobs were easy to find and families could see their living standards improving year after year. And then, around 1973, the good times vanished. The world economy slumped badly, then settled into the slow, erratic growth that had been the norm before the war. The result was an era of anxiety, uncertainty, and political extremism that we are still grappling with today. In An Extraordinary Time, acclaimed economic historian Marc Levinson describes how the end of the postwar boom reverberated throughout the global economy, bringing energy shortages, financial crises, soaring unemployment, and a gnawing sense of insecurity. Politicians, suddenly unable to deliver the prosperity of years past, railed haplessly against currency speculators, oil sheikhs, and other forces they could not control. From Sweden to Southern California, citizens grew suspicious of their newly ineffective governments and rebelled against the high taxes needed to support social welfare programs enacted when coffers were flush. Almost everywhere, the pendulum swung to the right, bringing politicians like Margaret Thatcher and Ronald Reagan to power. But their promise that deregulation, privatization, lower tax rates, and smaller government would restore economic security and robust growth proved unfounded. Although the guiding hand of the state could no longer deliver the steady economic performance the public had come to expect, free-market policies were equally unable to do so. The golden age would not come back again. A sweeping reappraisal of the last sixty years of world history, An Extraordinary Time forces us to come to terms with how little control we actually have over the economy.
For dozens of developing countries, the financial upheavals of the 1980s have set back economic development by a decade or more. Poverty in those countries have intensified as they struggle under the burden of an enormous external debt. In 1988, more than six years after the onset of the crisis, almost all the debtor countries were still unable to borrow in the international capital markets on normal terms. Moreover, the world financial system has been disrupted by the prospect of widespread defaults on those debts. Because of the urgency of the present crisis, and because similar crises have recurred intermittently for at least 175 years, it is important to understand the fundamental features of the international macroeconomy and global financial markets that have contributed to this repeated instability. Developing Country Debt and the World Economy contains nontechnical versions of papers prepared under the auspices of the project on developing country debt, sponsored by the National Bureau of Economic Research. The project focuses on the middle-income developing countries, particularly those in Latin America and East Asia, although many lessons of the study should apply as well to other, poorer debtor countries. The contributors analyze the crisis from two perspectives, that of the international financial system as a whole and that of individual debtor countries. Studies of eight countries—Argentina, Bolivia, Brazil, Indonesia, Mexico, the Philippines, South Korea, and Turkey—explore the question of why some countries succumbed to serious financial crises while other did not. Each study was prepared by a team of two authors—a U.S.-based research and an economist from the country under study. An additional eight papers approach the problem of developing country debt from a global or "systemic" perspective. The topics they cover include the history of international sovereign lending and previous debt crises, the political factors that contribute to poor economic policies in many debtor nations, the role of commercial banks and the International Monetary Fund during the current crisis, the links between debt in developing countries and economic policies in the industrialized nations, and possible new approaches to the global management of the crisis.
Textbook on theoretical aspects and empirical evidence of the relationship between economic recession, unemployment and inflation, with particular reference to OECD countries - develops an economic model to analyse supply and demand behaviour and economic implications of supply shocks; describes changing trends in productivity, labour utilization, investment, capital flow, etc.; studies structural change, labour market performance, wage determination, etc. Bibliography, graphs, statistical tables.
On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security.
A commanding survey of the world economy from 1950 to the present, from the author of the acclaimed The Boom and the Bubble.