The health sector is facing many challenges, and there is a need to maintain the delivery of high‐quality health‐care. Issues related to equity and access to health‐care have emerged in a context of an economic recession in which the sustainability of the health system depends on everyone, including the actions and decisions of professionals. Therefore, nurses and their skills may be the answer to ethical, professional and community health management, but this recession could lead to major problems (...) in the education of nurses in daily health‐care practice. Due to the limited availability of resources, nurses are increasingly taking leadership positions, continuing to develop their critical abilities and thinking skills, and considering sciences such as deontology and ethics. The main goals of this study were to reflect on the economic recession and its impact on health‐care and to demonstrate the contribution of nursing to the sustainability of health‐care and in the promotion of individuals' dignity. The authors conclude that health‐care depends on economic redistribution and, in this context, needs to be equitable and fair. Nurses have the responsibility to develop their profession according to the underlying sciences and can therefore strategically help the healthcare system. (shrink)

Santa Barbara County exhibits some of the highest rates of food insecurity in California, as well as in the United States. Through ethnographic research of three low-income, predominantly Latino communities in Santa Barbara County, this study examined the degree to which households had been experiencing heightened levels of food insecurity since the economic recession and ensuing coping strategies, including gender-specific repercussions and coping strategies. Methods included administering a survey with 150 households and conducting observation and unstructured interviews at (...) various local food-centered venues. Results indicated that households from the three communities were experiencing heightened levels of food insecurity and that all three communities were employing diversification of procurement, adjustments to a reduced or limited food budget, reliance on food assistance, and revitalization of the home as a site of domestic food production and preparation as coping strategies. The results also suggested that women suffered disproportionately higher psychological and physical costs associated with compounding crises. In conclusion, the experiences narrated by low-income households reflect a form of citizenship that appears compromised by a host of variables perceived to exist outside the realm of local control. Shifting toward an operational framework of food sovereignty may allow these communities to become more resilient in the face of future political, environmental, social, and economic stressors. (shrink)

A recession is a significant decline in economic activities. The effects of economic recession include general economic decline, drop in the stock market and increase in unemployment. While some have argued that bilateral relationship among nations is an ethical response to problem of economic recession but it does not solve the problem. The paper suggests genetic gender determination. Genetic gender determination is an agent-based ethics. It involves the scientific manipulation of the fetus of (...) a woman to determine the gender of her offspring. Ethical issues linked to genetic gender determination, unbalance sex ratio, manipulation of genome, and possible spread of infectious or communicable diseases. The paper concludes that the genetic gender determination would help to cushion the effects of economic recession. (shrink)

Research on fair trade has flourished over the past decade as fair trade food products have gained popularity amongst consumers in many developed economies. This study examines the effects of recessionary economic conditions on fair trade consumers’ purchasing behaviour. An online survey was administered to 306 fair trade consumers from Canada, the United Kingdom and the United States of America. The results reveal a discrepancy among fair trade consumers as only consumers that purchase fair trade on an occasional basis (...) adhered to established consumer behaviour norms, i.e. decreasing their purchases of fair trade products and becoming significantly more price aware. Respondents who actively consume fair trade generally remained loyal to their purchase. While some active consumers altered their purchasing behaviour, this phenomenon was not common amongst this group as no statistically significant changes were observed. Differences were also noted among the three countries as the Canadian and US fair trade consumers significantly decreased their consumption of fair trade as a result of the recession, whereas the UK consumers did not. In addition to the research results, theoretical and managerial implications will be discussed along with future research directions. (shrink)

As a mono-energy-economy, Russia’s fortunes are closely linked to the price of energy. That same link explains why when energy prices hit record highs, there was such strong public support for Vladimir Putin. But when energy prices plummeted in late 2008, Russia found itself with an economic downturn which brought with it, factory closings, worker layoffs and political grumbling. Because of Russia’s inexperience with economic upheaval, Russia is likely to go through greater turmoil and political uncertainty if not (...) unrest, than more traditional market economies which over the years have had to learn how to deal with economic cycles of this sort. (shrink)

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession The article focuses on personnel decision making of important banking subjects during the ongoing economic recession with the specialization on financial crisis in 2008. Main objective of the article is to verify the implicit contract theory and to answer the question of how the selected banks solve problem of reducing labour costs during the crisis. Four important banks in years 2005 - 2010 are examined. (...) To identify the economic crisis, is used model, which is based on the model, indicating the U. S. business cycle, which uses analytical team in Raiffeisenbank. Model used in this article is based on three variables. Employment rate is separate variable. The values of business sales are adjusted to the values of basis indices, for which the year 2005 is the basis. The development of all those three variables is similar and it is possible to determine the period from the graphical representation, in which all variables reached their maximum and reversed their trend. To support this, a trend line was added to the graphs. The trend line was determined as a moving average for the four seasons. Based on the model, the beginning of the economic recession was indentified to the turn of 2007 and 2008. The biggest slumps can be seen during the year 2009. The investigated periods are therefore the years 2008 and 2009.The calculations of other variables, describing the current condition of the studied subject, are adjusted to the values of basis indices in the same way as the business sales. The year 2005 is set as a basis. Data from chosen banks' annual reports were used to study their current condition. The basic monitored data are: labour costs, number of employees and earnings after tax. This article focuses attention on the personal decisions of banks, especially on the monitoring of costs of employees and their evolution over time in the context of economic recession. The essential conclusion is the confirmation of the implicit contract theory of the new Keynesian economics, which appeared at all observed subject. It is possible to see a year delay between the reduction of the employees and reduction of salary costs. This delay causes further costs. The reduction was observed in all subjects. (shrink)

This book traces the collapse of integrity, the abandonment of responsibility, and the failures of moral courage that underlie the financial numbers - and identifies the changes in thinking needed to bring us back into balance.

Unemployment has been at historically high rates for an extended period, and while it has recently improved in certain countries, the unemployment that remains may be becoming structural. Aside from inequality, unemployment is accordingly the problem that is most likely to put critical pressure on our political institutions, disrupt the social fabric of our way of life, and even threaten the continuation of liberalism itself. Despite the obvious importance of the problem of unemployment, however, there has been a curious lack (...) of attention paid to this issue by contemporary non-Marxist political philosophers. Non-Marxists typically view unemployment as a technical matter, and doing something about it a question of means not ends, with the solution to this question depending on the kind of empirical determinations about what causes what that are best left to economists, not political philosophers. But I think this is a mistake. Because work is a major part of our social life, as well as something that for a great many people grounds their sense of who they are and provides the basis of their sense of self-respect, those unable to find work are missing out on a great deal of what makes for a meaningful life, and not just the economic benefits that social cooperation has to offer. Those who are unemployed accordingly have something to complain about, even if we do not let them starve, and the rest of us (or at least the institutions that represent us) may have some sort of moral obligation to take action to increase the number of employment opportunities currently available regardless of any uncertainty surrounding the effects that any actions open to us might have. The nature and extent of this moral obligation is what On Unemployment is dedicated to exploring. (shrink)

After the global economic collapse triggered by the Great Recession, there has been an increased interest in the potential psychological implications of periods of economic decline. Recent evidence suggests that negative personal experiences linked to the economic crisis may lead to diminished generalized trust (i.e., the belief that most of the people of the society are honest and can be trusted). Adding to the growing literature on the psychological consequences of the economic crisis, we propose (...) that the perceived personal impact of the economic crisis not only would undermine generalized trust but also may lead to increased interpersonal trust (i.e., directed to specific and close people) and depersonalized in-group trust (i.e., directed to individuals who, while strangers, belong to the same group [e.g., social class]). Across three studies (N = 1379), we tested these central hypotheses and ascertained whether the perceived personal impact of the crisis would predict these types of trust (assessed using questionnaire and behavioral measures) independent of individuals’ socioeconomic status. Non-experimental data from Study 1 revealed that a higher perceived personal impact of the crisis is related to lower levels of generalized trust and higher levels of interpersonal trust. These effects were independent of participants’ socioeconomic status. Non-experimental data from Study 2 replicated the findings obtained in Study 1 and also showed a positive association between the perceived personal impact of the crisis and depersonalized in-group trust. This pattern of results emerged even after controlling for socioeconomic status, gender, age, political orientation, religiosity, and unemployment status. In Study 3, using an experimental design, we found that the salience of a possible economic downturn led to decreased generalized trust and increased interpersonal and depersonalized in-group trust—independently of socioeconomic status—compared with the control condition. These results challenge the conventional wisdom that economic crises invariably undermine trust in others. The implications of the present research as well as future research directions are discussed. (shrink)

Four decades have passed since the EU and China established diplomatic relations in 1975, and now became mutually indispensable economic partners, presenting both an opportunity and challenge. During that time, after the first market reforms were introduced in 1978, China has transitioned from a predominantly agricultural to industrial and service-oriented economy. On 11 December 2001, China also became the 143rd member of the WTO. The aim of this research is to quantitatively compare the US, EU and Chinese GDP from (...) 1995 to 2014, the US and Chinese outward FDI from 1995 to 2013, and the EU 28 Total Imports from and Exports to the US and China between 2002 to 2014, and analyse the impact of the exponentially rising Chinese investments in the European Union (EU). We have found that while the US economy experienced a regression in general, and exhibited outward FDI exponential decrease in particular, the Chinese outward FDI sustained an exponential growth. Our analysis has shown that the now weakened US dollar and diminished US economic and industrial power, along with the US designed and archaic post World War II European institutions, vitiated by the recent US Economic Recession, which has swept along the EU and all other US dependent foreign economies globally, are and will continue to experience the primary impact of the exponentially rising economic investment of China in the EU. Furthermore, we have found that the Chinese economic growth has been affecting both the EU identity and policies. Yet, its full effect is waiting to be realized. The Chinese investment in the EU is estimated to peak during the next decade, when China will become by far the foremost economic partner of the EU. This crossroad may be reached as soon as in few years’ time and contribute towards the EU – Asian regional stabilization. In the changing context of the Sino – EU - US relations, due to the exponentially growing economic prosperity and rising global influence of China, the EU international institutions and socio-political structures will re-emerge with the once forgotten access to the 21st Century Silk Road Economic Belt, “The Silk Road II”, between China and the EU in the foreseeable future. (shrink)

The emergence of COVID-19 places the economy at risk of recession or worst, depression. A sharp decline in the country’s economic growth is primarily caused by the weak consumption of locals and non-existence of foreign tourists in the country. On the other hand, disruptions of the supply chain in the manufacturing and retails sectors make the situation much worse. With clear uncertainties in mind, government agencies must lay down economic policies, monetary and fiscal, that would boost the (...) confidence of the consumers and producers. Lastly, a clear and coordinated efforts of the national and local government together with economic agencies of the country must be present at this time of the pandemic. (shrink)

The present study aimed to explore and map the views of Portuguese laypersons regarding the acceptability of downsizing and restructuring measures during a recession. Two hundred and seven participants with various levels of training in economics were presented with a number of realistic scenarios depicting various measures, and were asked to indicate the extent to which they considered them to be acceptable. The scenarios were created by varying three factors likely to have an impact on people’s views: the magnitude (...) of a company’s reduction in net sales, the magnitude of planned downsizing, and the way in which downsizing would be implemented, either through layoffs, job alliances or both. Six qualitatively different personal positions were found. Four of these following positions were expected: never acceptable, mainly depends on the magnitude of downsizing, mainly acceptable and job alliance. Two unexpected positions were also observed: drastic measures and undetermined. (shrink)

This Research Topic explores Sustainable Development Goal (SDG) eight, which is to “promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.” It highlights the COVID-19 pandemic’s severe impact and triggered global economic recession, worsened gender pay gaps, increased undeclared employment, and significantly raised unemployment (United Nations, 2024). From a sociology-specific perspective, this Research Topic examines the global and local implementation of SDG8, its adaptation to different geographical contexts, stakeholder involvement, and (...) issues related to decent work conditions worldwide. (shrink)

The economic and debt crisis threaten many eurozone countries and the very existence of the common currency, the euro. The crisis has meant that some special mechanisms have had to be created (EFSF, ESM) and the introduction of special procedures in heavily indebted countries. The deepening of the crisis and the economic recession in the euro area have resulted in the growth of nationalism and anti-European sentiments in EU member states. Resolving the crisis, however, requires further convergence (...) of the eurozone countries, the formation of a fiscal union and a banking union. At the same time, the crisis has shown that the grand theories of European integration, neo-functionalism and liberal intergovernmentalism, have failed to provide answers to the questions raised by the crisis, and this has led to the growing importance of social constructivism. (shrink)

When politicians feel popular pressure to act, but are unwilling or unable to address the root cause of the problem, they resort to symbolic policymaking. In this paper, I examine excessive executive compensation as an issue that rose to the top of the political agenda during both the Great Depression and the Great Recession. Presidential candidates, members of Congress, the media, and the public alike blamed corporate greed for the economic downturn. In both instances, however, enacted legislation stopped (...) short of changing the way in which executive pay was determined or placing effective, enforceable limits on it. I analyze the nature of the democratic process and contend that public policy scholars need to pay more attention to the occurrence of symbolic policies. The category of symbolic policies offers a more accurate approach to understanding the politics of executive compensation in the United States during the two crises and helps explain why, in spite of the recent legislative efforts, it continues to rise. (shrink)

This paper compares the socio-economic impact of warfare on two frontier zones of the sixth-century eastern Roman empire: the central and northern Balkans; and the northern Syrian-Mesopotamian and Armenian borderlands in the East. The theme of war damage is central to historical and archaeological work on the Balkans but plays a comparatively marginal role in research on the East. And yet the eastern provinces were affected by more intensive raiding by larger armies, and at least as regularly as the (...) Balkans. Much of the difference in perception is related to contemporary sources’ exaggerated coverage of ‘barbarian’ raiding on the Balkans, a region traditionally viewed as a neglected backwater by authors such as Procopius. Conversely, such sources portray warfare with the Sassanid Persians in the East through a ‘classicising’ lens, describing at greater length generals’ speeches, battles, campaigns and sieges. Another reason for the disparity in modern discussions of the two regions is the socio-economic recession in the northern Balkans toward the end of the sixth century. This can be at least indirectly linked to the effects of warfare between the empire and the Avar Khaganate and Slavic groups. Recovery from the devastation caused by these groups’ invasions could no longer be funded by the imperial authorities, who, by this stage, were struggling to finance wars on multiple fronts and were feeling the fiscal effects of repeated bouts of bubonic plague. Despite also suffering from this absence of central investment, eastern societies and economies enjoyed a greater degree of continuity in the final decades of the sixth century. This was because non-imperial sources of agricultural and commercial wealth in these areas encouraged elites to invest in recovery projects. Local elites’ and wider populations’ deep-rooted feelings of cultural, linguistic and religious attachment also played a role in their survival. These economic and cultural ties can in part be explained by the fact that, unlike the Balkans, these eastern provinces had enjoyed a long period of peace and stability in the fourth and fifth centuries. (shrink)

Polish-Russian Economic Relations Under the Conditions of System Transformation The rapid economic transformation in Central and Eastern Europe, modelled on Western economies and based, in some aspects, on neoliberal principles, has found the region's countries to a bigger or lesser degree unprepared. The resulting economic recession, especially in Russia, has had an adverse effect on mutual trade between Poland and Russia. In order to improve economic relations with Russia and increase the trade volume, Poland, remaining (...) within the bounds of EU standards and regulations, needs to adapt the commodity structure of Polish exports to the needs of the Russian market. (shrink)

ArgumentFollowing World War II, as macroeconomics and econometrics became a necessary tool for policy-making, economists worldwide rose in influence. Those economists in peripheral and new countries were especially important as they could wield the instruments essential in forming states. Israel was no exception. In Israel this process was associated with the establishment of the economics department at the Hebrew University in Jerusalem and the Falk Project, led by Don Patinkin and the community of economists that he nurtured. This article poses (...) three questions regarding Patinkin's influence and his role in the process of state formation. First, how did he affect economic policy discourse in Israel; second, what role did Patinkin and his students play in the process of state formation; and finally, what was the effect of Patinkin and his students on Israeli government policies? I argue that Patinkin had a specific and irreducible influence on the localization of pro-market ideas and policies in Israel, and that he and his students contributed to the consolidation of the state autonomy and capacity. Furthermore, I argue that they contributed to a more strict implementation of the recession policy in the mid-1960s. (shrink)

The big economic story of our times is not the Great Recession. It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe. Or so (...) says Deirdre N. McCloskey in _Bourgeois Dignity_, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity. An utterly fascinating sequel to her critically acclaimed book _The Bourgeois Virtues, Bourgeois Dignity_ is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives. (shrink)

The purpose of this essay is to challenge the Modern assertion that economics is a theologically neutral science founded in the pure rationality of number, yet also connected to morality, particularly in regards to the ancient virtue of justice—“to render to each one their due”. Such an understanding has come at great philosophical, moral, and economic cost, as the Great World Recession of 2008–2013 is demonstrating. Instead, I argue that today's current economic crises are due precisely to (...) a loss of orthodox Christian theological understanding of economics and virtue. I make this argument by examining St. Thomas Aquinas’ theological understanding of the virtues and his consequent understanding of political economy in the Summa Theologica. To evaluate the viability of applying Aquinas’ thought in addressing today's severe economic and ethical crises, I also consider Alasdair MacIntyre's call for a revival of Aristotelian virtue ethics along with his advocacy of Thomisic rationalism to combat the West's ethical decline. However, with John Milbank, I maintain that the integral deprivation of Western moral philosophy and political economy requires a distinctly theological solution that supersedes MacIntyre's neo-Aristotelianism and neo-Thomism. This is to be found in a orthodox reading of Aquinas’ Summa. (shrink)

The recent arrival ofFrom Economics Imperialism to Freakonomicsby Fine and Milonakis is especially propitious given the context of the Great Recession of 2008 – and the associated decline of public faith in the verities of mainstream economics. Fine and Milonakis provide a magisterial critical survey of contemporary economics and demonstrate the need for a ‘new and truly interdisciplinary political economy’ capable of ‘incorporating the social and historical from the outset’. But their cause requires the explicit development of value analysis (...) within the framework of dialectical social theory. This requires foregrounding the ways in which Marx’s categories inCapitalare from the start historical precipitates that acknowledge their own inherent historicity. (shrink)

When President Reagan and Prime Minister Thatcher adopted the neoliberal doctrine as the paradigm of economics, there was no evidence that the move would have been successful, but thirty years on, the recurrent crises that culminated in 2008 suggest a serious mis-match between expectations and outcomes: a re-examination of the paradigm is in order. This book focuses on Milton Friedman's formulation of the neoliberal doctrine, and analyses two aspects that were essential to turning it into a fully-fledged paradigm: the attribution (...) of scientific status to positive economics, which led to informing public policies on the requirements of the market; and the characterisation of economic freedom as capable of promoting political freedom, which led to identifying free market with democracy. The book exposes Friedman's methodological argument for attributing positive economics scientific status as a failure, and his characterisation of economic freedom as a delusion; it identifies in the emergence as the mainstream in economics of the neoclassical synthesis, which borrowed from Walras' the mathematical treatment of equilibrium but not the ethical and social framework in which it was inscribed, a development that facilitated the transition from the Keynesian to the neoliberal paradigm. Dr. Mosini shows that the gigantic bail-outs carried out courtesy of the public purse, which institutionalised the practice of collectivising losses while keeping profits private, were no accident, but the consequence of the rethinking of the function of lender of last resort according to Friedman's conception of rationality in relation to risk, combined with his interpretation of the 1930s recession. The book concludes that the neoliberal paradigm has served the interests of the economically powerful social strata it was designed to benefit extremely well, but that the deep, and deepening, injustice it has brought about calls for a complete rethinking of the paradigm of economics according to ethical principles respectful of human values. This book should be of interest to students and researchers of Political Economy, Economic Methodology, History of Economic Thought and Philosophy. (shrink)

This study constitutes an ethical analysis through the lens of distributive justice in the case of the Troubled Asset Relief Program (TARP), which was enacted in the midst of the Great Recession of 2007–2009. It begins by engaging with the visions of justice constructed by John Rawls and Robert Nozick, using their insights to locate the injustices of TARP according to their moral imaginations. However, this study argues that Rawls’ and Nozick’s theories of justice primarily envision the nature of (...) law as being restrictive of vice, not as instructors of virtue. Thus, it resources the legal philosophy of St. Thomas Aquinas to demonstrate how the positive pedagogy of law can enable a more just construction of economic rescue legislation, one that not only prevents future repetitions of economic vices and injustice, but is also formative for a society that prizes economic justice and virtues. In doing so, the study proposes two criteria for a more just consideration of economic rescue legislation that embraces law’s positive pedagogy. (shrink)

Rarely in the short history of liberal-democratic government has a primer on basic liberal-democratic values and institutions been more needed than now. Popular discontent, even anger, with democratic governments has grown steadily over the past twenty years. And not since the 1930s have citizens and their elected officials been so baffled about their respective roles in the maintenance of both democratic governments and liberal economies. This book attempts to address this growing need. Especially written as a primer for courses in (...) Philosophy, Politics and Economics (PPE), it has introductory chapters on all three main disciplines. It also has chapters on the rule of law and on three important public-policy areas: Corruption, Climate, and Civil Society. Individual topics discussed include free and fair elections, populism, responsible government, republican and Westminster systems of government, regulated free markets, the Great Recession of 2008, globalization, greenwashing, identity politics, academic freedom, utilitarianism, social contract theory, positive and negative liberty, and the good life. Historically informed, The Ethics and Economics of Liberal Democracies: Foundations for PPE is sure to be of interest to students who are interested in public-policy work, as well as those who are interested in both the theory and practice of democratic government. (shrink)

Mucopolysaccharidosis VI is an autosomal recessive lysosomal storage disorder associated with severe disability and premature death. The presence of a mucopolysaccharidosis-like disease in indigenous ethnic groups in Colombia can be inferred from archaeological findings. There are several indigenous patients with mucopolysaccharidosis VI currently receiving enzyme replacement therapy. We discuss the ethical and economic considerations, regarding both direct and indirect costs, of a high-cost orphan disease in a marginalised minority population in a developing country.

Written not by a journalist or politician but rather by a theology professor with a Ph.D. in New Testament studies, Voting by the Bible: The Economic and Foreign Policy Issues begins with the assumption that God intended the Bible to give guidance to every area of life£including how governments should function. Derived from author Wayne Grudemþs magisterial Politics£According to the Bible, this book highlights those economic and foreign-policy issues that have dominated political debate recently. Throughout, author Wayne Grudem (...) supports political positions that would be called more 'conservative' than 'liberal.' However, 'it is important to understand that I see these positions as flowing out of the Bible's teachings rather than positions I hold prior to, or independently of, those biblical teachings,' he writes. 'My primary purpose in the book is not to be liberally or conservative, or Democrat or Republican, but to explain a biblical worldview and a biblical perspective on issues of politics, law, and government.' Concise yet carefully argued, this book is a must-read for any Christian concerned about current debates over the economy, the size and role of government, and the best way forward out of the current recession. Not every reader will agree with the book's conclusions. But by grounding his analysis deeply on Scripture, Grudem has equipped Christians to better understand and respond to some of today's key political debates wisely and in a manner consistent with their primary citizenship as members and ambassadors of the kingdom of God" -- Publisher description. (shrink)

In your simulation you will devise measures to try to relieve the severity of the current global recession and speed the re-emergence of global growth. Each of you will be assigned the identity of an actual person with a specific institutional role. You will be required to undertake web-based research on that person, that person’s institution, and the utility function the person would be expected to behave in accordance with, given their role.

During the 1970s, monetarism and the new classical macroeconomics ushered in an era of neoliberal economic policymaking. Keynesian economics was pushed aside. It was almost forgotten that when Keynesian thinking had dominated economic policymaking in the middle decades of the twentieth century, it had coincided with postwar economic reconstruction in both Europe and Japan, and the unprecedented prosperity and stable growth of the 1950s and 1960s. The global financial crisis of 2007-2009 and the recession that followed (...) changed all that. Influential voices in both academic economics and amongst policy-makers and commentators began to remind us how useful Keynesian ways of thinking could be, especially in coming to terms with our current economic predicaments. When politicians across the globe were confronted with economic crisis, they introduced pragmatic and workable measures that bore all the hallmarks of Keynesianism. This book is about the fall and rise of Keynesian economics.Eatwell and Milgate range widely across the landscape that defines their subject matter. They consider how powerful Keynesian ideas can be when applied to past and present economic problems. They show how helpful these ideas are in explaining why we came to find ourselves in the disorder we are in. They examine where and how the analytical and methodological foundations of conventional macroeconomic wisdom went wrong. They set out a blueprint for an alternative that provides a clearer, more consistent, and more applicable approach to understanding how markets work. They also highlight the interpretive shortcomings that have come to characterize Keynes scholarship itself. They do all of this within the context of a provocative reconsideration of some of the most pressing economic problems that confront financial markets and the global economy today. They conclude that Keynesian ideas are not just for crises, but for constructive economic policy making at all times. (shrink)

What capitalist economics call business or trade cycles with their recessions and depressions, and Marxists, in terms of surplus value and exploitation, call crises are fundamental misunderstandings of what Bernard Lonergan conceives as the true intelligibility of the rhythms of production and monetary circulation of the advanced exchange economy. In his circulation analysis he expresses the intelligibility of macroeconomic dynamics in terms of a pure cycle that involves the anti-egalitarian flows proper to new surplus or productive goods expansion and the (...) egalitarian flows proper to basic or consumer goods expansion, which Marxists correctly complain are not fully carried out. Crucial to the smooth expansion are (1) the crossover payments between surplus and basic monetary circuits in harmony with the phases of economic development, (2) the re-understanding of profit not as a criterion of economic activity but as involving a group interest that does not strictly 'belong' to capitalist entrepreneurs, and yet cannot be negotiated by a socialist bureaucracy. The issue is not greed on the part of either capitalists or workers but ignorance, which this analysis tries to correct. /// O presente artigo mostra de que modo aquilo que na economia capitalista é considerado como um ciclo de negócio ou de comércio com as suas respectivas reces-sões e depressões, e os Marxistas, interpretando o fenómeno em termos de mais-valia e de exploração, chamam de crises, é concebido por Bernard Lonergan nos termos de uma verdadeira inteligibilidade dos ritmos de produção e da circulação monetária próprios à economia de mercado avançada. Lonergan exprime na sua análise da circulação económica a inteligibilidade da dinâmica macroeconómica em termos de um puro ciclo que envolve as cadências anti-igualitárias próprias a novos excedentes comerciais ou expansão dos bens produtivos e as cadências igualitárias próprias à expansão dos bens básicos ou de consumo, o qual os Marxistas, com justiça, consideram que no capitalismo não são completamente cumpridas. Lonergan mostra, assim, que crucial para uma expansão equilibrada é necessário (1) o cruzamento de pagamentos entre excedentes e circuitos monetários básicos em harmonia com as fases do desenvolvimento económico, (2) uma nova compreensão do lucro não como critério da actividade económica, mas como envolvente do interesse grupal que não pertence estritamente a empresários capitalistas, e contudo não pode ser negociada por uma burocracia socialista. Deste modo, mostra-se que o problema fundamental da economia não é o egoísmo da parte dos capitalistas ou dos trabalhadores, mas sim a ignorância, problema este que Lonergan, mediante a sua análise, tenta corrigir. (shrink)

The purpose of this study is to scrutinize the economic challenges encountered by the Indian economy over the preceding 13 years and the implemented strategies to surmount them, particularly in the context of the prevailing crisis and recession. A qualitative research design was employed, integrating secondary data sources, including government reports, academic journals, and expert interviews. This facilitates a comprehensive understanding of the Indian economy’s trajectory during the specified period. Utilizing statistical indicators such as the Consumer Price Index, (...) GDP, Gross Savings and Investment Rates, Trade Ratio of GDP, Share of Manufacturing and Industry in GDP, and Bank NPA, the study aimed to elucidate the causes of the economic deceleration. Findings indicate that the Indian economy has grappled with formidable challenges in recent years, notably exacerbated by the COVID-19 pandemic, resulting in a downturn in economic growth, consumer spending, investment, and exports. Nonetheless, the study unearthed resilience within the Indian economy, evidenced by a resurgence in 2022 attributable to governmental and monetary policy interventions. Limitations of the study encompass reliance on secondary data sources and a paucity of comprehensive data concerning the pandemic’s impact on the Indian economy. Further research is imperative to garner a more nuanced understanding of the economic challenges confronted by the Indian economy and the efficacy of the implemented management strategies. The practical implications of the study underscore its relevance for policymakers and business leaders, accentuating the imperative of effective management strategies to navigate the challenges confronting the Indian economy. These challenges bear significant social ramifications, impinging on the livelihoods of millions and precipitating ripple effects across the broader economy. Consequently, the study’s findings offer critical insights into the social repercussions of the recent crisis and recession on the Indian economy. This study furnishes distinctive insights into the economic challenges encountered by the Indian economy over the years and the strategies employed to surmount them, thereby enriching the existing corpus of knowledge with a comprehensive analysis of the recent crisis and recession’s impact on the Indian economy. (shrink)

This book offers eleven different philosophical approaches to issues concerning the basis of value, the nature of the good life, and human destiny; important matters in this recession. The essayists featured are professors at Trinity College Dublin.

It is now more than six years since the Global Financial Crisis threatened to topple the banking systems of the Western world. Although a complete breakdown in the financial system was ultimately avoided, one consequence of the events of 2008 has been the biggest slump in economic activity since the Great Depression. Australia was, in the main, spared the economic damage that ravaged large parts of Europe, and there has been little discussion in these parts of the causes (...) and social effects of what the authors refer to as the 'Great Recession'. Somewhat surprisingly, on the evidence presented in this book it would seem that the Anglosphere at large is guilty of what the authors call the 'veil of complacency'. The book asserts that in those countries there is little concern for either the financial consequences or the victims of the crisis. Why should this be the case? Perhaps the Great Recession was not as bad as the headlines have suggested. (shrink)

The succession of shocks—sudden social and environmental crises, whether they be episodic or erratic, such as extreme weather events, pandemics, and economic recessions—has dire consequences on the ability of people, especially the vulnerable and precarious, to secure safe, nutritious, and culturally appropriate foods. While the scholarship on multiple shocks and stressors is increasingly recognized in the academic literature, there remains a dearth in scholarship that critically interrogates the impacts of successive and overlapping shocks on the various dimensions and temporalities (...) of food security. In this paper, we adapt the double exposure framework to examine how a triad of shocks—a catastrophic typhoon, the COVID-19 pandemic, and high economic inflation—has led to varying magnitudes of transitory and chronic food insecurity among the fisherfolk in coastal communities in Capiz, the Philippines. Drawing from field research, we illustrate that the succession of shocks induced a decline in household incomes, an escalation of dependence on credit, and the consequential accumulation of debt among the fisherfolk. Credit and debt have allowed the fisherfolk to sustain meal frequency to some extent during periods of high vulnerability, but the succession of shocks continued to aggravate their lack of access to nutritious food. Looming in the background is the gradual crisis of declining fish stocks, which may exacerbate the impacts of successive shocks in the future. (shrink)

In the spring of 2010, major newspapers in the U.S. announced arrival of a “recovery” from the economic recession precipitated by the 2008 financial crisis. This essay examines the biopolitics of recovery in the wake of the disaster capitalism of the financial meltdown, arguing that twentieth-century social welfare biopolitics that derived wealth from the populace have been replaced by new forms of financial power whose global circulations and convergences exploit wealth informatically and transactionally, rather than biopolitically, through devices (...) such as derivatives and technologies such a high-frequency trading. Carbon derivatives trading is used to illustrate how wealth can be generated informatically from a thanatopolitics of destruction. (shrink)

The study aims at shedding light on plagues and epidemics that hit Egypt during the Mameluke period through describing the plague disease and the plagues and epidemics that hit Egypt and the social and economic impact on the Egyptian society. The study is based on some historical sources that are contemporary of the Mameluke period, especially the book "Al-Suluk li-marifatiduwal Al-muluk" by Al- Maqrizi and we reach the following conclusions through this research:- Plagues are bacterial and lethal epidemics that (...) spread fast, and have the symptoms of high temperature nausea, and severe fatigue. Most plagues that hit Egypt during the Mameluke era were very severe, and that what is usually referred to as the Great plague or Black Death, where the patient dies within one week of having the disease.- The plagues had harsh social effects on the population, where it caused the death of individuals, and damaged hundreds of Egyptian villages and cities, The conditions of the society almost came a halt, and were an impetus for the people to bind in social solidarity, and the true repentance to Allah the almighty, and the increase of worship and alms hoping that Allah the almighty will shield the people from this disease. - The plagues and epidemics led to disorder and disruption of the economic conditions of the society, where most land was left without farming and most trades and crafts were disrupted and earnings hit lows in the markets and trade was in recession in commerce and trade in general. (shrink)

Swedish welfare has for decades served as a role model foruniversalistic welfare. When the economic recession hit Swedish economyin the beginning of the 1990s, a period of more than 50 years ofcontinuous expansion and reforms in the welfare sector came to an end.Summing up the past decade, we can see that the economic downturnenforced rationing measures in most parts of the welfare state, althoughmost of this took place in the beginning of the decade. Today, most ofthe retrenchment (...) has stopped and in some areas we can see tendencies ofrestoration – but more so in financial benefits than in the caringsectors. In the article this process is discussed as a process ofreallocation where general principles of solidarity become manifest.Various levels of decision making are discussed within the context ofsocio-political action. Current transitions in Swedish health care aredescribed with respect to coverage rates, content, marketisation anddistribution. Basic principles of distribution are highlighted in orderto analyse the meaning of social solidarity in a concrete allocativesetting. The significance of popular opinion – it's shifts anddeterminants – is also considered. The article concludes with adiscussion of how the (once salient) features of universalism inwelfare and health care provision have been affected by the developmentsin the past decade in Sweden. (shrink)

ABSTRACT The secondary school system in England has undergone a radical transformation since 2010 with the rapid expansion of independent academies run by private companies (?academy trusts?) and funded directly by central government. This paper examines the development of academies and their predecessors, city technology colleges, and explores the extent and nature of continuity and change. It is argued that processes of layering and policy revision, together with austerity measures arising from economic recession, have resulted in a system-wide (...) change with private, non-profit-making companies, funded by central government, rapidly replacing local authorities as the main providers of secondary school education. (shrink)

The profession of psychology is one of many entities affected by the current economic recession. The question of what to do when clients cannot pay agreed-upon charges will need to be answered. Ethical issues related to setting the fee for psychotherapy, insurance coverage, abandonment, pro bono psychotherapy, and lack of resources are addressed in light of the 2002 American Psychological Association's Ethical Principles of Psychologists and Code of Conduct and other relevant literature. The impact of the Mental Health (...) Parity Act on the financial complexities that professionals in psychology now face is also discussed. Several recommendations are made for psychologists, calling them to be proactive in their communities, to be advocates for their clients, and to critically evaluate their financial practices. (shrink)

In economic researches, much effort was devoted to the problem of how to increase the economics of countries. However, the development of a country may fluctuate a lot due to international and domestic problems. Thus, we should also evaluate the robustness of countries against unexpected economic recessions. In this paper, we use perturbation to quantify the robustness of countries using two renowned algorithms: method of reflections and fitness-complexity method. The robustness characterizes the stability of countries’ competitiveness against (...) class='Hi'>economic recessions. The experiments in the international trade networks show that FCM could characterize the robustness better than MR. High fitness countries of FCM have strong robustness against economic crises, which enlarges the application fields of FCM. Additionally, we simulate the trade conflict between USA and China. The simulation results show that China suffers much in the trade conflict, while USA loses very little and has strong robustness in this conflict. (shrink)

The impeachment of Brazilian President Dilma Rousseff in 2016 was the result of a coup of the economically dominant conservative oligarchy against the leftist Partido dos Trabalhadores, in power since 2003. The right wing Brazilian media played a crucial role in this coup by manipulating public opinion as well as the politicians who voted against Dilma. In particular, the media of the powerful Globo Corporation, such as O Globo newspaper, and especially Globo’s Jornal Nacional, the pervasive TV news program, systematically (...) demonized and delegitimized Dilma, as well as ex-President Lula and the PT, in their news reports and editorials by selectively associating them with pervasive corruption and attributing the serious economic recession to them. After a summary of this sociopolitical context, and a brief theoretical definition of manipulation, this article examines some of the manipulative strategies of O Globo’s editorials during March and April 2016. (shrink)

The shareholder value conception of the firm and its consequences for the functioning of corporations have been studied from a variety of disciplinary and theoretical perspectives. In this article we examine in more detail than has been done sofar the origins and early adoption of this particular conception. By investigating public business sources from the perspective of field theory, we argue that the rise and early diffusion of “shareholder value” are best understood as a function of the changing power relations (...) in the economic field during the first half of the 1980s. The deep economic recession at the end of the 1970s and early 1980s led to a crisis in the prevailing management beliefs, offering newcomers the opportunity to promote alternative business strategies, among which the shareholder value conception became dominant. The sources studied indicate that the spokespersons of the new business conception were initially wealthy outsiders, corporate “raiders,” who used the economic crisis to oppose management and acquire shares in undervalued firms with the threat of restructuring and selling parts of them in the name of shareholders’ interests. Although these hostile take-overs, or threats of take-overs, were widely contested, the Reagan administration blocked regulation and stimulated the take-over market. The rivalry between “raiders” and public pension funds over the profits of these takeovers led to the founding the Council of Institutional Investors (1985), which adopted the shareholder value doctrine inaugurating the organized activism of public pension funds with regard to the management of firms. It was thus in all likelihood the competition and conflict among different groups of shareholders, primarily corporate raiders and pension funds, that triggered the shift in the balance of power between managers and shareholders. Since managers found profitable ways to adapt to the new balance of power, the shareholder value ideology spread rapidly through the economic field, becoming the dominant business model of North American firms in the second half of the 1980s. (shrink)

Aesthetic theorists often interpret and understand works of art through the social and political context that creates and inspires the work. The recent economic recessions, and the accompanying austerity measures in many European countries, provide an interesting test case for this contextual understanding. Economists debate whether or not spending on entertainment and arts drops during times of recession and austerity. Some economists assume that spending will decline in times of austerity, but others point to evidence that spending on (...) creative arts and entertainment remains steady and even increases during a recession because of the relief and escapism that the arts provide. Tax incentives and production rights are often given to filmmakers in the United States; in hopes that such projects will enliven a local economy and provide work for a local creative community. In the context of recent austerity measures in Greece and Spain, new and creative ways for members of the arts community to bring about new projects, and fund them in ways that critique political leadership, have emerged. Following Richard Wollheim’s classic aesthetic theory of “criticism as retrieval,” we should be mindful of the cultural values that are at stake in the creativity-culture market now being created. In any case, some scholars estimate that austerity measures in many countries will last until 2020, giving us ample opportunity to be even more “creative” with both financial incentives and artistic achievements. Keywords: Austerity, Cultural Economy, Creative Class, Tax Incentives, Aesthetics, Microtheatres, Entertainment. (shrink)

In view of the pessimism on the two EU presidencies before 1994 and ofa number ofpolitica[ breakthroughs that has been reached during that year, one can say that the last year of the Tweve has been relatively succesful. It was a year in which the economic recession came to an end, in which the enlargement negotiations have been concluded, and in which the Europe Agreements entered into force. At the same time, however, 1994 showed the first signs of (...) future problems with which the enlarged EU wilt have to cope. The expected eastern and southern enlargements wilt necessitate institutional adaptations and wilt intensify the already bitter discussions on the EU's budget. At the same time, the EU wilt have to find ways to cape with rising unemployment. This will have to happen in a period during which the member states are having difficulties to fullfil the budgetary conditions of Maastricht. In other words, the difficult years are not yet over for the process of European integration. (shrink)

This study examines the deliberations of professional MBA students when presented with a dilemma that weighs the difference between commitments to profit-maximization against concerns for fired workers who would need to seek a new job during a recession. Using content analysis, accounting, economic, and ethically based rationales that differ from the profit-maximizing recommendation are categorized. Results also show that those who make non-profit-maximizing recommendations consider, but ultimately reject the profit-maximizing approach to layoffs.

The aim of this article is to define the actual construction of the Japanese pension system influenced by the economic and social challenges and implemented pension system reforms. In this article, the development of Japanese pension system reforms is analysed, as well as legal, economic, social environment is identified. Until recently, it was a common perception that Japan has managed economic success without worsening the income inequality and pension benefits, but since the economic recession in (...) the 1990, the Japanese pension system faces a new challenge. Moreover, the Japanese population is ageing rapidly (low birth rate, long life expectancy), therefore, ageing influences the entire society and requires more complex and pressing pension system reforms. Analysis of scientific literature, legal acts, documents, historical methods was used. It may be used as methodical literature studying the actual processes in the field of the pension system reforms in Asian countries. (shrink)

This paper examines the unique structures of identity formation within the craftsperson/maker mindset and their relation to Western views of work and labor. The contemporary Maker Movement has its origins not only in the internet revolution, but also in the revival of handicraft during the last several economic recessions. Economic uncertainty drives people toward the ideals and practices of craft as a way to regain a sense of agency and control. One learns how to become an active participant (...) in our material lives by making and maintaining the objects that surround us. This orientation toward craft has the potential to alter the practitioner's sense of self going forward. I will argue that the work-based nature of craft leads to a unique and positive sense of self that the assumed freedom of ‘art’ and intellectualized labor unwittingly discourages. Tacit mechanisms shape the craft mindset through emphasis on skill, mastery of materials, polymathic problem solving, and quality. Hannah Arendt’s notion of the vita activa and Martin Heidegger’s arguments on modern technology reveal the dynamics between physical and intellectual labor and how many have greatly misunderstood the ‘essence’ of the craftsperson’s work. Peter Dormer and Glenn Adamson’s analysis of the nature of craft demonstrate how these two lines of thought can be unified into one system of selfhood granting the greater sense of agency many seek without relying on an individualized sense of self. The Richard Sennett shows how this sense of self challenges the desire to liberate ourselves from labor via technology and poetic autonomy as seen in Franco Berardi’s Manifesto of Post-Futurism. Malcolm Gladwell's work on intuition examines the impact of this tacit craft mindset and the psychological mechanisms that drive it. This will allow Peter Korn’s first-hand account of his own craft practice to demonstrate this structure and its inherent points of resistance against today’s hyper-individualized and resultingly selfish ways of life. Throughout this paper, a clear emphasis on materiality as a profound source of embodied knowledge will be maintained to reveal craftspersonhood as a source of deep existential fulfillment and practical philosophy. Acknowledging and embracing our intrinsic materiality and all that it has to teach us is imperative in the face of a consumption-centric culture of excess and exploitation that looms over much of the West. (shrink)