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Brototi Roy and Francesca Rhys-Williams

In this chapter, we argue that economics has not done enough to prioritise democracy or self-determination in economic development. This builds on our argument in the last chapter , that globalisation has for many countries prescribed a single predetermined pathway from ‘poor’ to ‘developed’, rather than supporting countries to chart their own

in Reclaiming economics for future generations
Bill Dunn

leaves room for interminable Marxist controversialising on the state in general and on the state in relation to monetary affairs in particular. This section uses the historical examples primarily to identify the essential role of states and inter-state relations in monetary relations and thence in economic development more generally. The examples are focused on Europe but it is implicit from the start that money should be understood ‘globally’; if Europe took the lead some time in the first half of the last millennium, it drew on the rest of the world. As above, value

in Keynes and Marx
Mike Buckle and John Thompson

construct. The question that is posed here is whether developments that lower transaction costs and alleviate the problems of asymmetric information in markets will lead to a decline in financial intermediation. There is evidence that large companies are moving away from intermediated finance through banks towards raising funds directly from capital markets. This phenomenon is referred to

in The UK financial system (fifth edition)
Abstract only
Frugality, de-growth and Voluntary Simplicity
Alison Hulme

). The first Earth Day, celebrated on 21 March 1970, marked the emergence of an environmental movement in the United States that reasserted the need for a frugality ethos in order to protect the planet from pollution and other afflictions (Fritsch, 1974). All these essentially introduced the concept of gradual but profound environmental destruction by industry. By 1983, the United Nations had established the World Commission on Environment and Development (WCED), better known as the Brundtland commission after its chairwoman, Gro Harlem Brundtland. The Brundtland

in A brief history of thrift

The well-being of Europe’s citizens depends less on individual consumption and more on their social consumption of essential goods and services – from water and retail banking to schools and care homes – in what we call the foundational economy. Individual consumption depends on market income, while foundational consumption depends on social infrastructure and delivery systems of networks and branches, which are neither created nor renewed automatically, even as incomes increase. This historically created foundational economy has been wrecked in the last generation by privatisation, outsourcing, franchising and the widespread penetration of opportunistic and predatory business models. The distinctive, primary role of public policy should therefore be to secure the supply of basic services for all citizens (not a quantum of economic growth and jobs). Reconstructing the foundational has to start with a vision of citizenship that identifies foundational entitlements as the conditions for dignified human development, and likewise has to depend on treating the business enterprises central to the foundational economy as juridical persons with claims to entitlements but also with responsibilities and duties. If the aim is citizen well-being and flourishing for the many not the few, then European politics at regional, national and EU level needs to be refocused on foundational consumption and securing universal minimum access and quality. If/when government is unresponsive, the impetus for change has to come from engaging citizens locally and regionally in actions which break with the top down politics of ‘vote for us and we will do this for you’.

Oonagh McDonald

have had that status without the developments in the markets that began in the 1960s and accelerated in the 1970s. This chapter will trace both market developments and the macro-economic and regulatory environment in which the transition from the informal to the formal use of LIBOR as a universal benchmark took place. Its purpose is to explain why both the establishment of LIBOR and its oversight by the BBA seemed entirely logical at the time, when its informal use was so well established, owing in part to the dominant and colourful market participants who

in Holding bankers to account
Open Access (free)
Oonagh McDonald

light on whether or not price is the only measure of value, or if value remains when the price fluctuates. The purpose of this chapter is to set out the difficulties of valuing both complex financial instruments and real estate, and especially commercial real estate and development land. These are issues which economists do not take into account in developing theories of value. Such theories may also be detached from developments in financial instruments and the markets themselves. The chapter describes the methodologies used to value commercial real estate and

in Lehman Brothers
Joe Earle, Cahal Moran, and Zach Ward-Perkins

public is blurred and fluid because individuals are much more engaged in different parts of government. This means that policy problems are not only the domain of an elite, but of much wider parts of the population. Systems, making use of advances in technology, could be set up to collate knowledge and experience which could inform the development of policy. This kind of state is smarter, more efficient and a better problem solver. A turn towards broad democracy is a turn away from the technocratic consensus that has dominated both the left and right of politics in the

in The econocracy
Abstract only

development. Likewise, economic research and education about globalisation, a process by which the economies of countries become more integrated, often frames it as an increase in voluntary exchange for mutual benefit and increased prosperity. This glosses over the many historical examples of powerful countries using real or threatened violence to coerce others into becoming more

in Reclaiming economics for future generations
Oonagh McDonald

affected by geopolitical and other events of all kinds, such as wars and rumours of wars, macro-economic developments and fears of recession. The gold and silver markets have long been plagued with rumours of manipulation, whether by central banks or particular banks, states or wealthy individuals. However, in the context of the financial crisis and the discovery of extensive manipulation of LIBOR and the foreign exchange market, it was essential that regulators conducted thorough investigations, even when, in the case of the UK’s FCA, they had no regu­ latory

in Holding bankers to account