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Author: Cameron Ballard-Rosa Publisher: Cambridge University Press ISBN: 1108875319 Category : Political Science Languages : en Pages : 211
Book Description
The International Monetary Fund (IMF) predicts that, in the coming years, more than fifty countries are at risk of default. Yet we understand little about the political determinants of this decision to renege on promises to international creditors. This book develops and tests a unified theory of how domestic politics explains sovereign default across dictatorships and democracies. Professor Ballard-Rosa argues that both democratic and autocratic governments will choose to default when it is necessary for political survival; however, regime type has a significant impact on what specific kinds of threats leaders face. While dictatorships are concerned with avoiding urban riots, democratic governments are concerned with losing elections, in particular the support of rural voting blocs. Using cross-national data and historical case studies, Ballard-Rosa shows that leaders under each regime type are more likely to default when doing so allows them to keep funding costly policies supporting critical bases of support.
Author: Cameron Ballard-Rosa Publisher: Cambridge University Press ISBN: 1108875319 Category : Political Science Languages : en Pages : 211
Book Description
The International Monetary Fund (IMF) predicts that, in the coming years, more than fifty countries are at risk of default. Yet we understand little about the political determinants of this decision to renege on promises to international creditors. This book develops and tests a unified theory of how domestic politics explains sovereign default across dictatorships and democracies. Professor Ballard-Rosa argues that both democratic and autocratic governments will choose to default when it is necessary for political survival; however, regime type has a significant impact on what specific kinds of threats leaders face. While dictatorships are concerned with avoiding urban riots, democratic governments are concerned with losing elections, in particular the support of rural voting blocs. Using cross-national data and historical case studies, Ballard-Rosa shows that leaders under each regime type are more likely to default when doing so allows them to keep funding costly policies supporting critical bases of support.
Author: Lucan Way Publisher: JHU Press ISBN: 1421418126 Category : Political Science Languages : en Pages : 274
Book Description
"Focusing on regime trajectories across three countries in the former Soviet Union (Belarus, Moldova, and Ukraine), Lucan Way argues that democratic political competition has often been grounded less in well-designed institutions or emerging civil society, and more in the failure of authoritarianism. In many cases, pluralism has persisted because autocrats have been too weak to steal elections, repress opposition, or keep allies in line. Attention to the dynamics of this "pluralism by default" reveals an important but largely unrecognized contradiction in the transition process in many countries - namely, that the same factors that facilitate democratic and semi-democratic political competition may also thwart the development of stable, well-functioning democratic institutions. Weak states and parties - factors typically seen as sources of democratic failure - can also undermine efforts to crack down on political opposition and concentrate political control"--
Author: Jerome E. Roos Publisher: Princeton University Press ISBN: 0691184933 Category : Business & Economics Languages : en Pages : 413
Book Description
How creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece’s short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis—with devastating social consequences and far-reaching implications for democracy.
Author: Francis Fukuyama Publisher: Profile Books ISBN: 1847652816 Category : Political Science Languages : en Pages : 529
Book Description
Nations are not trapped by their pasts, but events that happened hundreds or even thousands of years ago continue to exert huge influence on present-day politics. If we are to understand the politics that we now take for granted, we need to understand its origins. Francis Fukuyama examines the paths that different societies have taken to reach their current forms of political order. This book starts with the very beginning of mankind and comes right up to the eve of the French and American revolutions, spanning such diverse disciplines as economics, anthropology and geography. The Origins of Political Order is a magisterial study on the emergence of mankind as a political animal, by one of the most eminent political thinkers writing today.
Author: Michel Aglietta Publisher: Verso Books ISBN: 1786634449 Category : Political Science Languages : en Pages : 433
Book Description
The major French economist offers a new theory of money As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, with little to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied, “If we don’t do this, we may not have an economy on Monday.” What saved finance, and the Western economy, was fiscal and monetary stimulus – an influx of money, created ad hoc. It was a strategy that raised questions about the unexamined nature of money itself, an object suddenly revealed as something other than a neutral signifier of value. Through its grip on finance and the debt system, money confers sovereign power on the economy. If confidence in money is not maintained, crises follow. Looking over the last 5,000 years, Michel Aglietta explores the development of money and its close connection to sovereign power. This book employs the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.
Author: Giuseppe Eusepi Publisher: Edward Elgar Publishing ISBN: 178811793X Category : Business & Economics Languages : en Pages : 217
Book Description
The original chapters in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences.
Author: Nolan McCarty Publisher: Princeton University Press ISBN: 0691145016 Category : Political Science Languages : en Pages : 368
Book Description
How governmental failure led to the 2008 financial crisis—and what needs to be done to avoid another similar event Behind every financial crisis lurks a "political bubble"—policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles—arising from a potent combination of beliefs, institutions, and interests—aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations—including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps—become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future. The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.
Author: Ian Budge Publisher: Routledge ISBN: 0429678320 Category : Political Science Languages : en Pages : 477
Book Description
This comprehensive introduction to politics provides an essential template for assessing the health and workings of present day democracy by exploring how democratic processes bring public policy into line with popular preferences. Incorporating the latest findings from Big Data across the world, it provides a crucial framework showing students how to deploy these for themselves, providing straightforward, practical orientation to the scope and methods of modern political science. Key features: Everyday politics is explained through concrete applications to democracies across the world; Predictive theories illuminate what goes on at various levels of democracy; Outlines - in easy to understand terms - the basic statistical approaches that enable empirically-informed analysis; Rich textual features include chapter summaries, reviews, key points, illustrative briefings, key concepts, project and essay suggestions, relevant reading all clearly explained in ‘How to Use This Book’; Provides a firm basis for institutional and normative approaches to democratic politics; Concluding section reviews other approaches to explaining politics, assessing their strengths and weaknesses. Politics is an essential resource for students of political science and of key interest to economics, public policy analysis and more broadly the social sciences.
Author: Matthias Goldmann Publisher: Springer ISBN: 9783662585603 Category : Law Languages : en Pages : 230
Book Description
This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.
Author: Cameron Ballard-Rosa
Author: Cameron Ballard-Rosa
Author: Lucan Way
Author: Jerome E. Roos
Author: Francis Fukuyama
Author: Michel Aglietta
Author: Giuseppe Eusepi
Author: Sylvia Chan
Author: Nolan McCarty
Author: Ian Budge
Author: Matthias Goldmann