Crisis As Conquest

To What Extent Does The East Asian Experience Provide Us With A Viable Model Of Economic Development? This Tract Seeks To Answer This Through A Careful Analysis Of The Long-Term Development Of The East Asian Economies And Their Recent Crisis. The Tract Shows The Contradictory Implications Of The Process Of Industrialisation And The Problems Of Unregulated Finance Which Makes Liberalised Economies Extra Sensitive To The Slightest Ripple In Investor Sentiments. To Understand The Specificities Of The East Asian Experience, The Tract Looks Carefully At The Histories Of Crises In Other Parts Of The World, And Provides A Powerful Critique Of The Imf Response To Them.

The global financial crisis that exploded around September 2008 was just one more in a series of crises that have affected more than sixty countries in the era of financial liberalization. Of course the latest crisis is particularly significant in a number of ways: it originated in the core of capitalism, in the United States; it has spread dramatically across the world, even to countries that earlier seemed to be relatively secure; it calls into question many of the mainstream economic dogmas that have dominated economic policy-making for more than two decades. Yet, in some other ways, the current crisis is not very different from those that have preceded it in the recent past. July 2007 marked the completion of a decade since the onset of financial crisis in several East and Southeast Asian countries. The crisis of 1997 focused attention on the dangers associated with a world dominated by fluid finance. It brought home the fact that financial liberalization can result in crises even in so-called 'miracle economies'. Prior to the crisis, the pace and pattern of growth in many countries in that region were challenging the dominance of the original capitalist powers over the global economy. The 1997 crisis set back that process, and even after a decade many of these countries have not been able to recover their pre-crisis dynamism. In hindsight, it is clear that currency and financial crises have devastating effects on the real economy. The ensuing liquidity crunch and wave of bankruptcies result in severe deflation, with attendant consequences for employment and the standard of living. The adoption, post-crisis, of conventional IMF stabilization strategies tends to worsen the situation: governments continue to adopt very restrictive macroeconomic policies and restrain public expenditure even in crucial social sectors. Finally, asset-price deflation and devaluation pave the way for foreign capital inflows that finance a transfer of ownership of assets from domestic to foreign investors, thereby enabling a conquest by international capital of important domestic assets and resources. This book delineates the alternative trajectories of post-crisis development in different economies, the lessons they offer and the implications they have for alternative policies. It is important to take stock of these processes because it is becoming evident that the international financial system has still not evolved effective ways of preventing such crises among emerging economies and of reducing their damaging effects. This book therefore has a wider focus than the East Asian 'crisis economies' alone: it tries to situate post-crisis developments in a broader analysis of the recent political economy of international capitalism, in particular, the role of mobile finance. It also offers comparative perspectives on post-crisis restructuring in other developing countries that have experienced crisis; as well as on the experience of other Asian countries that were affected by, but did not experience the financial crisis. While the essays in this book were originally written in 2007, they remain extraordinarily relevant to the present times, not least because they anticipate the processes that led to the global financial meltdown in 2008. Many of them predict the severe impact the current global crisis is having on both financial variables and the real economy, in developing countries in particular. Jayati Ghosh and C.P. Chandrasekhar are both Professors at the Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University, New Delhi.

Drawing on historical sociology, transnational histories and Asian traditions, Duara seeks answers to the pressing global issue of environmental sustainability.

In the past two decades, Québec has been racked by a series of controversies in which the religiosity of migrants and minorities has been represented as a threat to the province’s once staunchly Catholic, and now resolutely secular, identity. In Moments of Crises, Ian Morrison locates these debates within a longer history of crises within – and transformations of – Québécois identity, from the Conquest of New France in 1760 to contemporary times. He argues that rather than seeking to overcome these crises by reconsolidating national identity, Québec should look on them as opportunities to forge alternative conceptions of community, identity, and belonging.

This engrossing popular history makes many intriguing connections between precious metals like gold and silver as sources of economic wealth and the rise of empires, showing that the forces of globalization have been five centuries in the making.

English law underwent rapid transformation in the sixteenth century, in response to the Reformation and also to heightened litigation and legal professionalization. As the common law became more comprehensive and systematic, the principle of jurisdiction came under particular strain. When the common law engaged with other court systems in England, when it encountered territories like Ireland and France, or when it confronted the ocean as a juridical space, the law revealed its qualities of ingenuity and improvisation. In other words, as Bradin Cormack argues, jurisdictional crisis made visible the law’s resemblance to the literary arts. A Power to Do Justice shows how Renaissance writers engaged the practical and conceptual dynamics of jurisdiction, both as a subject for critical investigation and as a frame for articulating literature’s sense of itself. Reassessing the relation between English literature and law from More to Shakespeare, Cormack argues that where literary texts attend to jurisdiction, they dramatize how boundaries and limits are the very precondition of law’s power, even as they clarify the forms of intensification that make literary space a reality. Tracking cultural responses to Renaissance jurisdictional thinking and legal centralization, A Power to Do Justice makes theoretical, literary-historical, and methodological contributions that set a new standard for law and the humanities and for the cultural history of early modern law and literature.