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Author: Simon Mee Publisher: Cambridge University Press ISBN: 1108499783 Category : Business & Economics Languages : en Pages : 373
Book Description
A study of the power struggle between Germany's central bank and the West German government to control monetary policy in the post-war era.
Author: Simon Mee Publisher: Cambridge University Press ISBN: 1108499783 Category : Business & Economics Languages : en Pages : 373
Book Description
A study of the power struggle between Germany's central bank and the West German government to control monetary policy in the post-war era.
Author: Jakob De Haan Publisher: Routledge ISBN: 1134604130 Category : Business & Economics Languages : en Pages : 180
Book Description
After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference.
Author: Leon Wansleben Publisher: Harvard University Press ISBN: 0674287703 Category : Business & Economics Languages : en Pages : 353
Book Description
A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant. While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks’ increasing clout over economic policy. Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance. By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers’ own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors’ efforts to more progressive goals.
Author: Jamie Martin Publisher: Harvard University Press ISBN: 0674275772 Category : Business & Economics Languages : en Pages : 353
Book Description
“The Meddlers is an eye-opening, essential new history that places our international financial institutions in the transition from a world defined by empire to one of nation states enmeshed in the world economy.” —Adam Tooze, Columbia University A pioneering history traces the origins of global economic governance—and the political conflicts it generates—to the aftermath of World War I. International economic institutions like the International Monetary Fund and World Bank exert incredible influence over the domestic policies of many states. These institutions date from the end of World War II and amassed power during the neoliberal era of the late twentieth century. But as Jamie Martin shows, if we want to understand their deeper origins and the ideas and dynamics that shaped their controversial powers, we must turn back to the explosive political struggles that attended the birth of global economic governance in the early twentieth century. The Meddlers tells the story of the first international institutions to govern the world economy, including the League of Nations and Bank for International Settlements, created after World War I. These institutions endowed civil servants, bankers, and colonial authorities from Europe and the United States with extraordinary powers: to enforce austerity, coordinate the policies of independent central banks, oversee development programs, and regulate commodity prices. In a highly unequal world, they faced a new political challenge: was it possible to reach into sovereign states and empires to intervene in domestic economic policies without generating a backlash? Martin follows the intense political conflicts provoked by the earliest international efforts to govern capitalism—from Weimar Germany to the Balkans, Nationalist China to colonial Malaya, and the Chilean desert to Wall Street. The Meddlers shows how the fraught problems of sovereignty and democracy posed by institutions like the IMF are not unique to late twentieth-century globalization, but instead first emerged during an earlier period of imperial competition, world war, and economic crisis.
Author: Associate Professor for the History of Economic Governance Thomas Biebricher Publisher: Oxford University Press ISBN: 0198861206 Category : Free enterprise Languages : en Pages : 593
Book Description
Since the financial crisis of 2008, ordoliberalism emerged from relative obscurity to become one of the crucial terms of analysis across a wide range of academic literatures and public discussion. In fact, it became the main reference for a number of issues, including assessments of the attempted resolution of the Eurozone crisis, arguments about German hegemony in Europe, debates over the future of economic liberalism and controversies about authoritarian liberalism. What is striking about ordoliberalism is its pronounced ambiguity, as some view it as a more refined and potentially progressive variant of neoliberalism, while others cast it as a blueprint for a regime of austerity reigning over a society of competition with only rudimentary democratic institutions. And while ordoliberalism is often portrayed as a quintessentially German tradition, its impact has not been confined to the German context, extending all the way to the unlikely case of China. In short, ordoliberalism is a phenomenon of arguably considerable influence that remains poorly understood, as it is mystified by its proponents and vilified by its critics. The Oxford Handbook of Ordoliberalism contains a selection of chapters written by an international cast of experts on ordoliberalism that aim to elucidate and analyze the latter in all of its many facets. From the intellectual origins and prime exemplars to its main theoretical themes and practical applications up to the most recent debates taking place across a range of disciplines, this volume offers the first comprehensive account of ordoliberalism for the English-speaking world.
Author: William Glenn Gray Publisher: Cambridge University Press ISBN: 1108550886 Category : History Languages : en Pages : 513
Book Description
Trading Power traces the successes and failures of a generation of German political leaders as the Bonn Republic emerged as a substantial force in European, Atlantic, and world affairs. Over the course of the 1960s and 1970s, West Germans relinquished many trappings of hard power, most notably nuclear weapons, and learned to leverage their economic power instead. Obsessed with stability and growth, Bonn governments battled inflation in ways that enhanced the international position of the Deutsche Mark while upending the international monetary system. Germany's remarkable export achievements exerted a strong hold on the Soviet bloc, forming the basis for a new Ostpolitik under Willy Brandt. Through much trial and error, the Federal Republic learned how to find a balance among key Western allies, and in the mid-1970s Helmut Schmidt ensured Germany's centrality to institutions such as the European Council and the G-7 – the newly emergent leadership structures of the West.
Author: Thomas Beukers Publisher: Oxford University Press ISBN: 0198871236 Category : Law Languages : en Pages : 481
Book Description
The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union. This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future. The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.
Author: Frank Trentmann Publisher: Random House ISBN: 0241303508 Category : History Languages : en Pages : 708
Book Description
A groundbreaking new history of the people at the centre of Europe, from the Second World War to today In 1945, Germany lay in ruins, morally and materially. The German people stood condemned by history, responsible for a horrifying genocide and a war of extermination. But by 2015 Germany looked to many to be the moral voice of Europe, welcoming almost one million refugees. At the same time, it pursued a controversially rigid fiscal discipline and made energy deals with a dictator. Many people have asked how Germany descended into the darkness of the Nazis, but this book asks another vital question: how, and how far, have the Germans since reinvented themselves? Trentmann tells the dramatic story of the Germans from the middle of the Second World War, through the Cold War and the division into East and West, to the fall of the Berlin Wall and the reunited nation's search for a place in the world. Their journey is marked by extraordinary moral struggles: guilt, shame and limited amends; wealth versus welfare; tolerance versus racism; compassion and complicity. Through a range of voices - German soldiers and German Jews; environmentalists and coal miners; families and churches; volunteers, migrants and populists - Trentmann paints a remarkable and surprising portrait over 80 years of the conflicted people at the centre of Europe.
Author: Jürgen G. Backhaus Publisher: Springer Nature ISBN: 3031392108 Category : Business & Economics Languages : en Pages : 209
Book Description
This edited volume addresses the theoretical and historical foundations of the German Social Market Economy. Written to commemorate the 75th anniversary of the establishment of the Social Market Economy, chapter contributions discuss the ideas of its theoretical founders—Walter Eucken, Alfred Müller-Armack, Wilhelm Röpke, and Franz Böhm--as well as related influences such as Ordoliberalism, the historical school of economics, and the Catholic social doctrine. In addition, chapters analyze differences and parallels to alternative policy concepts, in particular Keynesianism. Finally, the volume turns toward contemporary discussions of the Social Market Economy in the present political and economic context, specifically its ability to cope with current challenges. Providing rich context for the establishment of Germany’s contemporary economic system, this volume will be of interest to researchers and students of political, social and economic systems, the history of economic thought, and political history.
Author: Simon Mee
Author: Simon Mee
Author: Jakob De Haan
Author: Leon Wansleben
Author: Jamie Martin
Author: Associate Professor for the History of Economic Governance Thomas Biebricher
Author: William Glenn Gray
Author: Thomas Beukers
Author: Frank Trentmann
Author: Jürgen G. Backhaus
Author: Bernhard Eschweiler