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In the decades after World War II, inflation undermined the aspiration for full employment in Australia. This book tells the story of how the Australian state was shaped by the confrontation with monetary instability: a pre-history of neoliberalism.
Book Synopsis Inflation and the Making of Australian Macroeconomic Policy, 1945–85 by : Michael Beggs
Download or read book Inflation and the Making of Australian Macroeconomic Policy, 1945–85 written by Michael Beggs and published by Springer. This book was released on 2015-09-01 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the decades after World War II, inflation undermined the aspiration for full employment in Australia. This book tells the story of how the Australian state was shaped by the confrontation with monetary instability: a pre-history of neoliberalism.
This book covers the recent history of Chinese monetary policy. While most current work focuses on This book traces and explains the evolution of Chinese monetary policy in the years before 2008. The turn towards interest rate deregulation and market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in favour of Western central banking norms. We argue that Chinese monetary policy already went through a transformation under the influence of ‘new consensus’ macroeconomics after 1998, but that this surprisingly led to increased reliance on direct banking controls in the 2000s. Therefore, many of the controls that look to many like a remnant of central planning are in fact an outcome of an earlier attempt to ‘rationalise’ monetary policy, in unusual Chinese conditions. Specifically, policy returned to direct controls because of an underdeveloped interbank money market, and a glut of bank liquidity associated with enormous foreign exchange inflows in the mid-2000s.
Book Synopsis Remaking Monetary Policy in China by : Michael Beggs
Download or read book Remaking Monetary Policy in China written by Michael Beggs and published by Springer. This book was released on 2019-08-16 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the recent history of Chinese monetary policy. While most current work focuses on This book traces and explains the evolution of Chinese monetary policy in the years before 2008. The turn towards interest rate deregulation and market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in favour of Western central banking norms. We argue that Chinese monetary policy already went through a transformation under the influence of ‘new consensus’ macroeconomics after 1998, but that this surprisingly led to increased reliance on direct banking controls in the 2000s. Therefore, many of the controls that look to many like a remnant of central planning are in fact an outcome of an earlier attempt to ‘rationalise’ monetary policy, in unusual Chinese conditions. Specifically, policy returned to direct controls because of an underdeveloped interbank money market, and a glut of bank liquidity associated with enormous foreign exchange inflows in the mid-2000s.
This overview of Australasian economic thought presents the first analysis of the Australian economic contribution for 25 years, and is the first to offer a panoramic sweeping account of New Zealand economic thought. Those two countries, both at the start of the twentieth century and at its end, excelled at innovative economic practices and harbouring unique economic institutions. A History of Australasian Economic Thought explains how Australian and New Zealand economists exerted influence on economic thought and contributed to the economic life of their respective countries in the twentieth century. Besides surveying theorists and innovators, this book also considers some of the key expositors and builders of the academic economics profession in both countries. The book covers key economic events including the Great Depression, the Second World War, the post-war boom and the great inflation that overtook it and, lastly, the economic reform programmes that both Australia and New Zealand undertook in the 1980s. Through the interplay of economic events and economic thought, this book shows how Australasian economists influenced, to differing degrees, economic policy in their respective countries. This book is of great importance to those who are interested in and study the history of economic thought, economic theory and philosophy, and philosophy of social science, as well as Australasian economics.
Book Synopsis A History of Australasian Economic Thought by : Alex Millmow
Download or read book A History of Australasian Economic Thought written by Alex Millmow and published by Routledge. This book was released on 2017-07-14 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This overview of Australasian economic thought presents the first analysis of the Australian economic contribution for 25 years, and is the first to offer a panoramic sweeping account of New Zealand economic thought. Those two countries, both at the start of the twentieth century and at its end, excelled at innovative economic practices and harbouring unique economic institutions. A History of Australasian Economic Thought explains how Australian and New Zealand economists exerted influence on economic thought and contributed to the economic life of their respective countries in the twentieth century. Besides surveying theorists and innovators, this book also considers some of the key expositors and builders of the academic economics profession in both countries. The book covers key economic events including the Great Depression, the Second World War, the post-war boom and the great inflation that overtook it and, lastly, the economic reform programmes that both Australia and New Zealand undertook in the 1980s. Through the interplay of economic events and economic thought, this book shows how Australasian economists influenced, to differing degrees, economic policy in their respective countries. This book is of great importance to those who are interested in and study the history of economic thought, economic theory and philosophy, and philosophy of social science, as well as Australasian economics.
Since the 1980s, waves of neoliberal ‘economic reform’ have transformed Australia. Privatisation, deregulation, marketisation and the contracting out of government services: for three decades now, there has been widespread agreement among policymakers on the desirability of these strategies. But the benefits of economic reform are increasingly being questioned. Alongside growing voter disenchantment, new voices of dissent argue that instead of efficiency and improved services, economic reform has led to unaccountable oligopolies, increased prices, reduced productivity and degradation of the public good. In Wrong Way, Australia’s leading economists and public intellectuals do a cost–benefit analysis of economic reform across key areas. Have these reforms been worthwhile for the Australian community and its economy? Have they given us a better society, as promised? ‘Has privatisation led to more productivity-enhancing competition? Has deregulation increased economic welfare in energy, finance, health, education and labour markets? Does the lived experience of Australians measure up to the promise of economic reform? The authors answer these questions with conclusions that are both compelling and disturbing.’——Emeritus professor Roy Green, University of Technology Sydney Damien Cahill & Phillip Toner on Economic Reform Stephen Duckett on Private Health Insurance Elizabeth Hill & Matt Wade on Early Childhood Education And Care Phillip Toner on Vocational Education And Training Jane Andrew & Max Baker on Prisons Bob Davidson on Aged Care Paul Davies on Public Sector Engineering Sue Olney & Wilma Gallet on Employment Services John Quiggin on Electricity Jim Stanford on Labour Markets Evan Jones on Banking Peter Phibbs & Nicole Gurran on Housing Lee Ridge on The NBN Ben Spies-Butcher & Gareth Bryant on Universities Michael Beggs on Monetary Policy And Unemployment John Quiggin on Productivity Peter Brain on Orthodox Economic Models Patricia Ranald on Free Trade David Richardson on Foreign Investment Frank Stilwell on Inequality
Book Synopsis Wrong Way by : Damien Cahill
Download or read book Wrong Way written by Damien Cahill and published by Black Inc.. This book was released on 2018-09-03 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1980s, waves of neoliberal ‘economic reform’ have transformed Australia. Privatisation, deregulation, marketisation and the contracting out of government services: for three decades now, there has been widespread agreement among policymakers on the desirability of these strategies. But the benefits of economic reform are increasingly being questioned. Alongside growing voter disenchantment, new voices of dissent argue that instead of efficiency and improved services, economic reform has led to unaccountable oligopolies, increased prices, reduced productivity and degradation of the public good. In Wrong Way, Australia’s leading economists and public intellectuals do a cost–benefit analysis of economic reform across key areas. Have these reforms been worthwhile for the Australian community and its economy? Have they given us a better society, as promised? ‘Has privatisation led to more productivity-enhancing competition? Has deregulation increased economic welfare in energy, finance, health, education and labour markets? Does the lived experience of Australians measure up to the promise of economic reform? The authors answer these questions with conclusions that are both compelling and disturbing.’——Emeritus professor Roy Green, University of Technology Sydney Damien Cahill & Phillip Toner on Economic Reform Stephen Duckett on Private Health Insurance Elizabeth Hill & Matt Wade on Early Childhood Education And Care Phillip Toner on Vocational Education And Training Jane Andrew & Max Baker on Prisons Bob Davidson on Aged Care Paul Davies on Public Sector Engineering Sue Olney & Wilma Gallet on Employment Services John Quiggin on Electricity Jim Stanford on Labour Markets Evan Jones on Banking Peter Phibbs & Nicole Gurran on Housing Lee Ridge on The NBN Ben Spies-Butcher & Gareth Bryant on Universities Michael Beggs on Monetary Policy And Unemployment John Quiggin on Productivity Peter Brain on Orthodox Economic Models Patricia Ranald on Free Trade David Richardson on Foreign Investment Frank Stilwell on Inequality
In the historical narrative that prevails today, the New Deal years are positioned between two equally despised Gilded Ages—the first in the late nineteenth century and the second characterized by the world of Walmart, globalization, and right-wing populism in which we currently live. What defines these two ages is an increasing level of inequality legitimized by powerful ideologies, namely, Social Darwinism at the end of the nineteenth century and neoliberalism today. In stark contrast, the era of the New Deal was first and foremost an attempt to put an end to inequality in American society. In the historical longue durée, it appears today as a kind of golden age when policymakers and citizens sought to devise solutions to the two major "questions"—labor on one side, social on the other—that were at the heart of the American political economy during the twentieth century. Capitalism Contested argues that the New Deal order remains an effective framework to make sense of the transformation of American political economy over the last hundred years. Contributors offer an historicized analysis of the degree to which that political, economic, and ideological order persists and the ways in which it has been transcended or even overthrown. The essays pay attention not only to those ideas and social forces hostile to the New Deal, but to the contradictions and debilities that were present at the inauguration or became inherent within this liberal impulse during the last half of the twentieth century. The unifying thematic among the essays consists not in their subject matter—politics, political economy, social thought, and legal scholarship are represented—but in a historical quest to assess the transformation and fate of an economic and policy order nearly a century after its creation. Contributors: Kate Andrias, Romain Huret, William P. Jones, Nelson Lichtenstein, Nancy MacLean, Isaac William Martin, Margaret O'Mara, K. Sabeel Rahman, Timothy Shenk, Elizabeth Tandy Shermer, Jason Scott Smith, Samir Sonti, Karen M. Tani, Jean-Christian Vinel.
Book Synopsis Capitalism Contested by : Romain Huret
Download or read book Capitalism Contested written by Romain Huret and published by University of Pennsylvania Press. This book was released on 2020-12-11 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the historical narrative that prevails today, the New Deal years are positioned between two equally despised Gilded Ages—the first in the late nineteenth century and the second characterized by the world of Walmart, globalization, and right-wing populism in which we currently live. What defines these two ages is an increasing level of inequality legitimized by powerful ideologies, namely, Social Darwinism at the end of the nineteenth century and neoliberalism today. In stark contrast, the era of the New Deal was first and foremost an attempt to put an end to inequality in American society. In the historical longue durée, it appears today as a kind of golden age when policymakers and citizens sought to devise solutions to the two major "questions"—labor on one side, social on the other—that were at the heart of the American political economy during the twentieth century. Capitalism Contested argues that the New Deal order remains an effective framework to make sense of the transformation of American political economy over the last hundred years. Contributors offer an historicized analysis of the degree to which that political, economic, and ideological order persists and the ways in which it has been transcended or even overthrown. The essays pay attention not only to those ideas and social forces hostile to the New Deal, but to the contradictions and debilities that were present at the inauguration or became inherent within this liberal impulse during the last half of the twentieth century. The unifying thematic among the essays consists not in their subject matter—politics, political economy, social thought, and legal scholarship are represented—but in a historical quest to assess the transformation and fate of an economic and policy order nearly a century after its creation. Contributors: Kate Andrias, Romain Huret, William P. Jones, Nelson Lichtenstein, Nancy MacLean, Isaac William Martin, Margaret O'Mara, K. Sabeel Rahman, Timothy Shenk, Elizabeth Tandy Shermer, Jason Scott Smith, Samir Sonti, Karen M. Tani, Jean-Christian Vinel.
In How Labour Built Neoliberalism Elizabeth Humphrys examines the role of Labor Party and trade unions in constructing neoliberalism in Australia, and the implications of this for understanding neoliberalism’s global advance.
Book Synopsis How Labour Built Neoliberalism by : Elizabeth Humphrys
Download or read book How Labour Built Neoliberalism written by Elizabeth Humphrys and published by BRILL. This book was released on 2018-10-08 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: In How Labour Built Neoliberalism Elizabeth Humphrys examines the role of Labor Party and trade unions in constructing neoliberalism in Australia, and the implications of this for understanding neoliberalism’s global advance.
Bracketed by global financial crises and economic downturns, the modern age has been defined by debates about, and transformations of, money. The period witnessed the consolidation of national currencies and monetary policies as well as the diversification of payment technologies and the proliferation of financial instruments. Throughout, even as it appeared abstracted by finance and depoliticized by expert ideologies, money was revealed again and again to be a powerful medium of cultural imagination and practical inventiveness as well as the site of public and political struggles. Modern money - both as a form of liquidity and as a claim on wealth - remains deeply unsettled, caught between private and public interests and subject to epic struggles over the infrastructures of value creation and circulation and their distributional consequences. Drawing upon a wealth of visual and textual sources, A Cultural History of Money in the Modern Age presents essays that examine key cultural case studies of the period on the themes of technologies, ideas, ritual and religion, the everyday, art and representation, interpretation, and the issues of the age.
Book Synopsis A Cultural History of Money in the Modern Age by : Taylor C. Nelms
Download or read book A Cultural History of Money in the Modern Age written by Taylor C. Nelms and published by Bloomsbury Publishing. This book was released on 2021-03-11 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bracketed by global financial crises and economic downturns, the modern age has been defined by debates about, and transformations of, money. The period witnessed the consolidation of national currencies and monetary policies as well as the diversification of payment technologies and the proliferation of financial instruments. Throughout, even as it appeared abstracted by finance and depoliticized by expert ideologies, money was revealed again and again to be a powerful medium of cultural imagination and practical inventiveness as well as the site of public and political struggles. Modern money - both as a form of liquidity and as a claim on wealth - remains deeply unsettled, caught between private and public interests and subject to epic struggles over the infrastructures of value creation and circulation and their distributional consequences. Drawing upon a wealth of visual and textual sources, A Cultural History of Money in the Modern Age presents essays that examine key cultural case studies of the period on the themes of technologies, ideas, ritual and religion, the everyday, art and representation, interpretation, and the issues of the age.
Inequality and Energy: How Extremes of Wealth and Poverty in High Income Countries Affect CO2 Emissions and Access to Energy challenges energy consumption researchers in developed countries to reorient their research frameworks to include the effects of economic inequality within the scope of their investigations, and calls for a new set of paradigms for energy consumption research. The book explores concrete examples of energy deprivation due to inequality, and provides conceptual tools to explore this in relation to other issues regarding energy consumption. It thereby urges that energy consumption approaches be updated for a world of increasing inequality. Extreme economic inequality has increased within developed countries over the past three decades. The effects of inequality are now seen increasingly in health, housing affordability, crime and social cohesion. There are signs it may even threaten democracy. Researchers are also exploring its effects on energy consumption. One of their key findings is that less privileged groups have lost consistent access to basic energy services like warm homes and affordable transport, leading to huge disparities of climate damaging emissions between rich and poor. Provides overwhelming evidence of the persistent and increasing income inequality and wealth inequality in developed countries over the past three decades Showcases recent empirical work that explores correlates of this inequality with energy consumption behavior and some of the key problems of access to adequate energy services Shows the connections between these findings and the existing ways of researching energy consumption behavior and policy
Book Synopsis Galvin - Economic Inequality and Energy Consumption in Developed Countries by : Ray Galvin
Download or read book Galvin - Economic Inequality and Energy Consumption in Developed Countries written by Ray Galvin and published by Academic Press. This book was released on 2019-10-31 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inequality and Energy: How Extremes of Wealth and Poverty in High Income Countries Affect CO2 Emissions and Access to Energy challenges energy consumption researchers in developed countries to reorient their research frameworks to include the effects of economic inequality within the scope of their investigations, and calls for a new set of paradigms for energy consumption research. The book explores concrete examples of energy deprivation due to inequality, and provides conceptual tools to explore this in relation to other issues regarding energy consumption. It thereby urges that energy consumption approaches be updated for a world of increasing inequality. Extreme economic inequality has increased within developed countries over the past three decades. The effects of inequality are now seen increasingly in health, housing affordability, crime and social cohesion. There are signs it may even threaten democracy. Researchers are also exploring its effects on energy consumption. One of their key findings is that less privileged groups have lost consistent access to basic energy services like warm homes and affordable transport, leading to huge disparities of climate damaging emissions between rich and poor. Provides overwhelming evidence of the persistent and increasing income inequality and wealth inequality in developed countries over the past three decades Showcases recent empirical work that explores correlates of this inequality with energy consumption behavior and some of the key problems of access to adequate energy services Shows the connections between these findings and the existing ways of researching energy consumption behavior and policy
This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.
Book Synopsis Macroeconomics and the Phillips Curve Myth by : James Forder
Download or read book Macroeconomics and the Phillips Curve Myth written by James Forder and published by OUP Oxford. This book was released on 2014-10-09 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.
Neoliberalism has transformed work, welfare, and democracy. However, its impacts, and its future, are more complex than we often imagine. Alongside growing inequality, social spending has been rising. Medicare was entrenched alongside privatization. How do we understand this contradictory politics, and what opportunities are there to advance equality? This book takes the three big drivers of inequality – conditionality of benefits, marketisation of services and financialisation of the life course– to explore how inequality has been contested. Alongside the rise of the market, it reveals the building blocks of a more egalitarian order and opportunities for new models of solidarity based on an ethic of care.
Book Synopsis Politics, Inequality and the Australian Welfare State After Liberalisation by : Ben Spies-Butcher
Download or read book Politics, Inequality and the Australian Welfare State After Liberalisation written by Ben Spies-Butcher and published by Anthem Press. This book was released on 2023-10-03 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neoliberalism has transformed work, welfare, and democracy. However, its impacts, and its future, are more complex than we often imagine. Alongside growing inequality, social spending has been rising. Medicare was entrenched alongside privatization. How do we understand this contradictory politics, and what opportunities are there to advance equality? This book takes the three big drivers of inequality – conditionality of benefits, marketisation of services and financialisation of the life course– to explore how inequality has been contested. Alongside the rise of the market, it reveals the building blocks of a more egalitarian order and opportunities for new models of solidarity based on an ethic of care.
