Download Aftershocks: Economic Crisis and Institutional Choice (WRR) by Anton Hemerijck, Ben Knapen, Ellen van Doorne PDF

By Anton Hemerijck, Ben Knapen, Ellen van Doorne

Even though it will be untimely to presume to spot the precise repercussions of the present financial quandary, it really is transparent that it'll have profound results within the political, fiscal, and social spheres. Written in the course of the private fiscal hindrance because the nice melancholy, Aftershocks includes twenty-four essays—based on interviews with students, fashionable eu politicians, and best figures from company and banking—that think about the origins of the trouble in addition to the prospective social, financial, and political modifications it may well engender. one of many members are Barry Eichengreen, Tony Atkinson, David Soskice, Nancy Birdsall, Amitai Etzioni, Helmut Schmidt, and Jacques Delors.


“These reflections by means of teachers, specialists and previous political leaders turn out that neither returning to the recipes of the Eighties and ’90s nor refurbishing the preexisting schemes of the Fifties and ’60s will yield the ideas we want on the household or worldwide point. It places a basic reimagining of the position of public authority and political sovereignty again at the agenda.”

(Frank Vandenbroucke, former Minister of Social Affairs and Pensions of Belgium)

“A must-read for somebody who desires to comprehend the industrial drawback and its aftermath. the intense selection of interviews with specialists, coverage analysts, and political leaders not just demonstrates that we have to have interaction in an immense reevaluation of world in addition to nationwide financial rules, the function of the nation within the economic climate, and neo-liberal doctrine, it additionally offers the simplest beginning point.”

(Vivien A. Schmidt, Boston University)

"A hugely instructive and quietly provocative solution to attempt to make feel of a monetary difficulty is to learn this number of disciplined yet open-ended reflections on either via many of the world's most sensible economists and social scientists. no matter what you consider the quandary now you are going to reconsider upon encountering their trenchant yet nuanced reactions."

(Charles Sabel, Columbia legislations School)


1 diagnosing the hindrance fifty three
A story of 2 Crises 55
Barry Eichengreen

A heritage of Profligate Lending sixty seven Charles Maier

The challenge of Social Deflation seventy four Jean-Paul Fitoussi

The trouble as a Paradigm Shift eighty two Paul de Grauwe

2 exploring family coverage area less than low development ninety one

The importance of Politics 93
Peter A. Hall

Troubleshooting financial Narratives 103 Suzanne Berger

Leadership Imperatives for a Post-Crisis global one hundred ten Stephen Roach

Establishing a brand new Macro-economic coverage Regime 122 Willem Buiter

Varieties of Capitalism; sorts of Reform 133 David Soskice

3 dealing with paradise misplaced 143

Social Discontent in eu Welfare States 145
Mark Elchardus

A concern of Consumerism one hundred fifty five Amitai Etzioni

The ethical financial disaster of latest Capitalism 163 Richard Sennett

Transcending the eu country country 169 Dominique Moïsi

4 embedding a brand new worldwide agreement? a hundred seventy five

The obstacle of worldwide Governance 177
André Sapir

Capitalism 3.0 185 Dani Rodrik

The worldwide improvement time table 194 Nancy Birdsall

The financial predicament and weather switch 201 Anthony Giddens

A tension try out for the Welfare kingdom 207 Tony Atkinson

The G2 and the drawback 212 Amy Chua

5 realigning europe 219

A New eu agreement 221
Loukas Tsoukalis

Europe’s Neo-liberal Bias 228 Fritz Scharpf

Beyond Lisbon 235 Maria João Rodrigues

The Quest for imaginative and prescient 245 Helmut Schmidt

Rekindling the Spirit of Cooperation 252 Jacques Delors


Towards a brand new schedule 259 Ben Knapen

Overview of the Interviews Biographies of the Interviewees 269

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Additional info for Aftershocks: Economic Crisis and Institutional Choice (WRR)

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NBER Working Paper no. 13393. Eichengreen, B. org. Eichengreen, B. H. ‘A Tale of Two Depressions’, VOX. q=node/3421 (last visited: 10 September 2009). Eichhorst, W. and Hemerijck, A. ’ IZA Discussion Paper 3870. Elchardus, M. (2002), De dramademocratie. Tielt: Lannoo. Elchardus, M. ’ WRR Lecture, Democratie: Retoriek, Rethe institutional legacy of the crisis of global capitalism 49 aliteit en Toekomst: Over de Rol van Overheid, Burgers en Media. Etzioni, A. (2004), The Common Good. Cambridge: Polity Press.

Indeed, Richard Sennett notes that the combination of this overly abundant supply of credit with the income stagnation of the middle classes meant that the dominant share of US consumer credit card purchases were spent on health care by Americans without insurance. It was not greed, but rather the necessity and availability of credit that led to the overwhelming indebtedness of American citizens. For Sennett, the culture of the market economy has lost its moral force for the foot soldiers of the new capitalism (Sennett, 2006; 2008).

When the crisis broke, it became apparent that this diversification of risk holding had not been achieved. The deregulation movement had been aimed at the regulated industries in general, and encompassed the banking system only because it was highly regulated. The economists and politicians who pressed for deregulation were evidently not senthe institutional legacy of the crisis of global capitalism 31 sitive to the fact that deregulating banking has a macro-economic significance that deregulating railroads or telecommunications does not.

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