...THE CAUSES OF AMERICAN BUSINESS CYCLES: AN ESSAY IN ECONOMIC HISTORIOGRAPHY Peter Temin* This paper surveys American business cycles over the past century. Its task is to identify the causes of these cycles; other papers in this collection address the nature of policy responses to these causes. This paper can be seen as a test to discriminate between two views of the American economy. The first is expressed in a characteristically vivid statement by Dornbusch, who proclaimed recently: “None of the U.S. expansions of the past 40 years died in bed of old age; every one was murdered by the Federal Reserve” (Dornbusch 1997). This stark view can be contrasted with its opposite in the recent literature: “[N]one of the popular candidates for observable shocks robustly accounts for the bulk of business-cycle fluctuations in output” (Cochrane 1994, p. 358). I expand the time period to consider the past century, but it is easy to distinguish the past 40 years, that is, the period since World War II. A survey of business cycle causes over an entire century runs into several problems, of which three seem noteworthy. First, it is not at all clear what “cause” means in this context. Second, the Great Depression was such a large cycle that it cannot be seen as just another data point. Third, the survey relies on the existing literature on business cycles, which is why I have entitled it an essay in economic historiography. The paper proceeds by discussing each of these problems in turn, then...
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...orthodox or Greek Orthodox Church With the decline of Byzantium came a wave of conquest from the East, the Mongols until the 15th century (Tatars). To a large extent, the Mongols allowed Russians to maintain their way of life: - Slavic based languages including writing system (Cyrillic) - Orthodox religion The Russians adopted much from Asian culture and this led western Europeans to think less of the Russians Geographically Russia was isolated from the rest of Europe: - Entirely land locked (mostly) - Huge Plains of Eastern Europe prevented overland travel During these early years there were a series of muscovite princes based in Moscow and called themselves Tsars. By the 17th century the Romanov family became the ruling dynasty: - Alexander I (1801-1825) - Nicholas I (1825-1855) - Alexander II (1855-1881) - Alexander III (1881-1894) - Nicholas II (1894-1917) Under the rule of Peter the Great (1689-1728) Russia grew greatly in size and entered the European World www.ibscrewed.org The Russia of 1800 was one of the greatest autocracies in Europe where: - The Tsar’s rule was absolute - There was a small, but powerful landowning elite - The vast majority of the population existed in a state called serfdom Serfdom: refers to the legal and economic status of peasants (serf). In Russia Serfdom practically equaled slavery - In 1646, landowners registered peasants living on their land. From then they...
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...PAUL KRUGMAN WINNER OF THE NOBEL PRIZE IN ECONOMICS THE RETURN OF DEPRESSION E C O N O M CS AND T H E C R I S I S OF I 2 0 0 8 ISBN 9 7 8 - 0 - 3 9 3 - 0 7 1 0 1 - 6 W USA $24.95 CAN. $27.50 hat better guide could we have to the 2008 financial crisis and its resolution than our newest Nobel Laureate in Economics, the prolific columnist and author Paul Krugman? In his prescient 1999 classic, The Return of Depression Economics, Krugman surveyed the economic crises that had swept across Asia and Latin America and pointed out that they were a warning for all of us: like diseases that have become resistant to antibiotics, the economic maladies that caused the Great Depression were making a comeback. In the years that followed, as Wall Street boomed and financial wheeler-dealers made vast profits, the international crises of the 1990s faded from memory. But now depression economics has come to America. When the great housing bubble of the mid-2000s burst, the U.S. financial system proved as vulnerable as those of developing countries caught up in earlier crises—and a replay of the 1930s seems all too possible. In this new, greatly updated edition of The Return of Depression Economics, Krugman shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States and the world up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken...
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...GREAT RECESSION Since publication of Robert L. Hetzel’s he Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. hat consensus emphasized eicient markets, rational expectations, and the eicacy of the price system in assuring macroeconomic stability. he 2008–2009 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical luctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and irst half of the twentieth century. hese “market-disorder” views emphasize excessive risk taking in inancial markets and the need for government regulation. he present book argues for the alternative “monetary-disorder” view of recessions. A review of cyclical instability over the last two centuries places the 2008–2009 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in inancial markets. Robert L. Hetzel is Senior Economist and Research Advisor in the Research Department of the Federal Reserve Bank of Richmond, where he participates in debates over monetary policy and prepares the bank’s president for meetings of the Federal Open Market Committee. Dr. Hetzel’s research on monetary policy and the history of central banking has appeared in publications such...
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...HISTORY IGCSE REVISION BOOK ARAB –ISRAELI What was Zionism * The longing for a homeland for the Jews. * It is the international political movement supporting the re-establishment of a homeland for the Jewish people.’ * ‘The historic homeland of the Jews was in the land of Israel.’ * ‘Since its establishment, Zionists continue to support it.’ * ‘It encourages the migration of Jews to Israel.’ * ’40% of Jews live in Israel and this % is rising.’ * ‘Zionism wants to strengthen and protect Jews and the State o What problems faced Palestine in 1945 Civil disruption.‘ * Large numbers of Jews wanted to go to Palestine.’ * ‘The US was supporting a state of Israel.’ * ‘Should immigration be allowed?’ * ‘Campaigns of violence by the Irgun.’ Why did Britain decide to hand Palestine over to the United Nations * ‘It did not want to stay.’ * ‘Because of the cost.’ * ‘There was violence.’ * ‘Because of its view of Zionism.’ * ‘The pressure from the Irgun.’ * ‘Because of the guerrilla campaign. Explains why * ‘At the end of the war Britain was under great pressure to change its policy and allow in survivors of the holocaust. They refused and this brought about violent protest.’ * ‘The Irgun deliberately attacked and killed British soldiers including the explosion at the King David Hotel. The violence from the Irgun was intended to persuade...
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...Threat of fiscal dominance? A BIS/OECD workshop on policy interactions between fiscal policy, monetary policy and government debt management after the financial crisis Basel, 2 December 2011 Monetary and Economic Department May 2012 Papers in this volume were prepared for the joint BIS and OECD workshop on “Policy interaction: fiscal policy, monetary policy and government debt management”, held in Basel on 2 December 2011. The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1609-0381 (print) ISBN 92-9131-135-9 (print) ISSN 1682 7651 (online) ISBN 92-9197-135-9 (online) Preface The massive expansion of central bank balance sheets to contain the worst financial crisis in living memory raises questions about the theory and practice of monetary policy. The persistence in many advanced countries of large fiscal deficits and the prospect of high public debt/GDP ratios for many years is likely, at some point, to create policy dilemmas not only for central banks but also for public debt managers. Some countries have already had to cope with higher...
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...10016 www.oup.com Oxford is a registered trademark of Oxford University Press All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data Eichengreen, Barry J. Exorbitant privilege : The Rise and Fall of the Dollar and the Future of the International Monetary System / Barry Eichengreen. p. cm. Includes bibliographical references and index. ISBN 978-0-19-975378-9 1. Money—United States—History—20th century. 2. Devaluation of currency—United States—History—21st century. 3. United States—Economic policy—2009– 4. Financial crises—United States—21st century. I. Title. HG540.E33 2010 332.4′973—dc22 2010018239 135798642 Printed in the United States of America on acid-free paper CONTENTS 1 2 3 4 5 6 7 Introduction Debut Dominance Rivalry Crisis Monopoly No More Dollar Crash Notes References Acknowledgments Index EXORBITANT PRIVILEGE CHAPTER 1 INTRODUCTION The...
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...GLOBALIZATION BACKLASH AND THE RISE OF ANTI-HEGEMONIC PARTY STATES Diego Olstein Hebrew University of Jerusalem Contents Introduction: Globalization and Anti-Hegemonic Party State………………………………..5 Part I: Principle Chapter 1: Defining Anti-Hegemonic Party State………………………………………………….18 Chapter 2: Anti-Hegemonic Party State and Domestic Features of Political Regimes…………………………………………………………………………………………… 44 Chapter 3: Anti-Hegemonic Party State and Exogenous Perspective on Political Regimes……………………………………………………………………………………………75 Part II: History Chapter 4: The Global Rise of Anti-Hegemonic Party States and Globalization Backlash 1917-1945...…………………………………………………………….91 Chapter 5: The Big Leap of Anti-Hegemonic Party States: The Second Wave 1946-1975…………………………………………………………………………………………………………………111 Chapter 6: Globalization Anew and the Marginalization of Anti-Hegemonic Party States 1976-2010………………………………………………………142 Conclusions Introduction: Globalization and Anti-Hegemonic Party State In 1997 the European Commission defined Globalization “as the process by which markets and production in different countries are becoming increasingly interdependent due to the dynamics of trade in goods and services and flows of capital and technology. It is not a new phenomenon but the continuation...
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...E SSAYS ON TWENTIETH-C ENTURY H ISTORY In the series Critical Perspectives on the Past, edited by Susan Porter Benson, Stephen Brier, and Roy Rosenzweig Also in this series: Paula Hamilton and Linda Shopes, eds., Oral History and Public Memories Tiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New Left Revisited David M. Scobey, Empire City: The Making and Meaning of the New York City Landscape Gerda Lerner, Fireweed: A Political Autobiography Allida M. Black, ed., Modern American Queer History Eric Sandweiss, St. Louis: The Evolution of an American Urban Landscape Sam Wineburg, Historical Thinking and Other Unnatural Acts: Charting the Future of Teaching the Past Sharon Hartman Strom, Political Woman: Florence Luscomb and the Legacy of Radical Reform Michael Adas, ed., Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity Remembered Janis Appier, Policing Women: The Sexual Politics of Law Enforcement and the LAPD Allen Hunter, ed., Rethinking the Cold War Eric Foner, ed., The New American History. Revised and Expanded Edition E SSAYS ON _ T WENTIETH- C ENTURY H ISTORY Edited by ...
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...NATIONAL OPEN UNIVERSITY OF NIGERIA SCHOOL OF ARTS AND SOCIAL SCIENCE COURSE CODE:POL 122 COURSE TITLE:INTRODUCTION TO AFRICAN POLITICS POL 122 INTRODUCTION TO AFRICAN POLITICS COURSE GUIDE POL 122 INTRODUCTION TO AFRICAN POLITICS Course Writer/Developer Mr. Sikiru Lanre Nurudeen Department of Political Science and Conflict Resolution Al – Hikmah University, Ilorin Kwara State Course Editor Prof. M. Olarotimi Ajayi Faculty of Social Sciences Covenant University Otta Course Coordinator Mr. Abdul-Rahoof A. Bello National Open University of Nigeria ii POL 122 INTRODUCTION TO AFRICAN POLITICS NATIONAL OPEN UNIVERSITY OF NIGERIA National Open University of Nigeria Headquarters 14/16 Ahmadu Bello Way Victoria Island Lagos Abuja Office No. 5 Dar es Salaam Street Off Aminu Kano Crescent Wuse II, Abuja Nigeria e-mail: centralinfo@nou.edu.ng URL: www.nou.edu.ng Published by National Open University of Nigeria Printed 2009 ISBN: 978-058-415-3 All Rights Reserved iii POL 122 INTRODUCTION TO AFRICAN POLITICS CONTENTS PAGE Introduction ………………………………………….…………… 1 Course Aims ……………………………………………………… 1 Course Objectives ………………………………………………... 1 Working through Course……………………………………. This 2 Course Materials………………………………………………….. 2 Study Units………………………………………………………. . 2 Text books and References……………………………………….. 3 Assessment File…………………………………………………… 3 Tutor-Marked Assignment ……………………….. ……………… 4 iv POL 122 INTRODUCTION TO AFRICAN POLITICS Final Examination Grading…………………………………...
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... POVERTY Economic Possibilities for Our Time JEFFREY D. SACHS THE PENGUIN PRESS N E W YORK 2005 THE PENGUIN PRESS Published by the Penguin Group Penguin Group (USA) Inc.. 375 Hudson Street. New York, New York 10014, U.S.A. Penguin Group (Canada), 10 Alcorn Avenue, Toronto, Ontario, Canada M4V 3B2 (a division of Pearson Penguin Canada Inc.) Penguin Books Ltd, 80 Strand, London WC2R ORL, England Penguin Ireland, 25 St. Stephen's Green, Dublin 2, Ireland (a division of Penguin Books Ltd) Penguin Books Australia Ltd, 250 Camberwell Road, Camberwell, Victoria 3124, Australia (a division of Pearson Australia Group Pty Ltd) - Penguin Books India Pvt Ltd, 11 Community Centre, Panchsheel Park, New Delhi-110 017, India ' Penguin Group (NZ), Cnr Airborne and Rosedale Roads, Albany, Auckland 1310, NewZealand (a division of Pearson New Zealand Ltd) - Penguin Books (South Africa) (Pty) Ltd, 24 Sturdee Avenue, Rosebank, Johannesburg 2196, South Africa Penguin Books Ltd, Registered Offices: 80 Strand, London WC2R ORL, England First published in 2005 by The Penguin Press, a member of Penguin Group (USA) Inc. Copyright ©Jeffrey D. Sachs, 2005 All rights reserved Page 397 constitutes an extension of this copyright page, LIBRARY OF CONGRESS CATALOGING IN PUBLICATION DATA Sachs, Jeffrey. The e n d of poverty / Jeffrey Sachs. p. cm. Includes bibliographical references and index. ISBN 1-59420-045-9 1. Poverty—Developing countries. 2. Developing countries—Economic policy. 3. Developing...
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...be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data Cohen, Stephen D. Multinational corporations and foreign direct investment: avoiding simplicity, embracing complexity / Stephen D. Cohen. p. cm. Includes index. ISBN-13 978-0-19-517935-4; 978-0-19-517936-1 (pbk.) ISBN 0-19-517935-8; 0-19-517936-6 (pbk.) 1. International business enterprises—Finance. 2. Investments, Foreign. I. Title. HG4027.5.C64 2006 332.67'314 —dc22 2006010605 9 8 7 6 5 4 3 2 1 Printed in the United States of America on acid-free paper Acknowledgments Given what for me was a formidable challenge to say the least, it is no pro forma courtesy to thank a number of people whose assistance was invaluable in researching and...
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...How China rises What lessons can be drawn from China's spectacular and sustained economic growth? As Hu Jintau remarked at the 17th Congress of the Chinese Communist Party, the period since the previous Congress five years ago has been extraordinary. China's economic achievements have been arousing not only astonishment and admiration but also some anxiety. In the past twelve months alone, The People's Republic of China (PRC) has overtaken Canada as the biggest source of imports to the USA, and overtaken the USA as the biggest source of imports to the European Union. Concern about the low level of investment in Africa has been displaced by concern about the effects of the high level of Chinese investment in Africa; there is now even anxiety about the effects of investment by Chinese state-owned firms into the Western economies. The Chinese Communist Party is also expressing concerns. The themes of its 2007 Congress included protection of the environment and the achievement of social harmony. According to some estimates, China has displaced the USA as the world's biggest source of greenhouse gases. Inequality is rising as fast as pollution: China now has over 800 individuals with a personal wealth of more than a hundred million US dollars each, up from 500 in 2006; while the average income in rural areas of China is 480 dollars per year. Made in China. Hu Jintau's remark on the extraordinary nature of the most recent years can be faulted in only one sense: China has...
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...Issues in Economic Development 1. Economic Development and Under Development. 27 — Introduction — What does Development Mean — Economic Growth and Economic Development — The New View of Economic Development • Development as a Multi-dimensional Process • Three Core Values of Development — Development, Freedom and Opportunities — Human Development • Sustainable Human Development • What Makes Development Unsustainable? • Policy for Sustainable Development — Human Development Index — Progress and Setbacks in Human Development • Advances in Human Development—A Global Snapshot • The Limits to Human Development `• The End of Convergence? • India—A Globalization Success Story with a Mixed Record on Human Development — National Human Development Report - 2001 • Indicators — State of Human Development in India • State Level 2. The Environment and Development. 46 — Introduction — The Basic Issues • Sustainable Development and Environmental Accounting • Population, Resources, and the Environment • Poverty and Environment • Growth versus the Environment • Rural Development and the Environment • Urban Development and the Environment • The Global Environment — Consequences of Environmental Damage — The Indian Case • Consequences of Environmental Plunder — Public Policy SECTION...
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...DISTRIBUTION: USE ONLY IN COMPLIANCE WITH COPYRIGHT: DAVID RISSTROM AN INTERPRETATION OF LAW IN CONTEXT Bottomley, S., Gunningham, N. and Parker, S., 1991, Law in Context, The Federation Press, Leichhardt. { } = additional material from lectures. ( ) = my comments. (See ‘x’) refers to book page number. A short (somewhat boring) message from the summary executioner before you dive in; These notes are an interpretation of the book Law in Context and the lectures given as part of the 1991 Course. They are not a satisfactory substitution for reading the text. You are only likely to get the maximum value out of this summary by reading it in conjunction with the text. The question of ‘the law in whose context’ may be worth keeping in mind as you read. This is an interpretation seen through my eyes, not yours. My comments are not unbiased, as it is as equally unlikely that yours may be. So my ‘advice’ is consider what is said here and in the book considering the need to understand the ‘mechanics’ that help make sense of the more involved themes that develop in the book as you progress through Law in Context. The observations, important in their own right, may be particularly useful for seeing how their often ubiquitous expression is taken as ‘normal’ in the areas of wider society, such as in discussions of economics and power. It is unlikely that you will find any ‘right answers’ from this summary, but I do hope it helps you in synthesising opinions...
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