A Cautionary Tale: the True Cost of Austerity and Inequality in Europe
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Here Is a Financial Bust There Are Essentially Four Ways to Address the Crisis: “Inflate, Deflate, Devalue, Or Default” (P
Heterodox Economics Newsletter AUSTERITY: THE HISTORY OF A DANGEROUS IDEA, by Mark Blyth. New York, NY: Oxford University Press, 2013. ISBN: 978-0-19-982830-2; 288 pages. Reviewed by Hans G. Despain, Nichols College “It’s time to say it: Austerity is dead,” claims Richard Eskow. Yet the Eurozone continues to endure draconian budget cuts, and in the U.S., the Obama administration presides over austerity measures through “sequestration” spending cuts and ending payroll-tax cuts. Indeed, Rick Ungar has documented the Obama administration implementing the slowest increase in spending since the days of Eisenhower. Austerity is alive-- too much so. Nonetheless, austerity is a dopy idea and a dangerous policy, so argues Brown University Professor Mark Blyth in his new book Austerity: The History of a Dangerous Idea (Oxford University Press, 2013, pp. 288). When there is a financial bust there are essentially four ways to address the crisis: “inflate, deflate, devalue, or default” (p. 147). According to many politicians (p. 230), along with Austrian (pp. 143ff) and public choice theory (pp. 155 – 6) economists, deflation, in the form of wage and price cuts, is the right action. Governments resist deflation because it causes economic hardship, social unrest, and lost elections in democratic societies. The “default” option is extremely destabilizing for the macroeconomy and potentially hurts everyone. The “inflate” option hurts creditors and has negative effects for capital accumulation. Devaluation is not always a viable policy option, but when it is, it hurts both creditors and workers in the long run (p. 240). This leaves one option: austerity. -
Austerity and the Rise of the Nazi Party Gregori Galofré-Vilà, Christopher M
Austerity and the Rise of the Nazi party Gregori Galofré-Vilà, Christopher M. Meissner, Martin McKee, and David Stuckler NBER Working Paper No. 24106 December 2017, Revised in September 2020 JEL No. E6,N1,N14,N44 ABSTRACT We study the link between fiscal austerity and Nazi electoral success. Voting data from a thousand districts and a hundred cities for four elections between 1930 and 1933 shows that areas more affected by austerity (spending cuts and tax increases) had relatively higher vote shares for the Nazi party. We also find that the localities with relatively high austerity experienced relatively high suffering (measured by mortality rates) and these areas’ electorates were more likely to vote for the Nazi party. Our findings are robust to a range of specifications including an instrumental variable strategy and a border-pair policy discontinuity design. Gregori Galofré-Vilà Martin McKee Department of Sociology Department of Health Services Research University of Oxford and Policy Manor Road Building London School of Hygiene Oxford OX1 3UQ & Tropical Medicine United Kingdom 15-17 Tavistock Place [email protected] London WC1H 9SH United Kingdom Christopher M. Meissner [email protected] Department of Economics University of California, Davis David Stuckler One Shields Avenue Università Bocconi Davis, CA 95616 Carlo F. Dondena Centre for Research on and NBER Social Dynamics and Public Policy (Dondena) [email protected] Milan, Italy [email protected] Austerity and the Rise of the Nazi party Gregori Galofr´e-Vil`a Christopher M. Meissner Martin McKee David Stuckler Abstract: We study the link between fiscal austerity and Nazi electoral success. -
Austerity: the New Normal a Renewed Washington Consensus 2010-24
Initiative for Policy Dialogue (IPD) International Confederation of Trade Unions (ITUC) Public Services International (PSI) European Network on Debt and Development (EURODAD) The Bretton Woods Project (BWP) Austerity: The New Normal A Renewed Washington Consensus 2010-24 Isabel Ortiz Matthew Cummins Working Paper October 2019 First published: October 2019 © 2019 The authors. Published by: Initiative for Policy Dialogue, New York – www.policydialogue.org International Confederation of Trade Unions (ITUC) – https://www.ituc-csi.org/ Public Services International (PSI) – https://publicservices.international/ European Network on Debt and Development (EURODAD) https://eurodad.org/ The Bretton Woods Project (BWP) – https://www.brettonwoodsproject.org/ Disclaimer: The findings, interpretations and conclusions expressed in this paper are those of the authors. JEL Classification: H5, H12, O23, H5, I3, J3 Keywords: public expenditures, fiscal consolidation, austerity, adjustment, recovery, macroeconomic policy, wage bill, subsidies, pension reform, social security reform, labor reform, social protection, VAT, privatization, public-private partnerships, social impacts. Table of Contents Executive Summary .................................................................................................................................... 5 1. Introduction: A Story Worth Telling ................................................................................................ 8 2. Global Expenditure Trends, 2005-2024 ......................................................................................... -
Glossary of Terms
Glossary of Terms "Explaining all those new words" This document explains the meaning of all the words that may be used throughout the advice process. If you cannot find the definition of the word you are looking for in this document please do not hesitate to ask. BFS Handforth LTD T/as Burton Financial Services, Abbott & Booth is authorised and regulated by the Financial Conduct Authority. Registered in England Company No. 4949589; FCA Registration number [email protected] V3 Apr 18 AAA-rating: The best credit rating Bankruptcy: A legal process in which Bull market: A bull market is one in that can be given to a borrower's the assets of a borrower who cannot which prices are generally rising and debts, indicating that the risk of a repay its debts - which can be an investor confidence is high. borrower defaulting is minuscule. individual, a company or a bank - are valued, and possibly sold off Capital: For investors, it refers to Administration: A rescue mechanism (liquidated), in order to repay debts. their stock of wealth, which can be for UK companies in severe trouble. It put to work in order to earn income. allows them to continue as a going Where the borrower's assets are For companies, it typically refers to concern, under supervision, giving insufficient to repay its debts, the sources of financing such as newly them the opportunity to try to work debts have to be written off. This issued shares. their way out of difficulty. A firm in means the lenders must accept that administration cannot be wound up some of their loans will never be For banks, it refers to their ability to without permission from a court. -
Modern Monetary Theory: a Marxist Critique
Class, Race and Corporate Power Volume 7 Issue 1 Article 1 2019 Modern Monetary Theory: A Marxist Critique Michael Roberts [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Economics Commons Recommended Citation Roberts, Michael (2019) "Modern Monetary Theory: A Marxist Critique," Class, Race and Corporate Power: Vol. 7 : Iss. 1 , Article 1. DOI: 10.25148/CRCP.7.1.008316 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol7/iss1/1 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Modern Monetary Theory: A Marxist Critique Abstract Compiled from a series of blog posts which can be found at "The Next Recession." Modern monetary theory (MMT) has become flavor of the time among many leftist economic views in recent years. MMT has some traction in the left as it appears to offer theoretical support for policies of fiscal spending funded yb central bank money and running up budget deficits and public debt without earf of crises – and thus backing policies of government spending on infrastructure projects, job creation and industry in direct contrast to neoliberal mainstream policies of austerity and minimal government intervention. Here I will offer my view on the worth of MMT and its policy implications for the labor movement. First, I’ll try and give broad outline to bring out the similarities and difference with Marx’s monetary theory. -
Speed Enforcement – Web Text
Speed Enforcement – Web text Speed Enforcement Please refer to this document as: SafetyNet (2009) Speed Enforcement, retrieved <add date of retrieval here> Project co-financed by the European Commission, Directorate-General Transport and Energy 16/10/2009 Page 1 Speed Enforcement – Web text Speed Enforcement................................................................................................................3 1. General introduction to traffic law enforcement ...........................................................4 1.1 Police enforcement as part of a systems approach .............................................4 1.2 From laws and policy, to increased enforcement, to social benefits ...................4 1.3 General deterrence vs. specific deterrence.........................................................5 1.4 Targeted enforcement.........................................................................................6 2. Speed enforcement ....................................................................................................6 2.1 Speed enforcement as part of a speed management policy................................6 2.2 Speed enforcement in relation to other road safety measures.............................7 2.3 General characteristics of effective speed enforcement ......................................7 2.4 Public support for speed enforcement.................................................................7 3. Speed enforcement techniques and their effectiveness ..............................................8 -
Transcription, Client Name, Event Date, EV000XXXXX
Transcription, Solvay 29.07.2020 Results Overview Operator Ladies and gentlemen, welcome to Solvay Q2 2020 Results Conference Call for analysts and investors. Solvay team, the floor is yours. Jodi Allen Good afternoon and welcome to our second quarter 2020 earnings call. My name is Jodi Allen, Head of Investor Relations, and I'm joined virtually by our CEO, Ilham Kadri, and our CFO, Karim Hajjar. Today's call is being recorded and will be made available for replay on the investor relations section of our website. I would like to remind all participants that the presentation includes forward-looking statements which are subject to risk and uncertainties. You may refer to the slides related to today's broadcast which are available on our website. With that, I'll turn the call over to Ilham. Ilham Kadri Thank you, Jodi, and hello everyone. I hope you and your family are staying healthy during this continuing challenging time. At Solvay, health, safety and security of employees remain our number one priority. We continue to have 10,000 employees, or 42% of our human capital working in a virtual capacity, and we will take a cautious and progressive approach to the confinement over the coming month. The recent spike in COVID cases in certain parts of the world have increased our numbers slightly. Today, we have 40 colleagues who are infected with COVID-19 and 176 employees in quarantine. We wish our colleagues a quick and complete recovery and we will continue to take a disciplined approach to managing the safety of our employees. -
8123 Songs, 21 Days, 63.83 GB
Page 1 of 247 Music 8123 songs, 21 days, 63.83 GB Name Artist The A Team Ed Sheeran A-List (Radio Edit) XMIXR Sisqo feat. Waka Flocka Flame A.D.I.D.A.S. (Clean Edit) Killer Mike ft Big Boi Aaroma (Bonus Version) Pru About A Girl The Academy Is... About The Money (Radio Edit) XMIXR T.I. feat. Young Thug About The Money (Remix) (Radio Edit) XMIXR T.I. feat. Young Thug, Lil Wayne & Jeezy About Us [Pop Edit] Brooke Hogan ft. Paul Wall Absolute Zero (Radio Edit) XMIXR Stone Sour Absolutely (Story Of A Girl) Ninedays Absolution Calling (Radio Edit) XMIXR Incubus Acapella Karmin Acapella Kelis Acapella (Radio Edit) XMIXR Karmin Accidentally in Love Counting Crows According To You (Top 40 Edit) Orianthi Act Right (Promo Only Clean Edit) Yo Gotti Feat. Young Jeezy & YG Act Right (Radio Edit) XMIXR Yo Gotti ft Jeezy & YG Actin Crazy (Radio Edit) XMIXR Action Bronson Actin' Up (Clean) Wale & Meek Mill f./French Montana Actin' Up (Radio Edit) XMIXR Wale & Meek Mill ft French Montana Action Man Hafdís Huld Addicted Ace Young Addicted Enrique Iglsias Addicted Saving abel Addicted Simple Plan Addicted To Bass Puretone Addicted To Pain (Radio Edit) XMIXR Alter Bridge Addicted To You (Radio Edit) XMIXR Avicii Addiction Ryan Leslie Feat. Cassie & Fabolous Music Page 2 of 247 Name Artist Addresses (Radio Edit) XMIXR T.I. Adore You (Radio Edit) XMIXR Miley Cyrus Adorn Miguel Adorn Miguel Adorn (Radio Edit) XMIXR Miguel Adorn (Remix) Miguel f./Wiz Khalifa Adorn (Remix) (Radio Edit) XMIXR Miguel ft Wiz Khalifa Adrenaline (Radio Edit) XMIXR Shinedown Adrienne Calling, The Adult Swim (Radio Edit) XMIXR DJ Spinking feat. -
Roman Population Size: the Logic of the Debate
Princeton/Stanford Working Papers in Classics Roman population size: the logic of the debate Version 2.0 July 2007 Walter Scheidel Stanford University Abstract: This paper provides a critical assessment of the current state of the debate about the number of Roman citizens and the size of the population of Roman Italy. Rather than trying to make a case for a particular reading of the evidence, it aims to highlight the strengths and weaknesses of rival approaches and examine the validity of existing arguments and critiques. After a brief survey of the evidence and the principal positions of modern scholarship, it focuses on a number of salient issues such as urbanization, military service, labor markets, political stability, living standards, and carrying capacity, and considers the significance of field surveys and comparative demographic evidence. © Walter Scheidel. [email protected] 1 1. Roman population size: why it matters Our ignorance of ancient population numbers is one of the biggest obstacles to our understanding of Roman history. After generations of prolific scholarship, we still do not know how many people inhabited Roman Italy and the Mediterranean at any given point in time. When I say ‘we do not know’ I do not simply mean that we lack numbers that are both precise and safely known to be accurate: that would surely be an unreasonably high standard to apply to any pre-modern society. What I mean is that even the appropriate order of magnitude remains a matter of intense dispute. This uncertainty profoundly affects modern reconstructions of Roman history in two ways. First of all, our estimates of overall Italian population number are to a large extent a direct function of our views on the size of the Roman citizenry, and inevitably shape any broader guesses concerning the demography of the Roman empire as a whole. -
100 Million Healthier Lives an Unprecedented Coalition of Leaders Committed to Improving Health
100 Million Healthier Lives An unprecedented coalition of leaders committed to improving health DECEMBER 2014 Sponsored by In collaboration with THE GUIDING COALITION FOR 100 MILLION HEALTHIER LIVES Improving Health Care AND Health The Institute for Healthcare Improvement’s mission has long been to improve health and health care worldwide. For more than 25 years, we’ve worked alongside you to make health care safe, timely, patient-centered, effective, efficient, and equitable. Together we’ve made progress on this journey, and yet we know we have much further to go. Eight years ago, IHI began to expand on these core principles of quality in health care, to address the challenges of improving health and pursuing the Triple Aim — better experience of care, better population health, and lower per capita cost. As we went deep into this work with hundreds of communities globally, we were reminded over and over that to truly improve health requires improvement in the many determinants of health and well-being that exist outside the walls of the health care system. Our work with all of you has taught us that: • We need to value the 5,000 hours that a person with a chronic disease spends at home managing their health every year, rather than simply the small number of 15-minute visits they might have with their provider. • We need to ensure we ask, “What matters to you?” as well as, “What’s the matter?” • We need to understand and respond to the factors that lead to massive variation in health outcomes that are based not on who you are, but where you live. -
Prof. Molly Ball, [email protected] Office Hours Via Zoom (Room Id: 585 276 7182) Monday, 2:00 – 3:15Pm (Reserved for Your Course); Friday 10 – 11Am
HIS254/ECO228W: Big Business in Brazil SPRING 2021 – HYBRID (M,W 2:00 – 3:15PM) BAUSCH & LOMB 315 Prof. Molly Ball, [email protected] Office hours via zoom (room id: 585 276 7182) Monday, 2:00 – 3:15pm (reserved for your course); Friday 10 – 11am DESCRIPTION We will explore an introduction to Brazilian economic and business history in the modern era. We will grapple with understanding how a country that is classified as one of the world's five major emerging economies has struggled and continues to struggle with inequality and underdevelopment. Using this economic historical lens, we will look in particular at theories of development, the State’s role in business, and at how Brazil’s banking, transportation and agro- industry sectors developed and impacted the country’s 19th and 20th century. Regarding full course policies, commitment to inclusion, expectations, rubrics, required materials, etc. please refer to the “Course Overview and Introduction” folder available on Blackboard. As modules and lessons will be added as needed, this syllabus will provide with a preview of what is coming. Any films with an asterisk indicate available access through the University of Rochester library system. Any changes in schedule, readings, and films are will be updated in the BLACKBOARD MODULES. Please refer to the modules for the most up-to-date information. LEARNING OBJECTIVES • Understand the strengths of interdisciplinary approach to both economics and history. Economics students, in particular, should become more cognizant of historical data set collections and analytical of historic claims. History students will understand the value of economic history and how it dialogues with cultural and social history. -
Our Impact Report
Sub-heading 21/22pt Body copy 10/12pt Hiscox impact report 2020 1 It could be said that 2020 was a year like no other. BodyTogether, copy last 10/12pt year we supported charities with donations totalling As the world grappled with a global pandemic, more than $9 million. This includes $7 million donated to charities which brought new ways of living and working, such as the Red Cross and food banks around the world, directly giving something back came into sharper focus. helping those impacted by the pandemic. We’ve also supported entrepreneurs and small businesses through funding organisations I am incredibly proud of how our people have such as Kiva and Accion in the USA and Swoop in the UK to responded to the challenges of Covid-19, while improve access to finance and support to get them back on also finding new ways to support their local their feet. communities and good causes. Our volunteering programmes may have looked different this year In addition, The Association of British Insurers’ Covid-19 Support thanks to social distancing and home-working, Fund, which Hiscox helped to establish and was an early supporter but there are many stories of those who have of, has shown what is possible when industry works together, so helped a vulnerable neighbour or used their far raising more than £100 million to support communities in need. commuting time to volunteer locally, which are a testament to the ‘Hiscox spirit’. There is more to do of course, and this year we set out a new strategic focus to help us have the biggest possible impact in our chosen areas; social mobility and entrepreneurship; protecting and preserving the environment; and supporting causes that our people are passionate about.