American Power After The Financial Crisis

Autor: Jonathan Kirshner
Publisher: Cornell University Press
ISBN: 0801450993
File Size: 35,80 MB
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Jonathan Kirshner explains how the crisis altered the international balance of power, affecting the patterns and pulse of world politics.

The Future Of The Dollar

Autor: Eric Helleiner
Publisher: Cornell University Press
ISBN: 0801457491
File Size: 69,26 MB
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For half a century, the United States has garnered substantial political and economic benefits as a result of the dollar's de facto role as a global currency. In recent years, however, the dollar's preponderant position in world markets has come under challenge. The dollar has been more volatile than ever against foreign currencies, and various nations have switched to non-dollar instruments in their transactions. China and the Arab Gulf states continue to hold massive amounts of U.S. government obligations, in effect subsidizing U.S. current account deficits, and those holdings are a point of potential vulnerability for American policy. What is the future of the U.S. dollar as an international currency? Will predictions of its demise end up just as inaccurate as those that have accompanied major international financial crises since the early 1970s? Analysts disagree, often profoundly, in their answers to these questions. In The Future of the Dollar, leading scholars of dollar's international role bring multidisciplinary perspectives and a range of contrasting predictions to the question of the dollar's future. This timely book provides readers with a clear sense of why such disagreements exist and it outlines a variety of future scenarios and the possible political implications for the United States and the world.

Ruling Capital

Autor: Kevin Gallagher
Publisher: Cornell University Press
ISBN: 0801454611
File Size: 21,50 MB
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In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups in select emerging markets and policymakers at the International Monetary Fund, the World Trade Organization, and the G-20 to explain key characteristics of the global economy. Gallagher develops a theory of countervailing monetary power that shows how emerging markets can counter domestic and international opposition to the regulation of cross-border finance. Although many countries were able to exert countervailing monetary power in the wake of the crisis, such power was not sufficient to stem the magnitude of unstable financial flows that continue to plague the world economy. Drawing on this theory, Gallagher outlines the significant opportunities and obstacles to regulating cross-border finance in the twenty-first century.

Third Wave Capitalism

Autor: John Ehrenreich
Publisher: Cornell University Press
ISBN: 1501703595
File Size: 77,94 MB
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In Third Wave Capitalism, John Ehrenreich documents the emergence of a new stage in the history of American capitalism. Just as the industrial capitalism of the nineteenth century gave way to corporate capitalism in the twentieth, recent decades have witnessed corporate capitalism evolving into a new phase, which Ehrenreich calls "Third Wave Capitalism." Third Wave Capitalism is marked by apparent contradictions: Rapid growth in productivity and lagging wages; fabulous wealth for the 1 percent and the persistence of high levels of poverty; increases in the standard of living and increases in mental illness, personal misery, and political rage; the apotheosis of the individual and the deterioration of democracy; increases in life expectancy and out-of-control medical costs; an African American president and the incarceration of a large percentage of the black population. Ehrenreich asserts that these phenomena are evidence that a virulent, individualist, winner-take-all ideology and a virtual fusion of government and business have subverted the American dream. Greed and economic inequality reinforce the sense that each of us is “on our own.” The result is widespread lack of faith in collective responses to our common problems. The collapse of any organized opposition to business demands makes political solutions ever more difficult to imagine. Ehrenreich traces the impact of these changes on American health care, school reform, income distribution, racial inequities, and personal emotional distress. Not simply a lament, Ehrenreich's book seeks clues for breaking out of our current stalemate and proposes a strategy to create a new narrative in which change becomes possible.

Monetary Orders

Autor: Jonathan Kirshner
Publisher: Cornell University Press
ISBN: 9780801488405
File Size: 60,23 MB
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Wherever there is money, there is money politics-a subject demanding ever greater attention at a time when monetary policies lead and the real economy follows. A principal defining characteristic of the contemporary global economy, Jonathan Kirshner contends, is the rise and preeminence of monetary phenomena—international financial crises, Central Bank Independence and inflation fighting, the creation of the euro, and monetary reform in emerging economies, to name only a few. Moreover, unlike most debates in political economy (such as those regarding trade policy), which are generally recognized as political, monetary phenomena and macroeconomic policies are typically represented as expressly apolitical. In Monetary Orders, a distinguished group of scholars explores the inescapable political origins of choices about money. The essays in Monetary Orders each address a specific issue or puzzle relating to money and its management. Their authors focus on markedly disparate cases but share a common observation: for most policy choices about money, market forces and economic logic can rule out certain options, but are indeterminate in explaining why one policy rather than another will be chosen. Ultimately, political factors are essential to explain fundamental and consequential choices about money.

Sustainable Security

Autor: Jeremi Suri
Publisher: Oxford University Press
ISBN: 0190611480
File Size: 49,20 MB
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As the world shifts away from the unquestioned American hegemony that followed in the wake of the Cold War, the United States is likely to face new kinds of threats and sharper resource constraints than it has in the past. However, the country's alliances, military institutions, and national security strategy have changed little since the Cold War. American foreign and defense policies, therefore, should be assessed for their fitness for achieving sustainable national security amidst the dynamism of the international political economy, changing domestic politics, and even a changing climate. This book brings together sixteen leading scholars from across political science, history, and political economy to highlight a range of American security considerations that deserve a larger role in both scholarship and strategic decision-making. In these chapters, scholars of political economy and the American defense budget examine the economic engine that underlies U.S. military might and the ways the country deploys these vast (but finite) resources. Historians illuminate how past great powers coped with changing international orders through strategic and institutional innovations. And regional experts assess America's current long-term engagements, from NATO to the chaos of the Middle East to the web of alliances in Asia, deepening understandings that help guard against both costly commitments and short-sighted retrenchments. This interdisciplinary volume sets an agenda for future scholarship that links politics, economics, and history in pursuit of sustainable security for the United States - and greater peace and stability for Americans and non-Americans alike.

Politics In The New Hard Times

Autor: Miles Kahler
Publisher: Cornell University Press
ISBN: 0801467624
File Size: 16,30 MB
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The Great Recession and its aftershocks, including the Eurozone banking and debt crisis, add up to the worst global economic crisis since the Great Depression of the 1930s. Although economic explanations for the Great Recession have proliferated, the political causes and consequences of the crisis have received less systematic attention. Politics in the New Hard Times is the first book to focus on the Great Recession as a political crisis, one with both political sources and political consequences. The authors examine variation in crises over time and across countries, rather than treating these events as undifferentiated shocks. Chapters also explore how crisis has forced the redefinition and reinforcement of interests at the level of individual attitudes and in national political coalitions. Throughout, the authors stress that the Great Recession is only the latest in a long history of international economic crises with significant political effects-and that it is unlikely to be the last. Contributors: Suzanne Berger, MIT; J. Lawrence Broz, University of California, San Diego; Peter Cowhey, University of California, San Diego; Peter A. Gourevitch, University of California, San Diego; Stephan Haggard, University of California, San Diego; Peter A. Hall, Harvard University; Miles Kahler, University of California, San Diego; Peter J. Katzenstein, Cornell University; Ikuo Kume, Waseda University; David A. Lake, University of California, San Diego; Megumi Naoi, University of California, San Diego; Stephen C. Nelson, Northwestern University; Pablo Pinto, Columbia University; James Shinn, Princeton University

The Hidden Hand Of American Hegemony

Autor: David E. Spiro
Publisher: Cornell University Press
ISBN: 9780801428845
File Size: 64,14 MB
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Between 1973 and 1980, the cost of crude oil rose suddenly and dramatically, precipitating convulsions in international politics. Conventional wisdom holds that international capital markets adjusted automatically and remarkably well: Enormous amounts of money flowed into oil-rich states, and efficient markets then placed that new money in cash-poor Third World economies. This massive reallocation of wealth is labeled petrodollar recycling. David Spiro has followed the money trail, and the story he tells, based on interviews and a painstaking accumulation of fragmentary evidence, contradicts the accepted beliefs both in the particulars and in broad outline. Most of the sudden flush of new oil wealth did not go to poor oil-importing countries around the globe. Instead the United States made a deal with Saudi Arabia to sell it U.S. securities in secret, a deal resulting in a substantial portion of Saudi assets being held by the U.S. government. With this arrangement, the U.S. government violated its agreements with allies in the developed world. Spiro argues that American policy makers took this action to prop up otherwise intolerable levels of U.S. public debt. In effect, recycled OPEC wealth subsidized the debt-happy policies of the U.S. government as well as the debt-happy consumerism of its citizenry.

Crisis As Catalyst

Autor: Andrew J. MacIntyre
Publisher: Cornell University Press
ISBN: 9780801474606
File Size: 44,57 MB
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The financial crisis that swept across East Asia during 1997–1998 was devastating not only in its economic impact but also in its social and political effects. The explosive growth and sociopolitical modernization that had powered the region for much of the preceding decade suddenly were dramatically interrupted. East Asia is economically outperforming the rest of the developing world once again and has become a leading force in the global economy. In the wake of the crisis, East Asia changed in important ways. Crisis as Catalyst contains assessments of these changes-both ephemeral and permanent- by a wide range of specialists in Asian economics and politics.The crisis, as the contributors to this volume show, catalyzed changes across political, corporate, and social arenas both in the countries hit hard by the crisis and in others throughout the region. The authors of Crisis as Catalyst examine what has changed (as well as what has not changed) in East Asia since the crisis, explain these variations, and reflect on the long-term significance of these developments.