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First, in theoretical terms, this analysis moves beyond a theoretical commitment to rationalism as it offers a constructivist-institutionalist analysis of the inefficiencies which cause crises. Secondly, in historical terms, its shows how stability has caused instability, as the Progressive, Keynesian and neoliberal orders were undermined by an overconfidence which presaged the Great Depression, Great Stagflation, and Global Financial Crisis. Thirdly, in policy terms, it directs attention to the regulatory prerequisites to wage, price or asset stability, and so accords with contemporary arguments for the “macroprudential” regulation of financial markets.
In chapter eight, I argue that overconfidence in a “Great Moderation” of ideas and market trends spurred the accommodation of financial power over the 2000s, leading to the collapse of the neoliberal order in the Global Financial Crisis. First, after the dot-com crash of 2000-2001, fiscal, monetary, and regulatory accommodation would be reinforced by a consensus on the ability of policymakers to stabilize the subprime bubble. Secondly, while the Global Financial Crisis would witness an initial repudiation of this consensus, the scope for reform would also be limited by the need for fiscal, monetary and regulatory accommodation to enable recovery. Subsequently, an incomplete transformation would see the continued support for asset-price bubbles and “Too Big to Fail” institutions maintained alongside incremental efforts at promoting competition in the shadow banking system and advancing macroprudential reform.
Capitalism is central to our understanding of contemporary economic and political life and yet what does it really mean? If, as has now been shown to be the case, capital and property rights existed in pre-modern and pre-capitalist societies, what is left of our understanding of capitalism? Steven G. Marks' provocative new book calls into question everything we thought we knew about capitalism, from the word's very origins and development to the drivers of Western economic growth. Ranging from the Middle Ages to the present, The Information Nexus reveals that the truly distinctive feature of capitalism is business's drive to acquire and analyze information, supported by governments that allow unfettered access to public data. This new interpretation of capitalism helps to explain the rise of the West, puts our current information age into historical perspective, and provides a benchmark for the comparative assessment of economic systems in today's globalized environment.
Over the past century, the rise and fall of economic policy orders has been shaped by a paradox, as intellectual and institutional stability have repeatedly caused market instability and crisis. To highlight such dynamics, this volume offers a theory of economic ideas in political time. The author counters paradigmatic and institutionalist views of ideas as enabling self-reinforcing path dependencies, offering an alternative social psychological argument that ideas which initially reduce uncertainty can subsequently fuel misplaced certainty and crises. Historically, the book then traces the development and decline of the progressive, Keynesian, and neoliberal orders, arguing that each order's principled foundations were gradually displaced by macroeconomic models that obscured new causes of the Great Depression, Great Stagflation, and Global Financial Crisis. Finally, in policy terms, Widmaier stresses the costs of intellectual autonomy, as efforts to 'prevent the last crisis' have repeatedly obscured new causes of crises.
This book offers the first comprehensive study of economic conditions and economic life in Roman cities during the late Republic and early Empire. By employing a sophisticated methodology based upon comparative evidence and contemporary economic theory, the author develops interlocking arguments about the relationship between four key attributes of urban economic life in Roman antiquity: the nature and magnitude of consumer demand; the structure of urban labour markets; the strategies devised by urban artisans in their efforts to navigate their social and economic environments; and the factors that served to limit both the overall performance of the Roman economy, and its potential for intensive growth. While the author's methodology and conclusions will be of particular interest to specialists in economic history, other readers will profit from his discussion of topics such as slavery and manumission, the economic significance of professional associations, and the impact of gender on economic behaviour.
In a wide-ranging and provocative new study, Bert A. Spector provides a critical analysis of past and present theories of leadership. Spector asserts that our perception of leadership influences who we vote for, who we hire and promote, and ultimately, who we choose to grant our authority to. Focusing on leadership in discourse, the book sets out to explore how the notion of leadership has been articulated, studied and debated by academics, but also by practitioners, journalists, and others who seek to influence the thoughts of others. Paying particular attention to the social, economic, political, intellectual and historical forces that have helped shape the discussion, Discourse on Leadership offers an insightful historiography of leadership as a concept and considers how our understanding of it continues to evolve.
This authoritative and readable survey is a comprehensive historical overview of federal taxation and fiscal policy in the United States, extending from the era of the American Revolution to the present day. Brownlee relates the principal stages of federal taxation to the crises that led to their adoption, including but not limited to: the formation of the republic, the Civil War, World War I and II, and the challenges to government that took hold during the 1980s. In this third edition, Brownlee adds four new chapters covering the colonial era, the American Revolution, the Civil War, the 1920s, and the post-1945 era including the tax policies of the George W. Bush and Barack Obama administrations. It features expanded discussion of government expenditures, deficits and debt, public resources, counter-cyclical fiscal policy, and state and local taxation. Its interdisciplinary interpretation makes it perfect for scholars, graduate students and advanced undergraduate students.
In this engaging new study, John D. Wong examines the Canton trade networks that helped to shape the modern world through the lens of the prominent Chinese merchant Houqua, whose trading network and financial connections stretched from China to India, America and Britain. In contrast to interpretations that see Chinese merchants in this era as victims of rising Western mercantilism and oppressive Chinese traditions, Houqua maintained a complex balance between his commercial interests and those of his Western counterparts, all in an era of transnationalism before the imposition of the Western world order. The success of Houqua and Co. in configuring its networks in the fluid context of the early nineteenth century remains instructive today, as the contemporary balance of political power renders the imposition of a West-centric world system increasingly problematic, and requires international traders to adapt to a new world order in which China, once again, occupies center stage.