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The global financial crisis has changed finance and the global economy forever. The debate over its causes and consequences has only just begun. This book brings together VoxEU.org columns written during the height of the storm from June to December 2008, offering a glimpse of history in the making through the eyes of some of the world's leading economists. To help place individual contributions within this historical sequence, an appendix updates the timeline of events from our June publication up to December 2008. Another appendix provides a glossary of technical terms. The columns are grouped under three headings: / How did the crisis spread around the world? / How has the crisis upended traditional thinking about financial economics? / How should we fix the economy and financial system? Available free at http: //www.voxeu.org/reports/reinhart_felton_vol2/First_Global_Crisis_Vol2.pd
In all major regions of the world, the economic recession is deep-seated, resulting in mass unemployment, the collapse of state social programs and the impoverishment of millions of people. The meltdown of financial markets was the result of institutionalized fraud and financial manipulation. The economic crisis is accompanied by a worldwide process of militarization, a "war without borders" led by the U.S. and its NATO allies. This book takes the reader through the corridors of the Federal Reserve, into the plush corporate boardrooms on Wall Street where far-reaching financial transactions are routinely undertaken. Each of the authors in this timely collection digs beneath the gilded surface to reveal a complex web of deceit and media distortion which serves to conceal the workings of the global economic system and its devastating impacts on people's lives.
Winner of the first Paul A. Baran-Paul M. Sweezy Memorial Award for an original monograph concerned with the political economy of imperialism, John Smith's Imperialism in the Twenty-First Century is a seminal examination of the relationship between the core capitalist countries and the rest of the world in the age of neoliberal globalization.Deploying a sophisticated Marxist methodology, Smith begins by tracing the production of certain iconic commodities-the T-shirt, the cup of coffee, and the iPhone-and demonstrates how these generate enormous outflows of money from the countries of the Global South to transnational corporations headquartered in the core capitalist nations of the Global North. From there, Smith draws on his empirical findings to powerfully theorize the current shape of imperialism. He argues that the core capitalist countries need no longer rely on military force and colonialism (although these still occur) but increasingly are able to extract profits from workers in the Global South through market mechanisms and, by aggressively favoring places with lower wages, the phenomenon of labor arbitrage. Meticulously researched and forcefully argued, Imperialism in the Twenty-First Century is a major contribution to the theorization and critique of global capitalism.
"Although there have been numerous studies of the causes and consequences of the Great Financial Crisis of 2007–2010 in the US and abroad, many of these were undertaken only for a small number of countries and before the financial and economic effects were fully realized and before various governmental policy responses were decided upon and actually implemented. This book aims to fill these voids by providing a more thorough assessment now that the worst events and the regulatory reforms are sufficiently behind us and much more information about these developments is available. It reviews and analyzes the causes and consequences of and the regulatory responses to the Great Financial Crisis, particularly from a public policy viewpoint. In the process, it explores such intriguing questions as: What caused the crisis? How did the crisis differ across countries? What is the outlook for another crisis, and when? This is a must read for those who are trying to find answers to these questions."--$cProvided by publisher.
The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.
By reaching beyond "how" the crisis happened to "why" the crisis happened, the authors provide fresh thinking about how to respond
This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.
This book provides a broad and in-depth introduction to the geopolitical, economic and trade changes wrought with the increasing influence of the countries of the Global South in international affairs. Since the introduction of the United Nations General Assembly's New International Economic Order, the countries of the Global South, particularly China, India, Brazil, Saudi Arabia, South Africa and Qatar, made an indelible impact upon the world's economic architecture.
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
An empirical investigation of financial crises during the last 800 years.