Suchergebnisse

Ovaj članak preispituje u kojoj mjeri postoje geopolitički i ekonomski uvjeti ‎za odmicanje od američkog dolara kao hegemonske valute. To pitanje dobilo ‎je na posebnom značenju nakon financijskih sankcija uvedenih Rusiji uslijed ‎agresije na Ukrajinu. Suprotno brojnim komentarima koji predviđaju eroziju ‎statusa američkog dolara, ovo istraživanje polazi od koncepta strukturne moći ‎koji objašnjava razloge postojanosti američkog dolara na samom vrhu globalne monetarne hijerarhije. Hegemonija američkog dolara i dalje je stabilna ‎zbog kontinuiranog povjerenja u vrijednost američkih sigurnosnih garancija od strane saveznika i partnera. Također zbog natprosječne profitabilnosti ‎američkog korporativnog sektora i natprosječnih stopa rasta američke ekonomije u odnosu na ostatak svijeta. Istovremeno je duboka institucionalizacija ‎izvoznih ekonomskih modela suficitarnih država zapreka internacionalizaciji ‎njihovih valuta. Na strani potražnje dolar ne pokazuje zabrinjavajuće znakove ranjivosti, dok na strani ponude još uvijek ne postoje snažni i organizirani ‎konkurenti spremni snositi troškove internacionalizacije.‎‎

In the years before the global financial crisis (GFC), macroeconomic profession converged on many points of how financial markets work and how they should be regulated. However, the course of events mired the majority of European Union (EU) economies in the state of prolonged lower output, higher unemployment and ever-increasing levels of both private and public debt. They have marked an end to the economics profession honeymoon. Afterward, the main debate in the process of designing the crisis management response started to revolve around two opposed macroeconomic views: the New Keynesian and the New Classical/supply-side view. The New Keynesian view relies on the expansionary policy targeted to boost aggregate demand. However, New Classicals/supply-siders advocate structural reforms and austerity as the path out of the current state of economic malaise. We provide an analysis of how those opposing views fail to appreciate the fundamental tenets of our monetary economy and inspire ineffective policies.

This article is aimed at deconstructing the widely spread view according to many media outlets, policy analysts and commentators that the Greek crisis and the subsequent eurocrisis is the result of generous social welfare benefits and fiscal spending irresponsibility on the part of Greek politicians and citizens. The lesson to be drawn from this analysis is multifold. In attempting to do so, I will use critical theory of international relations in order to dissect the very structure of the EMU which inevitably led to the build-up of trade and fiscal imbalances in the EU's periphery as a first theoretical line of argumentation in contesting this view. The second theoretical line of argumentation focuses on social constructivism and its credentials in dealing with the underlying issue of "Greek profligacy". The diffusion of conservative attitudes regarding social welfare is put into the broader context of "new constitutionalism" and neoliberal politics. The application of both theories is aimed at identifying basic culprits which brought about the deadly mix of European banking crisis and sovereign debt crisis, and thereby points to a necessary change in policy stance toward "PIIGS" countries and the very foundation of the EMU. Adapted from the source document.

This article is aimed at deconstructing the widely spread view according to many media outlets, policy analysts and commentators that the Greek crisis and the subsequent eurocrisis is the result of generous social welfare benefits and fiscal spending irresponsibility on the part of Greek politicians and citizens. The lesson to be drawn from this analysis is multifold. In attempting to do so, I will use critical theory of international relations in order to dissect the very structure of the EMU which inevitably led to the build-up of trade and fiscal imbalances in the EU's periphery as a first theoretical line of argumentation in contesting this view. The second theoretical line of argumentation focuses on social constructivism and its credentials in dealing with the underlying issue of "Greek profligacy". The diffusion of conservative attitudes regarding social welfare is put into the broader context of "new constitutionalism" and neoliberal politics. The application of both theories is aimed at identifying basic culprits which brought about the deadly mix of European banking crisis and sovereign debt crisis, and thereby points to a necessary change in policy stance toward "PIIGS" countries and the very foundation of the EMU. Adapted from the source document.

This article deals with fundamental concepts that are the prime cause of financial crises proliferation such as fractional reserve banking system, overleveraging & structural imbalances created in such a fashion. It examines these issues in a completely new manner shedding the light on their alternative interpretation which contrasts conventional wisdom. Unchecked money supply is characterized as the main problem that causes overleveraging, which in turn reinforces property bubbles. The pattern of economic growth that is heavily dependant on rising debt is completely unsustainable. Inflation & increased taxes in order to serve public debt obligations under the privately-owned fractional reserve banking system are not only its by-products but also its vital components. The very logic of the compound interest problem causes spiraling debt, which cannot be supported by constant economic growth that is limited against the finite nature of Earth's natural resources. Pending reform of the present monetary system is key to the solution of most contentious issues in the global economy. Adapted from the source document.