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The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies. This Handbook describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises.
This fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day. Beginning with an overview of the global financial system, Sara Hsu presents both theoretical and empirical evidence to explain the roots of financial crises and financial instability in general. She then provides a thorough breakdown of a number of major crises of the past century, both in the United States and around the world.
The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this. The contributors to this volume explore the alternative development paradigm that has been gaining credence since the Asian crisis, known as new developmentalism. New developmentalism is embodied in the f...
Industrial policy has long been regarded as a strategy to encourage sector-, industry-, or economy-wide development by the state. It has been central to competitiveness, catching up, and structural change in both advanced and developing countries. It has also been one of the most contested perspectives, reflecting ideologically inflected debates and shifts in prevailing ideas. There has lately been a renewed interest in industrial policy in academic circles and international policy dialogues, prompted by the weak outcomes of policies pursued by many developing countries under the direction of the Washington Consensus (and its descendants), the slow economic recovery of many advanced economie...
There is growing evidence that overcoming the low-income threshold and reaching middle-income status is not sufficient for countries to converge toward high-income levels. Few middle-income countries have successfully completed that transit in recent decades, with the majority remaining in the middle-income group, and so facing what has come to be called "the middle-income trap". It is therefore essential to explore whether middle-income traps really exist and, if they do, how these pitfalls are manifested, what their causes are, what economic policy measures are required to escape from them, and what international cooperation can do to support this process. Trapped in the Middle? brings together diverse perspectives on these important questions, providing new evidence and analytical approaches to enrich the debate on the domestic and international challenges faced by a significant number of middle-income countries, in which over three-quarters of the global population live.
The economic crisis of 2008–2009 signaled the end of the Post-Washington Consensus on restricting the role of the state in economic and development policy. Since then, state ownership and state intervention have increased worldwide. This volume offers a comparative analysis of the evolution of direct state intervention in the economy through state-owned companies in Austria, Brazil, France, Germany, Hungary, Poland, Turkey, Singapore, and Slovenia. Each case study includes substantial explanations of historical, cultural, and institutional contexts. All the contributors point to the complex nature of the current revival in state economic interventions. The few models that are successful ca...
The financial crisis, which originated in developed country financial markets, quickly spread to developing countries. Governments and central banksthough taking many and costly measures were powerless to stop the global economic meltdown, as economies across the globe went into recession. The depth of the financial crisis means that the world economy is in unchartered territory. How do we restore robust growth and prevent another crisis? This book aims to systematically understand current major problems in the financial system, its governance, and in its links to global economic imbalances. It explains how both market actors and regulators behavior, and the prevailing ideology of extreme fi...
Developmental Macroeconomics: Access to Demand, the Exchange Rate and Growth offers a new approach to development economics and macroeconomics. It is a Keynesian-structuralist approach to economics applied to middle income countries that emphasizes the strategic role of demand in creating investment opportunities that are essential to economic development. It also explores crucial links between short-term full employment and financial stability with medium term growth. While this book emphasizes the central role played by the exchange rate it does not ignore other macroeconomic prices (the interest rate, the inflation rate and the profit rate). It develops a group of concepts and models and ...
Malaysia and South Africa implement the most extensive affirmative action programmes worldwide. This book explores why and how to effect preferential treatment which has been utilized in the pursuit of inter-ethnic parity, specifically in higher education, high-level occupations, enterprise development and wealth ownership. Through methodical and critical analyses of data on education, workforce and population, the book evaluates the primary objectives of increasing majority representation in education, employment, enterprise and ownership. The book also critically considers questions of the attainments and limitations of ethnic preferential treatment in reducing disparity, the challenges of developing capability and reducing dependency and the scope for policy reforms.
In its greatly expanded second edition, this definitive reference work on the sport of Polo includes more than 18,000 alphabetical and cross-referenced entries covering players, teams, national and international tournaments, rules of the game, books on polo and their authors, as well as painters and sculptors of polo subjects. No other book includes as much information about the game in a single volume.