Financialisation in the European Periphery

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Author :
Publisher : Taylor & Francis
ISBN 13 : 0429801424
Total Pages : 299 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Financialisation in the European Periphery by : Ana Cordeiro Santos

Download or read book Financialisation in the European Periphery written by Ana Cordeiro Santos and published by Taylor & Francis. This book was released on 2020-09-03 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many European countries, the process of financialisation has been exacerbated by the project of closer EU integration and accelerated as a result of austerity policies introduced after the Euro crisis of 2010–2012. However, the impact has been felt differently in core and peripheral countries. This book examines the case of Portugal, and in particular the impact on its economy, work and social reproduction. The book examines the recent evolution of the Portuguese economy, of particular sectors and systems of social provision (including finance, housing and water), labour relations and income distribution. In doing so, it offers a comprehensive critical analysis of varied aspects of capital accumulation and social reproduction in the country, which are crucial to understand the effects of the official ‘bail-out’ of 2011 and associated austerity adjustment program. The book shows how these have increasingly relied on deteriorating pay and working conditions and households’ direct and indirect engagement with the global financial system in new domains of social reproduction. Through its exploration of the Portuguese case, the book presents a general theoretical and methodological framework for the analysis of financialisation processes in peripheral countries. This text is essential reading for students and scholars of political economy, development, geography, international relations and sociology with an interest in examining the uneven mechanisms and impacts of global finance.

Speculating on Convergence

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis Speculating on Convergence by : Or Raviv

Download or read book Speculating on Convergence written by Or Raviv and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Operating at the theoretical boundary between Political Economy, International Relations and Regional European Integration Studies, this Doctoral thesis explores how the 'top-down' institutional redesign of the expanding European polity has worked to produce the necessary extra-market (social and political) support structures for the rise of European financial capital, while profoundly reshaping the dynamics of accumulation and social reproduction on the European continent. As such, this work links the processes of deepening and widening European integration to the wider sphere of global financial integration and finance-led restructuring, a lacuna in the existing literature. Concretely, I argued that finance, the preeminent globalising force rather than a tertiary activity, has been at the centre of European integration project. Over the past decade in particular, the transformations in the European financial sector, the so-called financialisation of Europe, while seemingly driven by imperatives arising from the exigencies of economic competition, should be understood primarily as a political-economic process deeply embedded in a geopolitical rivalry. Crucially, Europe's engagement, while embedded in a global financial system, is distinct. European finance proceeds on the basis of its institutional specificity. Here history, tradition, culture, and geopolitical context, and therefore in turn, specifically European institutions, define the mechanisms through which the financialisation of the European space has unfolded. From this standpoint, the thesis also explores the constitutive role played by Western European financial institutions in the financial integration of the Central European new member states and the consequent ideological and institutional reconfiguration of Europe's Eastern post-communist periphery in line with the demands of a liberal (financialised) market democracy. In doing so, the thesis also poses a challenge to the dominancy of a-historic and depoliticized (indeed teleological) narratives of capitalist state formation in post-communist Central Europe, which ultimately reduces post-communist transformations to a straightforward and technical transition towards a predefined capitalist future.

Households and Financialization in Europe

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Author :
Publisher : Routledge
ISBN 13 : 1000393976
Total Pages : 186 pages
Book Rating : 4.0/5 (3 download)

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Book Synopsis Households and Financialization in Europe by : Marek Mikuš

Download or read book Households and Financialization in Europe written by Marek Mikuš and published by Routledge. This book was released on 2021-06-10 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Households and Financialization in Europe develops a processual, relational and critical transdisciplinary approach to household financialization in Europe, utilizing a range of national and local case studies. It does so by drawing on debates in Marxist, feminist and radical IPE, anthropology and other fields. The book explores the household as simultaneously a micro-level social institution specializing in social reproduction, distribution and other activities; a building bloc of larger economic and social structures; and an object of multiple systems of power/knowledge. Putting this conceptualization to use in original research, the authors identify geographically and historically situated ways in which financialization transforms households and their relationships with the wider economy and society. The book traces these transformations in case studies of variegated financialization in Eastern and Southern European (semi-) peripheries where households have faced particularly severe financial issues since the global financial crisis, such as over-indebtedness and asset devaluation. Key themes recurring throughout the book include: the key role of housing in household financialization, the co-constitutive relationship between financialization and social and spatial inequalities, specific patterns in the relations of financial actors and households in semi-peripheries, and the implications of semi-peripheral forms of real and financial accumulation for household financialization. With its transdisciplinary approach, this book will be of great interest to students and scholars of finance, financialization, household economics, international and global political economy, uneven development, economic anthropology, and economic sociology. The Introduction of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution CC-BY 4.0 license.

Financialisation in the European Periphery

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Author :
Publisher : Routledge
ISBN 13 : 0429801416
Total Pages : 237 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Financialisation in the European Periphery by : Ana Cordeiro Santos

Download or read book Financialisation in the European Periphery written by Ana Cordeiro Santos and published by Routledge. This book was released on 2020-09-03 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many European countries, the process of financialisation has been exacerbated by the project of closer EU integration and accelerated as a result of austerity policies introduced after the Euro crisis of 2010–2012. However, the impact has been felt differently in core and peripheral countries. This book examines the case of Portugal, and in particular the impact on its economy, work and social reproduction. The book examines the recent evolution of the Portuguese economy, of particular sectors and systems of social provision (including finance, housing and water), labour relations and income distribution. In doing so, it offers a comprehensive critical analysis of varied aspects of capital accumulation and social reproduction in the country, which are crucial to understand the effects of the official ‘bail-out’ of 2011 and associated austerity adjustment program. The book shows how these have increasingly relied on deteriorating pay and working conditions and households’ direct and indirect engagement with the global financial system in new domains of social reproduction. Through its exploration of the Portuguese case, the book presents a general theoretical and methodological framework for the analysis of financialisation processes in peripheral countries. This text is essential reading for students and scholars of political economy, development, geography, international relations and sociology with an interest in examining the uneven mechanisms and impacts of global finance.

Crisis in the Eurozone Periphery

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Author :
Publisher : Springer
ISBN 13 : 3319697218
Total Pages : 225 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Crisis in the Eurozone Periphery by : Owen Parker

Download or read book Crisis in the Eurozone Periphery written by Owen Parker and published by Springer. This book was released on 2018-02-19 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the causes and consequences of crisis in four countries of the Eurozone periphery – Greece, Spain, Portugal and Ireland. The contributions to this volume are provided from country-specific experts, and are organised into two themed subsections: the first analyses the economic dynamics at play in relation to each state, whilst the second considers their respective political situations. The work debates what made these states particularly susceptible to crisis, the response to the crisis and its resultant effects, as well as the manifestation of resistance to austerity. In doing so, Parker and Tsarouhas consider the implications of continued fragilities in the Eurozone both for these countries and for European integration more generally.

The Political Economy of Monetary Solidarity

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Author :
Publisher : Oxford University Press
ISBN 13 : 0192524798
Total Pages : 334 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis The Political Economy of Monetary Solidarity by : Waltraud Schelkle

Download or read book The Political Economy of Monetary Solidarity written by Waltraud Schelkle and published by Oxford University Press. This book was released on 2017-04-13 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.

The Financialization of Housing

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Author :
Publisher : Routledge
ISBN 13 : 1317361784
Total Pages : 184 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis The Financialization of Housing by : Manuel B. Aalbers

Download or read book The Financialization of Housing written by Manuel B. Aalbers and published by Routledge. This book was released on 2016-05-05 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the financialization of housing in today’s market, housing risks are increasingly becoming financial risks. Financialization refers to the increasing dominance of financial actors, markets, practices, measurements and narratives. It also refers to the resulting structural transformation of economies, firms, states and households. This book asserts the centrality of housing to the contemporary capitalist political economy and places housing at the centre of the financialization debate. A global wall of money is looking for High-Quality Collateral (HQC) investments, and housing is one of the few asset classes considered HQC. This explains why housing is increasingly becoming financialized, but it does not explain its timing, politics and geography. Presenting a diverse range of case studies from the US, the UK, the Netherlands, Germany, Italy and Spain, the chapters in this book include coverage of the role of the state as the driver of financialization processes, and the part played by local and national histories and institutions. This cutting edge volume will pave the way for future research in the area. Where housing used to be something "local" or "national", the two-way coupling of housing to finance has been one crucial element in the recent crisis. It is time to reconsider the financialization of both homeownership and social housing. This book will be of interest to those who study international economics, economic geography and financialization.

High Finance in the Euro-zone

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Author :
Publisher : Pearson Education
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis High Finance in the Euro-zone by : Ingo Walter

Download or read book High Finance in the Euro-zone written by Ingo Walter and published by Pearson Education. This book was released on 2000 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The complete, up-to-the-minute investment banking briefing for everyone who does business in Europe. European finance after the Euro: What next? Understanding the dramatic changes throughout the European financial sector: who will thrive, who will survive -- and who won't. The new Euro marketplace: equities, markets, exchanges, fixed income securities, M&As, privatization, asset management, and more. The world of finance after the Euro: an insightful, up-to-the-minute briefing from two leaders of the US international investment banking community. The Euro has set the stage for what is likely to become the world's second largest capital market: a unified Europe. In this revolution, the most efficient, creative financial approaches will win -- with dramatic implications for how European companies and joint ventures finance themselves, how they are governed, how European markets evolve, how investments are managed, and which financial centers will dominate. This book offers wide-ranging insights into the dramatic changes that are well underway in the wake of the Euro, covering virtually every aspect of European finance, from equities and fixed income assets to markets, exchanges, corporate governance, and business culture.

Financialization

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Author :
Publisher : Berghahn Books
ISBN 13 : 1789207525
Total Pages : 358 pages
Book Rating : 4.7/5 (892 download)

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Book Synopsis Financialization by : Chris Hann

Download or read book Financialization written by Chris Hann and published by Berghahn Books. This book was released on 2020-08-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning with an original historical vision of financialization in human history, this volume then continues with a rich set of contemporary ethnographic case studies from Europe, Asia and Africa. Authors explore the ways in which finance inserts itself into relationships of class and kinship, how it adapts to non-Western religious traditions, and how it reconfigures legal and ecological dimensions of social organization, and urban social relations in general. Central themes include the indebtedness of individuals and households, the impact of digital technologies, the struggle for housing, financial education, and political contestation.

Crisis in the European Monetary Union

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Author :
Publisher : Routledge
ISBN 13 : 1134867530
Total Pages : 298 pages
Book Rating : 4.1/5 (348 download)

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Book Synopsis Crisis in the European Monetary Union by : Giuseppe Celi

Download or read book Crisis in the European Monetary Union written by Giuseppe Celi and published by Routledge. This book was released on 2017-12-22 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: After decades of economic integration and EU enlargement, the economic geography of Europe has shifted, with new peripheries emerging and the core showing signs of fragmentation. This book examines the paths of the core and peripheral countries, with a focus on their diverse productive capabilities and their interdependence. Crisis in the European Monetary Union: A Core-Periphery Perspective provides a new framework for analysing the economic crisis that has shaken the Eurozone countries. Its analysis goes beyond the short-term, to study the medium and long-term relations between ‘core’ countries (particularly Germany) and Southern European ‘peripheral’ countries. The authors argue that long-term sustainability means assigning the state a key role in guiding investment, which in turn implies industrial policies geared towards diversifying, innovating and strengthening the economic structures of peripheral countries to help them thrive. Offering a fresh angle on the European crisis, this volume will appeal to students, academics and policymakers interested in the past, present and future construction of Europe.

Mortgaging Europe's Periphery

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Author :
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Mortgaging Europe's Periphery by : Dorothee Bohle

Download or read book Mortgaging Europe's Periphery written by Dorothee Bohle and published by . This book was released on 2017 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is concerned with the development of housing finance in peripheral European states. Interestingly, the biggest mortgage and housing booms and busts prior to the Global Financial Crisis (GFC) have occurred in these countries, rather than in the core. This is surprising, given the comparatively low level of mortgage debt and the unsophisticated financial sectors in the periphery. The mortgage and housing booms and busts have also made these countries highly vulnerable to the fallout from the GFC, and have often been associated with severe banking and even sovereign debt crises. The paper asks why peripheral countries have been particularly vulnerable to housing and mortgage booms and busts; how these have shaped their exposure to the GFC, and how the GFC has affected peripheral housing finance. Building on literature on housing financialization and varieties of residential capitalism, the paper traces trajectories of housing-induced financialization before and after the GFC in four European peripheral countries: Hungary, Latvia, Ireland and Iceland. The paper argues that their differences notwithstanding, Europe's East and peripheral Northwest have been characterized by high homeownership rates and unsophisticated mortgage markets. The evolving EU framework for free movement of capital and provision of financial services as well as the availability of ample and cheap credit has induced a trajectory of financialization, which has taken two major but not mutually exclusive forms: domestic financial institutions' reliance on funding from wholesale markets, and direct penetration of foreign financial institutions. These two forms of financialization attest to a core-periphery relationship in the recent episode of housing financialization, whose hierarchical character played out in the crisis. Peripheral European countries experienced sudden stops and reversals of capital flows, which badly affected their banking systems. Unable to solve the looming banking crises on their own, they had to turn to creditors to gain access to much needed capital inflows. Different combinations of international conditionality, domestic policy responses and the original level of mortgage debt result in different trajectories in housing finance after the crisis.

Capitalist Diversity on Europe's Periphery

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Author :
Publisher : Cornell University Press
ISBN 13 : 0801465222
Total Pages : 305 pages
Book Rating : 4.8/5 (14 download)

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Book Synopsis Capitalist Diversity on Europe's Periphery by : Dorothee Bohle

Download or read book Capitalist Diversity on Europe's Periphery written by Dorothee Bohle and published by Cornell University Press. This book was released on 2012-08-15 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the collapse of the Council for Mutual Economic Assistance in 1991, the Eastern European nations of the former socialist bloc had to figure out their newly capitalist future. Capitalism, they found, was not a single set of political-economic relations. Rather, they each had to decide what sort of capitalist nation to become. In Capitalist Diversity on Europe's Periphery, Dorothee Bohle and Béla Geskovits trace the form that capitalism took in each country, the assets and liabilities left behind by socialism, the transformational strategies embraced by political and technocratic elites, and the influence of transnational actors and institutions. They also evaluate the impact of three regional shocks: the recession of the early 1990s, the rolling global financial crisis that started in July 1997, and the political shocks that attended EU enlargement in 2004.Bohle and Greskovits show that the postsocialist states have established three basic variants of capitalist political economy: neoliberal, embedded neoliberal, and neocorporatist. The Baltic states followed a neoliberal prescription: low controls on capital, open markets, reduced provisions for social welfare. The larger states of central and eastern Europe (Poland, Hungary, and the Czech and Slovak republics) have used foreign investment to stimulate export industries but retained social welfare regimes and substantial government power to enforce industrial policy. Slovenia has proved to be an outlier, successfully mixing competitive industries and neocorporatist social inclusion. Bohle and Greskovits also describe the political contention over such arrangements in Romania, Bulgaria, and Croatia. A highly original and theoretically sophisticated typology of capitalism in postsocialist Europe, this book is unique in the breadth and depth of its conceptually coherent and empirically rich comparative analysis.

The European Periphery and the Eurozone Crisis

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Author :
Publisher : Routledge
ISBN 13 : 1351691988
Total Pages : 154 pages
Book Rating : 4.3/5 (516 download)

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Book Synopsis The European Periphery and the Eurozone Crisis by : Neil Dooley

Download or read book The European Periphery and the Eurozone Crisis written by Neil Dooley and published by Routledge. This book was released on 2018-10-30 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a new understanding of the eurozone crisis across three of the worst hit cases: Greece, Portugal, and Ireland. In contrast to accounts which stress the ‘immaturity’ of the European ‘periphery’, as well as more critical narratives that understand these countries as victims of German and core ‘economic domination’, this book recognises that individual peripheral countries have followed dramatically different paths to crisis, making it difficult to speak of the eurozone crisis as a single phenomenon. Bringing literature from Comparative Political Economy into dialogue with scholarship on Europeanisation, this book contributes the concept of ‘divergence via Europeanisation’. It explores the much-overlooked ways in which the negotiation of a ‘one size fits all’ project of European financial integration has been generative of precarious patterns of economic growth across Greece, Portugal, and Ireland. The book shows that far from their failure or inability to do so, it has been the European periphery’s attempt to ‘follow the rules’ of European integration that explains their current difficulties. This novel understanding of the eurozone crisis should appeal to students and scholars in International Political Economy, European and European Union Studies, Comparative Political Economy, Irish Politics, Greek Politics, and Portuguese Politics.

Financialising City Statecraft and Infrastructure

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1788118952
Total Pages : 360 pages
Book Rating : 4.7/5 (881 download)

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Book Synopsis Financialising City Statecraft and Infrastructure by : Andy Pike

Download or read book Financialising City Statecraft and Infrastructure written by Andy Pike and published by Edward Elgar Publishing. This book was released on 2019 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financialising City Statecraft and Infrastructure addresses the struggles of national and local states to fund, finance and govern urban infrastructure. It develops fresh thinking on financialisation and city statecraft to explain the socially and spatially uneven mixing of managerial, entrepreneurial and financialised city governance in austerity and limited decentralisation across England. As urban infrastructure fixes for the London global city-region risk undermining national ‘rebalancing’ efforts in the UK, city statecraft in the rest of the country is having uneasily to combine speculation, risk-taking and prospective venturing with co-ordination, planning and regulation.

Profiting Without Producing

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Author :
Publisher : Verso Books
ISBN 13 : 178168197X
Total Pages : 417 pages
Book Rating : 4.7/5 (816 download)

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Book Synopsis Profiting Without Producing by : Costas Lapavitsas

Download or read book Profiting Without Producing written by Costas Lapavitsas and published by Verso Books. This book was released on 2014-01-14 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. Its most prominent feature is the rise of financial profit, in part extracted from households through financial expropriation. Financialized capitalism is also prone to crises, none greater than the gigantic turmoil that began in 2007. Using abundant empirical data, the book establishes the causes of the crisis and discusses the options broadly available for controlling finance.

Financialization and Strategy

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Author :
Publisher : Routledge
ISBN 13 : 1134314558
Total Pages : 416 pages
Book Rating : 4.1/5 (343 download)

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Book Synopsis Financialization and Strategy by : Julie Froud

Download or read book Financialization and Strategy written by Julie Froud and published by Routledge. This book was released on 2006-04-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considering the recent impact of the capital market on corporate strategy, this text analyzes, through argument and supportive case studies, how pressures from the capital bull market of the 1990s and bear market of the early 2000s, have reshaped management action and calculation in large, publicly quoted US and UK corporations. Beginning with the dissatisfaction with classical strategy and its limited engagement with the processes of financialization, the book moves on to cover three detailed company case studies (General Electric, Ford and GlaxoSmithKline) which use long run financial data and analysis of company and industry narratives to illustrate and explore key themes. The book emphasizes the importance of company and industry narrative, while also analyzing long term financial results, and helps to explain the limits of management action and the burden of expectations placed on corporate governance. Presenting financial and market information on trajectory in an accessible way, this book provides a distinctive, critical social science account of management in large UK and US corporations, and it is a valuable resource for students, scholars and researchers of business, management, political economy and non-mainstream economics. short listed for the 2007 IPEG Book Prize

The European Periphery and the Eurozone Crisis

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Author :
Publisher : Routledge
ISBN 13 : 9780367583552
Total Pages : 154 pages
Book Rating : 4.5/5 (835 download)

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Book Synopsis The European Periphery and the Eurozone Crisis by : Neil Dooley

Download or read book The European Periphery and the Eurozone Crisis written by Neil Dooley and published by Routledge. This book was released on 2020-06-30 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the origins of the eurozone crisis across three of the most severe cases - Greece, Portugal and Ireland.