hall of mirrors the great depression the great recession and the uses and misuses of history

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Hall Of Mirrors

Author : Barry Eichengreen
ISBN : 9780190621070
Genre :
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"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--

Hall Of Mirrors

Author : Barry Eichengreen
ISBN : 9780199392001
Genre : Business & Economics
File Size : 57. 16 MB
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"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--

Hall Of Mirrors

Author : Barry Eichengreen
ISBN : 9780199392025
Genre : Political Science
File Size : 69. 77 MB
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The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and suffering were widespread. The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe, Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubled banks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quickly came back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurely succumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe. Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the "lessons" of Great Depression history continue to shape society's response to contemporary economic problems, but also how the experience of the Great Recession will permanently change how we think about the Great Depression.

Golden Fetters

Author : Barry Eichengreen
ISBN : 9780199879137
Genre : Business & Economics
File Size : 38. 74 MB
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This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally constrained the economic policies that were pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.

The Globalization Of Inequality

Author : François Bourguignon
ISBN : 9781400885558
Genre : Business & Economics
File Size : 77. 9 MB
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In The Globalization of Inequality, distinguished economist and policymaker François Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countries. Exploring globalization's role in the evolution of inequality, Bourguignon takes an original and truly international approach to the decrease in inequality between nations, the increase in inequality within nations, and the policies that might moderate inequality’s negative effects. Demonstrating that in a globalized world it becomes harder to separate out the factors leading to domestic or international inequality, Bourguignon examines each trend through a variety of sources, and looks at how these inequalities sometimes balance each other out or reinforce one another. Factoring in the most recent economic crisis, Bourguignon investigates why inequality in some countries has dropped back to levels that have not existed for several decades, and he asks if these should be considered in the context of globalization or if they are in fact specific to individual nations. Ultimately, Bourguignon argues that it will be up to countries in the developed and developing world to implement better policies, even though globalization limits the scope for some potential redistributive instruments. An informed and original contribution to the current debates about inequality, this book will be essential reading for anyone who is interested in the future of the world economy.

Maynard S Revenge

Author : Lance Taylor
ISBN : 9780674059535
Genre : Business & Economics
File Size : 52. 38 MB
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This book’s title gives it to you straight: it’s about how the collapse of 2008 brought Keynes back with a bullet. Taylor’s principal aims are, first, to show how ineffective and inappropriate are the dominant approaches to macroeconomics of the past 30‐40 years (which have been succinctly summed up as “pre-Keynesian theory after Keynes” ); and, secondly, to show how Keynes and post-Keynesian writers, whose ideas in recent years have been greatly downplayed and even ridiculed by the bulk of the profession, contain the proper bases on which to erect both understanding and effective policy proposals.

Bridging The Pacific

Author : C. Fred Bergsten
ISBN : 9780881326925
Genre : Business & Economics
File Size : 41. 29 MB
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The terrain of the world trading system is shifting as countries in Asia, Europe, and North America negotiate new trade agreements. However, none of these talks include both China and the United States, the two biggest economies in the world. In this pathbreaking study, C. Fred Bergsten, Gary Clyde Hufbauer, and Sean Miner argue that China and the United States would benefit substantially from a bilateral free trade and investment accord. In the process, they contend, each country would also achieve progress in addressing its internal economic challenges, such as the low saving rate in the United States. Achieving greater trade and investment integration could be accomplished with one comprehensive effort or through step-by-step negotiations over key issues. The authors call on the United States to seek liberalization of China's services sector as vital to securing an agreement, and they explain that such contentious matters as cyber espionage and currency manipulation be handled through parallel negotiations rather than in the agreement itself. This is an important study of the benefits and difficulties of a complex matter that could yield dividends to the two economies and help stabilize the security and well-being of the rest of the world.

Renminbi Internationalization

Author : Barry Eichengreen
ISBN : 9780815726128
Genre : Political Science
File Size : 78. 64 MB
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Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.

From Mission To Microchip

Author : Fred Glass
ISBN : 9780520288409
Genre : History
File Size : 82. 70 MB
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There is no better time than now to consider the labor history of the Golden State. While other states face declining union enrollment rates and the rollback of workers’ rights, California unions are embracing working immigrants, and voters are protecting core worker rights. What’s the difference? California has held an exceptional place in the imagination of Americans and immigrants since the Gold Rush, which saw the first of many waves of working people moving to the state to find work. From Mission to Microchip unearths the hidden stories of these people throughout California’s history. The difficult task of the state’s labor movement has been to overcome perceived barriers such as race, national origin, and language to unite newcomers and natives in their shared interest. As chronicled in this comprehensive history, workers have creatively used collective bargaining, politics, strikes, and varied organizing strategies to find common ground among California’s diverse communities and achieve a measure of economic fairness and social justice. This is an indispensible book for students and scholars of labor history and history of the West, as well as labor activists and organizers.

The People S Money

Author : Paola Subacchi
ISBN : 9780231543262
Genre : Business & Economics
File Size : 24. 50 MB
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Many of the world’s major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi’s growth, and it has become clear that the underpowered currency is threatening China’s future. The nation’s leaders now face the daunting task of strengthening the currency without losing control of the nation’s economy or risking total collapse. How are they approaching this challenge? In The People’s Money, economist Paola Subacchi introduces readers to China’s monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in1978. She revisits the policies that fostered the country’s economic rise while at the same time purposefully creating a currency of little use beyond China’s borders. She shows the key to understanding China’s economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China’s ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the renminbi’s reach will play a major role in securing China’s future.

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