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A fundamental belief in personal liberty and in the ability of free markets to realise the good lies at the heart of the neoliberal economic orthodoxy that has now shaped public policy for a generation. Confidence in orthodox economics has, however, been badly shaken by the financial crisis of 2008 and, in the years following, by the effects of the Great Recession. The era of casino banking was not only an era of de-industrialisation and under-employment, but also of iniquitous tax avoidance schemes, and of grotesquely inflated levels of social inequality. Such factors, we now realise, have reduced the life-prospects of millions of our fellow-citizens. This interdisciplinary volume of essays, with wide-ranging contributions by theologians and social scientists, explores the theological, economic, and moral implications of these developments. Its central claim is that neoliberalism's failure to appreciate the limitations of its fiduciary commitments contributed massively to the economic crisis. A more honest appraisal of the relation between the language of belief and the sphere of economic behaviour is therefore required. This must also result in appropriate policy changes, to harness the power of the economy to serve a more generous vision of the human good

We argue that the fundamental cause of the financial crisis of 2007-09 was that large, complex financial institutions (LCFIs) took excessive leverage in the form of manufacturing tail risks that were systemic in nature and inadequately capitalized. We employ a set of headline facts about the build-up of such risk exposures to explain how and why LCFIs adopted this new banking model during 2003-2Q 2007, relative to earlier models. We compare the crisis to other episodes in the United States, in particular, the panic of 1907, the failure of Continental Illinois and the Savings and Loan crisis. We conclude that several principal imperfections, in particular, distortions induced by regulation and government guarantees, developed in decades preceding the current one, allowing LCFIs to take on excessive systemic risk. We also examine alternative explanations for the financial crisis. We conclude that while moral hazard problems in the originate-and-distribute model of banking, excess liquidity due to global imbalances and mispricing of risk due to behavioral biases have some merit as candidates, they fail to explain the complete spectrum of evidence on the crisis

This book is based on the papers presented and discussions held at a high-level regional workshop organized by the Asian Development Bank in January 2010 to discuss the impact of the global economic and financial crisis on developing Asia. It provides a clear and thought-provoking analysis of the global economic crisis from the perspective of 19 Asian countries. The papers present concrete ways in which Asian economies and financial systems can be made more responsive and resilient. The book proposes that Asian economies can capitalize on the global economic crisis by using it as an opportunit

Recent events in the global financial markets and macro economies have served as a strong reminder for a need of a coherent theory of capitalist crisis and analysis. This book helps to fill the gap with well-grounded alternative articulations of the forces which move today's economic dynamics, how they interact and how ideas of foundational figures in economic theory can be used to make sense of the current predicament. The book presents a comprehensive collection of reflections on the origins, dynamics and implications of the interlinked crises of the U.S. and global economies. The book is a thoughtful collaboration between Japanese heterodox economists of the Japan Society of Political Economy (JSPE) and non-Japanese scholars. It provides a unique immersion in different, sophisticated approaches to political economy and to the crisis. The book illustrates with the understanding of Marx's crisis theory and how it can serve as a powerful framework for analyzing the contemporary sub-prime world crisis. The book explains the subprime loan crisis as a crisis in a specific phase of the capitalist world system and concludes that it is a structural one which destroys the existing capital accumulation regime. It pays attention to structural changes and to how these changes beget profound and controversial consequences. The result is a must-read - one which truly contributes to the resurgence of radical analyses of the political economy, free from the market optimism of the main-stream economics.

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability guarantees, and recapitalization were associated with a reduction of interbank risk premia, albeit to a different degree during the subprime and global phases of the crisis. Decisions not to reduce interest rates and bail out individual banks in an ad hoc manner had adverse repercussions, both domestical

The story of the recent global economic crisis is told in the words of the main players in the drama. Including quotes from bankers, rating agencies, housing agencies, regulators, politicians and media figures. Erik Banks' latest book shows why we are doomed to experience further financial crises in the future

pt. IBackground to the Global Financial and Economic Crisis --ch. 1Global Financial and Economic Crisis: Origins, Effects and Responses in the Global South. An Overview /Jose Luis Leon-Manriquez --pt. IICrisis in Latin America: Origins, Responses, Connections and Comparisons --ch. 2Financial Crisis, Its Diverse Economic Effects and Responses from Latin America: A Global Crisis? /Gaston J. Beltran --ch. 3All Keynesian Now? Mexico and South Korea's Diverging Responses to the Global Crisis /Jose Luis Leon-Manriquez --ch. 4Global Crisis and the Arrival of the People's Republic of China in Latin America and the Caribbean /Pablo Alejandro Nacht --pt. IIIGlobal Crisis in Africa: Profiles and Responses from Countries and Economic Sectors --ch. 5African Stock Exchanges: Does Integration with the Global South Reduce Susceptibility to Financial Crisis? /Terfa Williams Abraham --ch. 6Global Economic Crisis and South Africa's Manufacturing Industry: Case of the Automotive, Textile and Clothing and Mining Industries /Theresa Moyo --ch. 7Analysis of the Effects of the Global Financial Crisis and Government Measures: the Case of Timber Industry in Congo, Cameroon and Gabon /Bertrand Mafouta --ch. 8Impact of the Financial Crisis: Developments in the Mobile Telecommunications Industry in Africa /Maxwell Chanakira --pt. IVPerspectives and Experiences from Asia --ch. 9Shoot Yourself in the Foot: Philippine State and Society in the 1997 and 2008 Financial Crises /Rolando Talampas --ch. 10Global Economic Crisis and Insecurity in Afghanistan, Pakistan and Tajikistan /Hidayet Siddikoglu --ch. 11Accountability in Public-Private Partnerships. The Emerging Development Paradigm in India /Tanvir Aeijaz --pt. VBuilding Political and Economic Alternatives for the Economic Crisis --ch. 12Chinese Social Transformation and Its Implications for the Future of Afro-Asian Solidarity /Horace G. Campbell.