Suchergebnisse

Intro -- Table of Contents -- 1: Introduction -- Introduction -- Overview of the Book -- Note -- 2: Shifting Responses to the Evolution of National Debt and the Economic Role of the State -- Introduction -- Origins of National Debt - and Austerity -- The "Keynesian" Challenge: Austerity in "The Boom, Not the Slump" -- Globalization, Deregulation, and Datasets: Austerity's Evolution During the Late Twentieth and Early Twenty-first Centuries -- A Change of Heart at the IMF? -- Conclusions -- Notes -- 3: National Accounting and the Economics of Austerity -- Introduction -- Fiscal Deficits and Public Debt -- Sectoral Financial Balances: Accounting for Public Deficits and Debt -- The Sectoral Financial Balances Model of Aggregate Demand -- Double or Quits: The Fiscal Multiplier -- Conclusions -- Notes -- 4: Selling Austerity: Economics, Politics, and Society -- Introduction -- Does the Public Debt-to-GDP Ratio Tell You When It's Time for Austerity? -- The Debate over Austerity -- Conclusions -- Notes -- 5: Austerity and Welfare: An Unstable Mixture. Britain, Germany, and America between the Wars -- Introduction -- Austerity in Interwar Britain: The "Treasury View" -- Austerity in Weimar Germany -- The American "New Deal" - and "Roosevelt Recession" -- Conclusions -- Notes -- 6: Austerity (and Stimulus) in Postwar Chile, America, Ireland, and Japan -- Introduction -- Austerity in Pinochet's Chile -- Ronald Reagan's "Selective Austerity" -- Ireland and "Expansionary Austerity" -- Japan: Does a Public Debt-to-GDP Ratio of 90 Percent Really Mark a "Stagnation Threshold"? -- Conclusions -- Notes -- 7: Some Have Austerity Thrust Upon Them, Others Embrace It: Ireland, Greece, and Britain after the 2008 Crisis -- Introduction -- Managing a Crisis: Austerity and Recovery in Ireland -- Austerity in Greece: Made in Germany.

Abstract
There is a strong resonance between events of the inter-war years and today. These include a questioning of laissez-faire capitalism and austerity, and the rise of so-called 'populist' parties on both the left and right. Clara Mattei's (2022) The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism thus makes an interesting contribution, by locating the key argument of her book in the febrile period of European history between the wars. According to Mattei, the First World War disrupted the pre-war capitalist system to such an extent that it created a crisis of capitalism, itself. As a result, following the end of hostilities, there was a conscious effort to restore the pre-war 'capital order' by means of a technocratic 'austerity strategy', and this was strongly linked to the rise of fascism. We argue that the inter-relationship between capitalism, austerity, and fascism during the 1920s and 1930s was rather more complex, and that to make sense of this, it is necessary to broaden the focus beyond Italy and Great Britain and the international financial conferences at Brussels (1920) and Genoa (1922). Otherwise, we risk misunderstanding and mis-diagnosing our own times, as those inter-war politicians, financiers, and economists discovered to their cost. We therefore also include Germany and the USA and base our analysis on the events of the entire inter-war period.

AbstractThis critical survey examines the role of cooperation in production and exchange, the relationship between the organisation of production and markets, and, more generally, the nature and functioning of productive systems. It traces ideas about the relationship between markets, industrial organisation, and power, from Adam Smith and Karl Marx to the early neo-classical economists, before turning to the evolution of liberal economic thinking that accompanied the emergence and growth of large organisations with market power. This is then confronted with Alfred Marshall's methodological and theoretical contributions to both economics and industrial organisation and development, and his attempt to reconcile the neo-classical economic dilemma of increasing returns in production and competition in markets. During the inter-war years, and especially after his death in 1924, Marshall's ideas were strongly challenged—and ultimately abandoned—by neo-classical economists. However, this debate re-emerged nearly a half century later, when the Fordist mass production model faced growing competition from more cooperative forms of industrial organisation. Based on solid empirical research into contemporary industrial districts and localised productive systems, there was a re-discovery of the importance of cooperation in production, and an acknowledgement of the significance of Marshall's earlier contributions. Inspired by these developments, Frank Wilkinson's 'productive systems' approach brings together the threads running through Smith's, Marx's, and Marshall's analysis of the dynamics of cooperation in production and exchange, to explore the implications of the mutual and conflicting interests inherent to production, industrial organisation, and economic development.

This paper argues that the Enron affair has been misunderstood as a failure of monitoring, with adverse consequences for the drafting of the Sarbanes‐Oxley Act and the Higgs report. Where Enron's board failed was in misunderstanding the risks which were inherent in the company's business plan and failing to implement an effective system of internal control. Enron demonstrates the limits of the monitoring board and points the way to a stewardship model in which the board takes responsibility for ensuring the sustainability of the company's assets over time.

The 2008 financial crisis has severely shaken confidence in liberal economic theory and policy. However, the sharply divergent experiences of the six Anglo-Saxon 'liberal market economies' (LMEs) suggest that the reality is not so simple. This book traces the evolution of liberal capitalism, from its rebirth amidst the challenges of the 1970s to its role in the genesis of the 2008 crisis - and debates the assumptions underpinning the liberal capitalist paradigm. Close examination reveals variety within liberal capitalism. Not only was there the familiar, "hands off" libertarian approach adopte.

Bringing together some of the brightest and most-engaged scholars and thinkers in the UK, this book offers solutions and suggestions for how to re-establish the strong state, how to generate a new social settlement and how to manage a long-term and equitable economic recovery post-pandemic.

The corporate governance environment in the UK & US is generally thought to be hostile to the emergence of cooperative employment relations of the kind exemplified by labour-management partnerships. We discuss case-study evidence from the UK which suggests that, contrary to this widespread perception, enduring & proactive partnerships may develop, in conditions where management can convince shareholders of the long-term gains from this approach, & where other regulatory factors operate to extend the time-horizon for financial returns. We conclude that there is more scope than is commonly allowed for measures which could reconcile liquidity in capital markets with cooperation in labour relations. References. Adapted from the source document.