Economic Crisis and Institutional Choice
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15.6 x 23.4 cm
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Table of Contents - 6 Preface - 10 Acknowledgements - 12 The Institutional Legacy of the Crisisof Global Capitalism - 14 part 1 diagnosing the crisis - 54 A Tale of Two Crises - 56 A History of Profligate Lending - 68 The Problem of Social Deflation - 74 The Crisis as a Paradigm Shift - 82 part 2 exploring domestic polictyspace under low growth - 92 The Significance of Politics - 94 Troubleshooting Economic Narratives - 104 Leadership Imperatives for aPost-Crisis World - 110 Establishing a New Macro-economicPolicy Regime - 122 Varieties of Capitalism;Varieties of Reform - 134 part 3 coping with paradise lost - 144 Social Discontent inEuropean Welfare States - 146 A Crisis of Consumerism - 156 The Moral Bankruptcyof New Capitalism - 164 Transcending theEuropean Nation State - 170 part 4 embedding a new globalcontract - 176 The Crisis ofGlobal Governance - 178 Capitalism 3.0 - 186 The Global Development Agenda - 194 The Economic Crisisand Climate Change - 202 A Stress Testfor the Welfare State - 208 The G2 and the Crisis - 212 part 5 realigning europe - 220 A New European Contract - 222 Europe’s Neo-liberal Bias - 228 Beyond Lisbon - 236 The Quest for Vision - 246 Rekindling the Spirit of Cooperation - 252 EPILOGUE Towards a New Agenda - 260 Overview of the Interviews - 268 Biographies of the Interviewees - 270 Biographies of the Editors - 282

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These reflections by academics, experts and former political leaders prove that neither returning to the recipes of the 1980’s and 90’s nor refurbishing the pre-existing schemes of the 1950’s and 60’s will yield the solutions we need at the domestic or global level. It puts a fundamental re-imagining of the role of public authority and political sovereignty back on the agenda. Frank Vandenbroucke, former Minister of Education and Employment of Flanders and former Minister of Social Affairs and Pensions of the Federal Government of Belgium This book is a must-read for anyone who wants to understand the economic crisis and its aftermath. The extraordinary collection of interviews with experts, policy analysts, and political leaders not only demonstrates that we need to engage in a major reevaluation of global as well as national economic policies, the role of the state in the economy, and neo-liberal doctrine, it also provides the best starting point for just such a reevaluation. Vivien A. Schmidt, Jean Monnet Professor of European Integration and Chair of the Center for International Relations, Boston University A highly instructive and quietly provocative way to try and make sense of a financial crisis whose deep origins and potentially transformative impact no one fully understands, is to read this collection of disciplined but open-ended reflections on both by some of the world's best economists and social scientists. Whatever you think about the crisis now you will rethink upon encountering their trenchant but nuanced reactions. Charles Sabel, Professor of Law and Social Science, Columbia Law School

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Economic Crisis and Institutional Choice

Aftershocks was written in the midst of the deepest economic crisis since the Great Depression. Although it would be premature to presume to identify the repercussions of the crisis, it is clear that it will have profound aftershock effects in the political, economic, and social spheres. The book contains essays based on semi-structured interviews with leading scholars, European politicians and representatives from the world of business. They reflect on the origins of the crisis as well as the possible social, economic, and political transformations it may engender.