scholarly journals European Growth Models Before and After the Great Recession

2020 ◽  
pp. 98-134
Author(s):  
Lucio Baccaro ◽  
Jonas Pontusson
Keyword(s):  
Growth Models ◽  
German Economy ◽  
Growth Dynamics ◽  
Gdp Growth ◽  
The Great Recession ◽  
Net Exports ◽  
Economic Stagnation ◽  
Before And After ◽  
The One ◽  
The Uk

This chapter summarizes and elaborates on the “growth models perspective” proposed by Baccaro and Pontusson (2016). In addition, the chapter updates the previous analysis of post-Fordist growth trajectories in Germany, Italy, Sweden and the UK. With growth models operationalized in terms of the contributions of different components of aggregate demands to GDP growth, the analysis shows that the growth models that these countries adopted in the period prior to the crisis of 2008–10 have by and large persisted into the 2010s. Exports remain the driver of German economy while household consumption remains the key to British economic growth and Italy continues to be mired by economic stagnation. Sweden is the one case for which one observes a shift in growth dynamics in the wake of the crisis, with domestic consumption playing a more important role relative to net exports.

Development Growth Models for Singapore and Malaysia: A Geweke Causality Analysis

2015 ◽  
Vol 8 (2) ◽  
pp. 165-186 ◽  
Author(s):  
Tan Khee Giap ◽  
Nguyen Le Phuong Anh ◽  
Ye Ye Denise
Keyword(s):  
Economic Growth ◽  
Linear Dependence ◽  
Growth Models ◽  
Growth Dynamics ◽  
Gdp Growth ◽  
Multiple Time ◽  
Causality Analysis ◽  
Content Type ◽  
Real Gdp ◽  
Long Run

Purpose Nearly five decades after undergoing a structural transformation and navigating several external shocks, both Singapore and Malaysia are now grappling with some crucial policy challenges that necessitate a course-correction in order to sustain their growth momentum, going forward. In light of the renewed interest in understanding the growth constraints faced by the two countries, this paper aims to empirically explore the drivers of economic growth in both Singapore and Malaysia, using data from 1975 to 2012. Design/methodology/approach The paper employs a novel empirical approach-the Geweke causality analysis-to investigate the causal drivers of economic growth in Singapore and Malaysia. Intuitively, the Geweke causality analysis helps us understand and measure the linear dependence and feedback between multiple time series variables. To that effect, we perform both a bi-variate as well as a multi-variate causality analysis. Findings The empirical results established using Geweke causality analysis suggest that Malaysia's new development trajectory should lie in rebalancing the economy toward greater domestic demand and building a robust services sector. The results also suggest that Singapore, on the other hand, should embrace a growth model that goes beyond relying heavily on foreign direct investment (FDI) as a source of economic growth as the linear dependence between FDI and real GDP growth appears to be weaker compared to the linear dependence between the remaining variables and the real GDP growth. Originality/value While the traditional growth accounting framework provides useful insights at the aggregate level, there is a growing literature that discusses the importance of sectoral analysis to understand structural transformations in the economies which become important to sustain productivity growth in the long-run. This is immensely relevant in the case of Malaysia and Singapore, as well, especially with the changing policy focus in these countries to overcome structural growth issues. In light of this growing discussion on the importance of understanding the growth dynamics at the sectoral level, this paper presents new empirical evidence on the growth drivers in Singapore and Malaysia with a sectoral focus.

International Complementarities of National Capitalism

2020 ◽  
pp. 114-139
Author(s):  
Philip Manow
Keyword(s):  
German Economy ◽  
State Reform ◽  
The Great Recession ◽  
Wage Moderation ◽  
Before And After ◽  
Long Time ◽  
German Model ◽  
The Common ◽  
Welfare State Reform

The adjustment pattern of the German model to low growth and to the transition to the service economy proved unsustainable in the medium to long term, and ultimately led to a profound welfare state reform that in many respects broke with the quasi-corporatism of Modell Deutschland. This has been associated with the spectacular revival of the German economy, before and after the Great Recession, also because its competitive characteristics were significantly strengthened within the euro area. Yet, the success of Modell Deutschland of course also contributes to the increasing imbalances and to the divergent economic dynamics within the common currency area, which ultimately have the potential to disrupt it. The chapter explains in more detail how wage moderation remained stable in Germany even though the strategic interaction with the German Bundesbank, on which the wage-moderation arrangement for a long time had been based, was a thing of the past after the introduction of the euro. It points to functional equivalents for the disciplining effect of Germany’s accommodating social policy.

scholarly journals A Compact Macromodel of World System Evolution

2005 ◽  
pp. 79-93 ◽  
Author(s):  
Andrey Korotayev
Keyword(s):  
Population Growth ◽  
Growth Models ◽  
World System ◽  
Growth Dynamics ◽  
Modern World ◽  
World Population ◽  
World Population Growth ◽  
The World ◽  
The 1960S ◽  
The One

The fact that up to the 1960s world population growth had been characterized by a hyperbolic trend was discovered quite some time ago. A number of mathematical models describing this trend have already been proposed. Some of these models are rather compact but do not account for the mechanisms of this trend; others account for this trend in a very convincing way, but are rather complex. In fact, the general shape of world population growth dynamics could be accounted for with strikingly simple models like the one which we would like to propose ourselves: dN/dt = a (bK – N) N (1); dK/dt = cNK (2), where N is the world population, K is the level of technology/knowledge, bKcorresponds to the number of people (N), which the earth can support with the given level of technology (K). Empirical tests performed by us suggest that the proposed set of two differential equations account for 96.2– 99.78% of all the variation in demographicmacrodynamics of the world in the last 12,000 years. We believe that the patterns observed in pre-modern world population growth are not coincidental at all. In fact, they reflect population dynamics of quite a real entity, the world system. Note that the presence of a more or less well integrated world system comprising most of the world population is a necessary precondition, without which the correlation between the world population numbers generated by hyperbolic growth models and the observed ones would not be especially high. In fact, our findings could be regarded as a striking illustration of the fact well known in complexity studies — that chaotic dynamics at the microlevel can generate a highly deterministic macrolevel behavior. Against this background it is hardly surprising to find that the simplest regularities accounting for extremely high proportions of all the macrovariation can be found just for the largest possible social system — the world system.

scholarly journals Underemployment and well-being in the UK before and after the Great Recession

2016 ◽  
Vol 31 (1) ◽  
pp. 71-89 ◽  
Author(s):  
Jason Heyes ◽  
Mark Tomlinson ◽  
Adam Whitworth
Keyword(s):  
Economic Crisis ◽  
Great Recession ◽  
Negative Impact ◽  
Well Being ◽  
Subjective Well Being ◽  
The Great Recession ◽  
Before And After ◽  
Different Dimensions ◽  
The Uk

Since the start of the economic crisis in 2008 there has been widespread concern with changes in the level and composition of unemployment. The phenomenon of underemployment has, however, received markedly less attention, although it too increased in extent following the start of the crisis. This article considers the consequences of underemployment for the subjective well-being of UK employees. Drawing on data from the 2006 and 2012 Employment and Skills Surveys, the article assesses how the Great Recession affected relationships between different dimensions of underemployment and well-being. The findings demonstrate that the negative well-being consequences of workers’ dissatisfaction with opportunities to make use of their abilities became more substantial, as did the consequences of being ‘hours constrained’ and having an unsatisfactory workload. The article also shows that the economic crisis had a negative impact on the well-being of employees who work very long hours.

Living within our means: The UK news construction of the austerity frame over time

Journalism ◽  
2017 ◽  
Vol 20 (2) ◽  
pp. 313-330 ◽  
Author(s):  
Laura Basu
Keyword(s):  
General Population ◽  
World Wide ◽  
Living Standards ◽  
Fiscal Stimulus ◽  
Mainstream Media ◽  
Economic Stagnation ◽  
Before And After ◽  
The Uk ◽  
Changes Over Time ◽  
Over Time

In 2008, the financial crisis exploded onto the global scene, causing a world-wide recession and damage to public finances. Governments quickly switched from fiscal stimulus to retrenchment. Despite economic stagnation, falling living standards and rising not falling government debt, rulers have stuck to their austerity guns since then. Arguably, the mainstream media have played a central role in communicating austerity to publics. This article analyses the framing of austerity by the UK media over time, from the financial meltdown of 2008 until late 2015. It charts the emergence of a fledgeling austerity narrative from before the term was in common use, the establishment of a dominant austerity frame in 2009, the building of the frame before and after the 2010 elections and the fluctuations within the frame after 2010. It finds that, although there are considerable differences among the five outlets studied and changes over time, the central message overall has been that some degree of austerity is painful but necessary, and the general population is constructed as obliged to pay for the crisis.

Researching (with) Major Food Retailers

2015 ◽  
Vol 15 (3) ◽  
pp. 33-39 ◽  
Author(s):  
David Evans
Keyword(s):  
Food Systems ◽  
Academic Research ◽  
Social Scientists ◽  
Major Food ◽  
Food Retailers ◽  
Food Retailer ◽  
The One ◽  
The Uk ◽  
The Relationship ◽  
Opening Up

This paper considers the relationship between social science and the food industry, and it suggests that collaboration can be intellectually productive and morally rewarding. It explores the middle ground that exists between paid consultancy models of collaboration on the one hand and a principled stance of nonengagement on the other. Drawing on recent experiences of researching with a major food retailer in the UK, I discuss the ways in which collaborating with retailers can open up opportunities for accessing data that might not otherwise be available to social scientists. Additionally, I put forward the argument that researchers with an interest in the sustainability—ecological or otherwise—of food systems, especially those of a critical persuasion, ought to be empirically engaging with food businesses. I suggest that this is important in terms of generating better understandings of the objectionable arrangements that they seek to critique, and in terms of opening up conduits through which to affect positive changes. Cutting across these points is the claim that while resistance to commercial engagement might be misguided, it is nevertheless important to acknowledge the power-geometries of collaboration and to find ways of leveling and/or leveraging them. To conclude, I suggest that universities have an important institutional role to play in defining the terms of engagement as well as maintaining the boundaries between scholarship and consultancy—a line that can otherwise become quite fuzzy when the worlds of commerce and academic research collide.

EVALUATION OF THE UNITED KINGDOM NATIONAL EXTERNAL QUALITY ASSESSMENT SERVICE 2008 (UK NEQAS 2008) GUIDELINES FOR THE DIAGNOSIS OF SUBARACHNOID HEMORRHAGE USING SPECTROPHOTOMETRIC XANTHOCHROMIA: A RETROSPECTIVE STUDY

2009 ◽  
Vol 32 (6S) ◽  
pp. 5
Author(s):  
A Gangloff ◽  
L Nadeau
Keyword(s):  
Subarachnoid Hemorrhage ◽  
Cerebral Amyloid Angiopathy ◽  
Viral Encephalitis ◽  
Objective Evaluation ◽  
Final Diagnosis ◽  
Amyloid Angiopathy ◽  
The United Kingdom ◽  
Cerebral Amyloid ◽  
The One ◽  
The Uk

Objective: Evaluation of the UK NEQAS 2008 guidelines for the interpretation of spectrophotometric xanthochromia. Method: A search of the laboratory database for all the xanthochromia test results between May 1st 2008 and May 1st 2009 was performed. Medical charts were reviewed for patients of Hôpital de l’Enfant-Jésus (HEJ) that had at least one detectable pigment (bilirubin, oxyhemoglobin, or methemoglobin). Xanthochromia results obtained with 4 different criteria (Chalmers original, Modified Chalmers, Duiser and UK NEQAS 2008) were compared. Results: We reviewed 41 medical charts (2 patients with duplicate lumbar punctures (LP) for a total of 43 LP). For these 41 patients there were 11 positive xanthochromia results, 5 of which were in concordance with a final diagnosis of subarachnoid hemorrhage (SAH). The diagnosis of the 6 other positive xanthochromia results were as follow: meningeal spread of a lymphoma, cerebral amyloid angiopathy, exertional headache, viral encephalitis with a possibility of petechiaes on the cerebral CT and second LP. Interpretation (negative/positive) of 40/43 LP was identical for the 4 methods. 2 LP were positive with Duiser and UK NEQAS 2008 but negative with Chalmers approaches (final diagnosis: SAH and cerebral amyloid angiopathy). 1 LP was positive only by the Duiser method (viral encephalitis). Conclusions: UK NEQAS 2008 guidelines identified all SAH but are sensitive to traumatic and pathologic meningeal lesions. Except for a case of viral encephalitis with a suspicion of cerebral petechiaes on CT, UK NEQAS 2008 gave xanthochromia results similar to the one in use at HEJ (Duiser). Chalmers original and Modified Chalmers methods missed one of the five SAH.

Financial Crises and the Public Discourse on Financial Elites

2018 ◽  
Author(s):  
Youssef Cassis ◽  
Giuseppe Telesca
Keyword(s):  
Great Depression ◽  
Great Recession ◽  
Public Discourse ◽  
Codes Of Conduct ◽  
The Public ◽  
The Great Recession ◽  
The Great Depression ◽  
Early Twenty ◽  
Before And After ◽  
Late Twentieth

Why were elite bankers and financiers demoted from ‘masters’ to ‘servants’ of society after the Great Depression, a crisis to which they contributed only marginally? Why do they seem to have got away with the recent crisis, in spite of their palpable responsibilities in triggering the Great Recession? This chapter provides an analysis of the differences between the bankers of the Great Depression and their colleagues of the late twentieth/early twenty-first century—regarding their position within, and attitude towards the firm, work culture, mental models, and codes of conduct—complemented with a scrutiny of the public discourse on bankers and financiers before and after the two crises. The authors argue that the (relative) mildness of the Great Recession, compared to the Great Depression, has contributed to preserve elite bankers’ and financiers’ status, income, wealth, and influence. Yet, the long-term consequences of their loss of reputational capital are difficult to assess.

UK Fiscal Squeezes over a Century

2017 ◽  
Author(s):  
Christopher Hood ◽  
Rozana Himaz
Keyword(s):  
Data Sources ◽  
Fiscal Consolidation ◽  
Financial Outcomes ◽  
Financial Conditions ◽  
Deficit Reduction ◽  
Before And After ◽  
The Uk ◽  
Changes Over Time ◽  
Spending Cuts ◽  
Over Time

This chapter draws on historical statistics reporting financial outcomes for spending, taxation, debt, and deficit for the UK over a century to (a) identify quantitatively and compare the main fiscal squeeze episodes (i.e. major revenue increases, spending cuts, or both) in terms of type (soft squeezes and hard squeezes, spending squeezes, and revenue squeezes), depth, and length; (b) compare these periods of austerity against measures of fiscal consolidation in terms of deficit reduction; and (c) identify economic and financial conditions before and after the various squeezes. It explores the extent to which the identification of squeeze episodes and their classification is sensitive to which thresholds are set and what data sources are used. The chapter identifies major changes over time that emerge from this analysis over the changing depth and types of squeeze.

The Corporation in a Globalized World

2019 ◽  
Author(s):  
Ronen Palan
Keyword(s):  
Great Recession ◽  
Recent Literature ◽  
International Political Economy ◽  
Power Relationships ◽  
Business World ◽  
The Great Recession ◽  
Relational Power ◽  
Globalized Economy ◽  
The One ◽  
Globalized World

The chapter addresses the nature of the power relationships between the business world and the state as seen from the perspective of a relatively new field of study called international political economy. Theories of corporate power in a globalized economy evolved along two parallel lines. On the one hand, the globalization literature of the 1990s has tended to assume there was a marked shift of power from states to markets. Recent literature questions these assumptions, not least in light of the experience of the great recession of 2007–2008. In parallel, conceptualization of power has evolved from relatively simplistic theories of relational power to theories of structural power and, increasingly, arbitrage power. Arbitrage power is the ability to arbitrate legal systems against each other, or against themselves, for pecuniary purposes.

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