Capturing the voices of Americans living with student debt in the United States, this collection critiques the neoliberal interest-driven, debt-based system of U.S. higher education and offers alternatives to neoliberal capitalism and the corporatized university. Grounded in an understanding of the historical and political economic context, this book offers auto-ethnographic experiences of living in debt, and analyzes alternatives to the current system. Chapter authors address real questions such as, Do collegians overestimate the economic value of going to college? and How does the monetary system that student loans are part of operate? Pinpointing how developments in the political economy are accountable for students’ university experiences, this book provides an authoritative contribution to research in the fields of educational foundations and higher education policy and finance.
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Die Insolvenz von Staaten ist keineswegs ein seltenes oder neues Phänomen. Dennoch herrscht weiterhin die Maxime vor: "Staaten gehen nicht pleite". Bisher gibt es deshalb auch kein geregeltes Insolvenzverfahren für Staaten, obwohl es an Vorschlägen für ein derartiges Verfahren auf internationaler Ebene nicht mangelt. Das vorliegende Werk setzt sich mit den derzeitigen Lösungsmechanismen für Staatsschuldenkrisen kritisch auseinander und zeigt Möglichkeiten für den künftigen Umgang mit derartigen Krisen auf. Ein besonderer Fokus liegt hierbei auf bisherigen Lösungsansätzen auf europäischer Ebene: den Hilfspaketen für Griechenland, dem EFSM, dem EFSF und dem ESM. Diese werden auf ihre Zweckmäßigkeit geprüft sowie daraufhin untersucht, ob sie insolvenzrechtliche Elemente enthalten. Letztlich wird ein mögliches Insolvenzverfahren für Staaten auf EU Ebene und dessen Umsetzungsmöglichkeiten erörtert.
Debt crises have placed strains not only on the European Union's nascent federal system but also on the federal system in the United States. Old confrontations over fiscal responsibility are being renewed, often in a more virulent form, in places as far flung as Detroit, Michigan, and Valencia, Spain, to say nothing of Greece and Cyprus. Increasing the complexity of the issue has been public sector collective bargaining, now a component of most federal systems. The attendant political controversies have become the debate of a generation. Paul Peterson and Daniel Nadler have assembled experts from both sides of the Atlantic to break down the structural flaws in federal systems of government that have led to economic and political turmoil. Proposed solutions offer ways to preserve and restore vibrant federal systems that meet the needs of communities struggling for survival in an increasingly unified global economy. Contributors: Andrew G. Biggs (American Enterprise Institute); César Colino (National Distance Education University, Madrid); Eloísa del Pino (Instituto de Políticas y Bienes Públicos, Madrid); Henrik Enderlein (Hertie School of Governance, Berlin); Cory Koedel (University of Missouri); Carlos Xabel Lastra-Anadón (Harvard University); Daniel Nadler (Harvard University); Shawn Ni (University of Missouri); Amy Nugent (Government of Ontario, Canada); James Pearce (Mowat Centre, University of Toronto, Canada); Paul E. Peterson (Harvard University); Michael Podgursky (University of Missouri); Jason Richwine (Washington, D.C.); Jonathan Rodden (Stanford Uni versity); Daniel Shoag (Harvard University); Richard Simeon (University of Toronto, Canada); Camillo von Müller (University of St. Gallen, Switzerland, and Leuphana University, Germany); Daniel Ziblatt (Harvard University)
A number of changes have been made to the supervision and regulation of banks as a result of the recent financial meltdown. Some are for the better, such as the Basel III rules for increasing the quality and quantity of capital in banks, but legal changes on both sides of the Atlantic now make it much more difficult to resolve failing banks by means of taxpayer funded bail-outs and could hinder bank resolution in future financial crises. In this book, Johan A. Lybeck uses case studies from Europe and the United States to examine and grade a number of bank resolutions in the last financial crisis and establish which were successful, which failed, and why. Using in-depth analysis of recent legislation, he explains how a bank resolution can be successful, and emphasizes the need for taxpayer-funded bail-outs to create a viable banking system that will promote economic and financial stability.
A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead. The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists. By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s. Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration’s policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.
This book explores the foundations of the current economic crisis. Offering a heterodox approach to interpretation it examines the policies implemented before and during the crisis, and the main institutions that shaped the model of advanced economies, particularly in the last two decades. The first part of the book provides a theoretical analysis of the crisis. The roots of the ‘great recession’ are divided into fundamentals with origins in financial liberalisation, financial innovation and income distribution, and complementary or contributory factors such as the international imbalances, the monetary policy,and the role of credit rating agencies. Part II suggests various paths to recovery while emphasising that it will be necessary to develop alternative strategies for sustainable economic recovery and growth. These strategies will require genuine political support and a new 'great European vision' to address major issues concerning the EU such as unemployment, structural regional differences and federalism. Drawing on various schools of thought, this book explains the complexities of the crisis through a wider evolutionary-institutional and heterodox framework.
An objective assessment of the growing risk of sovereign debt default–and its massive implications for the global economy. Investors now fear certain nations will be unable to pay their debts. These are not idle or academic concerns. Rising mortgage defaults and credit card delinquencies put many banks on the brink of bankruptcy in 2008, sending the global economy into a tailspin. Sovereign debt defaults could have even greater ramifications, endangering global recovery and causing geopolitical instability and social unrest.
“A sympathetic but deeply critical biography of [Ayn] Rand and the eventual role of libertarian philosophy in the recent financial crisis” (New York Times Book Review). Tracing the emergence of Ayn Rand’s philosophy of objectivism in the 1940s to her present-day influence, Darryl Cunningham’s latest work of graphic nonfiction investigation leads readers to the heart of the global financial crisis of 2008. Cunningham uses Rand’s biography to illuminate the policies that led to the economic crash in the US and in Europe, and how her philosophy continues to affect today’s politics and policies, starting with her most noted disciple, economist Alan Greenspan (former chairman of the Federal Reserve). Cunningham also shows how right-wing conservatives, libertarians, and the Tea Party movement have co-opted Rand’s teachings (and inherent contradictions) to promote personal gain and profit at the expense of the middle class. Tackling the complexities of economics by distilling them down to a series of concepts accessible to all age groups, Cunningham ultimately delivers a devastating analysis of our current economic world. “This book is a superb example of how powerful graphic nonfiction can be in taking complex events and making them frighteningly clear.” —Publishers Weekly (starred review) “There are moments of brilliance here and excellent economic explication.” —Library Journal “This is a well-researched, detail-packed book that I’ll need to read a few more times to fully digest.” —Boing Boing
With today's availability of Social Security and Medicare, we typically think of the older years as a stage in life where people are supported financially. However, of the more than 40 million old adults currently living in the US, many are struggling financially living below or near the poverty line. They are lacking the assets necessary to see them through a period of life that is often longer than expected and that requires more health and long-term care. While financial vulnerability can be most pronounced in old age, it is often created across decades, revealing itself in later years when there is little opportunity to reverse a lifetime of disadvantage. The concept of Financial Capability refers to both an individual and structural idea that combines a person's ability to act with their opportunity to act in their best financial interests. In Financial Capability and Asset Holding in Later Life: A Life Course Perspective the concept of Financial Capability is used to underscore the importance of acquiring knowledge and skills while addressing policies and services than can build financial security. The volume assembles the latest evidence on financial capability and assets among older adults using a life course perspective, arguing that older adults need financial knowledge and financial services in order to build secure lives, and that this process needs to begin before it is too late to make effective changes and choices. Broken into three parts, the book's chapters - written by leading experts in the field - blend together empirical findings, economic and social theory, and case studies. Part 1 opens the book with a conceptual and empirical overview of financial capability and assets among older adults using a life course perspective. Part 2 presents chapters addressing financial vulnerability of diverse racial and ethnic groups, people with disabilities, and immigrants. Part 3 includes chapters describing current policies, programs, and innovations, including a review of important issues of working and caregiving in later life, and a detailed assessment of "age-friendly" banking principles, banking products, services, and policies.