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The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system.
The failure on the part of Banks to enforce rigorous self regulation has precipitated a deep and prolonged global recession. This book provides a comprehensive review of the principles, institutions and experience of banking and financial regulation. The origins and resolution of the credit crisis are explored in depth.
The Western world has experienced extraordinary economic progress throughout the last six decades, a prosperous period so extended that continuous economic growth has come to seem normal. But such an era of continuously rising living standards is a historical anomaly, economist Stephen D. King warns, and the current stagnation of Western economies threatens to reach crisis proportions in the not-so-distant future.Praised for the “dose of realism” he provided in his book Losing Control, King follows up in this volume with a plain-spoken assessment of where the West stands today.
The economic crisis in Greece is a potential international disaster and one of the most extraordinary monetary and political dramas of our time. The financial woes of this relatively small European nation threaten the long-term viability of the Euro while exposing the flaws in the ideal of continental unity. "Solutions" proposed by Europe’s combined leadership have sparked a war of prideful words and stubborn one-upmanship, and they are certain to fail, according to renowned economist James K.
‘Globalization’ is one of the key concepts of our time. It is used by both the right and the left as the cornerstone of their analysis of the international economy and polity. In both political and academic discussions, the assumption is commonly made that the process of economic globalization is well under way and that this represents a qualitatively new stage in the development of international capitalism. But is there in fact such a thing as a genuinely global economy? Globalization in Question investigates this notion, providing a very different account of the international economy and stressing the possibilities for its continued and extended governance.T
Was the Soviet Union a superpower? Red Globalization is a significant rereading of the Cold War as an economic struggle shaped by the global economy. Oscar Sanchez-Sibony challenges the idea that the Soviet Union represented a parallel socio-economic construct to the liberal world economy. Instead he shows that the USSR, a middle-income country more often than not at the mercy of global economic forces, tracked the same path as other countries in the world, moving from 1930s autarky to the globalizing processes of the postwar period.
A controversial look at the impending Chinese economic collapse—the history behind it, its contemporary causes, and its dire implications for the global economyAll the experts agree: the 21st century belongs to China. Given America’s looming insolvency and the possibility of the collapse of the U.S. dollar, who can doubt that China is poised to take over the role of economic superpower? Written by political economist and leading financial journalist James Gorrie, this book offers a highly controversial, contrarian view of contemporary China.
The Handbook of Major Events in Economic History aims to introduce readers to the important macroeconomic events of the past two hundred years. The chapters endeavour to explain what went on and why during the most significant economic epochs of the nineteenth, twentieth and early twenty-first centuries and how where we are today fits in this historical timeline. Its short chapters reflect the most up-to-date research and are written by well-known economists who are authorities on their subjects.T
Six leading Australian-born, international business figures discuss the impact of globalization and technology on Australian business in this examination of the future of business in Australia. The contributors are Rupert Murdoch, president and CEO of News Corporation; Jacques Nasser, former CEO of Ford Motor Company worldwide; Geoff Bible, president and CEO of the Philip Morris Group; Leigh Clifford, CEO of Rio Tinto PLC; Rod Eddington, CEO of British Airways; and Professor Lord May of Oxford, president of the Royal Society and former chief scientific advisor to British Prime Minister Tony Blair.
Using 50 questions and answers, this book explains the debt impasse for developing countries in a simple but precise manner. It details the roles of the various actors involved, the mesh in which indebted countries are caught, the possible scenarios for getting out of the impasse, and the various alternatives to future indebtedness.
Revolutions are generally thought of as large-scale, bloody upheavals involving whole countries and societies. But there are quieter revolutions that begin in the individual mind and create the kind of change that may be even more significant. By deliberately changing their internal image of reality, people are transforming the world. Right now we are living through one of the most fundamental shifts in history – a change in the actual belief structure of Western industrial society.
Since mid-2007, the world scenario has been dominated by the US sub-prime mortgage crisis and its repercussions on global financial markets and economic growth. As banks around the world wrote down their losses and governments intervened to rescue domestic financial institutions, financial distress severely hit the real economy leading to what has been widely defined as the worst recession since the 1930s. Under these conditions, along with the immediate concern for stemming the effects of the crisis, policy-makers around the world have been debating the long-term measures that have to be adopted in order to reduce the likelihood of future crises and to ensure stable economic growth.
Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope. It has also been unusual in being both triggered by, and mainly affecting, developed economies. Starting with the US subprime mortgage crisis, and the recession in 2007-2009, the problem soon erupted into financial crisis in Europe. A few of these countries came to the brink of bankruptcy, and were rescued by the EU and the IMF on the condition they adopt austerity measures.
In this urgent and timely book, the man the Daily Telegraph calls "the sage of the credit crunch" shows that although the downturn is global, the complacency of the British government towards the huge "bubble" in property prices and high levels of personal debt, combined with increasingly exotic trading within the financial markets, has left Britain badly exposed. This paperback edition has been fully revised and updated to include Vince Cable’s latest assessment of the recession.
An insider’s perspective on the bureaucratic structure of governmental institutions that shape economic policy, and the incentives and limitations of the individuals who head them.Despite the title, there are no puppetmasters in Lindsey’s view, and the interviews with such figures as Alan Greenspan, Helmut Kohl and George Soros seems more concerned with describing describing the office furniture than the subjects’ deep thoughts. Lindsey, a former governor of the Federal Reserve Board, offers a detailed snapshot of the world economy in the autumn of 1998.
An updated edition of the authoritative resource on the realities of the modern economyPeople have always had an interest in how the economy works, and that interest has only been magnified as a result of the Great Recession. Economics, Third Edition: Making Sense of the Modern Economy takes complex concepts and makes them easy to understand, presenting the concepts in the context of today’s economic environment.Details the sources of economic growth, and the role of central banksExplains both macro and microeconomicsAnalyzes why the recession of 2008 happened and how it was dealt with, as well as its short- and long-term effectsFree of jargon and with few charts or tables to sort through and pore over, Economics, Third Edition helps everyone from students to statesmen quickly and easily grasp how the economy really works in the real world, and how it affects our daily lives.
Although the Arab states of the Persian Gulf are leaders in many of the measures of absolute wealth that have traditionally defined success in the global economy, they have had a much harder time becoming accepted in the equally fractured and hierarchal realm of the cultural economy, where practices, signs, and perceptions of propriety matter. Market Orientalism examines how emerging markets are imagined as cultural economic spaces-spaces that are assembled, ranked, desired, and sometimes punished in ways built on earlier forms of dealing with "backward" economies and peoples.
The authors treat macroeconomic models as composed of large numbers of micro-units or agents of several types and explicitly discuss stochastic dynamic and combinatorial aspects of interactions among them. In mainstream macroeconomics sound microfoundations for macroeconomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be normative, is now taught as a descriptive theory in mainstream macroeconomic courses.
What drug lords learned from big business How does a budding cartel boss succeed (and survive) in the $300 billion illegal drug business? By learning from the best, of course. From creating brand value to fine-tuning customer service, the folks running cartels have been attentive students of the strategy and tactics used by corporations such as Walmart, McDonald s, and Coca-Cola.And what can government learn to combat this scourge? By analyzing the cartels as companies, law enforcers might better understand how they workand stop throwing away $100 billion a year in a futile effort to win the war against this global, highly organized business.Y
This book explores the crisis in fossil fuels. Oil, gas and coal are precious resources that define modern life. Without them, mass-produced food and clothing, and international travel and cars, become rare or impossible. Yet our reliance on fossil fuels is responsible for massive environmental damage, and increasing economic and political instability. Control over oil resources has been a major factor in several wars. The price of oil is also key to world economic stability. Yet our supply of oil is limited.
The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed.
Investigating the global financial meltdown as the first systemic crisis of the neoliberal stage of capitalism, this analysis argues that—far from having ended—the crisis has ushered in a period of worldwide economic and political turbulence. In developing an account of the crisis as rooted in fundamental features of capitalism, this study challenges the view that capitalism’s source lies in financial deregulation, and highlights the emergence of new patterns of world inequality and new centers of accumulation, particularly in East Asia, and the profound economic instabilities these have produced.
Showing all 22 results