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Volumn , Issue 72, 2011, Pages 33-62

CRISIS 2.0

(1)  Blackburn, Robin a  

a NONE

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[No Author keywords available]

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EID: 84855258225     PISSN: 00286060     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article
Times cited : (32)

References (59)
  • 2
    • 84855256695 scopus 로고    scopus 로고
    • Where the bailout went wrong
    • 30 March
    • Neil Barofsky, 'Where the Bailout Went Wrong', New York Times, 30 March 2011.
    • (2011) New York Times
    • Barofsky, N.1
  • 3
    • 84859747655 scopus 로고    scopus 로고
    • The real effects of debt
    • September, Table 1. For the dynamic of 'historical cycles' of debt
    • Stephen Cecchetti et al., 'The Real Effects of Debt', bis Working Paper 352, September 2011, p. 7, Table 1. For the dynamic of 'historical cycles' of debt
    • (2011) Bis Working Paper 352 , pp. 7
    • Cecchetti, S.1
  • 5
    • 84855256716 scopus 로고    scopus 로고
    • Banks accused of failing small firms after lending plunges
    • 29 October
    • Katie Allen, 'Banks accused of failing small firms after lending plunges', Guardian, 29 October 2011.
    • (2011) Guardian
    • Allen, K.1
  • 6
    • 84855295152 scopus 로고    scopus 로고
    • Lessons in a $3,300 billion surprise from the Fed
    • 3 December
    • Gillian Tett, 'Lessons in a $3,300 billion surprise from the Fed', Financial Times, 3 December 2010.
    • (2010) Financial Times
    • Tett, G.1
  • 7
    • 84855256697 scopus 로고    scopus 로고
    • Obama grasping centrist banner in debt impasse
    • 12 July
    • Jackie Calmes, 'Obama Grasping Centrist Banner in Debt Impasse', nyt, 12 July 2011
    • (2011) Nyt
    • Calmes, J.1
  • 8
    • 84855293143 scopus 로고    scopus 로고
    • Obama's failed debt ceiling gamble
    • 11 July
    • Clive Crook, 'Obama's failed debt ceiling gamble', ft, 11 July 2011.
    • (2011) Ft
    • Crook, C.1
  • 9
    • 84855295154 scopus 로고    scopus 로고
    • Germany and the eurozone: Besieged in Berlin
    • 26 September
    • Quentin Peel, 'Germany and the eurozone: Besieged in Berlin', ft, 26 September 2011.
    • (2011) Ft
    • Peel, Q.1
  • 10
    • 84855295150 scopus 로고    scopus 로고
    • Move to tax banks seen as key in Greece plan
    • 20 July
    • Peter Spiegel, Quentin Peel and James Wilson, 'Move to tax banks seen as key in Greece plan', ft, 20 July 2011.
    • (2011) Ft
    • Spiegel, P.1    Peel, Q.2    Wilson, J.3
  • 11
    • 84855292931 scopus 로고    scopus 로고
    • Greek bond losses put role of sovereign cds in doubt
    • 18 November
    • Gillian Tett, 'Greek bond losses put role of sovereign cds in doubt', ft, 18 November 2011.
    • (2011) Ft
    • Tett, G.1
  • 12
    • 84855293145 scopus 로고    scopus 로고
    • The only way to save the eurozone from collapse
    • 14 November
    • As another ft commentator put it: 'The presence of a risk-free asset can hardly be overstated in a modern financial system. Each insurance company, each pension fund needs to invest part of its income in such assets. Through a combination of short-sightedness and financial illiteracy, the European Council has now put itself in a position where it desperately needs Euro-bonds, if only to assure the existence of a functioning financial sector.' See Wolfgang Münchau, 'The only way to save the eurozone from collapse', ft, 14 November 2011.
    • (2011) Ft
    • Münchau, W.1
  • 13
    • 79961077091 scopus 로고    scopus 로고
    • Employee Benefits Retirement Institute, 2011 Retirement Confidence Survey, and for 2007, London
    • Employee Benefits Retirement Institute, 2011 Retirement Confidence Survey, and for 2007 George Magnus, The Age of Aging, London 2009, p. 87. The $50,000 figure excludes the house they lived in and membership of the fast-disappearing Defined Benefit pension schemes.
    • (2009) The Age of Aging , pp. 87
    • Magnus, G.1
  • 14
    • 84855292930 scopus 로고    scopus 로고
    • A trillion here, $500 billion there
    • 15 October
    • 'A trillion here, $500 billion there', The Economist, 15 October 2011.
    • (2011) The Economist
  • 15
    • 64549117242 scopus 로고    scopus 로고
    • I discuss this in, nlr 50, March-April
    • I discuss this in 'The Subprime Crisis', nlr 50, March-April 2008.
    • (2008) The Subprime Crisis
  • 17
    • 55949135179 scopus 로고    scopus 로고
    • The limits of pension privatization: Lessons from argentine experience
    • See also Camila Arza, 'The Limits of Pension Privatization: Lessons from Argentine Experience', World Development, vol. 36, no. 12, 2008. Several countries that had adopted private pensions subsequently revised their retirement systems to give greater importance to the 'public pillar' of state pensions-Chile, Hungary and Argentina among them.
    • (2008) World Development , vol.36 , Issue.12
    • Arza, C.1
  • 18
  • 19
    • 0004338729 scopus 로고    scopus 로고
    • nlr i/229, May-June, subsequently published in book form with an afterword in 2006
    • Robert Brenner, 'The Economics of Global Turbulence', nlr i/229, May-June 1998, subsequently published in book form with an afterword in 2006.
    • (1998) The Economics of Global Turbulence
    • Brenner, R.1
  • 21
    • 84855292924 scopus 로고    scopus 로고
    • New Delhi. Patnaik stresses the role of global poverty in precipitating and shaping the crisis: 259-71
    • Prabhat Patnaik, Re-Envisioning Socialism, New Delhi 2011. Patnaik stresses the role of global poverty in precipitating and shaping the crisis: pp. 148-64, 259-71.
    • (2011) Re-Envisioning Socialism , pp. 148-64
    • Patnaik, P.1
  • 23
    • 77952321768 scopus 로고    scopus 로고
    • Global imbalances and the financial crisis: Products of common causes
    • Santa Barbara, 18-20 October
    • See also Maurice Obstfeld and Kenneth Rogoff, 'Global Imbalances and the Financial Crisis: Products of Common Causes', paper presented at Federal Reserve Bank of San Francisco conference, Santa Barbara, 18-20 October 2009.
    • (2009) Federal Reserve Bank of San Francisco Conference
    • Obstfeld, M.1    Rogoff, K.2
  • 24
    • 36349036263 scopus 로고    scopus 로고
    • A theme I developed in, London and New York, A revised, paperback edition will appear in 2012
    • A theme I developed in Age Shock: How Finance is Failing Us, London and New York 2006. A revised, paperback edition will appear in 2012.
    • (2006) Age Shock: How Finance Is Failing Us
  • 25
    • 67650432107 scopus 로고    scopus 로고
    • London
    • See Graham Turner, The Credit Crunch, London 2008. Buying a house is one of the largest financial transactions that the citizen of a developed country will make in their life (acquiring a pension is the only comparable investment) so it is easy to see why mortgages are big business. In 2007 us household debt was around 120 per cent of gdp, with mortgages, including second mortgages, comprising over four-fifths of the total. While us households shed some debt in the years 2007 to 2011, a 15 per cent decline in house prices-and a rise in unemployment to 9 per cent-brings losses for investors and foreclosure to mortgagees (on which more below). On the role of poverty in generating the crisis
    • (2008) The Credit Crunch
    • Turner, G.1
  • 33
    • 84993383040 scopus 로고
    • Cheltenham
    • The 'absolute advantage' thesis has been developed by Will Milberg, whose approach focuses on deficient aggregate demand: see Will Milberg, 'Is absolute advantage passé? Towards a Post-Keynesian/Marxian theory of international trade', in Michael Glick, ed., Competition, Technology and Money, Cheltenham 1994; Anwar Shaikh demonstrates that the acquisition of competitive advantage is determinant, and not the result of a mythical 'perfect competition', in 'Globalization and the Myth of Free Trade', in
    • (1994) Competition, Technology and Money
    • Glick, M.1
  • 36
    • 84855256708 scopus 로고    scopus 로고
    • nlr 69, May-June
    • and other works discussed by John Grahl, 'Dissident Economics', nlr 69, May-June 2011.
    • (2011) Dissident Economics
    • Grahl, J.1
  • 37
    • 84855293152 scopus 로고    scopus 로고
    • Osborne's austerity gamble is fast being found out
    • 1 August. Skidelsky has also advocated this approach in articles for the New Statesman
    • See Robert Skidelsky and Felix Martin, 'Osborne's austerity gamble is fast being found out', ft, 1 August 2011. Skidelsky has also advocated this approach in articles for the New Statesman.
    • (2011) Ft
    • Skidelsky, R.1    Martin, F.2
  • 38
    • 84855293153 scopus 로고    scopus 로고
    • A national investment bank can raise our growth
    • 21 October
    • Gerald Holtham, 'A national investment bank can raise our growth', ft, 21 October 2010.
    • (2010) Ft
    • Holtham, G.1
  • 39
    • 84855292943 scopus 로고    scopus 로고
    • Radical plan for fund to plug £1.3 trillion Black Hole
    • 1 November
    • William Robins, 'Radical Plan for Fund to Plug £1.3 trillion Black Hole', City Wire, 1 November 2011
    • (2011) City Wire
    • Robins, W.1
  • 40
    • 0003631233 scopus 로고    scopus 로고
    • 6 November. This scheme could be run entirely by public, not-for-profit funds but Truell, a director of the Pensions Corporation, seems to envisage commercial insurance running it
    • and Sunday Times, 6 November 2011. This scheme could be run entirely by public, not-for-profit funds but Truell, a director of the Pensions Corporation, seems to envisage commercial insurance running it.
    • (2011) Sunday Times
  • 41
    • 84855263571 scopus 로고    scopus 로고
    • I explain how this might look in chapter 7 of
    • I explain how this might look in chapter 7 of Age Shock.
    • Age Shock
  • 42
    • 84855293154 scopus 로고    scopus 로고
    • Fund managers back infrastructure plan
    • 26 November
    • George Parker and Jim Pickard, 'Fund managers back infrastructure plan', ft, 26 November 2011.
    • (2011) Ft
    • Parker, G.1    Pickard, J.2
  • 43
    • 84855292947 scopus 로고    scopus 로고
    • Pension funds need convincing on infrastructure
    • 29 November
    • In recent decades banks have deployed the techniques of financialization to dominate infrastructure finance, often with unfortunate results. See Kate Burgess and Paul Davies, 'Pension funds need convincing on infrastructure', ft, 29 November 2011.
    • (2011) Ft
    • Burgess, K.1    Davies, P.2
  • 44
    • 84855293156 scopus 로고    scopus 로고
    • Europe's engine
    • 13 March
    • On German trends, see Brooke Unger, 'Europe's Engine', The Economist, 13 March 2010.
    • (2010) The Economist
    • Unger, B.1
  • 45
    • 84867214753 scopus 로고    scopus 로고
    • Les dettes illégitimes: Quand les banques font main basse sur les politiques publiques
    • recommendations by a group of attac economists in attac, Paris
    • François Chesnais, Les dettes illégitimes: Quand les banques font main basse sur les politiques publiques, Paris 2011, pp. 95-141. See also the recommendations by a group of attac economists in attac, Le piège de la dette publique, Paris 2011.
    • (2011) Le Piège de la Dette Publique , pp. 95-141
    • Chesnais, F.1
  • 47
    • 84855295166 scopus 로고    scopus 로고
    • Crisis in the heartland
    • For the concept of the 'public utility finance system, nlr 55, Jan-Feb and Chesnais, 131-6
    • For the concept of the 'public utility finance system' see Gowan, 'Crisis in the Heartland', nlr 55, Jan-Feb 2009 and Chesnais, Les dettes illégitimes, pp. 17-24, 131-6.
    • (2009) Les Dettes Illégitimes , pp. 17-24
    • Gowan1
  • 48
    • 84855256712 scopus 로고    scopus 로고
    • Chapters 5 and 7 of. The 'wage earner funds' plan was enacted in the 1980s in a much scaled back version and then wound up in 1992 by a Conservative government; the assets in the scheme were used to set up a string of research institutes which strengthened the Swedish economy
    • Chapters 5 and 7 of Age Shock have information on this experience. The 'wage earner funds' plan was enacted in the 1980s in a much scaled back version and then wound up in 1992 by a Conservative government; the assets in the scheme were used to set up a string of research institutes which strengthened the Swedish economy.
    • Age Shock Have Information on This Experience
  • 49
    • 84855292952 scopus 로고    scopus 로고
    • Brazil's agricultural miracle
    • 28 August
    • See 'Brazil's Agricultural Miracle', The Economist, 28 August, 2010.
    • (2010) The Economist
  • 50
    • 84855293157 scopus 로고    scopus 로고
    • London and New York
    • For the wider Brazilian context see Emir Sader, The New Mole, London and New York 2011.
    • (2011) The New Mole
    • Sader, E.1
  • 51
    • 84855293161 scopus 로고    scopus 로고
    • nlr 55, Jan-Feb
    • The vicissitudes of public ownership in Latin America are explored by Carlos Aguiar de Madeiros, 'Asset-Stripping the State', nlr 55, Jan-Feb 2009.
    • (2009) Asset-Stripping the State
    • De Madeiros, C.A.1
  • 52
    • 79958796356 scopus 로고    scopus 로고
    • 5 February
    • The Economist, 5 February 2011.
    • (2011) The Economist
  • 53
    • 80355137100 scopus 로고    scopus 로고
    • Chonqing: Equitable development driven by a "third Hand"
    • Spring
    • For the innovative approach of the Chonqing authorities see Philip C. Huang, 'Chonqing: Equitable Development Driven by a "Third Hand"', Modern China, Spring 2011.
    • (2011) Modern China
    • Huang, P.C.1
  • 55
    • 34548272264 scopus 로고    scopus 로고
    • Economic democracy: Meaningful, desirable, feasible?
    • Summer
    • Robin Blackburn, 'Economic Democracy: Meaningful, Desirable, Feasible?', Daedalus, Summer 2007.
    • (2007) Daedalus
    • Blackburn, R.1
  • 57
    • 84855256717 scopus 로고    scopus 로고
    • Time we wean ourselves off high debt
    • 20 November
    • As summarized by Larry Elliot, 'Time we wean ourselves off high debt', Guardian, 20 November 2011;
    • (2011) Guardian
    • Elliot, L.1
  • 58
    • 84855285019 scopus 로고    scopus 로고
    • The inherent defects of stock exchange finance are identified in Keen's prescient book
    • website, Debtwatch, Annandale, nsw
    • see also Steve Keen's website, Debtwatch. The inherent defects of stock exchange finance are identified in Keen's prescient book: Debunking Economics, Annandale, nsw 2001, pp. 251-7.
    • (2001) Debunking Economics , pp. 251-257
    • Keen's, S.1
  • 59
    • 84855293163 scopus 로고    scopus 로고
    • Student loans in America: The next big credit bubble?
    • 29 October
    • 'Student Loans in America: The Next Big Credit Bubble?', The Economist, 29 October 2011.
    • (2011) The Economist


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