Suchergebnisse

Critically engages with analyses of fundamental principles associated with capitalist crisis as differently presented in the theories of Karl Marx and John Maynard Keynes. Critiques the narrow labour-focused account of Marx's circuit theory of capital found in so-called 'Open Marxism'. Highlights the importance of Keynes's treatment of money as an independent variable to the further development of circuit and crisis theories. More generally opens up Marxian circuit and crisis theory to broader heterodox perspectives in political economy, especially critical Keynesian and Schumpeterian perspectives. Seeks to apply a critical evaluation of crisis and circuit theories to the contemporary global financial crisis, not least by critiquing Peter Burnham's 'depoliticisation' account of the crisis of macro-economic management. Argues instead that the politicized nature of money remains deeply embedded both nationally and internationally. This article critically engages with Peter Burnham's recent call for a 'return to fundamentals' and specifically to Marx as a basis for understanding the global financial crisis (GFC) and its still unfolding aftermath. The article criticises Burnham's 'Open Marxist' account of Marx's capital theory and his reading of the crisis in terms of 'depoliticisation' and the reassertion of the law of value over the state. The article focuses on Schumpeterian and Keynesian theories of crisis and crisis management as derived from fundamentals. It argues that Keynes, in particular, offered a theory of crisis that, while consistent with Marx's circuit theory of capital, was also distinct in its focus on money. In short, Keynes politicised money and its management. How the current global crisis is ultimately resolved depends crucially on understanding both the limits and possibilities for the repoliticisation of money in the post-neoliberal era. Adapted from the source document.

The author tackles the ways of further development of Russia and its perspectives in the global world. The main directions in national scientific thought are analyzed - the theories of Westernization, Isolationism, and Eurasianism. Special attention is paid to the theory of modernization as an effective way of overcoming the crisis in contemporary Russian society, which proposes innovative methods of rebuilding Russia's political and economic systems, taking into account the effects of the global financial crisis. The article also highlights the problem of deep spiritual crisis in modern Russian society and suggests a solution for that problem. It supposes an upgrade in the spiritual sphere, the formation of a new mentality, innovative ideology, in which the factors of human creativity, energy and initiative will occupy the leading position.

The article begins with an overview of the causes of the economic and financial crisis that struck in the fall of 2008. It then sets out to show how the failure to give due consideration to collective consumer interests and representation led to a lopsided interpretation of the role control agencies were expected to play. It concludes with the idea that effective political involvement by consumers is an essential safeguard in a democracy and an important factor for softening the impact of economic crises on consumers in the future. ; Este artículo inicia con un panorama de las causas de la crisis económica y financiera que golpeó en el otoño de 2008; después continúa mostrando cómo el error que significó no dar la consideración debida a los intereses colectivos de los consumidores llevó a una interpretación miope del papel que las agencias de control debían desempeñar. Concluye con la idea de que un involucramiento político de los consumidores es una garantía fundamental para una democracia y un factor importante para suavizar el impacto de las crisis económicas sobre los consumidores en el futuro.

Purpose
– In this paper, two different ownership structures in Belgian banks are studied to see whether this had an impact on how these banks went through the financial crisis of 2007-2008. On the one hand, there is the concentrated ownership structure with a number of major shareholders, while on the other hand, the ownership can be really dispersed with no shareholder having a significantly large stake and ability to influence management's decisions.


Design/methodology/approach
– The authors study three large Belgians banks. Dexia and KBC followed the first model (concentrated ownership), while Fortis' ownership was really dispersed since the year 2000. The authors perform several interviews with people involved with these banks during the crisis and analyze several external sources of information.


Findings
– The mitigating impact that major shareholders could have had on the – in hindsight – wrong decisions of Belgian banks' top managers is found to be very limited. Therefore, it can be concluded that the dispersed ownership structure of Fortis was not an important factor in its collapse. Nevertheless, a concentrated ownership structure has been found out to help in case of financial distress, mainly because governments will be more inclined to participate to bailouts when a sound rescue strategy, elaborated with the help of a stable and concentrated ownership structure, is present.


Originality/value
– By performing interviews, the authors get an insider's point of view of these banks during the crisis.

The paper discusses the depth of South Africa's economic crisis, the source of funds for the regime and the vastly increased costs of maintaining apartheid, foreign debt and agreements for rescheduling, opposition of church leaders to rescheduling, the impact of financial sanctions on South Africa and other issues. (DÜI-Sen)

The recent financial crisis has forced politics to overthink regulatory structures and compliance mechanisms for the financial industry. Faced with these new challenges the financial industry in turn has to reevaluate their risk assessment mechanisms. While approaches to assess financial risks, have been widely addressed, the compliance of the underlying business processes is also crucial to ensure an end-to-end traceability of the given business events. This paper presents a novel approach to predict entry times and other key performance indicators of such events in a business process. A loan application process is used as a data example to evaluate the chosen feature modellings and algorithms.

ABSTRACT
This article explores the question of legitimacy that underpins Basel III. First, I present a general framework for assessing how legitimacy operates within the global financial system through an analysis of the internal and external dimensions. I next address the internal dimension, exploring the legitimacy of the Basel Committee on Banking Supervision (BCBS) as a body that exercises a type of public authority through the generation of norms/standards. I then analyse how the public law standards of transparency and accountability are currently being implemented within the BCBS system. Finally, I examine the external dimension, considering how the legitimacy of the BCBS is related to the international system. In particular, it is argued that because of the direct link between bailouts and human rights violations, the legitimacy of the BCBS is also tied to its role in promoting financial stability in the post-crisis architecture by protecting social rights within states.

Student debt has been dated back to 1965 when the federal government began guaranteeing student loans. Today in 2021 student debt is now a crisis. Solutions have been trialed and errored when trying to forgive student debt, but no one solution seems to work right for students with outstanding debt today. Here are some of the effects student debt can cause and why debt needs to be prevented for future students.