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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.

Abstract only
Geoff Horn

alternative to the Social Contract. Under these circumstances ministers focused upon their departmental briefs, with limited opportunities to discuss economic policy or the nature of the agreement with the unions. 73 Crossing the floor The expectation of another election, and relative calm in industrial relations, ensured initial harmony within the Government. Chancellor Healey had originally told the Cabinet of the dire economic situation they had inherited, characterised by rising inflation, a balance of payments deficit, lack of growth and the likely necessity of

in Crossing the floor
Abstract only
Satnam Virdee
and
Brendan McGeever

the politics of nationalism. The implications of this remain as yet unknown: the British state survived Brexit, but it cannot withstand the impact of a Scottish secession. Having broken from Europe, Britain is now fragmenting from within. Will it see out the 2020s? For many in Britain, it seems things are falling apart. At the time of writing, prices are rising, inflation is soaring and household income

in Britain in fragments
Ruvani Ranasinha

. 97 This widespread indifference politicised many in the black British community, fuelled anger that found expression in the waves of unrest to come, and defined race relations for a generation. The previous year saw a 6 per cent pay limit and cuts to public spending imposed by the Conservative government. Rising inflation and unemployment at 2 million in August 1980 fuelled anger, despair and, in some areas, the rise of racism. Against this turbulent background Outskirts emerged. Revolving around two young, alienated

in Hanif Kureishi
Reckless opportunists gain control
Aeron Davis

Gabor, the new financial shift means that ‘we are living through a revolution without revolutionaries … Central banks have quietly put in place a shadow monetary financing regime since the global financial crisis. This is Minsky without Keynes.’  14 And behind all this lurks the issue of rising inflation. Textbook monetarism says that interest rates need to rise to head off inflation, but even modest rises will have a very hard impact on the economy. Quite

in Bankruptcy, bubbles and bailouts
Richard Lapper

. Investors spooked by the Iranian Revolution, the rise in oil prices and the Soviet intervention in Afghanistan were buying the metal as a safe haven from global economic uncertainty and rising inflation. Soon tens of thousands of people flooded to the Serra Pelada site in a movement similar in scale to the great Californian gold rushes of the nineteenth century. Hunger for gold became frenzied. In appalling conditions, up to 100,000 half-naked miners wielding pickaxes and shovels gouged out a vast muddy crater, unearthing up to a ton of gold each month. In Marabá

in Beef, Bible and Bullets
Abstract only
Sam Warner

's relative economic decline (Gamble, 1994 ; Taylor, 1978, 1993 ). While this attitude germinated across the political spectrum, it found especially fertile ground within the Conservative Party. Since the nineteenth century, party members believed trade unions distorted the laissez-faire free market economy and consequently treated them with suspicion. Britain's prosperous postwar ‘Golden Era’ deteriorated into a crisis-prone governing context, characterised by falling productivity, stagnating growth, recurring balance of payments crises and rising inflation. A causal

in Who governs Britain?
Open Access (free)
A rare example of a post-concept in economics
Roger E. Backhouse

. The emergence of ‘stagflation’ (simultaneously rising inflation and unemployment) was considered by many to undermine Keynesian economics, and anti-Keynesian ideas became much stronger. The so-called ‘age of Keynes’ – the three decades after the Second World War – ended abruptly. For Robert Lucas and Thomas Sargent, two of its leading critics, the Keynesian era had become an interesting historical episode when economists had adopted a flawed framework. This shift in mainstream attitudes towards Keynes, contributed to

in Post-everything
Des O’Rawe

transport system, and the inadequate resolution of this dispute would damage Journey to Central Park141 industrial relations between the city and its service sector for over a decade.3 Meanwhile, in the midst of a national recession and rising inflation, Ronald Reagan was being sworn in as the country’s fortieth president, and Christmas Day would mark the first anniversary of the Soviet occupation of Afghanistan. The deaths that year of figures such as Jean-­Paul Sartre, Roland Barthes, Alioune Diop, Henry Miller, Dorothy Day, and Marshall McLuhan (not to mention the

in Regarding the real
Michael Breen
,
Michael Courtney
,
Iain Mcmenamin
,
Eoin O’Malley
, and
Kevin Rafter

-to-riches stories, Ireland is portrayed as a poor economy that suffered through hard times but finally awakes from its long slumber of low economic growth to become one of the world’s richest economies. These gains were eloquently summarised in 2006 by Taoiseach Bertie Ahern when he said, ‘probably the boom times are getting even more boomer’, in the context of a discussion about rising inflation. The next chapter in media representation of the Irish economy coincided with the global financial crisis. In this era, the media witnessed the collapse of the property market, banking

in Resilient reporting