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      Economic Policy and the Financial Crisis
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      Book

      Economic Policy and the Financial Crisis

      DOI link for Economic Policy and the Financial Crisis

      Economic Policy and the Financial Crisis book

      Economic Policy and the Financial Crisis

      DOI link for Economic Policy and the Financial Crisis

      Economic Policy and the Financial Crisis book

      Edited ByŁukasz Mamica, Pasquale Tridico
      Edition 1st Edition
      First Published 2014
      eBook Published 15 April 2014
      Pub. Location London
      Imprint Routledge
      DOI https://doi.org/10.4324/9781315886930
      Pages 320
      eBook ISBN 9781315886930
      Subjects Economics, Finance, Business & Industry
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      Mamica, Ł., & Tridico, P. (Eds.). (2014). Economic Policy and the Financial Crisis (1st ed.). Routledge. https://doi.org/10.4324/9781315886930

      ABSTRACT

      The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system has had a negative impact on the willingness of financial institutions to give credit to companies for investment. Therefore, the key issue for current economic policy is to find a balance between the stabilisation of public finance and maintaining the momentum of long-term growth.

      This book offers an evolutionary-developmental analysis, combining elements of neo-Schumpeterian economics, institutional economics and post-Keynesian economics, to show that selection processes within an economy, and the institutional rules shaping those processes, are substantially more important than usually recognised by evolutionary economic theory. Two major challenges for economic theory and policy, in particular, have emerged during the crisis. The first is the rise of unemployment coupled with growing public deficits. The second is the financial instability which threatens the permanence of economic development. This book examines the performance of the advanced economies since the crisis and explores why some of them have been more successful in tackling these challenges than others. It is argued that the reasons for the varied performances of these economies lie in the economic policies which were introduced before and in the aftermath of the crisis and the differences in the regulation of their labour markets.

      This volume will be of interest to students and academics in the areas of macroeconomics, public economics and public management.

      TABLE OF CONTENTS

      chapter |10 pages

      Introduction

      part |2 pages

      Part I Theory, policies and institutions to exit from the crisis: a macroeconomic approach

      chapter 1|27 pages

      Bridges to Babylon: critical economic policy – from Keynesian macroeconomics to evolutionary macroeconomic simulation models

      chapter 2|21 pages

      Why did some countries perform better than others during the current crisis?

      ByPASQUALE TRIDICO

      chapter 3|13 pages

      Aiding economic recovery after the financial crisis

      ByMALCOLM SAWYER

      chapter 4|16 pages

      Could more flexibility of labour markets help to resume growth? Lessons of an amended Kaleckian model

      ByAMITAVA KRISHNA DUTT, SEBASTIEN CHARLES AND

      chapter 5|25 pages

      Institutions and youth labour markets in Europe during the crisis

      ByNIALL O'HIGGINS

      part |2 pages

      Part II Financial regulations for better economic stability

      chapter 6|15 pages

      Financial regulations for minimizing economic and social crises: an evolutionary developmental analysis reckoning with unequally rational individuals

      ByFA VEL PELIKAN

      chapter 7|16 pages

      ‘Liquidity’ in light of the shadow banking system: lessons from the two crises

      chapter 8|15 pages

      Financial instability and functional finance: a Lerner–Minsky perspective

      chapter 9|16 pages

      Fiscal consolidation and sovereign debt risk in balance-sheet recessions: an agent-based approach

      part |2 pages

      Part III Competitiveness and sustainability in time of crisis

      chapter 10|23 pages

      Leading factors for catching-up by developing economies: conclusions from the time of crisis

      ByTOMASZ GEODECKI

      chapter 11|15 pages

      Added value of design as a factor of firms’ competitiveness in times of crises

      chapter 12|22 pages

      The decent work basic–relations–fairness approach in a context of crisis in Italy

      chapter 13|19 pages

      The cooperative firm: a non-capitalist model for the Occupy Movement

      ByANDREA BERNARDI, ANNA GREENWOOD

      chapter 14|24 pages

      Active employment policy in the EU and in Poland: a Gordian knot or inertia enchanted in words?

      ByLESZEK CYBULSKI AND EWA PANCER-CYBULSKA
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