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Issues, debates and an overview of the crisis
Shalendra D. Sharma

), as existing capacity dwarfed the reduced size of regional demand for these products. Also, as the Nobel economics laureate Merton Miller has noted, Japan in trying to export its way out of its long recession has significantly contributed to the regional downturn (Vines 2000, 14). Clearly, Japan’s ability to act as a catalyst for regional recovery has been severely limited. This is in sharp contrast to the US role in the Mexican peso crisis of 1994 –95. In the latter, an expanding US economy was able to absorb the shocks and guide Mexico towards recovery. However

in The Asian financial crisis
Open Access (free)
The evolving international financial architecture
Shalendra D. Sharma

determining the interest-rate 312 Beyond the crisis policy. In 1978, James Tobin (later a Nobel laureate in economics) proposed “throwing sand in the wheels of short-run capital flows” by imposing a uniform tax (dubbed the Tobin tax) on all foreign-exchange transactions to reduce the destabilizing speculation in international financial markets. Admittedly, the Tobin tax would be a small percentage levy (in the order of about 0.1 per cent to 0.5 per cent) on all foreign-exchange transactions. Tobin (1978) argued that such a tax would greatly lessen the profit margins on short

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

Jung’s policy should not be surprising. As Blustein (2001, 197) notes, “there were some powerful advisers within the presidentelect’s camp who favored breaking the power of the chaebol. Indeed, DJ’s [Kim Dae Jung’s] main economic adviser, You Long Kuen, a provincial governor and former Rutgers’s economics professor, had been trying since the election to convince the Treasury and IMF that the populist DJ would prove far more willing than the existing government to endorse those kinds of reforms.” Second, as Samuel S. Kim (2000, 245) notes: “faced with a likely

in The Asian financial crisis
Abstract only
Myth in the political sphere
Jack Mosse

of writers to note the rising importance of the logic of economics in our political institutions. However, what does this growth in the importance of economics mean? From one perspective, it would appear to indicate that decisions which were previously made on partisan ideological grounds are now being based on the impartial logic of economics: It's not Left, it's not Right, but it's just about looking at the data and ‘following the science’. Maybe. But as we saw when we peered under the bonnet of the financial world, things

in The pound and the fury
Bill Dunn

an ideas-led, liberalising transformation (Harvey 2005 , Lapavitsas 2013 ). Within the economics profession, the anti-Keynesian reorientation seems well established. Under different guises, neo-classical economics was reasserted. Keynesianism and particularly more radical post-Keynesian approaches were exorcised. Macro approaches had to be built on micro foundations. In political discourse, the celebration of business and business imperatives came to dominate. Helleiner’s ( 1994 ) influential account of the re-emergence of global finance suggests that, at

in Keynes and Marx
Calculation, paperwork, and medicine, 1500–2000

Accounting is about ‘how much’ and is usually assumed to be about money. It is viewed as a financial technology related to the administration of finances, costing, and the calculation of efficiency. But this book suggests a broader understanding of accounting, linking related perspectives and lines of research that have so far remained surprisingly unconnected: as a set of calculative practices and paper technologies that turn countable objects into manageable units, figures, and numbers that enable subsequent practices of reckoning, calculating, valuing, controlling, justifying, communicating, or researching and that generate and appear in account- or casebooks, ledgers, lists, or tables.

And Accounting for Health involves both money and medicine and raises moral issues, given that making a living from medical treatment has ethical ramifications. Profiting from the ‘pain and suffering of other people’ was as problematic in 1500 as it is in today’s debates about the economisation of medicine and the admissibility of for-profit hospitals. In current debates about economisation of medicine, it is hardly noticed that some versions of these patterns and problems has been with health and medicine for centuries – not only in the modern sense of economic efficiency, but also in a traditional sense of good medical practice and medical accountability.

Spanning a period of five centuries (1500–2011) and various institutional settings of countries in the Western world, Accounting for Health investigates how calculative practices have affected everyday medical knowing, how these practices changed over time, and what effects these changes have had on medicine and medical knowledge.

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Introduction
Mike Buckle and John Thompson

importance of London as a global financial centre is apparent, as it occupies the second rank in both indices. In the previous paragraphs we have discussed the centres in terms of importance and we now turn to examining the relative size of the global financial centres. One measure of the relative size of the centres is the level of employment created. The Centre for Economics and

in The UK financial system (fifth edition)
Open Access (free)
Oonagh McDonald

valued the technological innovations; the ‘development of paradigms for containing risk to those willing and presumably able to bear it; the ability of modern economics to absorb unanticipated shocks’; lenders becoming considerably more diversified; the growth of the secondary mortgage market and the growth of financial derivatives. Conceptual advances in pricing options and other complex financial products … have significantly lowered the costs of and expanded the opportunities for hedging risks. If risk is properly dispersed

in Lehman Brothers
Abstract only
Making Marxist use of Keynes
Bill Dunn

accordingly develops claims made by both Marx and Keynes which identify how adjustment is also likely to be uneven and hence conducive to reproducing unemployment. In particular, Keynes’s theorisations of labour-market imperfections can be generalised. The problems lie not, or not only, in the ‘downward stickiness of wages’, an idea found in Keynes and mainstream economics. There are multidimensional, sectoral, temporal and spatial processes of adjustment which mean there are at most only a series of moving equilibria. Any tendency to eliminate unemployment may be

in Keynes and Marx
Bill Dunn

, while recognising that states exist within an inter-state and essentially global capitalist system also undermines any crude exogenous/endogenous distinction. The standard discussion of endogeneity or exogeneity hangs on a ‘states or markets’ dichotomy beloved by mainstream economists and political scientists. The distinction is profoundly misleading in general and particularly in relation to modern money. Marx saw the split between politics and economics as a capitalist ‘reification’. It was unimaginable in feudalism; wealth begat power, power begat wealth

in Keynes and Marx