Introduction

Author(s):  
Rachael Kiddey

As I write this book, statistics show that there is an increasing housing shortage that has been projected, by 2025, to leave a third of the global urban population living in substandard housing or going without essentials to pay for their housing. Homelessness is an increasing problem worldwide. In Britain, where the fieldwork drawn on throughout this book was conducted, the latest available statistics show that rough sleeping rose by 31 per cent between autumn 2014 and autumn 2015. In the United States, the number of people living in severely overcrowded households has risen by 67 per cent since the effects of the subprime mortgage crisis triggered the recession of 2007. If we add to this data the rising number of people who are being forcibly displaced from their homes by war and other violence, the need to study how homelessness materializes and shapes the world around us becomes more urgent. As a child growing up by the sea in Devon, a rural county in the south-west of England, I initially encountered homelessness in two ways: the first was while on a rare shopping trip to Plymouth to buy school uniform in 1986. I was 8 years old. It was raining and the post-war architecture loomed greyer than usual. A man sitting on the pavement huddled his dog close to him, their heads down. I asked my mum what he was doing. ‘He’s homeless. Poor man! Don’t stare,’ she said. Her words rang in my ears as I tried, but failed, to conceive of having no home. The second encounter was more cheerful. I grew up in a house by the River Avon.5 When the tide is out, the riverbed becomes a mudflat, and in July and August it is green with samphire. A tramp called Albert, his yellow oilskins and bushy white beard making him seem to me a real-life Captain Birdseye, could be seen collecting samphire from the riverbed every summer until he died. A bench has since been erected in his memory. Albert was homeless too, but in a different, older way than the man I remember from Plymouth.

2009 ◽  
Vol 71 (2) ◽  
Author(s):  
Joseph Filloy

Starting in the summer of 2008, the United States and most other economies of the world began to feel the effects of the subprime mortgage crisis. In response, the federal government enacted The Emergency Economic Stabilization Act of 2008 (EESA) and The American Recovery and Reinvestment Act of 2009 (ARRA) to help restore stability to the U.S. economy. Ultimately this legislation, commonly referred to as “the bailout bill(s),” would result in substantial outlays of taxpayer money to financial institutions deemed systemically significant, or “too big to fail.”


2015 ◽  
Vol 19 (1) ◽  
pp. 42-57 ◽  
Author(s):  
Ming-Chi CHEN ◽  
Hsiu-Jung TSAI ◽  
Tien-Foo SING ◽  
Chih-Yuan YANG

This study empirically tests the contagion effects in stock and real estate investment trust (REIT) markets during the subprime mortgage crisis by using daily stock- and REIT-markets data from the following countries and international bodies: the United States, the European Union, Japan, Hong Kong, Singapore, Australia, and the global REIT market. We found a significant and positive dynamic conditional correlation (DCC) coefficient between stock returns and REIT returns. The results revealed that the REIT markets responded early to market shocks and that the variances were higher in the post-crisis period than in the pre-crisis period. Evidence supporting the contagion effects includes increases in the means of the DCC coefficients during the post-crisis period. The Japanese and Australian REIT markets possess the lowest time-varying downside systematic risks. We also demonstrated that the “DCC E-beta” captures more significant downside linkages between market portfolios and expected REIT returns than does the standard CAPM beta.


2017 ◽  
Vol 8 (1) ◽  
pp. 23-31
Author(s):  
Jakub Majkowski

This essay will firstly address the extent of Stalin’s achievements in leading the course for domestic policy of the Soviet Union and its contribution towards maintaining the country’s supremacy in the world, for example the rapid post-war recovery of industry and agriculture, and secondly, the foreign policy including ambiguous relations with Communist governments of countries forming the Eastern Bloc, upkeeping frail alliances and growing antagonism towards western powers, especially the United States of America.   The actions and influence of Stalin’s closest associates in the Communist Party and the effect of Soviet propaganda on the society are also reviewed. This investigation will cover the period from 1945 to 1953. Additionally, other factors such as the impact of post-war worldwide economic situation and attitude of the society of Soviet Union will be discussed.    


Ekonomika ◽  
2015 ◽  
Vol 93 (4) ◽  
pp. 85-118 ◽  
Author(s):  
Vaidotas Pajarskas ◽  
Aldona Jočienė

The main purpose of this article is to determine which factors and how contributed to the subprime mortgage crisis in the United States in 2007–2008, what their causal links and effects on the markets and the whole economy were, and to assess what actions could have been taken by the Federal Reserve and the Government in order to mitigate or prevent the consequences of subprime mortgage crisis and housing bubble. In order to obtain the research results, the authors performed a qualitative analysis of the scientific literature on the course of events and their development that led to the subprime mortgage crisis, and focused on the insufficiently regulated home mortgage market expansion, the impact on the subprime mortgage crisis of financial innovations and financial engineering, poorly evaluated systemic risks and policy undertaken by both the U.S. Government and the Federal Reserve before and after the crisis. The quantitative research focused on two main parts: firstly, analysis of the dependence between the causes of subprime mortgage crisis and the consequences, using a statistical and regression analysis, and secondly, an alternative path the Government and the Federal Reserve could have taken in their policy actions and the results they could have produced. The authors believe that the results of the research could give useful guidelines to the central bankers and government officials on how to make long-term decisions that can help in preparing for the financial distress, mitigating the consequences when the crisis strikes, accelerating the recovery and even preventing the crisis it in the future. The second part of the qualitative research will appear in the next issue of the journal.


2009 ◽  
Vol 8 (3) ◽  
pp. 341-345 ◽  
Author(s):  
Dan Immergluck

The subprime crisis in mortgage lending and the resulting wave of foreclosures have been hitting cities and communities all over the United States. First, Dan Immergluck argues that there are three main elements in the financial crisis: (1) the vertical disintegration of the mortgage market and the related securitization; (2) financial deregulation; and (3) the burgeoning supply of high–risk capital. Second, Manuel Aalbers counters the view that the Community Reinvestment Act (CRA) and the associated community reinvestment movement can be blamed for the subprime mortgage crisis. He lists five reasons why the CRA is not guilty. Third and finally, Peter Marcuse sees the subprime crisis as a result of the underlying economic system. He argues that the private sector should not be viewed as the appropriate means of providing housing. He discusses a number of proposals that impact on the crisis and its roots.


1935 ◽  
Vol 29 (4) ◽  
pp. 586-597 ◽  
Author(s):  
Mitchell B. Carroll

The exchange of ratifications on April 9, 1935, of the Franco-American Convention on Double Taxation by Ambassador Straus and Foreign Minister Laval calls attention to the development of a new field of law in which the United States has been participating since the post-war depression. International double taxation had existed for some time before the World War as the result of countries taxing income whether derived by non-residents from local sources or by residents from foreign sources, but it did not become a serious problem until the budgetary exigencies of the World War had caused such an increase in rates that the payment of taxes to the foreign country, as well as to the home country, resulted in taking practically all of the income from carrying on business in the two. Likewise, serious double taxation existed in the field of property and estate or inheritance taxes as the result of countries taxing property having a local situs as well as property having a foreign situs but belonging to persons domiciled within their territory.


1942 ◽  
Vol 36 (4) ◽  
pp. 656-666 ◽  
Author(s):  
Arnold Wolfers

Often it has been asserted that if the United States had stood by her allies after 1918 and joined the League of Nations, peace in Europe would have been secure. While this overstresses the point, it is certainly true that the lack of unity among the victors, both at Versailles and afterwards, deprived the world of anything like a center of coördination and leadership. Even the Concert of Europe of bygone days could claim greater authority than a League from which five out of seven great powers were either permanently or temporarily absent, and in which the two remaining powers, Britain and France, were rarely in agreement.In view of this experience, it makes sense to regard continued coöperation between at least some of the important allies of this war, assuming the defeat of Hitler and his partners, as being an essential prerequisite for a more durable peace. If at least the two great English-speaking powers could form between themselves a solid partnership, so it is argued, would not their combined strength and their supremacy of the seas quite naturally attract other nations into their orbit and thus enable them to preserve the order and peace of the world? Their rôle is envisaged as a kind of enlarged replica of that which the British Empire fulfilled with no little success throughout most of the nineteenth century.


The Winners ◽  
2012 ◽  
Vol 13 (2) ◽  
pp. 147
Author(s):  
Enggal Sriwardiningsih

July 2007 is the beginning of the world’s subprime mortgage crisis. Since then, the world’s liquidity crisis occurred and never found any solution until now. The liquidity crisis began to spread from developed countries to poor countries, developing countries and emerging markets with two channels. This contagious crisis made growing economy and emerging economy fell. No country in the world survived, including Indonesia. This paper discussed the management of investments in Indonesia. It started from the spread of global crisis to Indonesia and its impact on investment in Indonesia. Then, we discussed the government's efforts to encourage investment. The last was the view of the investment for the next three years (2010-2014)


2012 ◽  
pp. 50-68 ◽  
Author(s):  
Astra Bonini

During the post-war period, natural resource production has often been associated withperipheralization in the world-economy. This paper seeks to demonstrate that this associationdoes not hold when examined from a long-term perspective, and explains the conditions underwhich natural resource production can support upward economic mobility in the world-system.First, this paper provides evidence that the production of cash crops and resource extraction hasnot always equaled peripheralization in the world-economy, as demonstrated by, among otherthings, the upward economic mobility of the United States, Canada, Australia and New Zealandduring the nineteenth century. It then puts forth a new hypothesis that the existence ofopportunities for raw material producing countries depends on whether the hegemonic regime ofaccumulation at a given time structures the economy in a way that is either complementary orcompetitive to the economic development of raw material producing countries. By examining theBritish centered regime of accumulation during the nineteenth century, we find that it wascomparatively complementary to economic development in raw material producing countrieswhereas the twentieth century United States centered regime was comparatively competitive withraw material producers. Based on a comparison with Britain and the United States, the paperalso suggests that China’s increasingly central role in the world-economy may be comparativelycomplementary to economic development in raw material producing countries.


Author(s):  
Alan McPherson

On September 21, 1976, a car bomb killed Orlando Letelier, the former Chilean ambassador to the United States, along with his US colleague Ronni Moffitt. The murder shocked the world, especially because of its setting--Sheridan Circle, in the heart of Washington, D.C. Letelier’s widow and her allies immediately suspected the secret police of Chilean dictator Augusto Pinochet, who eliminated opponents around the world. Because US political leaders saw the tyrant as a Cold War ally, they failed to warn him against assassinating Letelier and hesitated to blame him afterward. Government investigators and diplomats, however, pledged to find the killers, defying a monstrous, secretive regime. Was justice attainable? Finding out would take nearly two decades. With interviews from three continents, never-before-used documents, and recently declassified sources that conclude that Pinochet himself ordered the hit and then covered it up, Alan McPherson has produced the definitive history of one of the Cold War’s most consequential assassinations. The Letelier car bomb forever changed counterterrorism, human rights, and democracy. This page-turning real-life political thriller combines a police investigation, diplomatic intrigue, courtroom drama, and survivors’ tales of sorrow and tenacity.


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