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Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period's rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today's global and increasingly complex economic environment.
Inflation (Finance) --- Economic history --- Finance --- Natural rate of unemployment --- History --- macroeconomics, economy, government, governing, regulation, price stability, policymakers, price-monitoring mechanisms, efficient planning, allocation of resources, raising productivity, great inflation, economics, 20th century, history, business, interest rates, developing world, monetary policy, central banks, academics, fiscal authorities, economic institutions, new zealand, stagflation, stop-start policies, canada, germany, japan, united kingdom.
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Financial crises are nothing new in the annals of history of the capitalistic path of economic development; indeed, they are part of business cycle. The theoretical basis for this is well entrenched in the concept of ‘Keynesian Cross’. Tales of crises date back centuries, but have taken a new turn as the race for more globalization goes on, which involves liberalizing trade and opening up the financial sector. This has made many nations vulnerable to crises that are likely to be repeated, perhaps frequently. Based on recent experience, warning signs can be seen in the dollar-centric exchange rate, which is the mainstay for the stability of the current global financial system. To a careful observer, there is clearly fatigue in the system.
Special Drawing Rights (SDRs) --- banking crises --- reserve currency --- asymmetry --- derivative --- Asian crisis --- policy uncertainty --- monetary plurality --- mortgage crisis --- nonlinear ARDL --- China --- emerging market economies --- exchange rates --- default swap --- LIBOR --- currency --- cash flow --- Belt and Road Initiative --- money demand --- commodity price stabilisation --- trade balance --- risk management --- Argentina --- RMB internationalization --- GMM --- currency convertibility --- investment --- Grondona system --- exchange rate disconnect puzzle --- monetary policy --- NARDL --- Special Drawing Right --- currency pegs --- international monetary system --- economic institutions --- cointegration --- macroeconomic fundamentals --- currency crisis --- the U.S.A.
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Pragmatism and its consequences are central issues in American politics today, yet scholars rarely examine in detail the relationship between pragmatism and politics. In The Priority of Democracy, Jack Knight and James Johnson systematically explore the subject and make a strong case for adopting a pragmatist approach to democratic politics--and for giving priority to democracy in the process of selecting and reforming political institutions. What is the primary value of democracy? When should we make decisions democratically and when should we rely on markets? And when should we accept the decisions of unelected officials, such as judges or bureaucrats? Knight and Johnson explore how a commitment to pragmatism should affect our answers to such important questions. They conclude that democracy is a good way of determining how these kinds of decisions should be made--even if what the democratic process determines is that not all decisions should be made democratically. So, for example, the democratically elected U.S. Congress may legitimately remove monetary policy from democratic decision-making by putting it under the control of the Federal Reserve. Knight and Johnson argue that pragmatism offers an original and compelling justification of democracy in terms of the unique contributions democratic institutions can make to processes of institutional choice. This focus highlights the important role that democracy plays, not in achieving consensus or commonality, but rather in addressing conflicts. Indeed, Knight and Johnson suggest that democratic politics is perhaps best seen less as a way of reaching consensus or agreement than as a way of structuring the terms of persistent disagreement.
Democracy --- Philosophy. --- American politics. --- U.S. Congress. --- ambiguity. --- anti-skepticism. --- argument. --- bureaucracy. --- collective decision making. --- collective decision. --- collective decisions. --- collective outcomes. --- consequentialism. --- decentralized markets. --- decentralized mechanisms. --- democracy. --- democratic argument. --- democratic arrangements. --- democratic competition. --- democratic decision making. --- democratic institutional framework. --- democratic institutions. --- democratic politics. --- democratic process. --- democratic processes. --- diversity. --- effective participation. --- equal political participation. --- equality. --- fallibilism. --- formal decision making. --- free-and-equal-participation. --- freedom. --- individual participation. --- instability. --- institutional arrangements. --- institutional choice. --- institutional performance. --- judicial decision making. --- liberalism. --- markets. --- political argument. --- political consequences. --- political debate. --- political-economic institutions. --- populism. --- pragmatism. --- reflexivity. --- social choice theory. --- social choice. --- social cooperation. --- social disagreement. --- social interaction. --- social norms. --- voting. --- Political philosophy. Social philosophy --- Political sociology --- Political systems
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1989 explores the momentous events following the fall of the Berlin Wall and the effects they have had on our world ever since. Based on documents, interviews, and television broadcasts from Washington, London, Paris, Bonn, Berlin, Warsaw, Moscow, and a dozen other locations, 1989 describes how Germany unified, NATO expansion began, and Russia got left on the periphery of the new Europe. This updated edition contains a new afterword with the most recent evidence on the 1990 origins of NATO's post-Cold War expansion.
World politics --- North Atlantic Treaty Organization --- Membership. --- Europe --- History --- Politics and government --- 1989. --- Allied Control Commission. --- Berlin Wall. --- Berlin wall. --- Berlin. --- Bush administration. --- Cold War. --- East German dissident movements. --- East Germany. --- European Community. --- European home. --- Four Powers. --- German states. --- German unification. --- Gorbachev. --- Hans-Dietrich Genscher. --- Helmut Kohl. --- James A. Baker III. --- Mikhail Gorbachev. --- NATO expansion. --- NATO reform. --- NATO. --- USSR. --- West German Basic Law. --- Western standards. --- architecture. --- blueprints. --- building permits. --- confederationism. --- domestic institutions. --- four-power control. --- heroic model. --- ideas. --- institutional-transfer model. --- international economic institutions. --- international institutions. --- international military institutions. --- models. --- multinationalism. --- new Europe. --- nondemocratic regimes. --- old order. --- post-Cold War Europe. --- post-Cold War. --- power. --- prefab model. --- prefabricated institutions. --- property pluralism. --- restoration model. --- revivalist model. --- socialism. --- state leaders. --- state sovereignty. --- transatlantic architecture.
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