The Political Economy of Monetary Solidarity

Understanding the Euro Experiment
Author: Waltraud Schelkle
Publisher: Oxford University Press
ISBN: 0198717938
Category: Business & Economics
Page: 416
View: 1825
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The book explains how a currency union of very different member states can work and does work. This should be of interest not only to readers interested in Europe but also in the United States, as the monetary-financial history of the US reveals striking parallels with the stability problems that characterize the euro area today. There are also contemporary parallels between the two currency unions, including the limited efficacy of migration as a mechanism forregional adjustment and the insurance provided by cross-border payments mechanisms against sudden stops of trade finance. This book provides a new perspective that is up-to-date with the latestrethinking of economic and financial integration.

The Political Economy of Monetary Solidarity

Understanding the Euro Experiment
Author: Waltraud Schelkle
Publisher: Oxford University Press
ISBN: 0192524798
Category: Political Science
Page: 408
View: 7913
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Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.

The Euro and the Battle of Ideas


Author: Markus K. Brunnermeier,Harold James,Jean-Pierre Landau
Publisher: Princeton University Press
ISBN: 1400883334
Category: Business & Economics
Page: 448
View: 3696
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Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.

Hamilton's Paradox

The Promise and Peril of Fiscal Federalism
Author: Jonathan Rodden
Publisher: Cambridge University Press
ISBN: 9780521603669
Category: Business & Economics
Page: 313
View: 2565
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As new federations take shape and old ones are revived around the world, a difficult challenge is to create incentives for fiscal discipline. By combining theory, quantitative analysis, and historical and contemporary case studies, this book lays out the first systematic explanation of why decentralized countries have had dramatically different fiscal experiences. It provides insights into current policy debates from Latin America to the European Union, and a new perspective on a tension between the promise and peril of federalism that has characterized the literature since The Federalist Papers.

The Euro

How a Common Currency Threatens the Future of Europe
Author: Joseph E. Stiglitz
Publisher: W. W. Norton
ISBN: 9780393354102
Category: Business & Economics
Page: 448
View: 9726
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The Nobel Prize winning economist and best-selling author explains why saving Europe may mean abandoning the euro."

A European Social Union after the Crisis


Author: Frank Vandenbroucke,Catherine Barnard,Geert De Baere
Publisher: Cambridge University Press
ISBN: 1108415784
Category: Law
Page: N.A
View: 5036
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Many people believe that the EU lacks solidarity and needs a social dimension. This debate is not new but, until recently, the notion of a 'social Europe' remained vague and elusive. What is now required is a coherent conception of the reasons behind and the agenda for a European Social Union. This book offers the first in-depth examination of the rationale and feasibility of such a Social Union. It explores how we can justify, define and demarcate an appropriate notion of European solidarity and examines legal and political barriers. In short, rather than merely deploring the lack of a social dimension to the EU, it provides new perspectives and answers to questions of 'why', 'what', and 'how'. A cast of outstanding scholars and practitioners reflect on the obstacles and solutions, incorporating economic, social, philosophical, legal and political perspectives.

Tangled Governance

International Regime Complexity, the Troika, and the Euro Crisis
Author: C. Randall Henning
Publisher: Oxford University Press
ISBN: 0192521950
Category: Political Science
Page: 312
View: 4686
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Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability in Europe, and prevent contagion to the rest of the world. Henning explains why European leaders chose to include the International Monetary Fund (IMF) in the crisis response and provides a detailed account of the decisions of the institutions that make up the troika (the European Commission, European Central Bank, and IMF). He examines the institutions negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The institutional strategies of key member states, including Germany and the United States, are also explored in this study. The book locates its analysis within the framework of regime complexity, involving clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures in the regime-complexity literature against the seven cases of financial rescues of euro area countries that were stricken by crises between 2010 and 2015. Tangled Governance concludes that states use some institutions to control others, that complexity is the consequence of a strategy to control agency drift. States mediate conflicts among institutions and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In reaching these conclusions, the book also answers several key puzzles, including why Germany and other northern European countries supported IMF inclusion despite its adopting positions opposed to their preferences; why crisis fighting arrangements endured intense conflicts among the institutions; and, finally, why the United States and the IMF promoted further steps to complete the monetary union.

Capitalisms and Capitalism in the Twenty-First Century


Author: Glenn Morgan,Richard Whitley
Publisher: Oxford University Press
ISBN: 0199694761
Category: Business & Economics
Page: 381
View: 2310
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This interdisciplinary book examines comparative business systems, institutions, and practices by looking at current developments between firms, nations, and markets in an increasingly globalized world and in the context of the recent financial crises.

A Political Economy of Contemporary Capitalism and its Crisis

Demystifying Finance
Author: Dimitris P Sotiropoulos,John Milios,Spyros Lapatsioras
Publisher: Routledge
ISBN: 1135037914
Category: Business & Economics
Page: 288
View: 1901
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The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx’s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.

The Political Economy of European Integration

Theory and Analysis
Author: Erik Jones,Amy Verdun
Publisher: Psychology Press
ISBN: 9780415340632
Category: Business & Economics
Page: 223
View: 9327
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This book provides a balanced and accessible introduction to diverse political economy perspectives on different aspects of European integration, demonstrating both the importance and the potential of research in this area The volume includes three types of chapters: broad literature reviews, narrower applications of existing arguments, and new syntheses of competing claims. The authors also present a critical appraisal of how scholars in the EU and US use theory to understand European integration and examines issues such as citizens' attitudes; perceptions and preferences of actors; the role of non-state actors; principle-agent questions; and the role and the autonomy of European institutions. This empirically informed and methodologically rigorous volume will be of great interest to students and researcher in the fields of comparative political economy, EU studies, international political economy and international organisations. Maria Green Cowles, American University, USA Mary Farrell, United Nations University, Belgium Justin Greenwood, University of Aberdeen, UK Erik Jones, Johns Hopkin

The Disenchantment of the World

A Political History of Religion
Author: Marcel Gauchet,Oscar Burge
Publisher: Princeton University Press
ISBN: 9780691029375
Category: Philosophy
Page: 228
View: 3042
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In this controversial work, Marcel Gauchet reinterprets the development of the modern West, with all its political and psychological complexities, in terms of humankind's changing relation to religion.

Seeing like a state

How Certain Schemes to Improve the Human Condition Have Failed
Author: James C. Scott
Publisher: Yale University Press
ISBN: 0300128789
Category: Political Science
Page: 463
View: 1010
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Why do well-intentioned plans for improving the human condition go tragically awry? In a wide-ranging and original study, James C. Scott analyzes failed cases of large-scale authoritarian plans in a variety of fields. He argues that centrally managed social plans derail when schematic visions are imposed on long-established structures without taking into account preexisting interdependencies.

In the Red

The Politics of Public Debt Accumulation in Developed Countries
Author: Zsófia Barta
Publisher: University of Michigan Press
ISBN: 0472130641
Category: Business & Economics
Page: 224
View: 7359
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Insightful study that identifies the underlying factors contributing to countries continually accumulating immense debt

Degrowth

A Vocabulary for a New Era
Author: Giacomo D'Alisa,Federico Demaria,Giorgos Kallis
Publisher: Routledge
ISBN: 1134449771
Category: Business & Economics
Page: 220
View: 3582
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Degrowth is a rejection of the illusion of growth and a call to repoliticize the public debate colonized by the idiom of economism. It is a project advocating the democratically-led shrinking of production and consumption with the aim of achieving social justice and ecological sustainability. This overview of degrowth offers a comprehensive coverage of the main topics and major challenges of degrowth in a succinct, simple and accessible manner. In addition, it offers a set of keywords useful forintervening in current political debates and for bringing about concrete degrowth-inspired proposals at different levels - local, national and global. The result is the most comprehensive coverage of the topic of degrowth in English and serves as the definitive international reference. More information at: vocabulary.degrowth.org View the author spotlight featuring events and press related to degrowth at http://t.co/k9qbQpyuYp.

Wage Setting, Social Pacts and the Euro

A New Role for the State
Author: Anke Hassel
Publisher: Amsterdam University Press
ISBN: 9053569197
Category: Social Science
Page: 334
View: 797
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Politicians, economists, and social theorists tend to agree that globalization and neo-liberal economic policy have contributed to the decline of the social compacts underlying traditional European welfare states. Recently, however, social pacts have demonstrated an impressive resurgence, as governments across Europe facing necessary economic policy adjustments have chosen to view trade unions as vital negotiating partners rather than adversaries. Wage Setting, Social Pacts, and the Euro offers a theoretical understanding of the forces that have led to this new understanding, and of the challenges that increasing monetary integration will continue to pose.

Pharmocracy

Value, Politics, and Knowledge in Global Biomedicine
Author: Kaushik Sunder Rajan
Publisher: Duke University Press
ISBN: 0822373289
Category: Social Science
Page: 344
View: 8931
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Continuing his pioneering theoretical explorations into the relationships among biosciences, the market, and political economy, Kaushik Sunder Rajan introduces the concept of pharmocracy to explain the structure and operation of the global hegemony of the multinational pharmaceutical industry. He reveals pharmocracy's logic in two case studies from contemporary India: the controversial introduction of an HPV vaccine in 2010, and the Indian Patent Office's denial of a patent for an anticancer drug in 2006 and ensuing legal battles. In each instance health was appropriated by capital and transformed from an embodied state of well-being into an abstract category made subject to capital's interests. These cases demonstrate the precarious situation in which pharmocracy places democracy, as India's accommodation of global pharmaceutical regulatory frameworks pits the interests of its citizens against those of international capital. Sunder Rajan's insights into this dynamic make clear the high stakes of pharmocracy's intersection with health, politics, and democracy.

New Spirits of Capitalism?

Crises, Justifications, and Dynamics
Author: Paul Du Gay,Glenn Morgan
Publisher: Oxford University Press
ISBN: 0198708831
Category: Business & Economics
Page: 328
View: 1320
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After many years in which it appeared to be losing the pre-eminent position it had occupied in the lexicon of the social and human sciences, the term 'capitalism' has once again become a matter of critical concern, both theoretically and substantively, in a range of disciplinary fields. The global financial and environmental crises, and the shifting of economic power associated with the rise of the BRICs and the sovereign debt contagion in the Eurozone, for example, have all put the norms, practices, and devices of capitalist conduct back under the spotlight. Luc Boltanski and Eve Chiapello's The New Spirit of Capitalism has become a seminal text since its publication, sparking debate about the meaning, significance, and effects of contemporary changes in economic and organizational life, and becoming a reference point in political discussions about the welfare state, collective action in a 'networked' world, and reconciliation of the interests of social justice with the 'laws of the markets'. This edited book offers the first comprehensive attempt to examine the power and reach of Boltanski and Chiapello's argument, the text's theoretical and methodological perspectives, tools, and techniques, and to do so in relation to the development of neo-liberal capitalism in the period since its original publication and in particular the culmination of these developments in the ongoing crisis since the financial collapse of 2007-8. The volume provides both a balanced critique and overview of New Spirit, but also shows how it can be used in a variety of empirical studies to develop new insights into the functioning and regulation of capitalism in the contemporary era. The volume brings together leading scholars from a range of disciplinary fields such as Sociology, Management and Organization Studies, and Geography. Luc Boltanksi and Eve Chiapello also offer their thoughts on the continuing relevance of New Spirit over a decade after its publication, and in the context of contemporary global economic and political developments.

Not for Profit

Why Democracy Needs the Humanities
Author: Martha C. Nussbaum
Publisher: Princeton University Press
ISBN: 1400883504
Category: Education
Page: 192
View: 2141
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In this short and powerful book, celebrated philosopher Martha Nussbaum makes a passionate case for the importance of the liberal arts at all levels of education. Historically, the humanities have been central to education because they have been seen as essential for creating competent democratic citizens. But recently, Nussbaum argues, thinking about the aims of education has gone disturbingly awry in the United States and abroad. We increasingly treat education as though its primary goal were to teach students to be economically productive rather than to think critically and become knowledgeable, productive, and empathetic individuals. This shortsighted focus on profitable skills has eroded our ability to criticize authority, reduced our sympathy with the marginalized and different, and damaged our competence to deal with complex global problems. And the loss of these basic capacities jeopardizes the health of democracies and the hope of a decent world. In response to this dire situation, Nussbaum argues that we must resist efforts to reduce education to a tool of the gross national product. Rather, we must work to reconnect education to the humanities in order to give students the capacity to be true democratic citizens of their countries and the world. In a new preface, Nussbaum explores the current state of humanistic education globally and shows why the crisis of the humanities has far from abated. Translated into over twenty languages, Not for Profit draws on the stories of troubling—and hopeful—global educational developments. Nussbaum offers a manifesto that should be a rallying cry for anyone who cares about the deepest purposes of education.

Understanding the European Union

A Concise Introduction
Author: John McCormick
Publisher: Palgrave
ISBN: 1137607769
Category: Political Science
Page: 252
View: 7844
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This best-selling textbook provides a broad-ranging but concise introduction to the EU, covering all major aspects of European integration. The revised new edition takes full account of the current challenges faced by the EU, including the ongoing difficulties in the eurozone and the rise of euroscepticism, which culminated spectacularly in Brexit.