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This book combines demand-led growth models and the institutionalist approach, in order to explain the macroeconomic performance of the main European countries in recent years followed by which a coherent explanation of the institutional change since the Great Recession, including the economic policy response to the economic and financial crisis (2008) and to the debt crisis (2010) is provided. A "Comparative Political Economy" (CPE) analytical framework and provide an institutional base to the different European growth models is built, in general terms over the period 1995-2018. The results allow us to link diverse growth dynamics to the changes of the institutional framework as a consequence of the economic and financial crises. In each chapter for country case studies (France, Germany, Italy, Spain, Greece, Sweden, UK and Poland) there;'s an ntroduction with a general characterization of the country and the most relevant changes that have occurred subsequently (main legislative milestones or changes in the behaviour of social agents) especially the process of dualization or deregulation of European economies. In addition, an analysis of the macroeconomic evolution and the situation of the labour market before and after the crisis from a demand-side perspective is included, concluding with the linkages between both issues and the characterization of the growth model. This book is of special interest to all the students and university professors who will use this book to be able to follow a multitude of subjects from Applied Economy to International Economic Structure but can also be useful for researchers, doctoral students and teaching staff who want to expand knowledge in the fields of comparative political economy, institutions and the European Union. In general, this book is aimed at anyone interested in expanding their knowledge of the evolution of Europe today.
This book combines demand-led growth models and the institutionalist approach, in order to explain the macroeconomic performance of the main European countries in recent years followed by which a coherent explanation of the institutional change since the Great Recession, including the economic policy response to the economic and financial crisis (2008) and to the debt crisis (2010) is provided. A "Comparative Political Economy" (CPE) analytical framework and provide an institutional base to the different European growth models is built, in general terms over the period 1995-2018. The results allow us to link diverse growth dynamics to the changes of the institutional framework as a consequence of the economic and financial crises. In each chapter for country case studies (France, Germany, Italy, Spain, Greece, Sweden, UK and Poland) there;’s an ntroduction with a general characterization of the country and the most relevant changes that have occurred subsequently (main legislative milestones or changes in the behaviour of social agents) especially the process of dualization or deregulation of European economies. In addition, an analysis of the macroeconomic evolution and the situation of the labour market before and after the crisis from a demand-side perspective is included, concluding with the linkages between both issues and the characterization of the growth model. This book is of special interest to all the students and university professors who will use this book to be able to follow a multitude of subjects from Applied Economy to International Economic Structure but can also be useful for researchers, doctoral students and teaching staff who want to expand knowledge in the fields of comparative political economy, institutions and the European Union. In general, this book is aimed at anyone interested in expanding their knowledge of the evolution of Europe today.
The recent financial crisis had a profound effect on both public and private universities. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses and how the incentives and constraints facing different institutions affected their behavior.
Wolfgang Streeck has written extensively on comparative political economy and institutional theory. In this book he addresses some of the key issues in this field: the role of history in institutional analysis, the dynamics of slow institutional change, the limitations of rational design and economic-functionalist explanations of institutional stability, and the recurrent difficulties of restraining the effects of capitalism on social order. In the classification of the 'Varieties of Capitalism' school, Germany has always been taken as the chief exemplar of a 'European', coordinated market economy. Streeck explores to what extent Germany actually conforms to this description. His argument is supported by original empirical research on wage-setting and wage structure, the organization of business and labor in business associations and trade unions, social policy, public finance, and corporate governance. From this evidence, Bringing Capitalism Back In traces the current liberalization of the postwar economy of democratic capitalism by means of an historically-grounded approach to institutional change. This is an important book in comparative political economy and key reading across the social sciences for academics, researchers, and advanced students of Political Economy, Sociology, comparative business systems.
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
This is a new analysis of recent changes in important Japanese institutions. It addresses the origin, development, and recent adaptation of core institutions, including financial institutions, corporate governance, lifetime employment, and the amakudari system. After four decades of rapid economic growth in Japan, the 1990s saw the country enter a prolonged period of economic stagnation. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has been impervious to aggressive fiscal stimulus measures and has been plagued by ongoing price deflation for years. Japan’s struggle has called into question the ability of the country’s economic institutions, originally designed to support factor accumulation and rapid development, to adapt to the new economic environment of the twenty-first century. This book discusses both historical and international comparisons including Meiji Japan, and recent economic and financial reforms in Korea, Scandinavia, Switzerland, and New Zealand, placing the current institutional changes in perspective. The contributors argue that, contrary to conventional wisdom that Japanese institutions have remained relatively rigid, there has been significant institutional change over the last decade.
In Austerity: The History of a Dangerous Idea, Mark Blyth, a renowned scholar of political economy, provides a powerful and trenchant account of the shift toward austerity policies by governments throughout the world since 2009. The issue is at the crux about how to emerge from the Great Recession, and will drive the debate for the foreseeable future.
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.
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.