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Download Aftershocks: Economic Crisis and Institutional Choice by Anton Hemerijck, Ben Knapen, Ellen van Doorne PDF

By Anton Hemerijck, Ben Knapen, Ellen van Doorne

Even though it will be untimely to presume to spot the precise repercussions of the present monetary concern, it truly is transparent that it'll have profound results within the political, fiscal, and social spheres. Written in the middle of the private financial predicament because the nice melancholy, Aftershocks includes twenty-four essays—based on interviews with students, sought after eu politicians, and best figures from company and banking—that examine the origins of the situation in addition to the potential social, financial, and political changes it could possibly engender. among the members are Barry Eichengreen, Tony Atkinson, David Soskice, Nancy Birdsall, Amitai Etzioni, Helmut Schmidt, and Jacques Delors.

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Academic failure Judged by Milton Friedman’s method of positive economics, which holds that economists should be judged by the predictive powers of their theories and not by the validity of the assumptions they make in the construction of their economic models, the failure to anticipate the first major economic crisis of 21st-century global capitalism should be viewed as an utter failure (Friedman, 1962). Why were so many economists so blind? To be sure, a small minority of eminent 32 aftershocks members of the economics profession, notably Robert Shiller (2003; 2008), Raghuram Rajan (2005), and Nuriel Roubini (2006), did point to the great risks of an unchecked housing bubble.

Compared to the US, European countries were slow in recognising the severity of the crisis. As a consequence, monetary easing and fiscal stimulus measures were implemented less aggressively than in the US. One reason why fiscal stimulus programs were less expansive in Europe is due to the fact that the EU is made up of many small, open economies. This creates free-rider problems, with the benefits of fiscal stimulus spilling over into neighbouring economies. While the US is more indebted, it has the advantage of being an immigrant economy with flexible labour markets, which will make it relatively easier to mobilise labour and other resources than in the ageing European and Japanese economies.

These regimes, which are known for reining in free markets with capital regulation, providing generous insurance benefits paired with high quality social services, maintaining stable industrial relations, and supporting comprehensive vocational training and education systems, seem to have been able to mitigate the hardship of the economic crisis. In the United States, where the stock market collapse has wiped out retirement savings and rising unemployment is leaving ever more people without health insurance, officials in President Barack Obama’s administration are looking towards recent pension and health care reforms in the Netherlands, Sweden, and Switzerland for inspiration.

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