Supranational Political Economy

Supranational Political Economy
Author: Guido Montani
Publisher: Routledge
Total Pages: 294
Release: 2018-10-03
Genre: Business & Economics
ISBN: 131723586X

With the ending of the Cold War and the rise of a nationalistic ‘America First’ strategy, the post-war liberal international order, based upon the hegemonic power of the USA, is fading away. In its place, a multipolar world is emerging which, while offering some the hope of a better future, is also open to disorder and instability. This book offers an insight into the relationship between politics and economics in this new era. As an alternative, this volume argues for a form of global governance that will offer a better balance between politics and economics, based on a supranational approach. A supranational approach in which world powers and UN member states can work in agreement would follow the principle on which European political and economic integration was built. The system put forward here is based on a Keynesian world clearing union and a reform of the World Trade Organization and a United Nations budget, which would accelerate the convergence of rich and poor countries in the aim of a more sustainable global system. This book demonstrates that globalisations and today’s ecological challenges are both a cause of social discontent and an opportunity. Supranational institutions can greatly increase our ability to address global risks, and this book shows how a 'supranational' world order could reduce the uncertainty of the transition from the post-war order to the future multipolar order. The supranational principle enables us to view globalisation, world capitalism and the ecological crisis not only as causes of inequality, poverty and social instability, but also as processes that can be governed. Wise politicians and political parties cannot let the future of humanity be decided by the precarious equilibrium of the Westphalia system. In post-war Europe a group of nation states, once fierce enemies, embarked on a process of integration which led to the abolition of inter-European national borders. With supranational global governance, the same could be achieved in the global system.

The European Union and Supranational Political Economy

The European Union and Supranational Political Economy
Author: Riccardo Fiorentini
Publisher: Routledge
Total Pages: 321
Release: 2014-12-05
Genre: Business & Economics
ISBN: 1317662717

The financial crisis – originated in 2008 in the United States – had a dramatic impact on the world economy. The European Union was immediately involved, but its reaction to the crisis was clearly inadequate. The misgovernment of the European economy not only put at risk the European Monetary Union, but it also caused further hindrances to the recovery of the global economy. The global financial turmoil shook deep-rooted beliefs. The doctrine of international neo-liberalism is more and more criticized. Nevertheless, the critics of neo-liberalism focus their attention on the relationship between the state and the market, as if the nation states, with their international organisations, have enough power for an effective global governance of the world economy. The model of European supranational integration, though seriously imperfect, can suggest some new way out from the crisis – even at the world level – based on a new relationship between the supranational government of the Union and the market. In this book, several academic disciplines are involved: international economics, international political economy, international law, international relations, political theory and democratic theory. Adopting such a multidisciplinary theoretical perspective, the volume tries to answer the following question: Is a more supranational Europe able to provide a better government of the EMU? Does this reform involve more European democracy?

Managing the Sovereign-Bank Nexus

Managing the Sovereign-Bank Nexus
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
Total Pages: 54
Release: 2018-09-07
Genre: Business & Economics
ISBN: 1484359623

This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.

The Elgar Companion to Radical Political Economy

The Elgar Companion to Radical Political Economy
Author: Philip Arestis
Publisher: Edward Elgar Publishing
Total Pages: 520
Release: 1994-01-01
Genre: Business & Economics
ISBN: 9781843768647

'These valuable contributions will be very useful to students and nonspecialists wanting a clear introduction to specific topics or a convenient volume to browse to get a feel for a broader area of study. A welcome addition to any library.' – M. Perelman, Choice '. . . an excellent short encyclopedia of radical political economies. . . Even experienced scholars could read a number of the entries to refresh themselves or to introduce themselves to new areas of inquiry. Every university and college library should have a copy.' – William M. Dugger, Southern Economic Journal 'Elgar's companions are a joy to read from cover-to-cover. . . The volume is indexed and belongs in every library.' – William M. Dugger, Journal of Economic Issues '. . . this is a worthwhile volume deserving a browse by anyone with radical pretensions.' – Keith Cowling, The Economic Journal This major reference book has been designed to provide a comprehensive coverage of radical political economy. International in scope, The Elgar Companion to Radical Political Economy includes contributions from a very wide range of specialists who discuss topics, ideas and theories in the field. Radical political economy is a term used to encompass a range of different schools of thought. These include post Keynesian, Kaleckian, Marxian, Institutionalist, Sraffian and other approaches to economics which share the common theme of production, rather than the exchange focus of neoclassical and Austrian economics. Their concern with the generation and use of the surplus leads them to an interest in dynamics, income distribution, growth and development, and capital accumulation. With over 100 entries, the companion provides detailed information on a wide range of aspects of radical political economy as well as some important insights into its theoretical underpinning. A special feature of the book is its emphasis upon explaining the positive elements in radical political economy. As the first book of its kind devoted to radical political economy, the companion will be an essential reference source for scholars and students with an interest in the development of economic ideas.

The Political Economy of Monetary Solidarity

The Political Economy of Monetary Solidarity
Author: Waltraud Schelkle
Publisher: Oxford University Press
Total Pages: 334
Release: 2017-04-13
Genre: Political Science
ISBN: 0192524798

Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.

Modern Money Theory

Modern Money Theory
Author: L. Randall Wray
Publisher: Springer
Total Pages: 322
Release: 2015-09-22
Genre: Business & Economics
ISBN: 1137539925

This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

The Great Transformation

The Great Transformation
Author: Karl Polanyi
Publisher: Penguin Classics
Total Pages: 0
Release: 2024-06-20
Genre: Business & Economics
ISBN: 9780241685556

'One of the most powerful books in the social sciences ever written. ... A must-read' Thomas Piketty 'The twentieth century's most prophetic critic of capitalism' Prospect Karl Polanyi's landmark 1944 work is one of the earliest and most powerful critiques of unregulated markets. Tracing the history of capitalism from the great transformation of the industrial revolution onwards, he shows that there has been nothing 'natural' about the market state. Instead of reducing human relations and our environment to mere commodities, the economy must always be embedded in civil society. Describing the 'avalanche of social dislocation' of his time, Polanyi's hugely influential work is a passionate call to protect our common humanity. 'Polanyi's vision for an alternative economy re-embedded in politics and social relations offers a refreshing alternative' Guardian 'Polanyi exposes the myth of the free market' Joseph Stiglitz With a new introduction by Gareth Dale

How Credit-money Shapes the Economy: The United States in a Global System

How Credit-money Shapes the Economy: The United States in a Global System
Author: Robert Guttmann
Publisher: Routledge
Total Pages: 727
Release: 2016-09-16
Genre: Business & Economics
ISBN: 1315485958

This text examines money, credit, and economic activity in the increasingly integrated global economy. It focuses on the problems afflicting the United States as it adapts to the transformation of the world economy.