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Why has Europe's centre-left failed to respond to the crisis of neoliberalism in Europe? Rather than opening up a moment in political time for the centre-left to puncture the dominance of neoliberalism, the multitude of crises in Europe since 2008 have consolidated its difficulties and contributed to the rise of radical and populist alternatives.
Divided They Fell examines the failures of mainstream politics, and in particular the inability of the centre-left to respond to the global financial crisis more effectively. By exploring the cases of the UK Labour Party and France's Parti Socialiste, the book investigates the role of, and interplay between, institutional intra-party dynamics, the parties' ideational landscapes and the wider political economy in shaping their responses to the crisis.
Important reputational, ideational and strategic path dependencies in both parties, it is shown, constrained the flow of fresh ideas and entrenched their internal organizational divisions, leaving them unable to offer an effective post-neoliberal economic alternative. Ultimately, this fractured the parties and sparked a crisis of centre-left identity that opened the door to emergent alternative parties and movements in both cases.
Divided They Fell helps to diagnose what has gone wrong for the centre-left in Europe and forces us to consider whether such parties are, in the context of new and emerging crises, still fit for purpose.
Robert Walker provides a critical examination of the promise and reality of SDG1, the United Nations' Social Development Goal designed, among other things, to eradicate extreme poverty by 2030. The author's message is stark: there is little chance of success. Although the need for a collective and coordinated response is clear, global and national systems of governance are currently incapable of an adequate response.
While the critique is formidable, the book seeks to identify reforms necessary to meaningfully increase the likelihood of meeting SDG1's goals. These include reshaping international institutions so that they give greater voice to governments in the developing world, facilitating enhanced modes of participatory governance, and increasing democratic accountability at a global level. Evidence is drawn throughout from a systematic review of international best practice supplemented by more detailed strategic case-studies, including from China.
The UK's decision to leave the EU has opened up huge existential questions for Northern Ireland as it marks its centenary. Constitutional conflict in Northern Ireland had been regarded as largely resolved and settled, but Brexit has altered the wider constitutional framework within which the 1998 Good Friday Agreement is situated. With the question of Irish unity gaining renewed and sustained traction, and with trade, relationships and politics across 'these islands' in a state of flux, Northern Ireland approaches a constitutional moment.
Murphy and Evershed examine the factors, actors and dynamics that are most likely to be influential, and potentially transformative, in determining Northern Ireland's constitutional future. This book offers an assessment of how Brexit and its fallout may lead to constitutional upheaval, and a cautionary warning about the need to prepare for it.
Caring is a central aspect of our being. Without it, we would just float along in the world, attaching ourselves superficially to one activity after another as they came up. Caring anchors us to the world and to each other. And yet, understanding what caring is and how it operates in our lives is a challenge. Todd May meets that challenge, canvassing various approaches to care and offering an overview of the key role it plays in our lives.
With wit and insight, May addresses the difficulties between understanding care as a reflective attitude and as an emotion, between care and love, between caring for humans and for non-human animals, between self-care and concern for others, and between care and vulnerability.
Women across the world experience gender-based violence and harassment in the workplace. In the context of globalization and neoliberalism, work plays an important role in constructing and maintaining the economic, social and cultural systems of oppression that women face. Women in insecure, precarious employment and women not protected by trade unions are the most at risk of violence and as the #MeToo movement has shown, it stretches across societies rich and poor.
In June 2019, the International Labour Organization adopted a ground-breaking global treaty on eliminating violence and harassment in the world of work. This historic vote was the result of more than a decade of campaigning and lobbying by women trade union leaders and their allies across the world. Chidi King, Robin Runge and Jane Pillinger played a key role in the campaign and the negotiation of the Convention. Combining both their activist and academic backgrounds, this book documents their unique insights into and experience of the campaign and its landmark achievement in international labour law, global policy and the cross-movement building of workers' and women's rights, which has reignited the role of trade unions, and particularly women in trade unions, in global advocacy.
Inflation, hyperinflation and deflation have all had profound effects on societies, especially during periods of war and crisis. Today's approach to managing inflation has been shaped by these episodes and informed by debates between different schools of economic thought from Fisher and Hayek to Keynes and the monetarists. This accessible and authoritative overview explores the role of inflation in the modern economy, from its place in monetary policy and in money supply to its effects on everyday business.
In a compelling analysis, the book shows that since the financial crisis in 2008-09, inflation rates have remained persistently higher than interest rates worldwide, which is the inverse of our basic understanding of how inflation normally affects markets. The result of this inversion has been that the effective real return on investment has become negative, and consequently, the investment rate has dropped across western economies. At a time when inflation once again challenges the world's leading economies, the book offers valuable insight into the monetary policy of central banks.
Credit rating agencies (CRAs) assess the creditworthiness of debt issuers on financial markets. They are private companies and the ratings they issue are judgements about the prospect of repayment of debt by an issuer in time and in full. A rating is not an investment recommendation, but it is an opinion about the creditworthiness of a financial product or an issuing bank, government, supra- or sub-national institution.
In recent years CRAs have gained an authority in bond markets that far surpasses their original design. The financial crisis of 2008 thrust the CRAs into the spotlight as their highly rated financial products turned out to be toxic assets. CRAs were blamed not only for their excessively optimistic ratings, but also for their complicity in creating them.
This short book introduces and explores the complex world of the credit rating industry: how it works, how it has evolved, the role it played in the financial crisis, and how it is regulated. Giulia Mennillo shows, as constitutive actors of global financial capitalism, CRAs have a social and political relevance that reaches well beyond finance into areas of transport, infrastructure, education and health and their impact is emblematic of the increasing financialization of our world.
There has been a recent resurgence in interest in the theorization of labour regimes in various disciplines. This has taken the form of a concern to understand the role that labour regimes play in the structuring, organization and dynamics of global systems of production and reproduction. The concept has a long heritage that can be traced back to the 1970s and the contributions to this book seek to develop further this emerging field.
The book traces the intellectual development of labour regime concepts across various disciplines, notably political economy, development studies, sociology and geography. Building on these foundations it considers conceptual debates around labour regimes and global production relating to issues of scale, informality, gender, race, social reproduction, ecology and migration, and offers new insights into the work conditions of global production chains from Amazon's warehouses in the United States, to industrial production networks in the Global South, and to the dormitory towns of migrant workers in Czechia. It also explores recent mobilizations of labour regime analysis in relation to methods, theory and research practice.
Political Racism conceptualizes a distinctive form of racism - intentional, organized hostility mobilized by political actors - and examines its role in the Brexit conflict and in the rise of a new nationalist politics in the UK.
In a compelling analysis the book argues that Powellite anti-immigrant racism, reinterpreted in numerical terms, was combined with anti-East European and anti-Muslim hostility to inform the Vote Leave victory. This type of racism, which has a special significance in societies where racism has been delegitimized, is shown to have further shaped the form of EU withdrawal and also the government's post-Brexit policies.
Although the asset management industry has come under increasing scrutiny since the financial crisis it still remains poorly understood and investment scandals continue to headline in the financial press. Whereas most literature on the industry focuses on the technical end - how managers invest and what tips others can glean - this book explores the way these businesses operate as businesses and how they make their money.
The book explains how the industry is organized, how firms generate revenues through various types of fund, fees and charges and what cost pressures they face. It investigates the nature of their client relationships, the role played by star investors and the requirement for firms to integrate non-financial considerations into their investment process. The inherent tensions and potential conflicts of interest within asset managers that seek to keep both clients and shareholders happy is also examined. The book concludes by considering how the industry is evolving, the role of regulation and where it is struggling to change.
Suitable for students of business and finance, those working in allied areas of the finance sector, and for anyone with a general interest in how financial institutions and markets operate, the book offers readers a balanced and incisive guide to the economics of an industry that globally controls more than $100 trillion of financial assets and a critical appraisal of the sector's future.
In the 1990s, the 'knowledge economy' was hailed by policy-makers in developed democracies as an antidote to the anxieties arising from the era of market liberalization - an era characterized by the decline of skilled blue-collar work, increasing levels of social exclusion and widening regional inequality. The shift to knowledge-driven growth appeared to offer policymakers a way of harnessing technological progress and global economic integration for progressive purposes, and justifying progressive policies in terms of the economic benefits that they would produce.
Nick O'Donovan tells the story of how the techno-optimism once associated with the rise of the knowledge economy came to be supplanted by widespread anxiety about technological progress, and how the political consensus that formed around a knowledge-driven growth agenda has unravelled, paving the way for the electoral upheavals experienced by many developed democracies in recent years. By examining the rhetoric and reality of knowledge-driven growth over the last three decades, the book highlights the flawed assumptions underpinning this policy agenda, showing how its economic shortcomings map on to patterns of political discontent evident today. It assesses whether there is scope for rebooting this policy agenda in the wake of the Covid-19 pandemic, or whether politicians will need to reach beyond it if they are to deliver inclusive prosperity and equitable growth in the future.
This clear and rigorous examination of the international efforts to combat the financing of terrorism is suitable for a range of courses in international relations, politics and global political economy. It provides a comprehensive examination of the post-9/11 efforts to counter financial support for terrorist actors, including the more recent challenges of non-cash payment technologies as well as how to combat the financing of terrorism in regimes where territories and populations are controlled, as in the case of Islamic State.
As one of the fastest growing cities in Europe, London has become a mass generator of employment and a magnet for inward migration. Yet London is also a divided city, whose expansion has generated many planning challenges.
This book explores the tensions, complexities and difficulties in mobilizing policy agendas in London, but it also argues that public policy still matters and makes a significant difference to outcomes. The authors show how the market-led development of London has meant that the state supports more private-sector-led governance and this has given rise to widespread privatization of the city's decision-making processes and policy implementation. As a key command and control centre in the global economy, London's privatized model has become one for other megacities to emulate.
Regional issues are increasingly debated across the social sciences. In an age of globalization, the region has come to matter perhaps more than before. In business, companies orient themselves to engage in regional environments to build capabilities and create critical mass in their vicinity. In the world of policy, almost one-third of the EU budget is spent on regional policy. Yet in spite of this the differences between regions that do well and those that do not are increasing in both Europe and the United States.
In recent years, evolutionary economic geography has done much to create a framework to inform regional policy and academic work. Using its insights, Martin Henning explores why economic growth and transformation is an essentially regionally based and spatially dependent process. The book offers an accessible introduction to the core ideas involved in understanding the dynamics of regional economies and draws on case studies to illuminate these ideas in practice.
Since Tsarist times, Russia's leaders, rather than pursue economic growth for its own sake, have sought control over economic activity as a means to manage their own support base, respond to perceived security threats and to facilitate their wider geopolitical ambitions. Balancing the needs of an authoritarian state with the tentative and inconsistent use of the market has defined Russia's modern economic history from the nineteenth-century Stolypin reforms to Lenin's New Economic Policy through to the high Soviet years, Gorbachev's perestroika, and Yeltsin and Gaidar's shock therapy. And it is no more evident today than in Putin's management of Russia's natural resource-based economy.
Yuval Weber provides a concise economic history of modern Russia, which explains how its economy works both at an economic level but also strategically serving its elites' personal and political agendas. At a time when the global importance of Russia's oil and gas reserves is in full view, the book examines the Russian Petrostate and considers the long-term challenges for an economy reliant on natural resources for its resilience. The country's regional imbalances, the demands of its huge military-industrial complex and the legacy of centralization are considered alongside the rising consumerism of its citizens, and other human factors, such as ethnicity, health and demography.
The book offers readers seeking to understand Russia's economic resilience in an increasingly fractured global economy, an illuminating historical perspective on Russia's political economy and the power structures underpinning Putin's governance.
The European welfare systems, established after the Second World War, have been under sustained attack since the late 1970s from the neoliberal drive towards a small state and from the market as the foremost instrument for the efficient allocation of scarce resources. After the 2008 financial crash, Europe's high tax and generous benefits welfare states were, once again, blamed for economic stagnation and political immobilism. If anything, however, the long decade of the Great Recession proved that the welfare state remained a fundamental asset in hard times, stabilizing the economy, protecting households and individuals from poverty, reconciling gendered work and family life, while improving the skills and competences needed in Europe's knowledge economy and ageing society. Finally, the spread of the Covid-19 pandemic has, unsurprisingly, brought back into the limelight the productive role of welfare systems in guaranteeing basic security, human capabilities, economic opportunities, and democratic freedoms.
In this important contribution, Anton Hemerijck and Robin Huguenot-Noël examine the nature of European welfare provision and the untruths that surround it. They evaluate the impact of the austerity measures that followed the Great Recession, and consider its future design to better equip European societies to face social change, from global competition to accelerated demographic ageing, the digitalization of work and climate change.
Mexico is the sixteenth largest economy in the world and Latin America's biggest exporter and importer. Despite the country's relative macroeconomic stability, there are two Mexicos: one more prosperous, advanced and modern, the other poor, isolated and disadvantaged, and this polarization characterizes much of the country's recent economic development.
Enrique Cárdenas provides a concise survey of Mexico's recent economic history and examines its attempts to address the economic challenges thrown up by regional disparities, low productivity and an export-fuelled economy overwhelmingly dependent on demand from its largest neighbour. The book investigates the relative robustness of the macroeconomic fundamentals alongside specific industry-level economic trends, especially those sectors dependent on free trade agreements. Demographic trends, in particular migration to the north, urbanization, poor labour relations, organized crime and entrenched corruption are all shown to have impacted the economic path Mexico has taken.
The book offers an up-to-date analysis of Mexico's economic development, social reform programmes and political economy suitable for a range of courses in Latin American studies and development studies.
British society is increasingly divided into the haves and the have-nots. Housing epitomizes this division with spiralling rents, exorbitant prices, lack of council provision, poorly maintained stock, and polluted cities with ever decreasing green space. Daniel Renwick and Robbie Shilliam provide a recent history of squalor culminating in the Grenfell Tower fire. In doing so they reveal a profound political failure to provide fair and just solutions to shelter - the most basic of human needs. Renwick and Shilliam argue that agents of change exist within those populations presently damned by a racist and class-riven system of housing provision.
The people of China and its (widely differing) regions have not all benefited equally from the country's rapid increase in prosperity, and the speed and timing of increases have varied across time and space. However, China has managed to help those left behind to catch up. These outcomes reflect a specific social model embedded in China's cultural and political milieu. Exploring the Chinese Social Model presents new analysis and fresh research on how China deals with unequal development and inequality in the context of its surging economic growth.
The book sheds new light on the workings of China's social model, going beyond binary notions of market and state, and considers the new facets of its socialist market economy. In exploring these questions, the authors consider what is special about China and what the Chinese model is all about.
Almost everyone agrees on the need to transition the global economy to net zero. But how do we do it? And how do we do it faster? If you feel demoralized, depressed or confused about the climate crisis this book will provide answers - and ones that don't involve punishing lifestyle changes, the end of capitalism, or a much higher tax bill.
Supercharge Me is grounded in relentless realism about how governments, businesses and individuals actually behave. It draws lessons from what has worked so far: extreme positive incentives and smart regulations. Through a series of fast-paced dialogues, the authors introduce practical ideas for change that will embolden activists, reinvigorate the disheartened, and reframe the climate crisis as an opportunity.