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The UK's vote to leave the European Union is a pivotal moment in British history. Over the past forty years, the UK's economy has become increasingly intertwined and dependent on its relationship with the other EU member states with both the EU and the UK's economic landscape irrevocably fashioned by its membership. Brexit takes both parties into unchartered territory. At such a time of uncertainty, what can we say for certain about the UK's economic relationship with the EU and what might be the likely flashpoints for negotiations and the unintended consequences of Brexit?
This collection of essays explores the ramifications of the Brexit decision for the UK and European economies. The contributors, who all draw on long experience of policy-oriented research on the British economy within the European Union, consider the impact, at least in the short term, of a weaker and less influential UK economy.
With the UK's withdrawal negotiations likely to last for at least the next two years, and the potential for other calls for referendums in other member states, the economic consequences of leaving the European Union are set to dominate politics in the UK and Europe well in to the future. These essays provide an important first step in assessing the threats and challenges that a Brexit poses for the UK and wider EU economy and will be welcome reading for anyone in search of some rigour and clarity amid the hyperbole of recent months.
Crisis after crisis has beset the European Union in recent years - Greek sovereign debt, Russian annexation of Crimea, unprecedented levels of migration, and the turmoil created by Brexit. An organization originally designed to regulate and enforce rules about fishing rights, wheat quotas and product standards has found itself on the global stage forced to grapple with problems of identity, sovereignty and solidarity without a script or prompt. From Paris to Berlin, London to Athens, European leaders have had to improvise on issues that the Union was never set up to handle and which threaten to engulf this unique political entity. And they have had to do so in full view of an increasingly disenchanted and dissonant public audience.
In this candid and revealing portrayal of a Europe improvising its way through a politics of events and not rules, Luuk van Middelaar makes sense of the EU's political metamorphosis over its past ten years of crisis management. Forced into action by a tidal wave of emergencies, Van Middelaar shows how Europe has had to reinvent itself by casting off its legal straitjacket and confronting hard issues of power, territorial borders and public authority.
Alarums and Excursions showcases the fascinating relationship between the Union and the European heads of government, and the stresses it must withstand in dealing with real world events. For anyone seeking to understand the inner power play and constitutional dynamics of this controversial, but no less remarkable, political institution, this book provides compelling reading.
To fully understand the Federal Reserve and its role today we need to examine its origins and the men who founded it. Using extensive archival sources, Richard Naclerio investigates the highly secretive events that surrounded the Fed's creation and the bankers, financiers and tycoons that shaped both its organization and the role it was to play over the next century. The motivations of this handful of men who created the first draft of the Federal Reserve Act are explored, and the business ties and shared ideologies that bound them together revealed. A story of vested interest and the pursuit of power, the book sheds new light on the creation of one of the world's most important financial institutions.
The implications of Brexit for Northern Ireland are profound, given its history and geographical position as a land border with the European Union. Four decades of sectarian violence have been replaced by a period of sustained peace, economic growth and development, yet the trenchant political divide remains. The ongoing fractious relations within the Northern Irish Assembly threaten to derail any hope the region might have on influencing the discussion and direction of the Brexit negotiations.
Mary C. Murphy offers a detailed and in-depth analysis of Northern Ireland's relationship with the EU, the role the EU has played in rebuilding the region after the Troubles, and the challenges and opportunities that Brexit might offer Northern Ireland in terms of its fragile politics and economy.
Northern Ireland has long occupied a greater political space than might seem warranted, given its size and relatively underdeveloped economy. This space may yet again become the most hotly contested and divisive topic in future Brexit negotiations, if it doesn't in fact prove to be the key to the successful UK withdrawal and future relations with our European neighbours.
Populism has become a significant feature of mature democracies in the twenty-first century and the rise of populist parties is proving a powerful and disruptive force. Catherine Fieschi offers a comparative analysis of the rise of populist parties in France, Italy, the Netherlands and the UK in the context of major digital and political transformations. Populism is effective, Fieschi shows, because it originates from within the democratic tradition and has been able to turn some of democracy's key strengths against it - what she calls Jiu-jitsu politics. Populism needs to be understood not simply as a response to globalization by the 'disillusioned' or 'left behind', but as a consequence of the digital revolution on our political and democratic expectations. She demonstrates how new dynamics unleashed by social media - the fantasy of radical transparency, the demand for immediacy and the rejection of expert truth and facts - have been harnessed by populism, enabling it to make unprecedented inroads into our political landscapes.
The discourse surrounding prostitution is increasingly one of sexual commerce, transaction and commercial exchange. The 'sex economy'and the consumer demand for it is often discussed both as a legitimate economic business, in which women have control, and as employment comparable to other forms of low-paid work. So much so, that in some countries it is being seen as a service that should be regulated and given a labour-rights framework.
Drawing on extensive and detailed research, Monica O'Connor challenges the suggestion that the sale of women's bodies as commodities can ever be acceptable, and that the male consumer has an acceptable right to buy sexual acts from another person. She disproves the claim that 'sex work' is a lucrative occupation for impoverished women and girls that can be considered for regulation as part of the normal economy. She lays bare the harm that 'normalising' the sex trade does on women's lives, gender equality and on society as a whole, and exposes the realities that constrain and control women locked in prostitution, debunking the notions of choice and agency.
The rise of behavioural approaches in economics has been one of most significant developments in the study of economic decision-making in recent years. The increasingly acknowledged failings of standard models of choice to explain economic decisions has prompted economists to incorporate into their analysis psychological insights into individual behaviour, such as social cognitive and emotional biases. This book introduces the topic of behavioural economics to a beginning readership, explaining its approach and methodology and assessing its successes and weaknesses.
The book begins by tracing the evolution of the field from its origins in Adam Smith's moral sentiments through the work of Herbert Simon to Daniel Kahneman and Richard Thaler today. The book explores how behavioural economics has advanced our understanding of human preferences including notions of fairness, reciprocity and inequality aversion, and the mental processes involved in decision making, which vary with the complexity of the decision and the ability of the decision-maker to process the information. The decision-making of individuals within social and economic groups is explored, including financial practitioners and what this can mean for financial markets. Finally, the book looks at the ways in which findings from behavioural economics have been used to alter the decisions people make, such as the nudge approach, and the ethics of such persuasion.
Time's mysteries seem to resist comprehension and what remains, once the familiar metaphors are stripped away, can stretch even the most profound philosopher. In Of Time and Lamentation, Raymond Tallis rises to this challenge and explores the nature and meaning of time and how best to understand it. The culmination of some twenty years of thinking, writing and wondering about (and within) time, it is a bold, original and thought-provoking work. With characteristic fearlessness, Tallis seeks to reclaim time from the jaws of physics.
For most of us, time is composed of mornings, afternoons and evenings and expressed in hurry, hope, longing, waiting, enduring, planning, joyful expectation and grief. Thinking about it is to meditate on our own mortality. Yet, physics has little or nothing to say about this time, the time as it is lived. The story told by caesium clocks, quantum theory and Lorentz coordinates, Tallis argues, needs to be supplemented by one of moss on rocks, tears on faces and the long narratives of our human journey. Our temporal lives deserve a richer attention than is afforded by the equations of mathematical physics.
For anyone who has puzzled over the nature of becoming, wondered whether time is inseparable from change, whether time is punctuate or continuous, or even whether time, itself, is real, Of Time and Lamentation will provoke and entertain.
The resource curse, or paradox of plenty, refers to the long-established notion central in development economics that countries rich in natural resources, particularly minerals and fuels, perform less well economically than countries with fewer natural resources. In other words, resources are an economic curse rather than a blessing.
This short primer explores the complexities of this idea and the debates that surround it, in particular under what conditions the resource curse might operate, if not universal. Discussion ranges over the nature of resource booms, the benefits and costs of export-led growth, the problems of deindustrialization and manufacturing base erosion, rent-seeking behaviour and corruption and the empirical evidence of the effects of natural resource dependence on growth. The book also considers the links between resource rents and the risk of conflict and civil war.
The treatment draws throughout on a range of illustrative examples from across the developed and developing world and offers an authoritative introduction to one of the most perplexing issues for economic growth.
The negotiation of international trade agreements has become the issue of the moment. With Brexit, a change in administration in the United States, a fragile economic recovery in the Eurozone and China facing a slowdown in its growth, nothing is more critical to the future global economy than the terms of trade between its largest economic blocs. The Transatlantic Trade and Investment Partnership (TTIP) is Europe's most controversial trade agreement ever. Aimed at reducing regulatory barriers between the United States and the EU, it was expected to be fairly straightforward given strong business support on both sides of the Atlantic. It has not been so. The negotiations have dragged on far longer than anticipated and now look set to fail altogether. Yet the process of its negotiation, the terms of the potential agreement and its sticking points provide valuable lessons for policy-makers and academics tasked to bring future trade deals and arrangements to successful conclusions.
Alasdair Young offers a penetrating analysis of the complexities of the TTIP negotiations and explores why they have proved so difficult to conclude, what motivates the different parties concerned and what implications there are for politics and policy. Young throws light on the limits of the transatlantic cooperation and the processes of globalization and teases out the implications for the UK in its post-Brexit trade negotiations and for other nations now facing a more protectionist stance from the United States.
As a broad introduction to the history of economic thought - based on courses the authors have taught for many years - this book provides a magisterial overview for students and teachers who have not had the opportunity to cover the development of the field of economics in its historical context.
The text is presented as a series of twenty-four lectures, which can be used as the basis for self-study or for the delivery of a course. Each lecture presents an outline of aims, a select bibliography, a chronology, an overview of between 3,000 and 4,000 words, and questions for further study or reflection.
Contemporary understanding of economic principles sheds little light on the manner in which past thinkers thought, so the reader is provided with the much-needed context behind the development of ideas, as well as being guided through the original writings of economists such as Smith, Jevons, Marshall, Robbins, Keynes and others. The emphasis is on the broad developing stream of economic argument from the seventeenth century to the present, seeking to emphasize a diversity that is sometimes suppressed in more conventional textbooks, which tend to organize their histories into sequences of schools of thought.
Backhouse and Tribe bring their considerable insight and knowledge to bear on the text, having honed their presentation to the needs of those with no previous background in the subject, without sacrificing analysis or rigour. The book will be warmly welcomed by students and teachers alike.
Global financial capitalism has eroded the moral economy on which all economic exchanges ultimately depend. The principles of reciprocity, responsibility and redistribution, which for centuries defined the market place, have been increasingly pushed aside by a growth model that places the pursuit of profit above all else.
Luigino Bruni and Stefano Zamagni draw on a rich Italian tradition of civic humanism to advocate a more well-mannered type of economic market - a civil economy - one that places well-being, virtue and the common good alongside more familiar economic goals. They provide a succinct introduction to the civil economy approach and outline the thought and ideas of some of its pioneers and main representatives. The many different fields of application of the civil economy, from the determination of gross domestic product to the management of common goods, from welfare to the organization of production and consumption, are considered.
Unlike many post-growth or degrowth movements, rather than seek to replace the market, civil economy seeks to find solutions to social problems within the market, while maximizing human values and minimizing government intervention. It is a distinct and valuable approach, and one that offers individuals, corporations and governments a framework for a humane and socially accountable, yet productive and competitive, system of markets.
Over recent years, tabloid readers have become familiar with the concept of the 'white working class', those thought to have been 'left behind' by globalization, including immigration. Such sentiments were weaponized by politicians on all sides to fuel the anti-immigrant rhetoric of the Brexit campaign. And this racialized narrative has emerged repeatedly in mature democracies - in the political campaigns of Trump, Le Pen and others - and continues to gain traction in the guise of economic nationalism and populism. The need to understand the putative emergence of the white working class has become both intellectually significant and politically urgent.
In Race and the Undeserving Poor, Robbie Shilliam does just this. He charts the development over the past 200 years of a shifting postcolonial settlement that has produced a racialized distinction between the 'deserving' and 'undeserving' poor, the latest incarnation of which is a distinction between a deserving, neglected white working class and 'others' who are undeserving, not indigenous, and not white. Shilliam's analysis shows that the white working class are not an indigenous constituency, but a product of the struggles to consolidate and defend imperial order that have shaped British society since the abolition of slavery.
Our sense-making capabilities and the relationship between our individual and collective intelligence and the comprehensibility of the world is both remarkable and deeply mysterious. Our capacity to make sense of the world and the fact that we pass our lives steeped in knowledge and understanding, albeit incomplete, that far exceeds what we are or even experience has challenged our greatest thinkers for centuries.
In Logos, Raymond Tallis steps into the gap between mind and world to explore what is at stake in our attempts to make sense of our world and our lives. With his characteristic combination of scholarly rigour and lively humour he reveals how philosophers, theologians and scientists have sought to demystify our extraordinary capacity to understand the world by collapsing the distance between the mind that does the sense-making and the world that is made sense of. Such strategies - whether by locating the world inside the mind, or making the mind part of the world - are shown to be deeply flawed and of little help in explaining the intelligibility of the world. Indeed, it is the distance that we need, argues Tallis, if knowledge is to count as knowledge and for there to be a distinction between the knower and the known.
The book showcases Tallis's enviable knack of making tricky philosophical arguments cogent and engaging to the non-specialist and his remarkable ability to help us see humankind more clearly.
The Indian economy has undergone dramatic changes over recent decades encompassing episodes of rapid growth and stagnation. It is a complex economic story that stretches back to the seismic events of 1947. This book charts the development of the Indian economy since independence and partition, and provides a rigorous presentation of India's contemporary political economy.
As well as providing a comprehensive survey of the main features of the Indian economy, the book critically examines key debates surrounding the country's economic trajectory, in particular those that link it to the dominance of particular class interests, and those that argue that India's economic growth has not delivered equivalent welfare gains. Throughout, the book uses revealing case studies of poverty and inequality, of education, health, work and gender issues to outline the human story behind the economic figures and performance indicators. The economic impact of internal geography, regional diversity and discrimination is also assessed. The distinct, and sometimes puzzling, features of India's political economy are explored, including the significance of the service sector, a weakening state, and the democratic failure of public service delivery.
The book offers an authoritative overview of the contemporary Indian economy suitable for students seeking an introduction to this most diverse of economies.
The world's eighth largest economy has a unique shape and structure. Characterized by strong social networks and a niche capitalism built on successful small and medium-sized enterprises, the Italian economy has a nature distinct from its European neighbours.
Vera Zamagni charts Italy's recent economic history from the postwar years of reconstruction through to the present day and the legacy of the financial crisis. Combining illustrative data with qualitative analysis, she provides a clear and rigorous presentation of the main features of the country's economy. The country's regional imbalances, political instability and corruption are situated alongside its strengths in social capital, its flourishing industrial districts and its high ranking in well-being indicators. Throughout, the contours of a much longer history are shown to have shaped the contemporary economy as much as recent trends, such as migration.
The book provides a concise survey suitable for a range of introductory readerships seeking to understand the nature of recent Italian economic performance.
Global money laundering transactions are estimated to be $3.5 trillion annually. Although global spending on anti-money laundering compliance was more than $8 billion in 2017, with most countries having adopted anti-money laundering measures, less than 1 per cent of illicit financial flows are seized by authorities. This collection of essays takes an integrated look at money laundering and the challenges facing regulators in the digital age.
The contributors examine the opportunities for money laundering presented by the emergence of new payment methods, such as crowdfunding and mobile payment services, the largely unregulated financial services sector of hedge funds, private equity funds and derivatives, the explosion of online gambling, and the rise of cryptocurrencies and blockchain technology.
The essays show how the anonymity, irreversibility and instantaneous nature of these online transactions, outside of the traditional banking system, make them ideally suited to hide, launder and move criminal revenues.
While highlighting the challenges these digital technologies present, each essay also considers some of the tools regulators have and can use to close down the opportunities for money laundering that continues to keep crime profitable and illegal activities funded.
We have become accustomed to economists and politicians talking about 'market forces' as if they are immutable laws of the universe. But what exactly is 'the market'? Originally an abstract idea from economic theory - the locus of supply and demand - it has come to inform the way we speak about our relationship to the economic system as a whole.
Matthew Watson unpacks the concept to ask what does it really mean to allow ourselves to submit to market forces. And does economic theory really provide insights into the market institutions that shape our everyday life? In tackling these questions, the book provides a major contribution to a deeper appreciation of the dominant economic language of our time, challenging the idea that we can simply defer to the 'logic of the market'.
Much of economics is a top-down analysis that simplifies and reduces the huge varieties between individuals to a predictable range of characteristics that lend themselves to systematic analysis. This book eschews this conventional perspective, which sees national economies as simply agglomerations of the activities of millions of people, and instead explores the role played by the individual in the economy, in particular, how the individual experiences the economy. In so doing, the book is able to illuminate the economic landscape for the non-technical reader in a much more engaging and accessible way.
Steve Coulter examines those areas of our lives that most direcly connect with the economy - jobs, education, healthcare, housing, personal finance, welfare, consumption - and explores how the individual choices we make are determined. He shows how the things we experience, need and consume fit into a fast-changing and interdependent global economic setting and highlights the role of government and markets in shaping our lives.
The 'living wage' is an old idea that has experienced a dramatic resurgence of political popularity in recent years. The underlying logic of the concept is quite clear: it is a wage that provides workers with enough income to live on at some level considered adequate. However, in practice the term has become blurred with that of the 'minimum wage' and in its implementation it has lacked a consistent meaning despite being widely used as a campaigning slogan.
This short primer traces the origins of the concept of the living wage and seeks to explain the current rise in its fortunes as an economic instrument with a social objective. It examines its impact on labour markets and wage levels, explores how it has been applied, and assesses whether it is an effective measure for raising living standards.
It offers a broad-ranging analysis of the debates, policy developments and limitations of wage floors in developed economies and will appeal to a wide readership in economics, public policy and sociology, as well as those working in non-profit and non-governmental organizations.