Economic and fiscal outlook March 2012

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Publisher : The Stationery Office
ISBN 13 : 9780101830324
Total Pages : 192 pages
Book Rating : 4.8/5 (33 download)

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Book Synopsis Economic and fiscal outlook March 2012 by : Office for Budget Responsibility

Download or read book Economic and fiscal outlook March 2012 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2012-03-21 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2016-17. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives. The OBR assessment of the outlook and risks for the UK economy is broadly unchanged since the November 2011 report. A technical recession will be avoided with positive growth in the first quarter of 2012. GDP will grow by 0.8% in 2012, 2% in 2013, 2.7% in 2014 and 3% for 2015-16 period. Public sector net borrowing is forecast to total £126 billion, 8.3% of GDP this year which is £1.1 billion less than the November forecast. For 2016-17, the PSNB is then forecast to decline to £21 billion. The fall in PSNB in 2012-13 is much larger than the OBR's November forecast due to the Government's decision to transfer the Royal Mail's historic pension deficit. The Chancellor's decision to cut 50% additional rate income tax to 45% has an estimated direct cost to the Exchequer of £0.1 billion in 2013-14. Other forecasts by the OBR, include: the ILO unemployment rate to rise from 8.4% to 8.7% over the coming year; household disposable income growth to be weak in 2012-13, but consumption to begin to offer some support to the recovery in the second half of the year; that the situation in the euro area remains a major risk to accurate forecasting. The publication is divided into five chapters: Chapter 1: Executive summary; Chapter 2: Developments since the November 2011 forecast; Chapter 3: economic outlook; Chapter 4: Fiscal outlook; Chapter 5: Performance against the Government's fiscal targest; Annex A - Budget 2012 policy measures.

Economic and Fiscal Outlook December 2012

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Publisher : The Stationery Office
ISBN 13 : 9780101848121
Total Pages : 200 pages
Book Rating : 4.8/5 (481 download)

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Book Synopsis Economic and Fiscal Outlook December 2012 by : Office for Budget Responsibility

Download or read book Economic and Fiscal Outlook December 2012 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2012-12-05 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report sets out forecasts for the period to 2017-18 and also assesses whether the Government is on course to meet its medium-term fiscal objectives. The economy has performed less strongly than forecast in March 2012 (Cm. 8303, ISBN 9780101830324) and GDP is forecast to fall by 0.1% in 2012 and then to grow by 1.2% in 2013, 2.0% in 2014, 2.7% in 2016 and 2.8% in 2017. Public sector net borrowing (PSNB) is forecast at £108 billion or 6.9% of GDP this year (excluding the transfer of the Royal Mail's historic pension deficit into the public sector). PSNB is then forecast to decline to £31 billion or 1.6% of GDP by 20017-18. Public sector net debt (PSND) is now expected to peak at 79.9% of GDP in 2015-16 meaning the Government will miss its supplementary target of PSND falling as a share of GDP between 2014-15 and 2015-16. Other developments since the March 2012 forecasts include: the unemployment rate has fallen to 7.8%, and the overall level of employment rose to 29.6 million in the three months to September. Around half the increase since 2011 has been driven by a rise in self-employment and part-time employees, though total hours worked per week have also risen. The situation in the euro area continues to weigh on confidence and trade. Inflation is also likely to be higher in the short term, reducing the growth of real household disposable income and consumption. The Government has a greater than 50% chance of hitting its fiscal mandate.

Economic and Fiscal Outlook March 2013

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Publisher : The Stationery Office
ISBN 13 : 9780101857321
Total Pages : 194 pages
Book Rating : 4.8/5 (573 download)

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Book Synopsis Economic and Fiscal Outlook March 2013 by : Office for Budget Responsibility

Download or read book Economic and Fiscal Outlook March 2013 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2013-03-20 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report sets out forecasts for the period to 2017-18 and assesses whether the Government is on course to meet its medium-term fiscal objectives. The economy grew slightly more strongly in 2012 than expected but also shrank more than expected in the final quarter, and entered 2013 with reduced momentum. This leads the OBR to revise growth forecasts to 0.6 per cent in 2013 and 1.8 per cent in 2014. Thereafter the forecasts are unchanged rising to 2.8 percent by 2017. The pace of recovery is constrained by slow growth in productivity and real incomes, continued problems in the financial system, the fiscal consolidation and the outlook for the global economy. Public sector net borrowing (PSNB) is expected to be broadly flat this and next, then will resume its fall in 2014-15. Underlying deficits in PSNB are forecast to be very close to £120 billion in 2011-12, 2012-13 and 2013-14. Tax receipts are £5.1 billion lower but central government departments are expected to underspend by almost £11 billion this year. The Government has a more than 50 per cent chance of meetings its fiscal mandate. Other forecasts by the OBR include: the ILO unemployment rate to peak at 8.0 per cent in 2014 before falling back to 6.9 per cent in 2017. Real wage growth is expected to be negative in 2013, only marginally positive in 2014 before picking up to 2 per cent in 2016. The publication contains: Chapter 1: Executive summary; Chapter 2: Developments since the December 2012 forecast; Chapter 3: Economic outlook; Chapter 4: Fiscal outlook; Chapter 5: Performance against the Government's fiscal targets; Annex A - Budget 2013 policy measures.

Economic and fiscal outlook

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Author :
Publisher : The Stationery Office
ISBN 13 : 9780101797924
Total Pages : 164 pages
Book Rating : 4.7/5 (979 download)

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Book Synopsis Economic and fiscal outlook by : Office for Budget Responsibility

Download or read book Economic and fiscal outlook written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2010-11-29 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2015-16. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives and presents preliminary observations on the long-run sustainability of the public finances. Since the June forecast, the UK economy has recovered more strongly than initially expected. The GDP growth was greater than expected in both the 2nd and 3rd quarters, but that unemployment levels have risen to levels that the June forecast did not anticipate until the middle of 2012. In general the world economy has also grown more strongly. CPI inflation has remained slightly higher than expected in June, whilst public finances have performed as forecast. The interest rates on UK debt are lower than in June. The OBR forecasts that the economy will continue to recover from the recession, but at a slower pace than the recoveries of the 1970s, 1980s and 1990s. The publication is divided into 5 chapters with two annexes.

Economic and fiscal outlook March 2011

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Publisher : The Stationery Office
ISBN 13 : 9780101803625
Total Pages : 180 pages
Book Rating : 4.8/5 (36 download)

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Book Synopsis Economic and fiscal outlook March 2011 by : Office for Budget Responsibility

Download or read book Economic and fiscal outlook March 2011 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2011-03-23 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2015-16. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives and presents preliminary observations on the long-run sustainability of the public finances. Since the November 2010 outlook, the key economic developments have been an unexpected fall in UK GDP in the final quarter of 2010, a rise in world oil prices, and higher-than-expected UK inflation. The labour market has performed as expected, with unemployment rising. The OBR endorse all but one of the costings for the tax and spending measures set out in Budget 2011 (HC 836, ISBN 9780102971033) as reasonable central estimates, though there are significant uncertainties around a number of them. The central forecast for economic growth in 2011 is revised down from 2.1 to 1.7 per cent. On the fiscal outlook, OBR forecast that public sector net borrowing will decline steadily as share of national income, but more slowly than forecast in November. The Government set itself two medium-term fiscal targets: to balance the cyclically-adjusted current budget by the end of a rolling five-year period; and to see public sector debt falling in 2015-16. Examining performance against these targets, the OBR believe there is a greater than 50 per cent probability of meeting both targets under current policy.

Budget 2012

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Publisher : The Stationery Office
ISBN 13 : 9780215043863
Total Pages : 94 pages
Book Rating : 4.0/5 (438 download)

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Book Synopsis Budget 2012 by : Great Britain: Parliament: House of Commons: Treasury Committee

Download or read book Budget 2012 written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2012-04-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report on the Budget 2012 highlights a number of areas of concern as well as outlining recommendations for Government action and future Treasury Committee activity. On macroeconomic policy the report covers macroprudential rules, the output gap, quantitative easing, and wider economic risks. Taxation matters examined include personal tax statements, retrospective taxation, and the 45p tax rate. Other sections are concerned with the child benefit system, leaks, and the timing of the Budget.

Economic and fiscal outlook December 2013

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Author :
Publisher : Stationery Office
ISBN 13 : 9780101874823
Total Pages : 0 pages
Book Rating : 4.8/5 (748 download)

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Book Synopsis Economic and fiscal outlook December 2013 by : Office for Budget Responsibility

Download or read book Economic and fiscal outlook December 2013 written by Office for Budget Responsibility and published by Stationery Office. This book was released on 2013-12-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility reports that the UK economy has picked up more strongly in 2013 than expected in its March forecast. Private consumption and housing investment have grown whilst business investment and net trade continue to disappoint. The forecast for GDP growth in 2013 is revised up to 1.4 per cent, but this is not expected to be maintained in 2014 as productivity and real earnings growth remain weak. The positive growth is judged to be cyclical, reducing the amount of spare capacity in the economy, rather than indicating stronger underlying growth potential. Productivity-driven growth in real earnings is necessary to sustain the recovery and the outlook for productivity growth is the key uncertainty. Nevertheless, the forecast for growth in 2014 is now 2.4 per cent. Public sector net borrowing (PSNB) - the gap between what the Government spends and raises in revenue - is forecast to be £111.2 billion this year, £8.6 billion lower than the March forecast and £3.8 billion lower than in 2012-13. Underlying PSNB is estimated to have fallen by a third between 2009-10 and 2012-13, the pace of reduction slowing in 2012-13. The employment forecast is now expected to reach 31.2 million in 2018, with unemployment falling steadily over the coming years, reaching 7 per cent in mid-2015 and 6 per cent by the end of 2017. CPI inflation is forecast to fall back to the Bank of England's 2 per cent target during 2016 whilst house price inflation is revised upwards, expected to be above 5 per cent in 2014 and 7 per cent in 2015.

The Office for Budget Responsibility and the Politics of Technocratic Economic Governance

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Author :
Publisher : Oxford University Press
ISBN 13 : 0192698869
Total Pages : 305 pages
Book Rating : 4.1/5 (926 download)

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Book Synopsis The Office for Budget Responsibility and the Politics of Technocratic Economic Governance by : Ben Clift

Download or read book The Office for Budget Responsibility and the Politics of Technocratic Economic Governance written by Ben Clift and published by Oxford University Press. This book was released on 2023-03-14 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility and the Politics of Technocratic Economic Governance is about the politics of economic ideas and technocratic economic governance. It is also a book about the changing political economy of British capitalism's relationship to the European and wider global economies. It focuses on the creation in 2010 and subsequent operation of the independent body created to oversee fiscal rectitude in Britain, the Office for Budget Responsibility (OBR). More broadly, it analyses the politics of economic management of the UK's uncertain trajectory, and of British capitalism's restructuring in the 2010s and 2020s in the face of the upheavals of the global financial crisis (GFC), Brexit and COVID. A focus on the intersection between expert economic opinion of the OBR as UK's fiscal watchdog, and the political economy of British capitalism's evolution through and after Brexit, animates a framework for analysing the politics of technocratic economic governance. The technocratic vision of independent fiscal councils fails to grasp a core political economy insight: that economic knowledge and narratives are political and social constructs. The book unpacks the competing constructions of economic reason that underpin models of British capitalism, and through that inform expert economic assessment of the UK economy. It also underlines how contestable political economic assumptions undergird visions of Britain's international economic relations. These were all brought to the fore in economic policy debates about Britain's place in the world, which in the 2010s centred on Brexit. This book analyses OBR forecasting and fiscal oversight in that broader political context, rather than as a narrowly technical pursuit.

Office for Budget Responsibility: Economic and Fiscal Outlook - Cm. 8748

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Author :
Publisher : The Stationery Office
ISBN 13 : 9780101874823
Total Pages : 188 pages
Book Rating : 4.8/5 (748 download)

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Book Synopsis Office for Budget Responsibility: Economic and Fiscal Outlook - Cm. 8748 by : Office for Budget Responsibility

Download or read book Office for Budget Responsibility: Economic and Fiscal Outlook - Cm. 8748 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2013-12-05 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility reports that the UK economy has picked up more strongly in 2013 than expected in its March forecast. Private consumption and housing investment have grown whilst business investment and net trade continue to disappoint. The forecast for GDP growth in 2013 is revised up to 1.4 per cent, but this is not expected to be maintained in 2014 as productivity and real earnings growth remain weak. The positive growth is judged to be cyclical, reducing the amount of spare capacity in the economy, rather than indicating stronger underlying growth potential. Productivity-driven growth in real earnings is necessary to sustain the recovery and the outlook for productivity growth is the key uncertainty. Nevertheless, the forecast for growth in 2014 is now 2.4 per cent. Public sector net borrowing (PSNB) - the gap between what the Government spends and raises in revenue - is forecast to be £111.2 billion this year, £8.6 billion lower than the March forecast and £3.8 billion lower than in 2012-13. Underlying PSNB is estimated to have fallen by a third between 2009-10 and 2012-13, the pace of reduction slowing in 2012-13. The employment forecast is now expected to reach 31.2 million in 2018, with unemployment falling steadily over the coming years, reaching 7 per cent in mid-2015 and 6 per cent by the end of 2017. CPI inflation is forecast to fall back to the Bank of England's 2 per cent target during 2016 whilst house price inflation is revised upwards, expected to be above 5 per cent in 2014 and 7 per cent in 2015.

The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis

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Publisher : Oxford University Press
ISBN 13 : 0198813082
Total Pages : 297 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis by : Ben Clift

Download or read book The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis written by Ben Clift and published by Oxford University Press. This book was released on 2018 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the IMF's role as arbiter of legitimate economic policy since the 2008 crash, and during aftershocks of the Eurozone crisis.

Budget 2013

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Publisher : The Stationery Office
ISBN 13 : 9780215057006
Total Pages : 200 pages
Book Rating : 4.0/5 (57 download)

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Book Synopsis Budget 2013 by : Great Britain: Parliament: House of Commons: Treasury Committee

Download or read book Budget 2013 written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2013-04-22 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Treasury Committee's report on Budget 2013 focuses on: macroeconomy; the public finances; monetary policy; taxation; departmental spending; housing; energy policy; premature disclosure of budget information; Parliamentary timing. The report contains 46 conclusions and recommendations. Particular attention is paid to the Help to Buy housing policy, which is considered a work in progress which may have unintended consequences and may not help first-time buyers. The Committee poses a number of questions for the Chancellor on the policy. Overall, if the Government's priority was housing supply, its housing measures should have concentrated there. On energy it is unclear which Government Department is in the lead for energy policy and this lack of clarity must be addressed. The changes to the monetary policy remit announced by the Chancellor at the time of Budget 2013 create uncertainty. Tax complexity and instability remain of considerable concern. The Committee will monitor whether the Government anti-avoidance measures succeed in generating the revenue predicted of them. In addition, the Committee invited comments from three accounting bodies on how Budget 2013 meets the Committee's tax policy principles: basic fairness; supporting growth and encouraging competition; certainty, including simplicity; stability; practicality; and coherence.

Autumn Statement 2012

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Publisher : The Stationery Office
ISBN 13 : 9780215050724
Total Pages : 80 pages
Book Rating : 4.0/5 (57 download)

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Book Synopsis Autumn Statement 2012 by : Great Britain: Parliament: House of Commons: Environmental Audit Committee

Download or read book Autumn Statement 2012 written by Great Britain: Parliament: House of Commons: Environmental Audit Committee and published by The Stationery Office. This book was released on 2012-11-20 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Treasury led 'dash for gas' could make the UK's carbon targets under the Climate Change Act unachievable. The Committee is calling on the Government to restore investor confidence in the future direction of energy policy by setting a clear decarbonisation objective in the forthcoming Energy Bill to clean up the power sector by 2030. Ongoing policy uncertainty could mean that the UK loses out on millions of pounds of green investment. Global competition for green growth is fierce and the UK is competing with other countries to secure renewables investment. The Committee heard a variety of suggestions to boost take-up of energy efficiency measures in its inquiry on the Autumn Statement and received suggestions for new environmental taxes that could be implemented to help deliver the Coalition Agreement commitment to increase the proportion of tax revenues accounted for by environmental taxes

OECD Economic Outlook

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Publisher :
ISBN 13 :
Total Pages : 1046 pages
Book Rating : 4.2/5 (111 download)

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Book Synopsis OECD Economic Outlook by :

Download or read book OECD Economic Outlook written by and published by . This book was released on 1974 with total page 1046 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Hard Times

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Publisher : Yale University Press
ISBN 13 : 0300212747
Total Pages : 328 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis Hard Times by : Tom Clark

Download or read book Hard Times written by Tom Clark and published by Yale University Press. This book was released on 2015-01-01 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published: 2014, as Hard times: the divisive toll of the economic slump.

Scotland's Choices

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Publisher : Edinburgh University Press
ISBN 13 : 0748696415
Total Pages : 218 pages
Book Rating : 4.7/5 (486 download)

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Book Synopsis Scotland's Choices by : Iain McLean

Download or read book Scotland's Choices written by Iain McLean and published by Edinburgh University Press. This book was released on 2014-05-30 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scotland's Choices, now fully revised for the critical last few months before the referendum, explains the choice that Scotland will have to make in September 2014. The authors clearly explain the issues and how each of the options would be put into place

OECD Economic Outlook, Volume 2021 Issue 1

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Publisher : OECD Publishing
ISBN 13 : 9264816917
Total Pages : 221 pages
Book Rating : 4.2/5 (648 download)

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Book Synopsis OECD Economic Outlook, Volume 2021 Issue 1 by : OECD

Download or read book OECD Economic Outlook, Volume 2021 Issue 1 written by OECD and published by OECD Publishing. This book was released on 2021-05-31 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Economic Outlook, Volume 2021 Issue 1, highlights the improved prospects for the global economy due to vaccinations and stronger policy support, but also points to uneven progress across countries and key risks and challenges in maintaining and strengthening the recovery.

Political Economy of Globalization: Financialization & Crises

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Publisher : IJOPEC Publications
ISBN 13 : 0993211836
Total Pages : 150 pages
Book Rating : 4.9/5 (932 download)

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Book Synopsis Political Economy of Globalization: Financialization & Crises by : Mehak Anjum Siddiquei

Download or read book Political Economy of Globalization: Financialization & Crises written by Mehak Anjum Siddiquei and published by IJOPEC Publications. This book was released on 2016-12-28 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited book is a collection of selected papers, presented at the International Conference of Political Economy (ICOPEC 2016). The deliberate employment of the term “political economy” in the title “International Conference of Political Economy” implies the fact that economics is perceived as an integral part of social phenomena in the International Conference of Political Economy (ICOPEC). Accordingly, even if economic institutions and relations form the foundations of society in the contemporary world, economic development is dependent on social power and dynamics, while economic policies, per se, are shaped by not only technical processes but also diverse interests and choices. Within this context, politics is involved in every encounter between different economic classes, social groups and genders being shaped by the visions of a better life as the subject matter of philosophy, ethics and religion and at times it finds its best expression in art. Law, on the other hand, is the embodiment of all social relations which are, in their essence, political. Thus, this conference does not reduce society to market relations only, despite positioning the economy in the heart of social relations. Above all, it considers the society as a political entity. Indeed, everything constitutes the subject matter of politics. The arguments in favour of purifying market relations from the influence of politics and the discourse that they take place on their own right serve to disguise the conflicts of interest and power asymmetries inherent therein. This conference regards man as homo politicus, as Aristoteles put it, rather than homo economicus. In 2016, ICOPEC conferences were turned into a conference series with its 7th conference and the main theme of the 7th conference was determined as “State, Economic Policy, Taxation and Development". IJOPEC Publication has undertaken to publish selected papers, presented at this conference in English and Turkish, in five different edited books. In the 90s the phenomena of globalization managed to dominate political, popular, and academic debates. While reading a newspaper or a book, watching television, surfing the Internet, or participating in a demonstration we come across the links of globalization in our everyday lives. Globalization as a wide term is variously blamed or credited with a huge range of negative effects, e. g. it is often related to social problems ranging from famine to floods, from pollution to poverty, and from rural depopulation to urban overcrowding. On the contrary, globalization can be also considered as the source of success in development, for instance decrease in the poverty levels, economic prosperity and growth, better services, and enhanced awareness of human rights. Nevertheless, some sceptics of the benefits from globalization have also described the potential ways in transforming political, economic, and social relations within and between countries. This transformation may lead to the benefit of human welfare worldwide. T İsmail Şiriner, Bryan Christiansen, Julia Dobreva (Introduction: Political Economy of Globalization: Financialization & Crises) 10 Since the 80s, we can observe a significant increase in the role of the financial sector. This progress is often referred to as financialization. Financialization has many features and affects numerous different economic entities (Epstein 2015; Stockhammer 2013). One key component is the magnificent growth of the financial sector. Greenwood & Scharfstein (2013) point out a massive rise of the financial service sector in the USA during the last 30 years. The growth can be proved either by the financial sector’s share in GDP, the quantity of financial assets, or by employment and average wages in the financial sector. But this growth is not related to the USA; although to a softer scope, similar processes can also be observed in other OECD countries (Philippon & Reshel 2013). The financial rise has its base in the deregulation and liberalization of the financial (and economic) system. From this point of view, financialization is the cause rather than the effect. This is the major difference compared to the other approaches. Financialization can affect the macro-economy through four main channels. These are income distribution, investment in capital stock, household debt, and net exports and current account balances. As a correction, it is discussed that economic structures governed by financialization should be addressed on four dimensions: a) re-regulation and reduction of the financial sector, b) redistribution of income from top to bottom and from capital to labour, c) re-orientation of macroeconomic policies to stabilize domestic demand at non-inflationary full employment levels, and eventually d) re-creation of international monetary and economic policy coordination.