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Costas Simitis

after the 2004 elections, further work was required to stabilise the economy, and structural change was still needed to modernise the country. Greece could not afford to have the luxury of resting on its laurels and taking a break; there was no time to take a step back and admire the progress made. New Democracy, however, did not appear aware of the need for continued and coherent efforts. This is evident from its electioneering leading up to the 2004 contest. New Democracy promised that it would give everything that PASOK could not. So it was hardly surprising that

in The European debt crisis
Abstract only
Mike Buckle and John Thompson

.1 Source: Centre for Economics and Business Research ( 2012 ). 6.2.2   Reasons for London’s importance The emergence of London as an international financial centre can be explained with reference to a number of factors. The first is the time zone factor, with London occupying a position mid-way between the western and

in The UK financial system (fifth edition)
John Wilson

same time, as a result of the detective work conducted by several agencies on both sides of the Atlantic, detailed evidence of the nature and extent of Guerin’s malfeasance was made available, resulting in a succession of court cases that meted out punishments of varying severity. Of course, while the multi-agency investigations only moved into gear after 12 September, it is clear that Guerin and the Ferranti International board had been made aware of enquiries into ISC much earlier in the year. Indeed, the Ferranti International board had been informed as early as

in Ferranti: A History
Why anger and confusion reign in an economy paralysed by myth
Author: Jack Mosse

For a number of decades our economy has failed to work for ordinary citizens. Stagnant wages have been combined with underemployment and rising costs of basic goods like healthcare, education and housing. At the same time, a small minority of the population make obscene profits, while in the background we continue to hurtle headlong into an environmental emergency. However, despite there being no shortage of anger and anti-elite sentiment expressed in what is often referred to as the ‘culture wars’, no significant challenge to the dominant economic model has broken into the mainstream. The pound and the fury argues that behind this failure of imagination are a set of taken-for-granted myths about how the economy works – myths that stifle debate and block change. The book analyses these myths, explores their origin, how they circulate and how they might be dispelled at a time when, away from the public gaze, economic theory is opening up new possibilities of economic action. Possibilities that, as we emerge from the chaos of Covid-19, could lead to the radical structural changes we desperately need.

Open Access (free)
A Crisis of Value
Author: Oonagh McDonald

This book explains the fundamental causes of the bank's failure, including the inadequacy of the regulatory and supervisory framework. For some, it was the repeal of the Glass-Steagall Act that was the overriding cause, not just of the collapse of Lehman Brothers, but of the financial crisis as a whole. The book argues that the cause is partly to be found both in weak and ineffective regulation and also in a programme of regulation and supervision that was simply not fit for the purpose. Lehman Brothers' long history began with three brothers, immigrants from Germany, who sold selling groceries and dry goods to local cotton farmers. Dick Fuld, the chairman and CEO, and his senior management, ignored the increased risks, choosing to rely on over-valuations of the firm's assets. The book examines the regulation of the Big Five investment banks in the context of the changes which took place in the structure of banking after the repeal of the Glass-Steagall Act. It describes the introduction of the European Union's Consolidated Supervision Directive in 2004. The book examines the whole issue of valuing Lehman's assets and details the regulations covering appraisals and valuations of real estate, applicable at the time and to consider Lehman's approach in the light of these regulations. It argues that that the valuation of Lehman's real estate assets was problematic to say the least, as the regulators did not require the investment banks to adopt a recognized methodology of valuation, and that Lehman's own methods were flawed.

Open Access (free)
Oonagh McDonald

8 Measuring Value Previous chapters have set out the ways in which Lehman Brothers sought to value its assets and to hide its losses. Professional standards for the valuation of commercial and residential real estate existed at that time, but as the bankruptcy Examiner Valukas demonstrates in his report, Lehman showed little interest in conforming to them or hiring those who knew how to apply them. Against that background it can be seen that the bankruptcy process did not itself cause the destruction of value, although it

in Lehman Brothers
Myth in the financial sector
Jack Mosse

inside the lobby, a waiting area with huge windows all the way round. I sit on one of the low-lying leather sofas in front of an oblong coffee table which has a scattering of magazines aimed at people who own property or enjoy high-octane adventure sports. People are smartly dressed but not all shirts are tucked in. When it's time for the interview I am let through the glass gates that permit access to the lift doors, enter the glass-walled lift and go up to the 9th floor. A sign directs me to the offices of the hedge fund I am here to visit. The companies lobby is all

in The pound and the fury

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’.

Open Access (free)
Stan Metcalfe and Alan Warde

role of information and knowledge in the dynamics of the market process; social consequences of market relations; and, finally, the relationship between markets and competition. Markets as institutions The idea of markets as institutions, as habits, rules of social behaviour, is of course not new. Yet, implications of this point await their full development in terms of distinguishing between the market framework in general and markets in particular, and in distinguishing between the rules of the game at a point in time and the generative processes through which those

in Market relations and the competitive process
Abstract only
Myth in the political sphere
Jack Mosse

course, if you had been paying close attention, it would have been obvious that it was there all along and was already in use through the quantitative easing programme. But in 2020 the magic money tree became public knowledge, as the state simply printed money to cover the costs of the sections of the economy that had been forced to close. The question at the time of writing is what vision of the economy will the government opt for as we move into a post-pandemic world? Will be plunged into another ‘new age of austerity’, 1

in The pound and the fury