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Crisis? What crisis? Currency vs. banking in the Financial Crisis of 1931
This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through the Gold Standard played only a minor role in causing and propagating the crisis, while financial distress was important. We also find evidence of crisis propagation from Germany to the U.S. via the banking channel. Banking distress in both economies was apparently not endogenous to monetary policy. Results confirm Bernanke's (1983) conjecture that an independent, non-monetary financial channel of crisis propagation was operative in the Great Depression.
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Crisis in Socialism or Crisis of Socialism?
In: World politics: a quarterly journal of international relations, Band 42, Heft 4, S. 563-596
ISSN: 1086-3338
The immediate causes of the current crisis in socialism are the highly authoritarian and extremely hierarchical political and economic structures created by Leninism. Yet the collapse of state socialism also appears to be part of a more general crisis of socialism, a crisis that includes even its potentially more democratic variants. At the core of this broader crisis lies the diminishing appeal of the publicly owned enterprise, an institution that has always been central to the very definition of socialism, but whose economic advantages are called into question by the recent and rapid development of global markets in factors of production and especially in assets. Consequently, communism's demise by no means signifies a victory for either democratic socialism or even social democracy.
On the Economic Crisis and the Crisis of Economics
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Working paper
Europe: The Crisis Within a Crisis
In: International journal of political economy: a journal of translations, Band 41, Heft 3
ISSN: 1558-0970
The European crisis is not a new crisis but an extension of the global crisis that started in 2007. It represents the third stage of the global crisis and is characterized by a combination of signs of productive recovery in some countries with recession in others, by the reproduction of the neoliberal orthodoxy in the economic policy of the major countries, and the formation of new areas of speculative bubbles and financial fragility. There are many institutional weaknesses in the European Union following the crisis: the lack of a lender of last resort; the neoliberal configuration of the institutional framework; the absence of mechanisms that would permit governments to reduce budget deficits other than through deflationary methods; and the lack of fiscal coordination. However, the problems of the European Union go beyond these institutional deficiencies: there are contradictions and difficulties on the structural level that go back to the beginning of the integration process. The main problem is that the euro, in contrast to the currencies of the developed countries (dollar, pound, yen), has no regional productive system, and much less a state, behind it. Adapted from the source document.
Crisis in Socialism or Crisis of Socialism?
In: World politics: a quarterly journal of international relations, Band 42, Heft 4, S. 563
ISSN: 0043-8871
Crisis for the State or Crisis of the State?
In: The political quarterly, Band 82, Heft 2, S. 193-203
ISSN: 1467-923X
The Conservative‐Liberal Democrat government's policy risks turning the financial crisis into a crisis of the state. This article argues that the current trajectory of the British state risks exacerbating the very social antagonisms which it has fought so hard to contain in recent years. It contends that the crisis (2007–09) was a crisis of neoliberalism and yet, paradoxically, neoliberalism—in the form of further depoliticisation and a new politics of debt—is being re‐invoked to deal with the post‐apocalyptic condition of the British economy. The article suggests that the state lacks the necessary political discourse to secure popular consent and—as a result—is resorting to a more coercive form of political management; and that the effects of austerity are being offset through an increased indebtedness of the British public. Both risk igniting social conflict. In the conclusion several points are indicated for an alternative political agenda.
From the Crisis of Corporatism to the Crisis of Governance
In: 125 – 39 in Poul F. Kjaer and Niklas Olsen (eds.): Critical Theories of Crises in Europe: From Weimar to the Euro (London: Rowman & Littlefield, 2016).
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Working paper
Crisis y enfermeras ; Crisis and nurses
A nadie se le escapa que estamos en crisis. Ya se encargan todos los días los medios de comunicación, las agencias de riesgo y los abstractos pero decisivos mercados de recordárnoslo. Y en esta crisis, profunda, prolongada y angustiosa los sistemas sanitarios se han puesto en el punto de mira de los gobiernos, nacionales y trasnacionales, como elementos clave de generación y resolución de la crisis. De generación porque se interpreta que su ineficiencia es responsable en gran parte de la crisis. De resolución porque se entiende que las actuaciones que sobre los mismos se lleven a cabo favorecerán la salida. Así pues nos encontramos con dos elementos clave: crisis y sistemas sanitarios, que se conjugan de manera muy diferente pero que inevitable y lamentablemente han sido asociados de forma permanente. Para poder entender esta simbiosis y tratar de analizarla partiré de la sencilla fórmula de entender semánticamente lo que es crisis y lo qué es crisis sanitaria. ; Nobody can escape that we are in crisis. Already are responsible every day media, risk agencies and abstract but crucial markets reminded us. In this crisis, deep, prolonged and distressing health systems have been in the spotlight of national Governments and corporations, as key elements of building and resolution of the crisis. Generation because it interprets its inefficiency is responsible for much of the crisis. Resolution because it is understood that actions that envelope the same are carried out they shall foster the output. So then we have two key elements: crisis and health systems, which combine very differently but which inevitably and unfortunately, have been associated on a permanent basis. To understand this symbiosis and try to analyze it I operate the simple formula of semantically understanding what is crisis and what health crisis.
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Krise der Psychologie oder Psychologie der Krise?
In: Psychologie und Gesellschaftskritik, Band 15, Heft 1, S. 13-29
Welchen Beitrag kann die wissenschaftliche Psychologie zur Gestaltung unserer Lebensbedingungen leisten angesichts der Herausforderungen der gegenwärtigen sozial-ökonomischen Krise? Zur Diskussion dieser Frage geht der Autor aus von einer - bewußt vereinfachenden - Gegenüberstellung zweier Wissenschaftsauffassungen in der Psychologie; der naturwissenschaftlich-nomologischen und der sozialwissenschaftlich-hermeneutischen. Die Überlegungen gliedern sich in drei Thesen: (1) Die "Krise der Psychologie" besteht in der Blindheit des nomologischen Wissenschaftsverständnisses für die gegenwärtige gesellschaftliche Krise. (2) Die nomologische Psychologie kann zur Bewältigung lebenspraktischer Problemlagen strukturell nur "Anfängerwissen" beisteuern. (3) Aus dem hermeneutischen Ansatz läßt sich demgegenüber eine "Psychologie der Krise" bzw. der Krisenbewältigung entwickeln. Die vertretene Gegenposition besteht in der Forderung, die wissenschaftliche Psychologie zu einer Psychologie zu entwickeln, deren Gegenstand Krisen und Konflikte im menschlichen Zusammenleben sind. Das erfordert ein Wissenschaftsverständnis, dessen Grundlage nicht das Messen, sondern das Sinnverstehen ist. Hierzu gibt es neben dem akademischen "Hauptstrom" der nomologischen Psychologie vielfältige Ansätze einer verstehenden, humanistischen, phänomenologischen, historischen, kritischen, kultur-, sozial- und geisteswissenschaftlichen Psychologie. (pmb)
A crisis of care or a crisis of work?
In: IPPR progressive review, Band 25, Heft 3, S. 301-311
ISSN: 2573-2331
A 'politics of time' that enables greater autonomy and time for relationships could address the care crisis and be a powerful vote winner
ECONOMIC CRISIS AND CRISIS OF POLITICAL PARADIGM ; ????????? ????? ??? ????? ????????? ?????????
In this paper we consider modern economy crisis regarding conflict of two matrix: economic-political organizing of society which marked modern western civilization, or in other words collectivism model and its planned economy versus individualism model and its market economy. Although matrix of individualism has become a winner over communism, modern crisis seems to launch the question on of clearness of attitude about the concept's superiority. Crisis` difficulties definition includes no existing dominant paradigm which could be used in understanding modern society. ; ? ???? ?????? ?????????? ????????? ????????? ????? ???? ?????? ?????? ????? ??????? ?????????-?????????? ???????????? ??????? ??????? ???? ?? ????????? ??????? ??????? ????????????, ??. ???????????????? ?????? ? ???? ?????????? ??????? ????????, ?? ????? ??????, ? ?????????????????? ?????? ? ???? ?????????? ??????? ????????, ?? ????? ??????. ???? ?? ????????????????? ??????? ????? ????? ????????? ???????? ??? ?????????, ????????? ????? ???? ?? ?? ?????? ? ?????? ??????????????? ???????? ? ???????????? ????????. ?????? ????? ????? ?? ???????? ? ?????? ??????????? ???????????? ????????? ????? ???????? ????????? ???????.
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The Theory of Crisis after Crisis
In: Ekonomske teme: Economic themes, Band 52, Heft 1, S. 1-12
ISSN: 2217-3668
The global economic system and the world crisis are a reality, and hence the challenge for modern economic theory, which is to provide a valid response to its development and overcoming the crisis. The prevailing economic theory and methodology (neo-liberal paradigm) in this field demonstrates serious defects, so this paper attempts to show that the relative nature of economic theory is in expressing the social prejudices of its time. Demystification of the ideological and political foundations of what is today considered "objective knowledge" in the economy, is only possible with the affirmation of a new scientific methodology of economics, i.e. the new philosophy of economics. The aim of the paper is to stimulate thinking and different views on this subject.
The Crisis of Marxism, the Crisis of Politics
In: Dissent: a journal devoted to radical ideas and the values of socialism and democracy, Band 39, S. 221-225
ISSN: 0012-3846
In a discussion of the crisis of Marxist emancipatory politics, a clear distinction is drawn between Marxist-Leninist realizations in the world & theoretical Marxism. Marxist economics are invalid because Karl Marx made the commoditization of labor -- the practical but unattainable objective of capitalism -- into a theoretical axiom. His materialist conception of history, along with the historical laws, are also untenable. His teleological version of history is equally flawed, since it eliminates possibilities of choice & of politics. The political aspects of Marx's writings that deal with the history that humans unconsciously make under determinate conditions are also examined. Although Marx's theory is one of the most radical attempts at a critique of the social order, its failing is not reason to abandon social & individual autonomy. J. Sadler
Crisis in Asia: a crisis of globalisation?
In: Asien: the German journal on contemporary Asia, Heft 70, S. 29-47
ISSN: 0721-5231
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