Download or read book From Malaise to Meltdown written by Michael Lee and published by University of Toronto Press. This book was released on 2020-11-03 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the past two centuries, the great power sitting atop the international global financial system has enjoyed outsized rewards. As the saying goes, however, all good things come to an end. Providing insights into the evolution of the global political economy, From Malaise to Meltdown identifies the main instigators behind the global financial crises we’ve seen in the last two hundred years. Michael Lee shows that, in time, power diffuses from the leading economy to others, creating an intensely competitive push for global financial leadership. Hungry for the benefits of global leadership, declining leaders and aspiring challengers alike roll back long-standing regulatory safeguards in an effort to spark growth. Risks to global financial stability mount as a result of this rollback and waves of severe financial crises soon follow. As Lee deftly shows, the Long Depression of 1873–1896, the Great Depression of 1929–1939, and the financial crisis of 2008 are part of the same recurrent pattern: global competition disrupts the longstanding political equilibria, prompting a search for new, risky ideas among the most powerful states. From Malaise to Meltdown presents a sweeping but accessible historical narrative about the coevolution of power, ideas, and domestic politics, supported by archival research into the risky decisions that ushered in the worst financial crises in history.
Download or read book From Malaise to Meltdown written by Michael Lee and published by . This book was released on 2020 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lee explains how global competition has driven policymakers toward lax regulation throughout history, leading to severe financial crises.
Download or read book House of Debt written by Atif Mian and published by University of Chicago Press. This book was released on 2015-05-20 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
Download or read book The Number That Killed Us written by Pablo Triana and published by John Wiley & Sons. This book was released on 2011-11-01 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical look at the risk measurement tool that has repeatedly hurt the financial world The Number That Killed Us finally tells the "greatest story never told": how a mysterious financial risk measurement model has ruled the world for the past two decades and how it has repeatedly, and severely, caused market, economic, and social turmoil. This model was the key factor behind the unleashing of the cataclysmic credit crisis that erupted in 2007 and which the effects are still being felt around the world. The Number That Killed Us is the first and only book to thoroughly explain this hitherto-uncovered phenomenon, making it the key reference for truly understanding why the malaise took place. The very number financial institutions and regulators use to measure risk (Vale at Risk/VaR) has masked it, allowing firms to leverage up their speculative bets to unimaginable levels. VaR sanctioned and allowed the monstrously geared toxic punts that sank Wall Street, and the world, during the latest crisis. We can confidently say that VaR was the culprit. In The Number That Killed Us, derivatives expert Pablo Triana takes you through the development of VaR and shows how its inevitable structural flaws allowed banks to take on even greater risks. The precise role of VaR in igniting the latest crisis is thoroughly covered, including in-depth analysis of how and why regulators, by falling in love with the tool, condemned us to chaos. Uncritically embraced worldwide for way too long, VaR is, in the face of such destruction, just starting to be examined as problematic, and in this book Triana (long an open critic of the tool's role in encouraging mayhem) uncovers exactly why it makes our financial world a more dangerous place. If we care for our safety, we should let VaR go. Contains controversial analysis of the hotly debated risk metric Value at Risk (VaR) and its central role in the credit crisis Denounces the role of regulators and academics in forcing the presence of the inevitably malfunctioning in financeland Describes how bonus-hungry traders can use VaR as an alibi to take on the most reckless of bets Reveals how the most recent financial crisis will simply repeat itself if the problems behind VaR are not unmasked Pablo Triana is also the author of Lecturing Birds on Flying The very risk measurement tool that was intended to contain risk allowed financial firms to blindly take on more. The model that was supposed to save us condemned us to misery. The Number That Killed Us reveals how this has happened and what needs to be done to correct the situation.
Download or read book Crisis Spaces written by Costis Hadjimichalis and published by Routledge. This book was released on 2017-11-08 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial malaise that has affected the Eurozone countries of southern Europe – Spain, Portugal, Italy and, in its most extreme case, Greece – has been analysed using mainly macroeconomic and financial explanations. This book shifts the emphasis from macroeconomics to the relationship between uneven geographical development, financialization and politics. It deconstructs the myth that debt, both public and private, in Southern Europe is the sole outcome of the spendthrift ways of Greece, Spain, Italy and Portugal, offering a fresh perspective on the material, social and ideological parameters of the economic crisis and the spaces where it unfolded. Featuring a range of case examples that complement and expand the main discussion, Crisis Spaces will appeal to students and scholars of human geography, economics, regional development, political science, cultural studies and social movements studies.
Download or read book Saving the Sun written by Gillian Tett and published by Harper Collins. This book was released on 2009-10-13 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: Saving the Sun tells the story of the world's largest private equity deal where American investors made billions of dollars rehabilitating Shinsei, a failed Japanese bank. Within that business saga is the dramatic tale of Japan's brightest financial minds, the men who made the Japanese economic miracle come to life, and their struggle against the economic failure in the 1990s. Into this climate of despair, where Japan seemed incapable of reviving prosperity, came a group of wily and determined Americans who would discover just how different the Japanese really are.
Download or read book Fatal Risk written by Roddy Boyd and published by John Wiley & Sons. This book was released on 2011-04-05 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Long-listed for the FT & Goldman Sachs Business Book of the Year Award 2011 The true story of how risk destroys, as told through the ongoing saga of AIG From the collapse of Bear Stearns and Lehman Brothers, the subject of the financial crisis has been well covered. However, the story central to the crisis-that of AIG-has until now remained largely untold. Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide tells the inside story of what really went on inside AIG that caused it to choke on risk and nearly brining down the entire economic system. The book Reveals inside information available nowhere else, including the personal notes and records of key players such as the former Chairman of AIG, Hank Greenberg Takes readers behind the scenes at the U.S. Treasury and the Federal Reserve Bank of New York Details how an understanding of risk built AIG, but a disdain for government regulators led to a run-in with New York State Attorney General Eliot Spitzer Fatal Risk is the comprehensive and compelling true story of the company at the center of the financial storm and how it nearly caused the entire economic system to collapse.
Download or read book A Nation in Crisis The Meltdown of Money Government and Religion written by Larry Bates and published by Charisma Media. This book was released on 2010 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bringing a message of reality and hope and providing strategies for dealing with life, this edition demonstrates the way to raise up wisdom in the areas of money, politics, and religion to a generation that is lacking it.
Download or read book Meltdown Money Debt and the Wealth of Nations Volume 2 written by and published by COMER Publications. This book was released on with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Meltdown Money Debt and Wealth of Nations how Zero Inflation Policy is Leading the World s Monetary and Economic Systems to Collapse an Anthology from the First Decade of Economic Reform written by William Krehm and published by COMER Publications. This book was released on 1999 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: " ... Four volumes of selections from the first 20 years of Economic reform, the print publication of the Committee for Monetary and Economic Reform."--V. 2, p. ix.
Download or read book Crisis and Leadership written by Clara Fraser and published by Red Letter Press. This book was released on 2000 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cultural Writing. The story of how and why the Socialist Workers Party abandoned its revolutionary program is an important chapter in American history. The party was the inheritor of the ideas of the Russian Revolution and Leon Trotsky, but when the radical 1960s exploded the SWP was paralyzed by its ties to the most privileged sectors of labor and its ambivalent and wildly contradictory approach to people of color, youth, and women. Written in 1965 by partisans of the fight to reorient the party, CRISIS AND LEADERSHIP provides a visionary analysis of economic and political developments and a hard-hitting indictment of racism and sexism in the union movement and the Left.
Download or read book The Consequences of the Global Financial Crisis written by Wyn Grant and published by Oxford University Press, USA. This book was released on 2012-05-24 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: Systematically exploring the consequences of the global financial crisis, this text focuses primarily on the impact on policy and politics. It asks how governments responded to the challenges that the crisis has posed, and the policy and political impact of the combination of both the crisis itself and these responses.
Download or read book Paper Money Collapse written by Detlev S. Schlichter and published by John Wiley & Sons. This book was released on 2011-08-31 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The case for the inevitable failure of a paper money economy and what that means for the future All paper money systems in history have ended in failure. Either they collapsed in chaos, or society returned to commodity money before that could happen. Drawing upon novel new research, Paper Money Collapse conclusively illustrates why paper money systems—those based on an elastic and constantly expanding supply of money as opposed to a system of commodity money of essentially fixed supply—are inherently unstable and why they must lead to economic disintegration. These highly controversial conclusions clash with the present consensus, which holds that elastic state money is superior to inflexible commodity money (such as a gold standard), and that expanding money is harmless or even beneficial for as long as inflation stays low. Contradicting this, Paper Money Collapse shows that: The present crisis is the unavoidable result of continuously expanding fiat money The current policy of accelerated money production to "stimulate" the economy is counterproductive and could lead to a complete collapse of the monetary system Why many in financial markets, in media, and in the policy establishment are unable (and often unwilling) to fully appreciate the underlying problems with elastic money This compelling new book looks at the breakdown of modern economic theory and the fallacy of mathematical models. It is an analysis of the current financial crisis and shows in very stark terms that the solutions presented by paper money-enthusiasts around the world are misguided and inherently flawed.
Download or read book British Working Class Fiction written by Roberto del Valle Alcalá and published by Bloomsbury Publishing. This book was released on 2016-02-11 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: British Fiction and the Struggle Against Work offers an account of British literary responses to work from the 1950s to the onset of the financial crisis of 2008/9. Roberto del Valle Alcalá argues that throughout this period, working-class writing developed new strategies of resistance against the social discipline imposed by capitalist work. As the latter becomes an increasingly pervasive and inescapable form of control and as its nature grows abstract, diffuse, and precarious, writing about it acquires a new antagonistic quality, producing new forms of subjective autonomy and new imaginaries of a possible life beyond its purview. By tracing a genealogy of working-class authors and texts that in various ways defined themselves against the social discipline imposed by post-war capitalism, this book analyses the strategies adopted by workers in their attempts to identify and combat the source of their oppression. Drawing on the work of a wide range of theorists including Deleuze and Guattari, Giorgio Agamben and Antonio Negri, Alcalá offers a systematic and innovative account of British literary treatments of work. The book includes close readings of fiction by Alan Sillitoe, David Storey, Nell Dunn, Pat Barker, James Kelman, Irvine Welsh, Monica Ali, and Joanna Kavenna.
Download or read book Paradise Plundered written by Steven P. Erie and published by Stanford University Press. This book was released on 2011-08-15 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The early 21st century has not been kind to California's reputation for good government. But the Golden State's governance flaws reflect worrisome national trends with origins in the 1970s and 1980s. Growing voter distrust with government, a demand for services but not taxes to pay for them, a sharp decline in enlightened leadership and effective civic watchdogs, and dysfunctional political institutions have all contributed to the current governance malaise. Until recently, San Diego, California—America's 8th largest city—seemed immune to such systematic governance disorders. This sunny beach town entered the 1990s proclaiming to be "America's Finest City," but in a few short years its reputation went from "Futureville" to "Enron-by-the-Sea." In this eye-opening and telling narrative, Steven P. Erie, Vladimir Kogan, and Scott A. MacKenzie mix policy analysis, political theory, and history to explore and explain the unintended but largely predictable failures of governance in San Diego. Using untapped primary sources—interviews with key decision makers and public documents—and benchmarking San Diego with other leading California cities, Paradise Plundered examines critical dimensions of San Diego's governance failure: a multi-billion dollar pension deficit; a chronic budget deficit; inadequate city services and infrastructure; grandiose planning initiatives divorced from dire fiscal realities; an insulated downtown redevelopment program plagued by poorly-crafted public-private partnerships; and, for the metropolitan region, inadequate airport and port facilities, a severe underinvestment in firefighting capacity despite destructive wildfires, and heightened Mexican border security concerns. Far from a sunny story of paradise and prosperity, this account takes stock of an important but understudied city, its failed civic leadership, and poorly performing institutions, policymaking, and planning. Though the extent of these failures may place San Diego in a league of its own, other cities are experiencing similar challenges and political changes. As such, this tale of civic woe offers valuable lessons for urban scholars, practitioners, and general readers concerned about the future of their own cities.
Download or read book Financial Meltdown in the Mainline written by Loren B. Mead and published by Rowman & Littlefield. This book was released on 1998-11-01 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intentionally provocative, Alban founder and former president Loren Mead’s dynamic work sets out dramatic and compelling challenges for today’s churches. Mead chose the word "meltdown"-a strong term, indeed-very carefully and consciously. His clarion call urges congregations to direct attention to their dwindling financial resources and their unreliable fiscal practices, and to take major action now-or face disaster in the future. Mead addresses changing church giving patterns; the inconsistent ways congregations keep financial records; the lack of coordinated short- and long-range planning; the need for knowledge of sound financial techniques such as accounting for inflation; an over-reliance on "restructuring" to fix problems; and lack of defensive planning for operational costs.
Download or read book Fanged Noumena written by Nick Land and published by MIT Press. This book was released on 2011-04-01 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dizzying trip through the mind(s) of the provocative and influential thinker Nick Land. During the 1990s British philosopher Nick Land's unique work, variously described as “rabid nihilism,” “mad black deleuzianism,” and “cybergothic,” developed perhaps the only rigorous and culturally-engaged escape route out of the malaise of “continental philosophy” —a route that was implacably blocked by the academy. However, Land's work has continued to exert an influence, both through the British “speculative realist” philosophers who studied with him, and through the many cultural producers—writers, artists, musicians, filmmakers—who have been invigorated by his uncompromising and abrasive philosophical vision. Beginning with Land's early radical rereadings of Heidegger, Nietzsche, Kant and Bataille, the volume collects together the papers, talks and articles of the mid-90s—long the subject of rumour and vague legend (including some work which has never previously appeared in print)—in which Land developed his futuristic theory-fiction of cybercapitalism gone amok; and ends with his enigmatic later writings in which Ballardian fictions, poetics, cryptography, anthropology, grammatology and the occult are smeared into unrecognisable hybrids. Fanged Noumena gives a dizzying perspective on the entire trajectory of this provocative and influential thinker's work, and has introduced his unique voice to a new generation of readers.
