Tag Archives: crisis

Keeping Business Alive: The Government as a Payer of Last Resort

by Emmanuel Saez & Gabriel Zucman* The coronavirus threatens the world’s economic life. The most important message that needs to come from heads of state immediately, even before any new law or complete implementation details are provided, is: “Do not … Continue reading

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Market Sentiment and the Ingenuity of the Markets

In a brilliant sketch by John Bird and John Fortune, aired during The South Bank Show on 14 October 2007, these British satirists trace the very workings of financial markets and the outbreak of the subprime crisis. Tragicomedy at its best…! *** Join Economic Sociology … Continue reading

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China’s Minsky moment? Stability leads to instability

Hyman Minsky (1919–1996) was a distinguished American scholar and prominent post-Keynesian economist. In the wake of the 2008-2009 crisis Minsky’s invaluable scientific contribution has widely spread, but soon he has unfortunately disappeared from public and economic discussions. While most of the mainstream economists are … Continue reading

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Economic Consequences of Neoliberalism: Coping with Financial Crises

John Maynard Keynes: “The power to become habituated to his surroundings is a marked characteristic of mankind. Very few of us realize with conviction the intensely unusual, unstable, complicated, unreliable, temporary nature of the economic organization by which Western Europe … Continue reading

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Why and when do governments appoint economists and economics-trained politicians?

Should policymakers – politicians and high-level state officials – be experts in their fields? Does professional competence effect public policies at all? And does it prove itself? These, undoubtedly, important issues to be discussed and researched. But in order to … Continue reading

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What is money? Can we grasp the current state of the economy as a crisis of money itself?

The latest crisis has incited substantial conversation about debt, banking, financialization, and the commodification of everyday life. All these issues are inherently related to money. But what exactly is money?  Where does it come from? Who does make our money … Continue reading

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The original email that started Occupy Wall Street

On September 17, 2011 thousands of women and men gathered in Zuccotti Park, located in New York City’s Wall Street financial district.  It was a day when Occupy Wall Street (#OccupyWallStreet) movement was publicly born, gradually receiving global attention and spawning the … Continue reading

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Gendering the Recession: Media, Culture and the Reemergence of Gender Tropes

Gendering the Recession: Media and Culture in an Age of Austerity is an interesting book which provides analyses of a recession-era media culture characterized by the reemergence and refashioning of familiar gender tropes, including crisis masculinity, coping women, and postfeminist self-renewal. … Continue reading

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What crisis? Everything must (not) change so that the IMF can remain the same.

During the last years, some economists at the International Monetary Fund (IMF)  have presented papers, that allegedly rejected several neoliberal ideas (on a range of issues, from fiscal policy to capital controls) which have been preached and enforced by its … Continue reading

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Who Are the Foreclosed? A portrait of Americans displaced by the mortgage foreclosure crisis

Based on data from the National Suburban Survey from September 2010, Christopher Niedta & Isaac William Martin found that the person who has experienced home mortgage foreclosure since September 2007 resembles the average American but is somewhat likely to be … Continue reading

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The Causes of Structural Unemployment: Socio-political and Economic perspectives on Changes in Labor Markets

The Causes of Structural Unemployment skillfully integrates socio-political and economic perspectives to highlight the major changes in the structure of labor markets in affluent industrialized nations. Recent years have seen growing concern over declining jobs, and though corporate profits have picked up … Continue reading

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“Crisis, Value & Hope: Rethinking the Economy” — Current Anthropology special issue

“Crisis, value, and hope are three concepts whose intersection and mutual constitution open the door for a rethinking of the nature of economic life away from abstract models divorced from the everyday realities of ordinary people, the inadequacies of which … Continue reading

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What Class is all about? How do Neoliberalism and Finance Capitalism work?

In this concise and instructive animated presentation (12 min), an economist Richard D. Wolff (University of Massachusetts, Amherst) tackles these questions and applies them to the 2007-8 “subprime crisis”. *** Join Economic Sociology and Political Economy community via Facebook / Twitter / LinkedIn / Google+ / Instagram / Tumblr / Reddit / Telegram

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Joseph Stiglitz: ‘Free markets’ as a religious belief

Joseph Stiglitz: “The advocates of free markets in all their versions say that crises are rare events, though they have been happening with increasing frequency as we change the rules to reflect beliefs in perfect markets. I would argue that … Continue reading

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“The Crises of Capitalism”, a animated clip narrated by Prof. David Harvey

Watch this an animated short (10 min) clip “The Crises of Capitalism”, narrated by David Harvey in which he engagingly and precisely explains the roots of the current crisis and the essence of neoliberal finance capitalism. It’s also good for … Continue reading

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