scholarly journals Economic History and Economic Policy

2012 ◽  
Vol 72 (2) ◽  
pp. 289-307 ◽  
Author(s):  
BARRY EICHENGREEN
Keyword(s):  
Economic Policy ◽  
Financial Crisis ◽  
Economic History ◽  
Policy Making ◽  
Global Financial Crisis ◽  
Policy Response ◽  
Science And Literature ◽  
The Great Depression ◽  
Historical Analogy ◽  
The Global Financial Crisis

“The lessons of history” were widely invoked in 2008/09 as analysts and policymakers sought to make sense of the global financial crisis. Specifically, analogies with the early stages of the Great Depression of the 1930s were widely drawn. Building on work in cognitive science and literature on foreign policy making, this article seeks to account for the influence of this particular historical analogy and asks how it shaped both perceptions and the economic policy response. It asks how historical scholarship might be better organized to inform the process of economic policymaking. It concludes with some reflections on how research in economic history will be reshaped by the crisis.

scholarly journals The offshore city, Chinese finance, and British capitalism: Geo-economic rebalancing under the Coalition government

2017 ◽  
Vol 20 (2) ◽  
pp. 285-302 ◽  
Author(s):  
Jeremy Green
Keyword(s):  
Economic Policy ◽  
Financial Crisis ◽  
Policy Making ◽  
Global Financial Crisis ◽  
Coalition Government ◽  
The Global Financial Crisis ◽  
City Of London ◽  
The City

This article examines the embrace of Chinese finance under the United Kingdom’s 2010–2015 Coalition government. The article argues that the City of London’s centrality within British capitalism has been reinforced, not displaced, since the Global Financial Crisis. Geo-economic rebalancing towards China, not the Coalition’s professed spatial and sectoral ‘rebalancing’ ambitions, prevailed. To explain the City’s renewed pre-eminence in the wake of the crisis, the article draws upon a modified version of the ‘City–Bank–Treasury nexus’ theory of British capitalism. Breaking from structuralist approaches that underplay the City of London Corporation’s role within economic policy-making, the article illuminates the Corporation’s agency as a key parastate institution that reoriented the City–Bank–Treasury nexus towards Chinese finance under the Coalition.

scholarly journals The Global Financial Crisis

2019 ◽  
pp. 94-112
Author(s):  
Edward Fieldhouse ◽  
Jane Green ◽  
Geoffrey Evans ◽  
Jonathan Mellon ◽  
Christopher Prosser ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Great Depression ◽  
Global Financial Crisis ◽  
British Politics ◽  
Voting Behaviour ◽  
Political Opportunity ◽  
The Great Depression ◽  
Economic Vote ◽  
The Global Financial Crisis ◽  
Economic Competence

The Global Financial Crisis, which began in 2007–8, was the most significant financial crisis since the Great Depression of the 1930s, and acted as a large shock to British politics. The economic vote is usually thought about as a short-term mechanism: a reward or punishment for the incumbent depending on recent economic conditions. In this chapter we examine how this shock played a role in the outcome of the 2015 General Election, seven years after the crisis began. The Global Financial Crisis continued to affect voting behaviour in 2015 for two reasons: first, it did long-lasting damage to perceptions of Labour’s economic competence, and second, it created a political opportunity for the Conservatives to blame the previous Labour government for the aftermath of the financial crisis.

scholarly journals A Decade After the Global Financial Crisis: Lessons and Policy for International Stability

2020 ◽  
Vol 11 (2) ◽  
pp. 416
Author(s):  
Anjali Karol
Keyword(s):  
Financial Crisis ◽  
Economic Integration ◽  
Global Financial Crisis ◽  
Financial Security ◽  
Policy Responses ◽  
The Great Depression ◽  
International Stability ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Global Financial System

The Global Financial Crisis of 2007-09 has been the most severe global shock after the Great Depression of the 1930s. A crisis of this order has changed the outlook on international socio-economic integration and concerns on financial security and global polity. As we are a decade after the crisis, it is instinctively imperative to relook and analyse the lessons learnt and the policy responses that helped ease the crisis. This paper is an attempt in that direction. Research over the years suggests that global financial system has evolved into a more innocuous network at limited unintended costs. Globally policy regulations have tightened to lessen the impact of future crises and today most countries have some form of macro-prudential surveillance.

The 2008 Global Crisis and Israel-Economy Resilience

2018 ◽  
Author(s):  
Assaf Razin
Keyword(s):  
Financial Crisis ◽  
Foreign Exchange Market ◽  
Global Financial Crisis ◽  
Domestic Currency ◽  
Global Crisis ◽  
Policy Makers ◽  
The Great Depression ◽  
Market Intervention ◽  
The Global Financial Crisis ◽  
Financial Shock

The global financial crisis generated the deepest and longest recession since the Great Depression of the 1930s. The defining event of the 2008 global financial crisis was a “hemorrhagic stroke”: a paralytic implosion of the loanable funds markets. Depression forces such as they exist in the US, Europe, or Japan, do not appear to hold in the case of Israel. Its resilience to the external financial shock during the global crisis is rooted in (a) the absence of credit boom in the wake of the crisis, and (b) the relatively small commercial banks' exposure in terms of toxic assets that for the European countries played a major role. Reacting to the global trade-diminishing shocks, policy makers’ concern was three-fold: First, banks exposures to toxic assets such as mortgage based securities and foreigners’ debt obligations. Partly because Israel skipped the credit bubble, and bank regulations were relatively tight, Israel showed a sound resilience to the global financial shock. Second, Israel export markets softened and demand conditions deteriorated. Third, Israel domestic currency got strengthened. Bank of Israel addressed the last two issues by a massive foreign exchange market intervention to weaken the value of the domestic currency, and stimulate exports. The need to prolong the stimulus policies dissipated relatively fast.

‘Skilful Handling and Scientific Treatment’: The Charity Organisation Society of Brisbane During the Great Depression

2010 ◽  
Vol 17 (2) ◽  
pp. 89-99
Author(s):  
Blake Singley
Keyword(s):  
Financial Crisis ◽  
Great Depression ◽  
Global Financial Crisis ◽  
The Great Depression ◽  
The Global Financial Crisis ◽  
Social Turmoil ◽  
The Impact ◽  
Scientific Treatment

During the Global Financial Crisis of 2009, many commentators drew parallels with the Great Depression of the 1930s. While the suffering of those Australians affected by the recent economic turmoil cannot be dismissed, the impact of the Global Financial Crisis on the nation as a whole was modest compared with that of the Great Depression. The levels of unemployment that were reached during the Depression, and the ensuing poverty and social turmoil, would be unlikely to occur today on the same scale due to welfare provisions set in place by government and charitable institutions.

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