Robust financial markets support capitalism, they don't imperil it. But in 2008, Washington policymakers were compelled to replace private risk-takers in the financial system with government capital so that money and credit flows wouldn't stop, precipitating a depression. Washington's actions weren't the start of government distortions in the financial industry, Nicole Gelinas writes, but the natural result of 25 years' worth of such distortions. In the early eighties, modern finance began to escape reasonable regulations, including the most important regulation of all, that of the marketplace. The government gradually adopted a "too big to fail" policy for the largest or most complex financial companies, saving lenders to failing firms from losses. As a result, these companies became impervious to the vital market discipline that the threat of loss provides. Adding to the problem, Wall Street created financial instruments that escaped other reasonable limits, including gentle constraints on speculative borrowing and requirements for the disclosure of important facts. The financial industry eventually posed an untenable risk to the economy -- a risk that culminated in the trillions of dollars' worth of government bailouts and guarantees that Washington scrambled starting in late 2008. Even as banks and markets seem to heal, lenders to financial companies continue to understand that the government would protect them in the future if necessary. This implicit guarantee harms economic growth, because it forces good companies to compete against bad. History and recent events make clear what Washington must do. First, policymakers must reintroduce market discipline to the financial world. They can do so by re-creating a credible, consistent way in which big financial companies can fail, with lenders taking their warranted losses. Second, policymakers can reapply prudent financial regulations so that markets, and the economy, can better withstand inevitable excesses of optimism and pessimism. Sensible regulations have worked well in the past and can work well again. As Gelinas explains in this richly detailed book, adequate regulation of financial firms and markets is a prerequisite for free-market capitalism -- not a barrier to it.
after the fall
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"...the best extant map of our sonic shadowlands, and it has changed how I listen."—Alex Ross, The New Yorker "...an essential survey of contemporary music."—New York Times "…sharp, provacative and always on the money. The listening list alone promises months of fresh discovery, the main text a fresh new way of navigating the world of sound."—The Wire 2017 Music Book of the Year—Alex Ross, The New Yorker Music after the Fall is the first book to survey contemporary Western art music within the transformed political, cultural, and technological environment of the post–Cold War era. In this book, Tim Rutherford-Johnson considers musical composition against this changed backdrop, placing it in the context of globalization, digitization, and new media. Drawing connections with the other arts, in particular visual art and architecture, he expands the definition of Western art music to include forms of composition, experimental music, sound art, and crossover work from across the spectrum, inside and beyond the concert hall. Each chapter is a critical consideration of a wide range of composers, performers, works, and institutions, and develops a broad and rich picture of the new music ecosystem, from North American string quartets to Lebanese improvisers, from electroacoustic music studios in South America to ruined pianos in the Australian outback. Rutherford-Johnson puts forth a new approach to the study of contemporary music that relies less on taxonomies of style and technique than on the comparison of different responses to common themes of permission, fluidity, excess, and loss.
Chrysta Williams should have been thrilled to have a powerful Meteor stone implanted into her arm. After all, the stone contains tremendous power that will protect her from harm and even allow her to travel through time. Yet when she's forced to go to the Black Hills to discover why they're inexplicably recovering from the devastating Meteor Impact, she's terrified. Especially since the same mysterious force that allows the Black Hills to heal will also deactivate her Meteor stone. But what truly scares her the most is that everyone who has been sent before her, has never been seen again.As she nervously teleports into the Black Hills, she's unaware that another survivor, who's wielding a highly advanced and extremely destructive Meteor stone, is preparing to attack. And if Chrysta doesn't figure out a way to stop him, she won't make it home either."Chrysta backed away from him. She absolutely could not let him touch her. She began to panic for each wobbly step backwards she took; he took a step forward towards her. Sooner or later, she knew he would make contact."
Russia's first decade after the collapse of the Soviet Union has been simultaneously tumultuous and transformative. For most of the 1990s the Russian economy was in free fall, the legal system in absentia, and the majority of citizens engaged primarily in survival efforts. Not surprisingly, the former superpower also struggled to adapt to its greatly diminished means and status. Russia after the Fall is a collection of essays by internationally renowned experts on Russian politics, economics, society, and foreign and security policy. The volume is comprehensive in its coverage of key topics as well as reflective of contemporary debates on developments in Russia. The essays provide retrospective analyses on how Russia has fared in its reform efforts and a prospective look at the challenges ahead. This book will be of interest to scholars, students, and to a general audience seeking to better understand where Russia has been and where it is going. Contributors include Anders Åslund (Carnegie Endowment), Harley Balzer (Georgetown University), Clifford Gaddy (Brookings Institution), James Goldgeier (George Washington University), Rose Gottemoeller (Carnegie Endowment), Thomas E. Graham Jr. (Carnegie Endowment), Joel Hellman (World Bank), Stephen Holmes (New York University), Andrew C. Kuchins (Carnegie Endowment), Anatol Lieven (Carnegie Endowment), Michael McFaul (Carnegie Endowment), Martha Brill Olcott (Carnegie Endowment), Dmitri Trenin (Carnegie Moscow Center), and Judyth Twigg (Virginia Commonwealth University). Andrew C. Kuchins is the director of the Russian and Eurasian Program at the Carnegie Endowment where he specializes in Russian policy and security issues. He is coeditor of Russia and Japan: An Unresolved Dilemma between Distant Neighbors (Berkeley Public Policy Press, 1993)
The fall of the Berlin Wall in 1989 was the beginning of one of the most interesting natural experiments in recent history. The East German transition from a Communist state to part of the Federal Republic of Germany abruptly created a new social order as old institutions were abolished and new counterparts imported. This unique situation provides an exceptional opportunity to examine the central tenets of life course sociology. The empirical chapters of this book draw a comprehensive picture of life course transformation, demonstrating how the combination of life course dynamics coupled with an extraordinary pace of system change affect individual lives. How much turbulence was created by the transition and how much stability was preserved? How did the qualifications and resources acquired before 1989 influence the fortunes in the restructured economy? How did the privatization and reorganization of firms impact individuals? Did the transformation experiences differ by age/cohort and gender? How stable were social networks at work and in the family? Were personality characteristics important mediators of post-1989 success or failure or were they rather changed by them? How specific were the East German life trajectories in comparison with Poland and West-Germany?
What prevents cities whose economies have been devastated by the flight of human and monetary capital from returning to self-sufficiency? Looking at the cumulative effects of urban decline in the classic post-industrial city of Camden, New Jersey, historian Howard Gillette, Jr., probes the interaction of politics, economic restructuring, and racial bias to evaluate contemporary efforts at revitalization. In a sweeping analysis, Gillette identifies a number of related factors to explain this phenomenon, including the corrosive effects of concentrated poverty, environmental injustice, and a political bias that favors suburban amenity over urban reconstruction. Challenging popular perceptions that poor people are responsible for the untenable living conditions in which they find themselves, Gillette reveals how the effects of political decisions made over the past half century have combined with structural inequities to sustain and prolong a city's impoverishment. Even the most admirable efforts to rebuild neighborhoods through community development and the reinvention of downtowns as tourist destinations are inadequate solutions, Gillette argues. He maintains that only a concerted regional planning response—in which a city and suburbs cooperate—is capable of achieving true revitalization. Though such a response is mandated in Camden as part of an unprecedented state intervention, its success is still not assured, given the legacy of outside antagonism to the city and its residents. Deeply researched and forcefully argued, Camden After the Fall chronicles the history of the post-industrial American city and points toward a sustained urban revitalization strategy for the twenty-first century.
Craig DeMartino never thought this would happen to him. He was 100 feet up a cliff in Rocky Mountain National Park when—with one step—his 13 years of rock climbing experience and 15 pounds of gear plummeted with him to the ground. Expert climbers say that if you fall 10 feet you have a 10% chance of dying, a 20% chance at 20 feet, 30% at 30, and so on. Craig fell 100 feet. By basic calculation, Craig should not be alive today. But he is. For anyone who has been knocked down or run over by life, After the Fall not only offers an engaging read but also provides a clear message of hope: sometimes the greatest gift we can receive isn’t just healing, but the power to endure.
This Student Edition of After the Fall is perfect for students of literature and drama and offers an unrivalled and comprehensive guide to Miller's play. It features an extensive introduction by Brenda Murphy which includes a chronology of Miller's life and times, a summary of the plot and commentary on the characters, themes, language, context and production history of the play. Together with over twenty questions for further study and detailed notes on words and phrases from the text, this is the definitive edition of the play. After the Fall (1964) is embedded in historical events that were bound up with Arthur Miller's personal life. It is an intensely personal psychological study of its protagonist Quentin and a moral and philosophical commentary on the Holocaust, McCarthyism, and the career and death of Marilyn Monroe. The play marks the full realisation of Miller's modernist experimentation in trying to create a form that dramatises both human consciousness or subjectivity and its interrelationship with social and familial dynamics. A drama that takes place in the mind and thoughts of its protagonist, where memories are overshadowed by the Holocaust, the play is a moving study of human consciousness, morality and how we should live our lives once we have come to the realisation that we exist 'after the Fall'.
In this work, the first critical monograph on Suite française, Nathan Bracher shows how, first amid the chaos and panic of the May-June 1940 debacle, and then within the unsettling new order of the German occupation, Némirovsky's novel casts a particularly revealing light on the behavior and attitudes of the French as well as on the highly problematic interaction of France's social classes
A twist of fate turns a struggling couples world upside down, when they are involved in a near fatal car accident. Broken, stripped and broken again, they each stumble through a journey of healing and self-discovery the merciful hand of the only One who can help them up after a fall.