Download or read book The Financial Crisis in Constitutional Perspective written by Poul F Kjaer and published by Bloomsbury Publishing. This book was released on 2011-07-27 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the first thorough sociologically-informed legal analysis of the financial crisis which unfolded in 2008. It combines a multitude of theoretically informed analyses of the causes, dynamics and reactions to the crisis and contextualises these within the general structural transformations characterising contemporary society. It furthermore explores the constitutional implications of the crisis and suggests concrete changes to the constitutional set-up of contemporary society. Although the question of individual responsibility is of crucial importance, the central idea animating the volume is that the crisis cannot be reduced to a mere failure of risk perception and management for which individual and collective actors within and outside of financial organisations are responsible. The 2008 crisis should rather be understood as a symptom of far deeper structural transformations. For example contemporary society is characterised by massive accelerations in the speed with which societal processes are reproduced as well as radical expansions in the level of globalisation. These transformations have, however, been asymmetrical in nature insofar as the economic system has outpaced its legal and political counterparts. The future capability of legal and political systems to influence economic reproduction processes is therefore conditioned by equally radical transformations of their respective operational forms and self-understanding. Potentially the 2008 crisis, therefore, has far-reaching constitutional implications.

Download or read book The Euro Area Crisis in Constitutional Perspective written by Alicia Hinarejos Parga and published by Oxford University Press, USA. This book was released on 2015 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical analysis of the evolution of Economic and Monetary Union, this book examines the changes brought about by the financial crisis. Tackling the uncertain future of economic and fiscal integration, it focuses on the constitutional obstacles to integration and provides a compelling account of key dilemmas facing the European Union today.

Download or read book Democracy and Financial Order Legal Perspectives written by Matthias Goldmann and published by Springer. This book was released on 2018-05-17 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.

Download or read book The Euro Area Crisis in Constitutional Perspective written by Alicia Hinarejos Parga and published by . This book was released on 2015 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Euro area sovereign debt crisis has been the greatest threat to the euro since its inception, but the consequences of the crisis go well beyond the realm of macroeconomics: the crisis has cast doubt on the viability of a mechanism of integration such as the one envisaged in Economic and Monetary Union (EMU), and on the future of the European Union as a political project in the face of citizens' growing disaffection. The various responses to the crisis have not only altered the principles underlying EMU; they have also had a profound impact on the constitutional orders of the EU and its Member States. This book focuses on the euro area crisis and its aftermath from a constitutional perspective. It provides a critical analysis of the workings and evolution of Economic and Monetary Union, the changes brought by the crisis and their broader effects, and the constitutional obstacles to integration in this area. Looking forward, it tackles the uncertain future of economic and fiscal integration and the challenges posed. This is a compelling and incisive account of some of the most significant developments and dilemmas facing the European Union since its creation. -- Book jacket.

Download or read book Constitutions in Times of Financial Crisis written by Tom Ginsburg and published by Cambridge University Press. This book was released on 2022-06-30 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many constitutions include provisions intended to limit the discretion of governments in economic policy. In times of financial crises, such provisions often come under pressure as a result of calls for exceptional responses to crisis situations. This volume assesses the ability of constitutional orders all over the world to cope with financial crises, and the demands for emergency powers that typically accompany them. Bringing together a variety of perspectives from legal scholars, economists, and political scientists, this volume traces the long-run implications of financial crises for constitutional order. In exploring the theoretical and practical problems raised by the constitutionalization of economic policy during times of severe crisis, this volume showcases an array of constitutional design options and the ways they channel governmental responses to emergency.

Download or read book Moments of Truth written by Francisco Panizza and published by Routledge. This book was released on 2013-11-07 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current financial and sovereign debt crisis of the European Union and the United States can be regarded as the most recent of a wave of financial and sovereign debt crises that have affected different regions of the world over the past quarter century. While there is a large and growing body of literature on the economic aspects of financial crises, its political elements remain surprisingly under-studied. Moments of Truth: The Politics of Financial Crises in Comparative Perspective fills this gap in the literature by looking at the political repercussions and policy implications of financial crises in comparative perspective, using case studies in Latin America, Korea, and Russia, as well as the contemporary crises in the US and in key European countries. Contributors to this volume look at the crises as critical junctures that generate high levels of uncertainty while calling for decisive action. The chapters emphasize structural or agency based explanations and give relevance to the role of ideas, interests, and institutions in explaining different outcomes. The questions addressed by the case studies include: how the crises were defined by key actors, the range of political and policy options available to deal with their impact, the role of ideas in policy shifts, how political and economic actors redefine their interests in contexts of uncertainty, how political institutions mediate reactions to the crises, what explains the choice of a certain option over other alternatives, and whether the crisis has (so far) resulted in significant political and policy changes or in incremental adjustments to the status quo. The first book to comparatively analyze the political dimensions of financial crises across different global regions, Moments of Truth will be highly significant for any scholars interested in the contemporary debate on financial crises.

Download or read book Economic Governance and the Euro Crisis written by Paul P. Craig and published by . This book was released on 2014 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis, and resulting crisis with the Euro, has had profound effects on the EU, and its Member States, even those that do not form part of the Euro zone. It has generated a welter of measures to combat the 'problem' and this flurry of initiatives has not yet come to an end, nor is it likely to do so in the short term. This chapter considers the emerging constitutional architecture resulting from these measures, from both a substantive and a formal dimension. This is followed by examination of the constitutional implications of the measures adopted thus far. The discussion considers these implications from a legal, economic and political perspective, and it will be seen that there are significant constitutional challenges in all three areas.

Download or read book The Eurozone Crisis written by Kaarlo Tuori and published by Cambridge University Press. This book was released on 2014-01-09 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive overview of the Eurozone crisis from a multidimensional constitutional perspective which incorporates the underlying economic assumptions and developments.

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Download or read book New Challenges to Constitutional Adjudication in Europe written by Zoltán Szente and published by Routledge. This book was released on 2018-03-09 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years, constitutional courts have been presented with new challenges. The world financial crisis, the new wave of terrorism, mass migration and other country-specific problems have had wide-ranging effects on the old and embedded constitutional standards and judicial constructions. This book examines how, if at all, these unprecedented social, economic and political problems have affected constitutional review in Europe. As the courts’ response must conform with EU law and in some cases international law, analysis extends to the related jurisprudence of the European Court of Justice and the European Court of Human Rights. The collection adopts a common analytical structure to examine how the relevant challenges have been addressed in ten country specific case studies. Alongside these, constitutional experts frame the research within the theoretical understanding of the constitutional difficulties of the day in Europe. Finally, a comparative chapter examines the effects of multilevel constitutionalism and identifies general European trends. This book will be essential reading for academics and researchers working in the areas of constitutional law, comparative law and jurisprudence.

Download or read book The Financial Crisis the EU Institutional Order and Constitutional Responsibility written by Paul P. Craig and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis is arguably the most significant challenge to the EU since the inception of the EEC. It has generated an array of political, legal and institutional responses the complexity of which is daunting in itself. The current paper considers these developments, and places them within a broader frame of institutional concerns, thereby facilitating thought about their impact on issues that have been debated more generally within the EU. The analysis has two principal themes, institutional design and constitutional responsibility for the choices thus made. These twin themes are considered in temporal perspective. The discussion begins with the foundational institutional architecture for EU decision-making, and the debates that this has generated about democracy deficit. There has been a further resurgence of these concerns in the light of the crisis. While this is unsurprising, there is nonetheless a surprising lack of discourse as to responsibility for the status quo, and an equally surprising lack of serious discussion as to how we should think of the constitutional responsibility of Member States and not just the EU itself for the current institutional ordering. The paper develops two contrasting senses of constitutional responsibility and the implications of the choice between them for how we conceive of the EU and the role of Member States therein.The analysis then shifts to the institutional architecture of the EMU laid down in the Maastricht Treaty, with the focus once again on the relationship between the institutional attribution of power, constitutional responsibility for the shaping of these provisions, and the way in which the schema contributed to the subsequent economic malaise. The relationship between this institutional schema and subsidiarity will also be explored. The penultimate section of the paper considers the institutional schema that was used to deal with the financial crisis while it unfolded and the extent to which this can be properly portrayed in intergovernmental or supranational terms. The focus in the final section of the paper is on the measures that have been put in place thus far, and the institutional implications that this has had for the balance of power, both vertical and horizontal.

Download or read book Democracy and Financial Order written by Matthias Goldmann and published by . This book was released on 2016 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This special issue assembles eight articles on the relationship between democracy and the financial order from various legal perspectives. Each article engages with the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law. We have arranged the special issue in order to reflect certain debates. Thus, the special issue begins with a debate between two contemporary German theories of law by Jürgen Habermas (Goldmann and Steininger) and Niklas Luhmann (Viellechner). Next is a transatlantic debate between rational choice conceptions of law (Towfigh) and ideas of constitutional pluralism (Avbelj). Different traditions of mostly Anglo-Saxon liberalism are reflected in the contribution by Suttle. Eventually, three contributions engage with conceptions of law in neoliberalism and ordoliberalism and the way they have shaped our perceptions of public finance, including budgetary rules, taxes, and money (Biebricher, Saffie, Feichtner).To connect theory with life, each contribution elaborates its salient theoretical points by using an example of a particular case study or issue area that faces challenges in the aftermath of the financial crisis. Thus, while all articles address the law's capacity to accommodate both democracy and capitalism, each individually contributes to the development of law and policy in a particular issue area. Topics range from sovereign debt issues (Goldmann and Steininger, Viellechner, Suttle) to budgetary restrictions (Biebricher), banking regulation (Avbelj), money and the ECB (Towfigh and Feichtner), and taxes (Saffie).

Download or read book The Crisis of the Middle Class Constitution written by Ganesh Sitaraman and published by Vintage. This book was released on 2017-03-14 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this original, provocative contribution to the debate over economic inequality, Ganesh Sitaraman argues that a strong and sizable middle class is a prerequisite for America’s constitutional system. A New York Times Notable Book of 2017 For most of Western history, Sitaraman argues, constitutional thinkers assumed economic inequality was inevitable and inescapable—and they designed governments to prevent class divisions from spilling over into class warfare. The American Constitution is different. Compared to Europe and the ancient world, America was a society of almost unprecedented economic equality, and the founding generation saw this equality as essential for the preservation of America’s republic. Over the next two centuries, generations of Americans fought to sustain the economic preconditions for our constitutional system. But today, with economic and political inequality on the rise, Sitaraman says Americans face a choice: Will we accept rising economic inequality and risk oligarchy or will we rebuild the middle class and reclaim our republic? The Crisis of the Middle-Class Constitution is a tour de force of history, philosophy, law, and politics. It makes a compelling case that inequality is more than just a moral or economic problem; it threatens the very core of our constitutional system.

Download or read book Iceland s Financial Crisis written by Valur Ingimundarson and published by Routledge. This book was released on 2016-07-01 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Being the first casualty of the international financial crisis, Iceland was, in many ways, turned into a laboratory when it came to responding to one of the largest corporate failures on record. This edited volume offers the most wide-ranging treatment of the Icelandic financial crisis and its political, economic, social, and constitutional consequences. Interdisciplinary, with contributions from historians, economists, sociologists, legal scholars, political scientists and philosophers, it also compares and contrasts the Icelandic experience with other national and global crises. It examines the economic magnitude of the crisis, the social and political responses, and the unique transitional justice mechanisms used to deal with it. It looks at backward-looking elements, including a societal and legal reckoning – which included the indictment of a Prime Minister and jailing of leading bankers for their part in the financial crisis – and forward-looking features, such as an attempt to rewrite the Icelandic constitution. Throughout, it underscores the contemporary relevance of the Icelandic case. While the Icelandic economic recovery has been much quicker than expected; it shows that public faith in political elites has not been restored. This text will be of key interest to scholars, policy-makers and students of the financial crisis in such fields as European politics, international political economy, comparative politics, sociology, economics, contemporary history, and more broadly the social sciences and humanities.

Download or read book The Global Financial Crisis and the Constitution written by Xenophon Contiades and published by . This book was released on 2013 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the introductory chapter of the collective volume X. Contiades (ed.), Constitutions in the Global Financial Crisis, (Ashgate 2013), which is the first book to address the multi-faceted influence of the global financial crisis on the national constitutions of the countries most affected. By tracing the impact of the crisis on formal and informal constitutional change, sovereignty issues, fundamental rights protection, regulatory reforms, jurisprudence, the augmentation of executive power, and changes in the party system it addresses all areas of the current constitutional law dialogue and aims to become a reference book with regard to the interaction between financial crises and constitutions. The book includes contributions from prominent experts on Greece, Hungary, Iceland, Ireland, Italy, Latvia, Portugal, Spain, the UK, and the USA providing a critical analysis of the effects of the financial crisis on the constitution. The volume's extensive comparative chapter pins down distinct constitutional reactions towards the financial crisis, building an explanatory theory that accounts for the different ways constitutions responded to the crisis. How and why constitutions formed their reactions in the face of the financial crisis unravels throughout the book.

Download or read book Economic Crises and the Breakdown of Authoritarian Regimes written by Thomas B. Pepinsky and published by Cambridge University Press. This book was released on 2009-08-17 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do some authoritarian regimes topple during financial crises, while others steer through financial crises relatively unscathed? In this book, Thomas B. Pepinsky uses the experiences of Indonesia and Malaysia and the analytical tools of open economy macroeconomics to answer this question. Focusing on the economic interests of authoritarian regimes' supporters, Pepinsky shows that differences in cross-border asset specificity produce dramatically different outcomes in regimes facing financial crises. When asset specificity divides supporters, as in Indonesia, they desire mutually incompatible adjustment policies, yielding incoherent adjustment policy followed by regime collapse. When coalitions are not divided by asset specificity, as in Malaysia, regimes adopt radical adjustment measures that enable them to survive financial crises. Combining rich qualitative evidence from Southeast Asia with cross-national time-series data and comparative case studies of Latin American autocracies, Pepinsky reveals the power of coalitions and capital mobility to explain how financial crises produce regime change.

Download or read book Misunderstanding Financial Crises written by Gary B. Gorton and published by Oxford University Press. This book was released on 2012-11-02 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.