scholarly journals Shifting Mandates: The Federal Reserve's First Centennial

2013 ◽  
Vol 103 (3) ◽  
pp. 48-54 ◽  
Author(s):  
Carmen M Reinhart ◽  
Kenneth S Rogoff

The Federal Reserve's mandate has evolved considerably over the organization's hundred-year history. It was changed from an initial focus in 1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from the late 1970s, and then back to greater emphasis on financial stability since the Great Contraction. Yet, as the Fed's mandate has expanded in recent years, its range of instruments has narrowed, partly based on a misguided belief in the inherent stability of financial markets. We argue for a return to multiple instruments, including a more active role for reserve requirements.

Author(s):  
Graham Cross

Franklin D. Roosevelt was US president in extraordinarily challenging times. The impact of both the Great Depression and World War II make discussion of his approach to foreign relations by historians highly contested and controversial. He was one of the most experienced people to hold office, having served in the Wilson administration as Assistant Secretary of the Navy, completed two terms as Governor of New York, and held a raft of political offices. At heart, he was an internationalist who believed in an engaged and active role for the United States in world. During his first two terms as president, Roosevelt had to temper his international engagement in response to public opinion and politicians wanting to focus on domestic problems and wary of the risks of involvement in conflict. As the world crisis deepened in the 1930s, his engagement revived. He adopted a gradualist approach to educating the American people in the dangers facing their country and led them to eventual participation in war and a greater role in world affairs. There were clearly mistakes in his diplomacy along the way and his leadership often appeared flawed, with an ambiguous legacy founded on political expediency, expanded executive power, vague idealism, and a chronic lack of clarity to prepare Americans for postwar challenges. Nevertheless, his policies to prepare the United States for the coming war saw his country emerge from years of depression to become an economic superpower. Likewise, his mobilization of his country’s enormous resources, support of key allies, and the holding together of a “Grand Alliance” in World War II not only brought victory but saw the United States become a dominant force in the world. Ultimately, Roosevelt’s idealistic vision, tempered with a sound appreciation of national power, would transform the global position of the United States and inaugurate what Henry Luce described as “the American Century.”


2001 ◽  
Vol 40 (4II) ◽  
pp. 435-451 ◽  
Author(s):  
Sabur Ghayur

Rising from the debris of the World War-II and also the devastations caused by the great depression of 1930s, the Bretton Woods twins—international monetary fund (IMF) and the world bank; rather the world bank group1—have over the years emerged as important players of the international financial arena. They are the major component of international financial architecture in addressing global macro and financial stability. The Bank together with the regional multi-lateral development banks (MDBs), such as the Asian Development Bank (ADB) for the Asian and the Pacific region, is making its contribution in building necessary infrastructure needed to initiate and support the development process, the recent reduced emphasis on such projects notwithstanding.


2011 ◽  
Vol 12 (2) ◽  
pp. 1-11
Author(s):  
Mel Atkey

Musical theatre can take root anywhere. The future of the musical may very well lie beyond Broadway and the West End. In recent years, successful musicals have been developed in Canada, Australia and the German speaking countries. Some, like Elisabeth, have travelled internationally without ever playing in English. Companies in Korea, Japan and China are investing in new works, both domestically and internationally. These different countries can learn from each other. In South Africa, people do literally burst into song on the streets. During the apartheid era, some of the freedom fighters were known to have gone to the gallows singing. Both there and in Argentina, musical theatre played an active role in the struggle against oppression. Shows like Sarafina weren’t just about the struggle against apartheid, they were part of it. This is nothing new – the cabarets of Weimar Berlin were also struggling against oppression. In fact, the birth of the musical coincided with the birth of democracy. On the other hand, during World War II, the all-female Takarazuka Revue was co-opted by the Japanese government for propaganda purposes. The real point of my book A Million Miles from Broadway is not just to tell a history of the musical. It’s what you do with that history after you’ve learned it that is important. Firstly to learn about our own musical theatre heritage, but also to learn about each other’s. We may find that people in other countries have found solutions to problems that we are struggling with.


Author(s):  
Rabi S. Bhagat

The development of the BRIC economies is being monitored on a regular basis by financial markets worldwide. This chapter discusses some of the reasons for their emergence and continued growth and the challenges they face. Next, it considers the third-largest economy, Japan, and the five Asian dragons, which grew at a phenomenal rate after World War II. It discusses “reactive modernization”—a path of fostering economic growth by negotiating with the ruling Western economies. Japan and South Korea are two classic examples of this kind of growth, where a hybrid of Western industrialization was combined with Eastern methods of operating. A closer inspection of the trading economies in the World Trade Organization would reveal that a growing number of them are from non-Western nations, and they play important roles in shaping the paths that globalizations need to follow in the new economic and political geography of the world.


2020 ◽  
Vol 13 ◽  
pp. 15-41
Author(s):  
Judit Kádár

A Hungarian writer who became a prominent public figure in the Horthy era, Cécile Tormay’s (1875-1937) fame and success was principally due to her memoir, Bujdosó könyv [‘The Hiding Book’], a work published in 1920-21 that depicts the two Hungarian revolutions following World War I. This popular work enjoyed several editions during the interwar period and was translated into English and French for propaganda purposes. After World War II, Bujdosó könyv was among the first works banned by Hungarian authorities for its anti-Semitism. Hailed as the most notable female author of the interwar period, Tormay’s name rose anew after the fall of socialism in 1989. Fueled by the official biography written two years after her death in the Horthy era by the conservative professor of literature, János Hankiss, a revival in the cult surrounding Tormay’s work has taken place in recent years. Hankiss portrayed Tormay as a woman of Hungarian noble descent whose deeds were motivated by sheer patriotism. This paper contends that Cécile Tormay was embraced by the interwar elite for her active role in the counter-revolutionary conspiracy against the First Hungarian Republic.


2010 ◽  
Vol 42 (3) ◽  
pp. 487-490
Author(s):  
John B. Penson

Periodically, events occur in the domestic and global economies that remind agricultural economists that macroeconomics matter. This was evident in the early 1980s when the Federal Reserve responded to double-digit inflation by driving interest rates to post-World War II period highs. The Asian financial crisis in the late 1990s, rising oil prices this past decade, and current stress in domestic and overseas financial markets serve to remind us again that externalities can have an effect on the economic performance and financial strength of U.S. agriculture. These effects are transmitted through interest rates, inflation, unemployment, real gross domestic product, and exchange rates.


2003 ◽  
Vol 33 (133) ◽  
pp. 545-564 ◽  
Author(s):  
Ingo Schmidt

After World War II US-hegemony has been unchallenged in the capitalist part of the world. Therefore the US could afford to promote European integration. Meanwhile the economic foundations of the US' position have been weakened. First the superiority in terms of productivity got lost and after the New Economy boom there are also doubts about US-dominance on financial markets. This is the more so since the introduction of the Euro represents a major challenge for the Dollar. Nevertheless transatlantic competition on economic issues may not lead to a split as ruling classes in Europe and America share common interests against the rest of the world.


Author(s):  
Fleck Dieter

This chapter describes the different phases of legal regulation of the stationing of visiting forces in Germany until today. World War II has led to the stationing of a large number of foreign forces, first as occupiers but soon as allies playing an active role in the maintenance of external security. When occupation was terminated in 1955, there were Soviet forces in the German Democratic Republic and forces from six permanent Sending States in the Federal Republic of Germany. In addition, in both German States further Allies, too, were hosted on a temporary basis. In this context, the chapter assesses both the right to stay in the country (jus ad praesentiam) and the status regulation (jus in praesentia).


Author(s):  
Halbert Jones

World War II had a significant impact on the trajectory of postrevolutionary Mexican development. Pressure from the United States for collaboration in defense efforts and the ambivalence of the Mexican public toward an active role in the conflict posed challenges. Yet the crisis atmosphere created by the war allowed the country’s leaders to insist upon a policy of national unity. The Ávila Camacho administration was thus able to maintain a broad political coalition as it took Mexico formally into the war on the side of the Allies in 1942 and then gradually expanded the scope of the country’s participation in the conflict. Wartime conditions prompted Mexico to expand its capacities and make new demands on citizens; they served as well to accelerate the professionalization and depoliticization of the armed forces. In economic terms, the war disrupted trade with Europe but spurred US demand for the strategic outputs of Mexican mines and farms and Mexican labor. The unavailability of previously imported goods provided an impetus for a process of industrialization that would continue into the postwar period, but many workers saw their living standards fall as wartime inflation eroded their real wages. Mexico emerged from the war with a claim to regional leadership, much-improved relations with Washington, a rapidly growing industrial sector, and a political landscape considerably more stable and consolidated than it had been in the two decades immediately following the Mexican Revolution.


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