Download or read book Masters of the Universe Slaves of the Market written by Stephen Bell and published by Harvard University Press. This book was released on 2015-03-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stephen Bell and Andrew Hindmoor compare banking systems in the U.S. and UK to those of Canada and Australia and explain why the system imploded in the former but not the latter. Canadian and Australian banks were able to make profits through traditional lending practices, unlike their competition-driven, risk-taking U.S. and UK counterparts.
Download or read book Masters of the Universe Slaves of the Market written by Stephen Bell and published by Harvard University Press. This book was released on 2015-03-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This account of the financial crisis of 2008–2009 compares banking systems in the United States and the United Kingdom to those of Canada and Australia and explains why the system imploded in the former but not the latter. Central to this analysis are differences in bankers’ beliefs and incentives in different banking markets. A boom mentality and fear of being left behind by competitors drove many U.S. and British bank executives to take extraordinary risks in creating new financial products. Intense market competition, poorly understood trading instruments, and escalating system complexity both drove and misled bankers. Formerly illiquid assets such as mortgages and other forms of debt were repackaged into complex securities, including collateralized debt obligations (CDOs). These were then traded on an industrial scale, and in 2007 and 2008, when their value collapsed, economic activity fell into a deep freeze. The financial crisis threatened not just investment banks and their insurers but also individual homeowners and workers at every level. In contrast, because banks in Canada and Australia could make good profits through traditional lending practices, they did not confront the same pressures to reinvent themselves as did banks in the United States and the United Kingdom, thus allowing them to avoid the fate of their overseas counterparts. Stephen Bell and Andrew Hindmoor argue that trading and systemic risk in the banking system need to be reined in. However, prospects for this are not promising given the commitment of governments in the crisis-hit economies to protect the “international competitiveness” of the London and New York financial markets.
Download or read book The Rise of the People s Bank of China written by Stephen Bell and published by Harvard University Press. This book was released on 2013-06-10 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.
Download or read book How the Other Half Banks written by Mehrsa Baradaran and published by Harvard University Press. This book was released on 2015-10-06 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States has two separate banking systems today—one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities—all thanks to deregulation that began in the 1970s and continues decades later. “Baradaran argues persuasively that the banking industry, fattened on public subsidies (including too-big-to-fail bailouts), owes low-income families a better deal...How the Other Half Banks is well researched and clearly written...The bankers who fully understand the system are heavily invested in it. Books like this are written for the rest of us.” —Nancy Folbre, New York Times Book Review “How the Other Half Banks tells an important story, one in which we have allowed the profit motives of banks to trump the public interest.” —Lisa J. Servon, American Prospect
Download or read book Handbook of Business and Public Policy written by Kellow, Aynsley and published by Edward Elgar Publishing. This book was released on 2021-08-27 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive Handbook provides an analysis of the key issues, accomplishments, and challenges of research and practices related to the interactions between business and public policy.
Download or read book The Color of Money written by Mehrsa Baradaran and published by Harvard University Press. This book was released on 2017-09-14 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1863 black communities owned less than 1 percent of total U.S. wealth. Today that number has barely budged. Mehrsa Baradaran pursues this wealth gap by focusing on black banks. She challenges the myth that black banking is the solution to the racial wealth gap and argues that black communities can never accumulate wealth in a segregated economy.
Download or read book Slave Masters written by Susan Wright and published by Simon and Schuster. This book was released on 2004-01-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: ABDUCTED BY ALIENS, FORCED INTO BONDAGE... Only a few years earlier, Rose Rico of Earth had no idea that her planet's government was secretly selling human beings to the alien Alphas in exchange for advanced alien technology. Then Rose found herself, along with hundreds of other human captives, bound for the far reaches of space, and compelled to cater to the depraved desires of her new alien masters. Rose broke her chains, freed some of her fellow captives and stole a spaceship of her own. Now they are wanted fugitives, and the galaxy is heating up for Rose and for her renegade band of former pleasure slaves. As her companions flee from the Alphas, Rose plots a one-woman strike against her former masters. Recaptured, tortured, and once again forced to serve as a pleasure slave, Rose escapes to rejoin her crew and battle the Alphas -- to free Earth from their domination!
Download or read book Financial Markets Dis Integration in a Post Brexit EU written by Dieter Pesendorfer and published by Springer Nature. This book was released on 2020-01-11 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is creating a Financial Union with a European Banking Union and a Capital Markets Union in reaction to lessons learned from incomplete financial markets integration, the Global Financial Crisis and European Sovereign Debt Crisis. This book critically analyses these projects for a more integrated, resilient and sustainable financial system at a time when the United Kingdom as the member state with the most developed capital markets and the leading global and European financial center, the City of London, is leaving the Union. Neoliberal financial globalization and markets integration policies have led to finance-led capitalism that caused the crises. By building on pre-crises integration ideas, the Union revives and expands the reach of capital markets-based financing and shadow banking. The book discusses the consequences of deeper integration and the future of European financial centers advocating an alternative financial markets integration based on theories explaining finacialization and finance-led capitalism.
Download or read book UK Banks and the Lessons of the Great Financial Crisis written by Adam Barber and published by Springer Nature. This book was released on 2021-05-10 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demonstrates the variation in the reaction of the UK’s ‘big four’ banks – RBS, Lloyds, Barclays and HSBC – to the Great Financial Crisis 2008. Over a decade on from the financial crisis, this book asks: have banks in the UK learned lessons from the crisis? Bank learning in the UK after the Great Financial Crisis is something we need to know more about. Whether banks are now safer and more likely to aid rather than disrupt the economy are important questions of social relevance. Through a documentary analysis of Britain’s ‘big four’ banks in the post-crisis decade (2008–2018), this book demonstrates that while some institutions have become more risk averse and display positive signs of learning, others have shown little evidence of change. The book uses notions of agency, path dependency and structural competitive pressures to explain these inter-bank variations of behaviour. This book contributes to wider post-crash structural debates about growth, markets, and regulatory reform, showing how the agency of banks has played a vital role in driving the reform process.
Download or read book Handbook of Economic Sociology for the 21st Century written by Andrea Maurer and published by Springer Nature. This book was released on 2021-05-08 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides an overview on major developments that occurred in the field of economic sociology after its rebirth since the 1980s in the US. It offers new insights on the uniqueness of European economic sociology compared to US economic sociology which emerged at the end of the 20th century. The handbook presents economic sociology as a developing field which started with certain foundations as new economic sociology, widening the perspective by introducing social factors thereby focusing more on general belief systems, social forms of coordination and the relationships between society and the economy. It offers an outstanding portrait of the research field helping to identify major foundations and trajectories as well as new research perspectives for a globalized economic sociology. This makes the handbook appeal to specialized researchers of the field, researchers from other disciplines interested in economic phenomena, as well as graduate and postgraduate students.
Download or read book The Routledge International Handbook of Financialization written by Philip Mader and published by Routledge. This book was released on 2020-02-05 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financialization has become the go-to term for scholars grappling with the growth of finance. This Handbook offers the first comprehensive survey of the scholarship on financialization, connecting finance with changes in politics, technology, culture, society and the economy. It takes stock of the diverse avenues of research that comprise financialization studies and the contributions they have made to understanding the changes in contemporary societies driven by the rise of finance. The chapters chart the field’s evolution from research describing and critiquing the manifestations of financialization towards scholarship that pinpoints the driving forces, mechanisms and boundaries of financialization. Written for researchers and students not only in economics but from across the social sciences and the humanities, this book offers a decidedly global and pluri-disciplinary view on financialization for those who are looking to understand the changing face of finance and its consequences.
Download or read book The UK and Multi level Financial Regulation written by Scott James and published by Oxford University Press. This book was released on 2020-02-06 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of UK financial regulation after Brexit. The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.
Download or read book Controlling Capital written by Nicholas Dorn and published by Routledge. This book was released on 2016-02-12 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of ‘culture’ as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command – the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market ‘policing’ by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.
Download or read book What s Left Now written by Andrew Hindmoor and published by Oxford University Press. This book was released on 2018-01-26 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our sense of history shapes how we think about ourselves. One of the distinguishing features of the left in Britain is that it holds to a remorselessly bleak and miserabilist view of our recent political history — one in which Margaret Thatcher's election in 1979 marked the start of a still-continuing fall from political grace made evident by the triumph of a free market get-what-you-can neoliberal ideology, dizzying levels of inequality, social decay, rampant individualism, state authoritarianism, and political corruption. The left does not like what has happened to us and it does not like what we have become. Andrew Hindmoor argues that this history is wrong and self-harming. It is wrong because Britain has in many respects become a more politically attractive and progressive country over the last few decades. It is self-harming because this bleak history undermines faith in politics. Post-Brexit, post-Grenfell, and post the 2010, 2015, and 2017 general elections, things may not, right now, look that great. But looked at over the longer haul, Britain is a long way from being a posterchild for neoliberalism. Left-wing ideas and arguments have shaped and continue to shape our politics.
Download or read book Knowledge for Governance written by Johannes Glückler and published by Springer Nature. This book was released on 2021-01-14 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book focuses on theoretical and empirical intersections between governance, knowledge and space from an interdisciplinary perspective. The contributions elucidate how knowledge is a prerequisite as well as a driver of governance efficacy, and conversely, how governance affects the creation and use of knowledge and innovation in geographical context. Scholars from the fields of anthropology, economics, geography, public administration, political science, sociology, and organization studies provide original theoretical discussions along these interdependencies. Moreover, a variety of empirical chapters on governance issues, ranging from regional and national to global scales and covering case studies in Australia, Europe, Latina America, North America and South Africa demonstrate that geography and space are not only important contexts for governance that affect the contingent outcomes of governance blueprints. Governance also creates spaces. It affects the geographical confines as well as the quality of opportunities and constraints that actors enjoy to establish legitimate and sustainable ways of social and environmental co-existence.
Download or read book The Rise of the Indonesian Financial Service Authority written by Chandra Kusuma and published by Springer Nature. This book was released on 2022-08-17 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the Indonesian Financial Service Authority (FSA), which is a newly established authority within Indonesian financial services institutions that has emerged as the ultimate decision-maker for portfolio investment liberalization. In doing so, the book elaborates on how the emergence of the Indonesian FSA has resulted in implementation gaps in Indonesia, in the area of portfolio investment liberalization. The book reveals that the endowment of an ‘independent and free’ status, as well as the FSA’s power over the Indonesian financial sector, has allowed agents in the FSA to provide different positions or responses to the already agreed ASEAN financial liberalization initiatives. Contrary to the expectations of most writers that the independent status of an institution would advance financial liberalization, this book shows that the ‘independent and free’ status of the Indonesian FSA has actually stymied financial liberalization. To achieve this, the book employs a modified account of the historical institutionalism approach, or ‘the agents-in-context’ approach, examining how and why the Indonesian FSA has emerged as an independent authority. The insights drawn from applying a modified historical institutionalism approach to the case study of Indonesian portfolio investment liberalization critiques and complements existing works in the regionalism literature in general, and ASEAN financial integration particularly.
Download or read book The global financial crisis and austerity written by Clark, David and published by Policy Press. This book was released on 2015-11-30 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the huge impact of the 2008 financial crash and post-crash austerity on so many people’s lives, there is a need for a concise, accessible guide to its causes and its longer-term significance. Written by an expert in political science and straddling finance, economics and political science, this entry-level summary demystifies global finance and puts the financial crisis in its historical context. It also outlines the policy responses of Western governments to the crash and the ensuing recession and turn to austerity. Supplemented by an appendix with an A-Z glossary of key terms, processes and institutions, the book concludes by asking if the crisis is really over and outlines possible future scenarios, making it an impressive overview for anyone with little or no previous knowledge of the subject.
