The Economy And Economics After Crisis

Economics After the Crisis is an introductory economics textbook, covering key topics in micro and macro economics. However, this book differs from other introductory economics textbooks in the perspective it takes, and it incorporates issues that are presently underserved by existing textbooks on the market. This book offers an introduction to economics that takes into account criticisms of the orthodox approach, and which acknowledges the role that this largely Western approach has played in the current global financial and economic crisis. A key feature of the book is its global approach: it offers examples from countries all over the world, including from developing and emerging economies. The chapters discuss all major economic topics, including individuals and households; the behaviour of consumers; the behaviour of firms; markets; the role of the state; public goods and commons; labour markets; capital markets; the macroeconomic flow; economic growth; international trade; nature and environmental externalities; poverty and wellbeing. Throughout, the book presents theoretical perspectives in which social structures, relatedness, uncertainty, and social norms provide key economic explanations, contrasting these with the idealized worldview of neoclassical economics. Economics After the Crisis is designed for a one-semester introductory course in economics, primarily at undergraduate but also at postgraduate level, and is suitable for students from a range of disciplines. It will be of particular relevance to those students with an interest in developing economies. https://www.coursera.org/learn/economicsfromapluralistperspective

A noted economist challenges the fundamental economic assumptions that cast economic growth as the objective and markets as the universally applicable means of achieving it. The global economic crisis of 2008–2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view. The crisis of 2008–2009, he writes, should prompt a wide set of challenges to economic and political assumptions and to economic theory. Turner argues that more rapid growth should not be the overriding objective for rich developed countries, that inequality should concern us, that the pre-crisis confidence in financial markets as the means of pursuing objectives was profoundly misplaced.

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.

ÔThis outstanding book examines whether and how the finance-led growth model can be transformed. The authorsÕ insightful analyses make significant contributions to our understanding of the global economic crisis since 2008 and the search for possible new paths beyond the crisis.Õ Ð Stein Kuhnle, University of Bergen, Norway and Hertie School of Governance, Germany ÔThis book sheds a powerful light on the current uncertainty of the world economy. Indispensable reading for understanding the roots of the crisis and the possible ways out.Õ Ð Carlota Perez, Technological University of Tallinn, Estonia and London School of Economics, UK This timely and far-reaching book addresses the long-term impact of the recent global economic crisis. New light is shed on the crisis and its historical roots, and resolutions for a more robust, resilient future socio-economic model are prescribed. Leading experts across a range of field including macroeconomics, politics, economic history, social policy, linguistics and global economic relations address key issues emerging from the crisis. They consider whether a new era in interactions between state, society and markets is actually dawning, and whether the finance-led economic growth model will be transformed into a new and more stable model. The role of the crisis in economy, polity and society, in shaking up existing institutional regimes and in paving the way for new ones is also discussed. Post-crisis combinations of state-society-economy relations are identified, and the question of whether the crisis has led to the reconsideration of economic relations and their institutional embeddedness is explored. This challenging book will provide a thought provoking read for academics, students and researchers focusing on economics, political science and sociology. Policymakers in the fields of economic, industrial and social policy will also find this book to be an informative point of reference.

The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system has had a negative impact on the willingness of financial institutions to give credit to companies for investment. Therefore, the key issue for current economic policy is to find a balance between the stabilisation of public finance and maintaining the momentum of long-term growth. This book offers an evolutionary-developmental analysis, combining elements of neo-Schumpeterian economics, institutional economics and post-Keynesian economics, to show that selection processes within an economy, and the institutional rules shaping those processes, are substantially more important than usually recognised by evolutionary economic theory. Two major challenges for economic theory and policy, in particular, have emerged during the crisis. The first is the rise of unemployment coupled with growing public deficits. The second is the financial instability which threatens the permanence of economic development. This book examines the performance of the advanced economies since the crisis and explores why some of them have been more successful in tackling these challenges than others. It is argued that the reasons for the varied performances of these economies lie in the economic policies which were introduced before and in the aftermath of the crisis and the differences in the regulation of their labour markets. This volume will be of interest to students and academics in the areas of macroeconomics, public economics and public management.

Russia After the Global Economic Crisis examines this important country after the financial crisis of 2007–09. The second book from The Russia Balance Sheet Project, a collaboration of two of the world's preeminent research institutions, the Peterson Institute for International Economics and the Center for Strategic and International Studies (CSIS), not only assesses Russia's international and domestic policy challenges but also provides an all-encompassing review of this important country's foreign and domestic issues. The authors consider foreign policy, Russia and its neighbors, climate change, Russia's role in the world, domestic politics, and corruption.

This timely book casts new light on the key issues arising from the contentious debate around the future of the European Social Model. Marie-Ange Moreau brings together leading experts to provide a thorough and well-informed response to the recent developments in European social and labour law and policy, in the light of institutional changes. The contributing authors provide unique insights as they evaluate the impact of the enlargement processes, the implications of the Lisbon Treaty, the integration of the Charter into EU law and, crucially, the evaluation of the European evolutions in the context of the economic crisis. Before and After the Economic Crisis will appeal to academics, researchers and graduate students working on European labour law, industry relations, social policy and gender issues and related topics in economics and political sciences.

"Aftershocks was written in the midst of the deepest economic crisis since the Great Depression. Although it would be premature to presume to identify the repercussions of the crisis, it is clear that it will have profound aftershock effects in the political, economic, and social spheres. The book contains essays based on semi-structured interviews with leading scholars, European politicians and representatives from the world of business. They reflect on the origins of the crisis as well as the possible social, economic, and political transformations it may engender."--Publisher's description.