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With an introduction by Benjamin J. Cohen

This book begins with a recapitulation of the main themes of Strange's earlier Casino Capitalism, stressing the major policy decisions and non-decisions that, in her opinion, had first allowed financial markets seemingly to outgrow governmental control. It adds a number of newer systemic developments that had emerged in the years after Casino Capitalism was published. Following this opening tour d'horizon, the book evaluates many of these developments in greater detail, covering the revolution in information technology interstate politics, contagion risks, global debt, money laundering and the roles of both national governments and multilateral agencies such as the International Monetary Fund and Bank for International Settlements. Great emphasis is placed on the relationship between the United States and Japan, the 'US-Japan axis', which is considered crucial to the effective management of financial crises. All the strings of Strange's discussion are pulled together where she turns her eyes to the future. Most financial research at the time seemed biased toward midlevel theory building, focusing primarily on key relationships within a broader structure whose characteristics were assumed, normally, to be given and stable. The book discusses hypotheses about the most important changes that have affected the global financial system and the international political economy. Key decisions, or non-decisions in the case of failures to act when positive action would have been possible, are also discussed.

Crisis, reform and recovery

The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. This book explores what went wrong and how did the Asian economies long considered 'miracles' respond, among other things. The combined effects of growing unemployment, rising inflation, and the absence of a meaningful social safety-net system, pushed large numbers of displaced workers and their families into poverty. Resolving Thailand's notorious non-performing loans problem will depend on the fortunes of the country's real economy, and on the success of Thai Asset Management Corporation (TAMC). Under International Monetary Fund's (IMF) oversight, the Indonesian government has also taken steps to deal with the massive debt problem. After Indonesian Debt Restructuring Agency's (INDRA) failure, the Indonesian government passed the Company Bankruptcy and Debt Restructuring and/or Rehabilitation Act to facilitate reorganization of illiquid, but financially viable companies. Economic reforms in Korea were started by Kim Dae-Jung. the partial convertibility of the Renminbi (RMB), not being heavy burdened with short-term debt liabilities, and rapid foreign trade explains China's remarkable immunity to the "Asian flu". The proposed sovereign debt restructuring mechanism (SDRM) (modeled on corporate bankruptcy law) would allow countries to seek legal protection from creditors that stand in the way of restructuring, and in exchange debtors would have to negotiate with their creditors in good faith.

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What’s the value of a whale?
Adrienne Buller

A team of researchers at the International Monetary Fund (IMF) recently posed a simple question: what is the value of a whale? The researchers settled on an even $2 million per specimen (great whales only), summing to an impressive $1 trillion for the existing global ‘stock’. 1 They based their calculation on whales’ contributions to eco-tourism revenue (ironically detrimental to whale populations themselves) and their robust capacity for carbon sequestration: over their lifetimes, on average great whales capture the

in The Value of a Whale
Elaine A. Byrne

193 Fianna Fáil’s financial reliance on the beef industry in the 1980s was replaced by property and construction interests in the 1990s and 2000s. This chapter explores if this dependence impacted on policy decisions and if this reliance exacerbated the depth of Ireland’s economic collapse from 2008–10. The upshot of the financial crash was the subsequent intervention by the International Monetary Fund and the European Central Bank in November 2010 and the loss of Irish economic sovereignty. Political funding: 1980s The professionalisation and competitiveness of

in Political corruption in Ireland, 1922–2010
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Catherine Moury
Stella Ladi
Daniel Cardoso
, and
Angie Gago

Since 2010, five Eurozone governments have received financial assistance from the International Monetary Fund (IMF) and the European Union (EU), on the condition that a long list of policies were implemented. This is often described as a period in which powerless bailed out governments had no choice but to follow the lenders’ prescriptions; and it was contested whether these were in the former's best interest (see for example Capelos and Exadaktylos, 2015 on media representation). The effectiveness and fairness of conditionality have also

in Capitalising on constraint
End of an era
John Callaghan

s to the 1960s – now held little or no promise in Hobsbawm’s view. The Labour Government in Britain had already accepted this verdict in 1976 when, on discovering that it was not possible to spend its way out of a recession, to paraphrase the Prime Minister, James Callaghan, it implemented austerity measures and borrowed from the International Monetary Fund (IMF). The turn away from Keynesian priorities of full employment was also signalled in the USA in October 1979 when the chairman of the Federal Reserve Bank, Paul Volker, ‘engineered a draconian shift in US

in Labour and the left in the 1980s
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‘Winters of discontent’
John Shepherd

Times (London: Little, Brown, 2002). WoD.indb 6 6/20/2013 10:01:35 AM The 1970s: ‘winters of discontent’ 7 More nuanced perspectives can also be found than the negative verdicts on the minority Wilson and Callaghan governments, which were minority or mainly minority governments from 1974 to 1979, and on Labour’s domestic and foreign policies after the financial crises represented by the sudden increase the oil price instigated by the Organization of the Petroleum Exporting Countries (OPEC) and the intervention from the International Monetary Fund (IMF).22 In this

in Crisis? What crisis?
Thomas Robb

months of lengthy campaigning, Ford would eventually lose the general election in November 1976. The year 1976–77 was, on all fronts, a difficult one for the Ford White House.5 US–UK relations were not to be an exception to this. Following a summer of economic turmoil, which included speculative pressure on the UK currency (sterling), and the refusal of international markets to lend further credit to Britain to finance its spending, James Callaghan was forced to seek a loan from the International Monetary Fund (IMF). The IMF insisted that a loan would only be provided

in A strained partnership?
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

, especially the powerful business interests of the oligarchs. The continuing revenue shortfalls, the high debt-service burden and the international flight to quality finally pushed the authorities to appeal for foreign assistance. Under pressure from the United States Treasury, the International Monetary Fund on July 20, 1998 approved its portion (US$11.2 billion) of a US$22.6 billion loan package to strengthen Russia’s economic program and help stabilize the ruble.12 Although US$4.8 billion was spent almost immediately to defend the ruble, this failed to bolster confidence in

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

(about 80 per cent) towards the US dollar.17 The Exchange Equalization Fund, chaired by the deputy governor of the Bank of Thailand, determined the exchange value of the baht each working day in accordance with fluctuations of major currencies. With regard to portfolio investment, in 1986 the authorities reduced tax impediments to portfolio flows, in particular, for purchasing Thai mutual funds. The acceptance of Article 8 of the International Monetary Fund (IMF) Agreement by the Bank of Thailand on May 20, 1990 served as a catalyst to further financial liberalization

in The Asian financial crisis