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Over the past decades, economists have witnessed with growing uneasiness their failure to explain the ballooning of public debt in most countries. This book provides an alternative orientation that explains why concepts of public debt that are relevant for authoritarian regimes are not relevant for democratic regimes. Using methodological individualism and micro-economics, this book overcomes flaws inherent in the standard macro approach, according to which governments manipulate public debt to promote systemic stability. This unique analysis is grounded in the writings of Antonio de Viti de Marco, injecting current analytical contributions and formulations into the framework to offer a forthright insight into public debt and political economy.
'Monetary Union, Employment and Growth provides a thorough and well-developed analysis of the macroeconomic and microeconomic implications of the single currency.' - Terrence Casey, Journal of European Area Studies 'This book offers an in-depth discussion of two highly topical European issues - the single currency and unemployment - making it suitable for professional economists and post-graduate students in economics, international relations and European studies.' - European Access There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets.
Exploring regionalism from a political economic perspective, this text investigates why regional arrangements are formed, the conditions under which these arrangements solidify, and why they take on different institutional forms.
This book brings together some leading and emerging scholars who bring an alternative view on some of the most pressing issues of today. In addition to key concepts in post-Keynesian and heterodox economics, the authors also explore financialization, debt, income distribution, and policies, and the emerging threat of dualism. Policy makers and scholars alike will find the book a much need addition to the field.
The principal message of this book is that international financial enterprises must be reoriented towards funding productive activities rather than potentially destabilizing speculation. The effects of financial sector operations are addressed with serious warnings that the dangers of speculative destabilization are increasing as regulatory and market discipline gradually weakens. The Structural Foundations of International Finance examines the ways in which national economies, especially those of industrialized countries, are affected by the operations of international financial markets. Although these markets provide productive funding, there is also much speculative trading in stocks and currencies which can cause booms, slumps and hinder recovery. The authors advocate entrepreneurial coordination by productive enterprises for balanced and stable growth, with reduced risks of financial crises and recessions.
Karremans investigates the concern that financial considerations are more important than people's demands through the comparative study of five countries - Austria, France, Germany, Italy, and Spain - and explores how governments maintain a balance between institutional responsibility and democratic responsiveness.
Offers two theses - first, on why the rise of a monetarist approach to economic policy in Britain in the 1970s enabled the Thatcher government's success in reducing inflation in the 1980s and the second, on how the abandonment of them in the mid-1980s led to inflation in the late 1980s.
The dynamics of transatlantic relations in the twenty-first century have been shaped by an American preference for the exercise of its considerable 'hard power' capabilities while Europeans have preferred to draw upon the considerable 'soft power' resources that have grown from their enviable internal processes of integration. These diverging power preferences have differential impacts on the management of Atlantic security, economic, and social and cultural relations. The contributors, long-time observers and analysts of the Atlantic partnership, debate how problematic security relations are likely to continue to be, discuss how successfully economic affairs will be managed, and examine the continuing frictions in domestic politics of social and cultural matters that should be manageable if both European and American leaders work actively and responsibly to encourage policy convergence.
The effective governance of global money and finance is under enormous stress. Deep changes over the last decade in capital markets, exchange rate systems, and government finances suggest dramatic shifts in the contours of monetary power, with tensions rising between the functional logic of international economics and the geographic logic of state-centered politics. Governing the World's Money assesses those tensions and the prospects for their peaceful resolution. Governing the World's Money surveys the frontiers of the global monetary system in ten original essays. Leading scholars of international relations and economics explore the evolution of the instruments available to policy officials for monetary governance. As they analyze the contemporary reordering of political authority in a market-oriented global economy, they open new pathways for the study of regional monetary integration and international institutional reform.
The Great Recession of 2009-2011 has left us short of instruments, bereft of confidence, and generally unprepared for a low-growth world. In this book, more than a dozen noted scholars discuss the prospects for future regrowth within analyses of key policy problems, major markets, and promising avenues for stimulating long-term economic growth.