What Global Economic Crisis?

by Arestis, Philip; Baddeley, Michelle; McCombie, John

• ISBN13: 9781403934963
• ISBN10: 1403934967
• Format: Paperback
• Copyright: 2004-09-04
• Publisher: Palgrave Macmillan

Summary

One issue of great importance to modern policymakers is the relationship between globalization and economic crisis. With unprecedented trends towards globalization (in part propelled by developments in information technology), the repercussions of economic crisis are more profound than ever before, particularly for developing countries. What Global Economic Crisis? bridges the gap between theory and policy by examining the destabilizing effects of financial crises on economic growth, stability and development. It also presents some innovative ideas intended to inform the design of institutions able to foster more effective international policy coordination.

Author Biography

Philp Arestis is Professor of Economics at South Bank University, London and Senior Research Fellow at the Levy Institute.

Michelle Baddeley is a Fellow and the Director of Studies in Economics at Gonville and Caius College, Cambridge.

John McCombie is Fellow and Director of Studies in Economics at Downing College, Cambridge.

Table of Contents

List of Tables and Figures	vii
Foreword	ix
G. C. Harcourt
List of Abbreviations	x
Notes on the Contributors	xi
Introduction: What Global Economic Crisis?	1	(11)
Philip Arestis
Michelle Baddeley
John McCombie
If Markets are Efficient, Why Have There Been So Many International Financial Market Crises Since the 1970s?	12	(23)
Paul Davidson
Reforming the International Financial Architecture: An Asian Perspective	35	(24)
M. G. Quibria
Joy Quitazol
An Agenda for a New Bretton Woods	59	(19)
John Grieve Smith
Will the Euro Bring Economic Crisis to Europe?	78	(26)
Philip Arestis
Malcolm Sawyer
Globalization, the Distribution of Power, and Full Employment	104	(18)
John Cornwall
Wendy Cornwall
Competition Policy, Development, and Developing Countries	122	(24)
Ajit Singh
Rahule Dhumale
A Brazilian-Style `Ponzi': How to Create a Financial Crisis by Trying to Avoid One	146	(32)
Gabriel Palma
Technology and Growth: Between Regionalization and Globalization	178	(25)
Pascal Petit
The Keynesian Micro-Foundations of the Business Cycle: Some Implications of Globalization	203	(16)
Paul Ormerod
An Historical Perspective on Speculative Bubbles and Financial Crises: Tulipmania and the South Sea Bubble	219	(25)
Michelle Baddeley
John McCombie
John Cornwall: An Appreciation	244	(7)
Mark Setterfield
Index	251