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The Paradox Of Fiscal Austerity
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Book Synopsis The Paradox of Fiscal Austerity by : Justin Vélez-Hagan
Download or read book The Paradox of Fiscal Austerity written by Justin Vélez-Hagan and published by Rowman & Littlefield. This book was released on 2019-12-12 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: If governments followed the optimal fiscal policy path, surpluses in good times would counter necessary deficits during economic downturns, leading to worldwide balance. The world, however, has chosen to go in a different direction in recent decades, avoiding thrift in light of a decidedly more indebted future. When financial crises kicked off a global recession in 2008, the spotlight placed on countries’ fiscal conditions put pressure on policymakers around the globe to find a way to slow the growth of deficits and debt by imposing fiscal consolidations (or, more simply, austerity). How have these policies fared across the developed world? Were they even necessary to begin with? This book examines the many factors that have contributed to the success (or failure) of such policies, including timing, magnitude, accompanying policies, composition, and more, while explaining the economic rationale behind their choices.
Download or read book Austerity written by Alberto Alesina and published by Princeton University Press. This book was released on 2020-12 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.
Download or read book Austerity written by Mark Blyth and published by Oxford University Press. This book was released on 2015 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Against Austerity by : Richard Seymour
Download or read book Against Austerity written by Richard Seymour and published by Pluto Press. This book was released on 2014-03-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against Austerity is a blistering, accessible and invigorating polemic against the current political consensus. Deploying his renowned power of razor-sharp polemic Richard Seymour charts the role of austerity in radically reducing living standards, fracturing established political structures, and creating simmering social alienation and explosions of discontent. But Against Austerity goes further – making a bold theoretical intervention on the question of challenging austerity and creating radical alternatives. Beginning with an analysis of current class formation and dominant ideology, Seymour issues a call to arms, mapping a new strategy to unite the left. Along the way, he tackles the vexed question of achieving social change, in particular issues of reform and social revolution. In an age characterised by the paucity and inadequacy of mainstream analysis, Against Austerity points a way forward to revive the left and create a new spirit of collective resistance.
Book Synopsis Nationalism and Democracy in the Welfare State by : Kettunen, Pauli
Download or read book Nationalism and Democracy in the Welfare State written by Kettunen, Pauli and published by Edward Elgar Publishing. This book was released on 2022-01-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This multidisciplinary book unpacks and outlines the contested roles of nationalism and democracy in the formation and transformation of welfare-state institutions and ideologies. At a time when neo-liberal, post-national and nationalist visions alike have challenged democratic welfare nationalism, the book offers a transnational historical perspective to the political dynamics of current changes. While particularly focusing on Nordic countries, often seen as the quintessential ‘models’ of the welfare state, the book collectively sheds light on the ‘history of the present’ of nation states bearing the character of a welfare state.
Download or read book The Wealth Paradox written by Frank Mols and published by Cambridge University Press. This book was released on 2017-05-25 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents compelling evidence of the 'wealth paradox', where economic prosperity can also fuel prejudice, social unrest, and intergroup hostility.
Book Synopsis The Globalization Paradox by : Dani Rodrik
Download or read book The Globalization Paradox written by Dani Rodrik and published by OUP Oxford. This book was released on 2012-05-17 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
Book Synopsis Public Debt Sustainability by : Barry W. Poulson
Download or read book Public Debt Sustainability written by Barry W. Poulson and published by Rowman & Littlefield. This book was released on 2022-01-04 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: As countries recover from the coronavirus pandemic, they are confronted with an even more challenging debt crisis. Xavier Debrun argues in the foreword that in deciding where we go from here that there is no longer a consensus regarding the optimum design and enforcement of fiscal rules. Rather we must address a series of questions and challenges to the conventional wisdom. This book provides an opportunity for scholars to explore these questions from an international perspective, with reference to European countries, and emerging nations as well as the United States.
Book Synopsis The Midas Paradox by : Scott B. Sumner
Download or read book The Midas Paradox written by Scott B. Sumner and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic historians have made great progress in unraveling the causes of the Great Depression, but not until Scott Sumner came along has anyone explained the multitude of twists and turns the economy took. In The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression, Sumner offers his magnum opus--the first book to comprehensively explain both monetary and non-monetary causes of that cataclysm. Drawing on financial market data and contemporaneous news stories, Sumner shows that the Great Depression is ultimately a story of incredibly bad policymaking--by central bankers, legislators, and two presidents--especially mistakes related to monetary policy and wage rates. He also shows that macroeconomic thought has long been captive to a false narrative that continues to misguide policymakers in their quixotic quest to promote robust and sustainable economic growth. The Midas Paradox is a landmark treatise that solves mysteries that have long perplexed economic historians, and corrects misconceptions about the true causes, consequences, and cures of macroeconomic instability. Like Milton Friedman and Anna J. Schwartz's A Monetary History of the United States, 1867-1960, it is one of those rare books destined to shape all future research on the subject.
Book Synopsis The Migrant's Paradox by : Suzanne M. Hall
Download or read book The Migrant's Paradox written by Suzanne M. Hall and published by U of Minnesota Press. This book was released on 2021-03-16 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Connects global migration with urban marginalization, exploring how “race” maps onto place across the globe, state, and street In this richly observed account of migrant shopkeepers in five cities in the United Kingdom, Suzanne Hall examines the brutal contradictions of sovereignty and capitalism in the formation of street livelihoods in the urban margins. Hall locates The Migrant’s Paradox on streets in the far-flung parts of de-industrialized peripheries, where jobs are hard to come by and the impacts of historic state underinvestment are deeply felt. Drawing on hundreds of in-person interviews on streets in Birmingham, Bristol, Leicester, London, and Manchester, Hall brings together histories of colonization with current forms of coloniality. Her six-year project spans the combined impacts of the 2008 financial crisis, austerity governance, punitive immigration laws and the Brexit Referendum, and processes of state-sanctioned regeneration. She incorporates the spaces of shops, conference halls, and planning offices to capture how official border talk overlaps with everyday formations of work and belonging on the street. Original and ambitious, Hall’s work complicates understandings of migrants, demonstrating how migrant journeys and claims to space illuminate the relations between global displacement and urban emplacement. In articulating “a citizenship of the edge” as an adaptive and audacious mode of belonging, she shows how sovereignty and inequality are maintained and refuted.
Book Synopsis The Neoliberal Paradox by : Ray Kiely
Download or read book The Neoliberal Paradox written by Ray Kiely and published by Edward Elgar Publishing. This book was released on 2018-03-30 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt: This ambitious work provides a history and critique of neoliberalism, both as a body of ideas and as a political practice. It is an original and compelling contribution to the neoliberalism debate.
Book Synopsis The Next Economic Disaster by : Richard Vague
Download or read book The Next Economic Disaster written by Richard Vague and published by University of Pennsylvania Press. This book was released on 2014-07-09 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current debates about economic crises typically focus on the role that public debt and debt-fueled public spending play in economic growth. This illuminating and provocative work shows that it is the rapid expansion of private rather than public debt that constrains growth and sparks economic calamities like the financial crisis of 2008. Relying on the findings of a team of economists, credit expert Richard Vague argues that the Great Depression of the 1930s, the economic collapse of the past decade, and many other sharp downturns around the world were all preceded by a spike in privately held debt. Vague presents an algorithm for predicting crises and argues that China may soon face disaster. Since American debt levels have not declined significantly since 2008, Vague believes that economic growth in the United States will suffer unless banks embrace a policy of debt restructuring. All informed citizens, but especially those interested in economic policy and history, will want to contend with Vague's distressing arguments and evidence.
Book Synopsis Justice Is an Option by : Robert Meister
Download or read book Justice Is an Option written by Robert Meister and published by University of Chicago Press. This book was released on 2021-04-19 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than ten years after the worst crisis since the Great Depression, the financial sector is thriving. But something is deeply wrong. Taxpayers bore the burden of bailing out “too big to fail” banks, but got nothing in return. Inequality has soared, and a populist backlash against elites has shaken the foundations of our political order. Meanwhile, financial capitalism seems more entrenched than ever. What is the left to do? Justice Is an Option uses those problems—and the framework of finance that created them—to reimagine historical justice. Robert Meister returns to the spirit of Marx to diagnose our current age of finance. Instead of closing our eyes to the political and economic realities of our era, we need to grapple with them head-on. Meister does just that, asking whether the very tools of finance that have created our vastly unequal world could instead be made to serve justice and equality. Meister here formulates nothing less than a democratic financial theory for the twenty-first century—one that is equally conversant in political philosophy, Marxism, and contemporary politics. Justice Is an Option is a radical, invigorating first page of a new—and sorely needed—leftist playbook.
Book Synopsis The Paradox of Fiscal Austerity by : Justin Vélez-Hagan
Download or read book The Paradox of Fiscal Austerity written by Justin Vélez-Hagan and published by Lexington Books. This book was released on 2021-07-15 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: When financial crises initiated a global recession in 2008, massive public debt forced policymakers in the developed world to impose tough fiscal consolidations to counter growing deficits. The most effective solutions, however, were often the ones most counterintuitive and least politically feasible, catching policymakers in a fiscal paradox.
Book Synopsis The End of Finance by : Massimo Amato
Download or read book The End of Finance written by Massimo Amato and published by John Wiley & Sons. This book was released on 2013-12-19 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new book by two distinguished Italian economists is a highly original contribution to our understanding of the origins and aftermath of the financial crisis. The authors show that the recent financial crisis cannot be understood simply as a malfunctioning in the subprime mortgage market: rather, it is rooted in a much more fundamental transformation, taking place over an extended time period, in the very nature of finance. The ‘end’ or purpose of finance is to be found in the social institutions by which the making and acceptance of promises of payment are made possible - that is, the creation and cancellation of debt contracts within a specified time frame. Amato and Fantacci argue that developments in the modern financial system by which debts are securitized has endangered this fundamental credit/debt structure. The illusion has been created that debts are universally liquid in the sense that they need not be redeemed but can be continually sold on in increasingly extensive global markets. What appears to have reduced the riskiness of default for individual agents has in fact increased the fragility of the system as a whole. The authors trace the origins of this profound transformation backwards in time, not just to the neoliberal reforms of the 1980s and 90s but to the birth of capitalist finance in the mercantile networks of the sixteenth and seventeenth centuries. This long historical perspective and deep analysis of the nature of finance enables the authors to tackle the challenges we face today in a fresh way - not simply by tinkering with existing mechanisms, but rather by asking the more profound question of how institutions might be devised in which finance could fulfil its essential functions.
Download or read book Karl Polanyi written by Gareth Dale and published by Polity. This book was released on 2010-06-21 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.
Book Synopsis Social Movements in Times of Austerity: Bringing Capitalism Back Into Protest Analysis by : Donatella della Porta
Download or read book Social Movements in Times of Austerity: Bringing Capitalism Back Into Protest Analysis written by Donatella della Porta and published by Polity. This book was released on 2015-05-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent years have seen an enormous increase in protests across the world in which citizens have challenged what they see as a deterioration of democratic institutions and the very civil, political and social rights that form the basis of democratic life. Beginning with Iceland in 2008, and then forcefully in Egypt, Tunisia, Spain, Greece and Portugal, or more recently in Peru, Brazil, Russia, Bulgaria, Turkey and Ukraine, people have taken to the streets against what they perceive as a rampant and dangerous corruption of democracy, with a distinct focus on inequality and suffering. This timely new book addresses the anti-austerity social movements of which these protests form part, mobilizing in the context of a crisis of neoliberalism. Donatella della Porta shows that, in order to understand their main facets in terms of social basis, strategy, and identity and organizational structures, we should look at the specific characteristics of the socioeconomic, cultural and political context in which they developed. The result is an important and insightful contribution to understanding a key issue of our times, which will be of interest to students and scholars of political and economic sociology, political science and social movement studies, as well as political activists.
