Rothschilds’ “Delicate and Difficult Task”: Reputation, Political Instability, and the Brazilian Rescue Loans of the 1890s

2015 ◽  
Vol 16 (2) ◽  
pp. 381-412 ◽  
Author(s):  
LEONARDO WELLER

The London House of Rothschild depended on Brazil to maintain its reputation. This became a problem in the 1890s, when the Brazilian government almost defaulted on its sovereign debt after a change of regime had made politics unstable and economic policy unorthodox. This article shows how the relationship between the bank and the state developed to the point that Rothschilds was forced to rescue its client. Exposure enabled Brazil to implement policies designed to defend the regime at the expense of payment capacity without defaulting. The debt crisis ended only after the political situation stabilized toward the close of the century, when the bank pressured the government to tighten economic policy.

Significance Thus ends eight years of economic policy oversight by the ECB, European Stability Mechanism and IMF, in exchange for some 275 billion euros (315 billion dollars) in soft loans. To obtain authorisation for the final disbursement, the government had to agree to what amounted to an unofficial fourth package of reforms without further financial assistance. Impacts Markets will demand a premium to purchase Greek sovereign debt until economic policy crystallises and the political situation clarifies. An increase in the minimum wage and the restoration of collective bargaining could revive private consumption. Private investment will depend on the availability of foreign direct investment for the privatisation programme.


1989 ◽  
Vol 31 (1-2) ◽  
pp. 1-22 ◽  
Author(s):  
Mats Lundahl

…widespread social evils are seldom unconnected with the selfish and brutal behavior of powerful groups and individuals…(Andreski, 1966)Most economic models do not explicitly incorporate the “state” or the “government” into their analyses. Instead, this entity is viewed as a deus ex machina which plans and directs economic policy according to notions of efficiency, growth, distributional justice, and so on, that form the central concepts of the models. Unfortunately, the same naive thinking permeates a good deal of public policy analysis. This is the case, for example, with issues of development and underdevelopment. Here, attention is concentrated on “technical,” or “economic,” solutions, while taking for granted, either implicitly or explicitly, the existence of the political will necessary to implement them.


2020 ◽  
pp. 203-240
Author(s):  
Joel P. Christensen

This chapter presents an analysis of the political situation in Ithaca. A clearer picture of the political situation may allow one to see the Ithacan people as suffering from a collective trauma, which partly explains their behavior before and after Odysseus's return. Of utmost importance is that the families of the suitors assemble, debate, and about half decide to avenge themselves on Odysseus. This conflict contains the overlay of several types of discourse that touch upon justice, the nature of politics, and the relationship between the individual and the state. The reading offers a new extended treatment of the politics of the Odyssey, which forces one to reconsider the heroic presentation of Odysseus by the poet (and by himself). The chapter then examines the sudden surprising closure of the epic from the perspective of modern studies in political amnesties.


Significance A month previously, the ECOWAS had reiterated its displeasure over the lack of progress in resolving the ongoing political impasse and issued an ultimatum to political actors to implement the 2016 Conakry Agreement or face sanctions. The UN has also threatened to initiate punitive measures if the political situation deteriorates further between President Jose Mario Vaz and his ruling party, the African Party for the Independence of Guinea and Cape Verde (PAIGC). Impacts Given the risk of a military coup, ECOWAS is likely to retain some of its troops until after the 2018 legislative election. A court action by two banks against the government could endanger IMF loans and donors' budgetary support. Ongoing political instability could lead to increased activities by organised criminal and terrorist networks.


1988 ◽  
Vol 44 (3-4) ◽  
pp. 226-239
Author(s):  
R. Gopalakrishnan

Soviet intervention in Afghanistan clearly indicates the strategic implications of its location. The political instability in the region (rise of fundamentalism in Iran, Iran-Iraq War and so on) has added to this significance. Be that as it may, Afghanistan's situation can be expressed in terms of its susceptibility to external pressures and intense factionalism within the land-locked state's dynamic populations. This latter aspect had divided the country several times over. Afghan foreign policy, therefore, has been viewed in this perspective. The present article reviews the stated facts to highlight the geographical significance of the location and its impact on the foreign policy. Introduction of the armed forces in national politics (this formed an important element in the country's politics right from the beginning) has been the most conspicuous development; it determined the who's and what's of the government. Traditional pressure groups, despite retaining some of their old hold on the society, had given way to radical groups or factions, armed forces and insurgent elements. These penetrated various strata of the Afghan society. Since 1963, when political liberalisation and participation was introduced, disruptive tendencies gradually impinged on the state's activities. Generally, this was evident between 1963–73 and was particularly so after the 1973 coup, when the Monarchy was replaced by a republican regime under Daud. Both, the Armed Forces and the Communist Party were involved but were sidelined once power was secured. This change did not bring the expected transformations in the patterns of administration. The change was only in name and power was still concentrated with Daud who began to implement his own policies that emerged between 1953–63. The period of his first stint in power coincided wiih an aggravation of problems, political and economic, caused by a closure of transit facilities. However, this pause was fully exploited by the radical parties who gradually brought the dominant elements of the Armed Forces under their influence, so that, they were able to deliver a coup d'etat under the leadership of Tarakki in April 1978. The new regime was not able to maintain effective control over the political situation that for the next twenty months brought internal political instability to its height and compelled the Soviet Union to move (this was perhaps to protect its vulnerable southern underbelly). The period from April 1978 onwards, saw active non-cooperation, large scale desertions from the Armed Forces and a deterioration of the economy. In addition, open opposition by the religious groups and insurgent elements presented a political picture that has been so vividly illustrated by Afghan political history. Intense factionalism and infighting within the regime saw Amin replacing the moderate Tarakki in September 1979. This led to a worsening of the political situation with the state at war with itself. This compelled the Soviet Union to move into Afghanistan. In a short but bloody war, Amin was disposed and a government under Karmal was established with Soviet support1. These developments then, clearly suggest the need to review the background of the patterns and problems of the foreign policy of Afghanistan as determined and identified by its locational characteristics.


2021 ◽  
Vol 27 (4) ◽  
pp. 17-26
Author(s):  
Elena L. Saraeva

The article gives an interpretation of the ideas of the liberal politician Vasily Maklakov on the Basic State Laws of 1906. He assessed these laws as the Russian Constitution of 1906. Vasily Maklakov gave an interpretation of the relationship between the Constitutional Democrats and the government in connection with the restriction of the rights of the State Duma. The novelty of the research lies in the analysis of the perception by the Constitutional Democrats of the Basic Russian Laws as amended on April 23, 1906. Sources on the topic include the texts of the leaders of the K-D Party – the memoirs of Vasily Maklakov and Pavel Milyukov, Maxim Vinaver, as well as the Basic State Laws of 1906, materials of the III Congress of the K-D Party. The article reveals the political views of Vasily Maklakov, characterises his communicative culture, the views of the lawyer about the reasons for the illegal actions of the Constitutional Democrats in the First State Duma, the origins of their conflict with the government. An analysis of Vasily Maklakov's ideas about the degree of constitutionality of the government's steps towards the Duma in 1906 is given, his judgements about autocracy, law and order, the need to form a parliamentary culture of deputies are revealed. It is proved that Vasily Maklakov criticised the tactics of the Constitutional Democrats s in the First State Duma in the context of the idea of legality. He saw the main mistake of his fellow party members in their ignoring of a number of legal norms prescribed in the Basic Laws.


Author(s):  
Ayrat Halitovich Tuhvatullin ◽  
Vitaly Anatolievich Epshteyn ◽  
Pavel Vladimirovich Pichygin ◽  
Alina Petrovna Sultanova

The article highlights the details of the foreign policy of the Arab Republic of Egypt and its impact on the regional security of the state of Israel in between 2012-2013. After the Islamists came to power, they began to dominate expectations that the political force led by Mohamed Morsi would initiate an active anti-Israel policy, however, with active anti-Semitic rhetoric, the "Muslim brotherhood" was able to maintain peaceful relations with Israel. The purpose of this study was to characterize the relationship between M. Morsi's government and the state of Israel during the period 2012 to 2013while revealing the impact of various factors on the preservation of peace in the region, especially in the face of the conflict situation that intensified in neigh boring countries such as Libya and Syria. The main approaches to the study of the problem under consideration were analytical method and content analysis. It is concluded that the article can also contribute to the study of the history of the Middle East within the framework of Arab-Israeli relations against the deterioration of the political situation and the strengthening of religious radicalism in the region.


2021 ◽  
pp. 422-435
Author(s):  
B. D. Tsybenov

A little-known source — the manuscript “Historical information on the fragility of the political situation of Hulunbuir”, stored in the State Archives of the Irkutsk region is considered. Description of the manuscript, clarification of its dating, determination of the probable source base was performed by the author of the article. A comparative analysis of the historical facts presented in the manuscript was carried out. It was found that in the first two sentences the anonymous author outlined the essence of the uncertain situation that developed with the annexation of Hulun Buir to Outer Mongolia in 1912. Other components of the text are characterized: little-known information about the trip to Urga of the Bargut lama Lobsanchjamba and then about the visit of the delegation of Hulun-Buir; data on the meeting of the delegates with the Russian consul V. F. Lyuba and a description of his reaction to the fact of the annexation of Hulun-Buir to Outer Mongolia; finally, it is said about the disappointment of the ruler of Hulun-Buir — Shenfu, who realized the dependence of Hulun-Buir on the dependent, in turn, Outer Mongolia, etc. An analysis of the contents of the last page of the manuscript allows us to conclude that part of the Hulunbuir officials, close to the Manchus, expressed open dissatisfaction with the situation. The author of the article suggests that some of the Daurian officials, unlike the Barguts, who sincerely believed in the creation of a unified Mongolian state, tended to restore the Manchu dynasty and were unhappy with the unclear future of Hulun Buir.


2016 ◽  
Vol 14 (2) ◽  
pp. 197-206
Author(s):  
Mateusz Kępa

The purpose of this article is to describe the relationship between parliamentarism and the social teaching of the Catholic Church, with a special emphasis on pastoral, social and political activities of cardinal Adam Stefan Sapieha. The system of parliamentary government is a system of government in which the legislative authority in the form of parliament passes laws and controls the executive authority, which is wielded by the president together with the government. An important aspect of this system of government is the interpenetration of these two authorities and their mutual complementing, which is evident even in the possibility of bringing forward bills by the executive. The view of the parliamentary system held by cardinal Adam Stefan Sapieha was based on the social attitude which was represented by the Christian Democrats. The political system accepted by the Christian Democrats was democracy, which very clearly demonstrates all positive forms of local government’s actions and the principle of subsidiarity. The basis of this assumption is that it is on the lowest levels of society where the common good based on social solidarity can be realized. The Archbishop of Krakow perceived the political, social and economic issues through the prism of the Catholic Church. He believed that the task of the state is to protect society against the moral decay of anti-Christian totalitarian systems. According to Sapieha, the state should act as a servant in relation to the nation. The Metropolitan claimed also that the vision of the relationship between social ranks, contrary to the socialist vision, was not burdened with a conflict. Sapieha saw the danger of drastic social inequality, but definitely spoke out against socialist and communist solutions. The cardinal emphasized the accent which should be laid on the development of all forms of civic government. So the ideal state is a decentralized state, in which citizens, due to rights and activities taken up by themselves, have an influence over the governments. According to Sapieha, a democratic state of law should respect political pluralism based on the principle of subsidiarity and justice, as well as sovereignty, and above all – the principle of parliamentary majority.


2019 ◽  
pp. 246-256
Author(s):  
A. K. Zholkovsky

In his article, A. Zholkovsky discusses the contemporary detective mini-series Otlichnitsa [A Straight-A Student], which mentions O. Mandelstam’s poem for children A Galosh [Kalosha]: more than a fleeting mention, this poem prompts the characters and viewers alike to solve the mystery of its authorship. According to the show’s plot, the fact that Mandelstam penned the poem surfaces when one of the female characters confesses her involvement in his arrest. Examining this episode, Zholkovsky seeks structural parallels with the show in V. Aksyonov’s Overstocked Packaging Barrels [Zatovarennaya bochkotara] and even in B. Pasternak’s Doctor Zhivago [Doktor Zhivago]: in each of those, a member of the Soviet intelligentsia who has developed a real fascination with some unique but unattainable object is shocked to realize that the establishment have long enjoyed this exotic object without restrictions. We observe, therefore, a typical solution to the core problem of the Soviet, and more broadly, Russian cultural-political situation: the relationship between the intelligentsia and the state, and the resolution is not a confrontation, but reconciliation.


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