This article discusses the relationship between the post-2008 global economic crisis and trauma journalism through a quantitative study of reporters covering austerity’s everyday manifestations and examines the effects on the media professionals involved. The findings indicate that journalists who cover economic crisis-related incidents suffer specific symptoms of trauma. As such, the study re-conceptualizes the economic crisis as primarily affective for media workers, it establishes a direct correlation between the economic crisis and emotional (...) trauma, and provides an insight into the kind of trauma that stems from covering austerity and its impact on society. A regression analysis of symptoms indicates trauma journalism as an emerging field of research into the economic crisis. (shrink)

Tendencies of organized crime in the context of economical crisis are dealt in the article. The author shows his own position about the economical crisis and how it influenced organized crime in Lithuania. The reasons of economical crisis, characteristics and peculiarities of crimes of organized groups, which operate in Lithuania, are discussed in the article. The author reveals specific features, which enable to evaluate the real influence of organized groups to the economical state of Lithuania.

Henryk Grossman's discussion of economic crises was designed to complement his Leninist understanding of politics. For Grossman, as for Marx, the fundamental contradiction of capitalist production is between the unlimited scope for expanding the output of use-values and restrictions imposed by the framework of producing profits. The increasing weight of capitalists' outlays on dead compared to living labour, which is the only source of new value, gives rise to the system's tendency to break down and, hence, to economic (...) crises. Deep financial crises can only be understood in the context of developments in production and particularly movements in the rate of profit. The initial widespread hostility to Grossman's development of Marxist economics can mainly be explained in terms of the logics of Social-Democratic and Stalinist politics. In contrast to dominant views on the Left today, the Marxist tradition in which Grossman stood places the construction of organisations capable of assisting the working class' conquest of political power at the heart of the responsibility of socialists. Grossman's political practice expressed his understanding of the close relationship between capitalism's breakdown tendency and the importance of building a revolutionary party. (shrink)

The article underlines the significance of social rights as important constitutional rights of a human being and emphasises the peculiarities of their nature from the point of view of not only national, but also international law. The article presents an analysis of the constitutional doctrine of the protection of guarantees of social rights, which has been formulated by the Constitutional Court of the Republic of Lithuania in the course of considering the issues of reduction of social guarantees—pensions and remuneration, which (...) were determined by the economic crisis. In the Constitutional Court’s jurisprudence the personal right to social security has been construed in the most broad and comprehensive terms. The human rights and freedoms enshrined in the Constitution have been treated as constituting an integrated and harmonious system, and social rights have been interpreted not only as certain obligations of the state to the public, which inter alia are determined by the social purpose of the state, but also as a person’s individual rights, for which judicial defence is guaranteed. Such concept of the said rights has also been influenced by international law, inter alia the jurisprudence of the European Court of Human Rights. Social rights, while being an object of regulation of international law, have been forming the European doctrine of guarantees of these rights and have influenced the concept of these rights in national law. The main attention in the article is devoted to the analysis of the doctrine formulated in the Constitutional Court’s jurisprudence in relation to the correction (limitation) of social rights (payment of pensions and remuneration) under the conditions of economic crisis. In the article the period of formation of this doctrine is divided into two stages: the period of 2002–2006, when the Constitutional Court had to decide regarding the compliance of the legal acts whereby social guarantees had been constricted with the Constitution, and which was caused by the consequences of the so-called Russian economic crisis for the economic development of the state of Lithuania; and the period from 2009 to date, during which the Constitutional Court has been forming the constitutional doctrine of limitation of social rights, which was conditioned by the outcomes of the global economic crisis for the economy of the state of Lithuania. The article raises a question as to whether the constitutional doctrine being formed by the Constitutional Court in relation to the limitation of social rights under the conditions of economic crisis may be assessed as an independent one or whether it still remains to be a separate case of limitation of rights within the general doctrine of limitation of human rights. On the basis of the analysis of the Constitutional Court’s jurisprudence, a conclusion is drawn that the criteria established in the Constitutional Court’s doctrine of limitation of social rights under the conditions of economic crisis are even stricter than the universally recognised criteria for the limitation of human rights in the law of human rights, therefore, it is possible to assess the doctrine of limitation of social rights under the conditions of economic crisis, as formulated by the Constitutional Court during 2009–2012, which is the continuation of the previous doctrine, as an independent doctrine, the basis of which, undoubtedly, remains to be formed by the general principles of limitation of human rights recognised in the law of human rights. The article is not only confined to the analysis of the jurisprudence of the Constitutional Court of the Republic of Lithuania, it also provides examples of construction of the doctrine of social rights (inter alia those influenced by the economic crisis) by certain other constitutional courts. (shrink)

The recent financial and economic crisis has spurred a lot of interest among scholars and public audience. Strangely enough, the impact of the crisis on innovation has been largely underestimated. This books can be regarded as a complementary reading for those interested in the effect of the crisis with a particular focus on Europe.

The aim of the article is to assess the situation in terms of wage inequality and identify factors influencing changes in the levels, dynamics and relations of wages in voivodeships in Poland in 2012–2021. In Poland, during the analyzed period, an economic crisis occurred in 2012 as a consequence of the crisis of 2008–2009 and since 2020. Average monthly gross wages in Poland will be used for this purpose. Based on this data, deviations, relationships, and rates of (...) change will be calculated. To carry out the analysis and evaluation, I will use statistical data published in the Statistical Yearbooks of the Central Statistical Office in Warsaw for the years 2012–2021. In this article, the region will be identified with the voivodeship, according to the administrative division. (shrink)

Does a board with greater gender diversity make better investment decisions? Drawing on Austrian economic cycle theory and work groups theory, we argue that such board openness will help male board members to overcome gender biases, discrimination, and conflicts; integrate different perspectives under the economic cycle and crisis; and foster an environment in which better decisions are made. The results of an empirical study of 14,609 firm-quarter observations from 1,555 listed firms in China between 2007 and 2009 (...) strongly support our arguments. We find that a Chinese board is more likely to accept female directorship during an economic crisis than during an economic prosperity stage. Boards with greater gender diversity are more likely to make tough, counter-cyclical investments to improve firm performance during a crisis. Our study enriches the board decision-making literature by exploring the impacts of board gender diversity on firm performance within the context of an economic crisis. The results of our study also carry significant managerial implications for overcoming gender stereotypes, biases, and prejudices on a board. (shrink)

The recent economic crisis has brought to the fore another crisis that has been going on for many years, that of economic theory. The latter failed to predict and, after the event, cannot offer an explanation of why it happened. This article sketches out why this is the case and what constitutes the crisis of economics. On this basis, the case is made for the revival of an interdisciplinary political economy as the only way for (...) offering an explanation of the workings of the economy in general and of economic crises in particular. (shrink)

During the late 1960s, the long post-war economic boom which had characterised the advanced capitalist countries began to fade away. In its wake came an equally long era of stagnation, decline, and political and economic turbulence. Unemployment, inflation, falling profitability, business failures and bankruptcies were the new order of the day, and it became commonplace to see fearful headlines about the possible collapse of the global financial system or even of accumulation itself.

This book examines the U.S economy from 1967 to 2011 and utilizes a new method to predict the future of the economy as far ahead as 2030. Projections using estimates from the U.S. Bureau of Census are used to further project personal income, personal income annual change, and disposable personal income to 2030.

This paper provides a criticism of the New Left’s discourse of legitimation of the globalization hypothesis based on the same understanding of it than contemporary Conservative Liberalism. According to the New Left’s basic epistemological-political standpoint, the economic globalization is a consolidated process which leads not only to the era of international economy, but also to the failure of a nationalist interventionist politics, as to the irreversible weakening of the Welfare State model of strong political institutions as the basis of (...) economic constitution and of social evolution. According to the New Left, only international political institutions can frame the international economy. We argue that the New Left does not seriously consider the notion of late capitalism, disregarding the political-economic dependence between central and peripheral countries as the fundamental characteristic of international politics and of global economic constitution. Here, international political institutions cannot tackle macroeconomic contradictions and pathologies due to the fact that the international economic order is grounded on political inequality and dependence of these central and peripheral countries. The important epistemological-political question is not primarily the economic globalization itself, but its political basis, that is, the international politics founded on the periphery’s dependence as the condition to central development. Therefore, only the recovery and the renewal of a nationalist and interventionist politics based on the strengthening of political institutions in general and of the Welfare State in particular can respond to problems of economic globalization, deconstructing the New Left’s globalization hypothesis. (shrink)

The aim of this paper is to determine how the economic crisis, and the ad hoc attempts made by the authorities to counteract it, affected the Polish society and, above all, to prepare a multidimensional analysis of how the crisis impacted systemic changes in the Polish social policy. The author will examine both positive changes that followed the relevant global trends and also negative changes that resulted from the developmental lag, the country’s economic situation and especially (...) the generally low involvement of the state via public funding in activities that were part of the state’s social policy. Assessment of Polish social policy during the crisis must be ambiguous. On the one hand, systemic changes in social policy introduced as a result of the economic collapse can be clearly distinguished, on the other hand, however, the severity of the crisis visibly affected many activities of state and local governments in the social sphere. These activities posed unsuccessful attempts to rescue the situation in the labour market. Additionally, an effective response to deepening poverty was missing, amendments adopted to labour legislation were disadvantageous to employees, and finally fundamental sacrifices in terms of social policy were made as the lawmakers passed the Unification Act during the crisis. Polish social policy was unable, for a number of reasons, to essentially redefine its approach to addressing the numerous social issues it had to face. (shrink)

In this study, we explore the sincerity of the rhetorical tone of 664 annual letters to shareholders (CEO letters). Prior studies adopt Impression Management theory to predict that firms obfuscate failures and emphasize successes to unfairly enhance their image and maintain organizational legitimacy. Yuthas et al. (J Bus Ethics 41:141–157, 2002) challenged such a view, showing that firms reporting earnings surprises engage in ethical discourse with shareholders. We adopt the methodology of Yuthas et al. (J Bus Ethics 41:141–157, 2002) to (...) explore the association between firm performance and the rhetorical features of CEO letters in a large sample of Fortune 500 firms in the wake of the global economic crisis. In contrast to most prior research, we find that optimistic tone is congruent with both past and future performance. We conclude that under tough macroeconomic conditions, incentives to distort public information strategically are low. Rather, firms tend to engage in communicative action aimed at dialoguing with shareholders through sincere disclosure. However, in our conclusions, we warn about the impact of accounting and rhetorical manipulation on the congruence between optimistic tone and financial performance. (shrink)

As Christians, we are called to think about the fundamental values that shape and guide our economic behavior and the economic structures of our society. This article focuses on the ways in which the problem of predatory lending, or usury, allows us to examine our most basic Christian values and principles and think about how they might serve as a moral foundation for reshaping our economic structures and transactions.

This article identify catalysts of synthetic economic crisis. These catalysts are the subject of transnational corporations, international financial, trade organizations, regional integration groupings. Generalized mechanism for the flow of synthetic economic crisis and their types. This article also proves that the response of governments to the process flow of synthetic economic crisis with the help of the classical fiscal, monetary and administrative-legislative instruments are not effective.

An exposition of Karl Marx’s argument in the Grundrisse for the logical development of money, this essay is divided into three parts. Since Marx is concerned to distinguish himself and his method from that of the seventeenth century political economists, I begin my paper with a brief reflection on “the scientifically correct method” or the “theoretical method” (Grundrisse 101 and 102). The second part of this paper considers how Marx justifies beginning his reflection with the concept of production in general. (...) To understand the importance that Marx attributes to production, one must also appreciate the way in which distribution, exchange, and consumption belong to the sphere of production. In the remaining pages of this section of my paper, then, I attempt to reconstruct Marx’s argument for the way in which these concepts (distribution, exchange, and consumption) are to be understood in relation to the sphere of production. (shrink)

Defendo, neste artigo, que a atual crise econômica não pode ser entendida nem apreendida consistentemente apenas a partir de sua redução a um déficit interno à estrutura produtivo-financeira, em termos de queda nos padrões de acumulação; na verdade, essa crise é originada de uma crise do poder diretivo em termos de sociedade, que acirra a separação entre as esferas econômica, política e social, a partir da defesa de uma autorreferencialidade do âmbito econômico em relação aos demais, que, por causa disso, (...) são enquadrados pelos imperativos econômicos, tendo solapada sua especificidade normativa e diretiva da evolução da sociedade. Essa crise econômica, assim, agudizou os problemas oriundos da modernização liberal, que efetivamente foi marcada por essa blindagem das esferas econômica, política e social umas em relação às outras. Como consequência, a superação da modernidade liberal, modernidade essa retomada pelo neoliberalismo, somente pode ser feita no momento em que se reafirma o social enquanto horizonte normativo, o político enquanto instância diretiva da evolução social e o econômico enquanto esfera de controle público-estatal e de gestão democrática da produção e da distribuição da riqueza, que o modelo do Estado de bem-estar social representou e representa de maneira exemplar, em termos de ligação e de complementaridade entre tais esferas.: the paper argues that current economic crisis cannot be understood or conceived consistently just since its reduction to an internal deficit into productive-financial structure, as a drop in the standards of accumulation; indeed, this crisis is originated from a crisis in the directive power of society, that intensifies the separation between economic, political and social spheres, since the defense of a self-referentiality of economic scope related with others, which, because that, are framed by economic imperatives, having undermined the normativity and the evolutionary direction of society. So, economic crisis exacerbated the problems legated by liberal modernity, that was characterized by the shielding of economic, political and social spheres to each other. Consequently, overcoming of liberal modernity, that was resumption by Neoliberalism, only can be done when we reiterate the social as horizon of normativity, the political as directive instance of social evolution, and the economical as a sphere of public and state-owned control and democratic management of production and distribution of the wealth, that the model of Welfare State represented and represents exemplarily with its complementarity of those spheres. Keywords: Economic Crisis; Power Crisis; Welfare State; Liberal Modernity. (shrink)

Due to the novel coronavirus pandemic, the lockdown engendered has had a vicious impact on the global economy. This analysis’ prime intention is to evaluate the impact of the United States’ economic and health crisis as a result of COVID-19 on its financial stability. Additionally, the investigation analyzed the spillover impact of the worldwide economic slowdown experienced by COVID-19 on the United States’ financial volatility. The study applied an autoregressive distributed lag model and discovered that the (...) class='Hi'>economic and health crises that occurred in the United States portentously upset the future expectations of its investors. Conspicuously, the health crisis in Spain and Italy were ominous spillovers of the United States’ financial instability in the short-run. Likewise, an economic crisis ensued in the United Kingdom because of COVID-19 causing spillover for the United States markets’ financial instability. The examination evaluated that Asian and African nations’ economic crises perilously affects the United States’ financial stability. The study determined that financial instability occurred in the United States due to its own economic and health crises persisted for a longer period than financial disequilibrium that occurred in other nations. The analysis suggested some strategies of smart lockdown that the government of the United States and other nations should follow to restart the economic cycle through tighter controls to minimize losses by following the steps of preparing a lockdown checklist, monitoring completion of lockdown tasks, and complete a close-down stock take or count. (shrink)

ABSTRACT:In this updated and revised version of his 2008 Society for Business Ethics presidential address, Richard Nielsen documents the characteristics and extent of the 2007–2009 economic crisis and analyzes how the ethics issues of the economic crisis are structurally related to a relatively new form of capitalism, high-leverage finance capitalism. Four types of high-leverage finance capitalism are considered: hedge funds; private equity-leveraged buyouts; high-leverage, subprime mortgage banking; and high-leverage banking. The structurally related problems with the four (...) types of high-leverage finance capitalism converged in something of a perfect economic storm. Explanations for the crisis are offered in the context of the type of the high-leverage finance capitalism system that permitted and facilitated the economic crisis. Ethics issues and potential reforms are considered that may be able to mitigate the destructive effects of what Schumpeter referred to as the “creative destructive” effects of evolutionary forms of capitalism while realizing the Aristotelian economic ideal of creating wealth in such a way as to make us better people and the world a better place. (shrink)

In her fifth dystopian novel, The Heart Goes Last, Margaret Atwood portrays North America in the not so far future, in the wake of a global economic crisis. Parts of the country are in the state of complete chaos, subjected to a ruthless gang rule. The solution to the system's breakdown comes in the form of the socio-economic experiment that requires from its participants relinquishing their freedom as every other month they will spend in prison. The seemingly (...) preposterous experimental project enables Atwood to explore principal questions about the limits of our freedom in the times of an economic crisis or a neoliberal model of economy. The satirical form the novel takes, especially towards its end, helps the writer to decry people's over-willingness to give away their freedom and civil liberties in exchange for happy, uninterrupted consumption. The following article aims to demonstrate that the notion of freedom and free will permeate The Heart Goes Last, which is, in that respect, a politically and socially engaged satire. (shrink)

This paper analyses the role of external pressures, internal motivations and their interplay, with the intention of identifying whether they drive substantive or instead symbolic implementation of ISO 14001. The context is one of economic crisis. We focus on Greece, where the economic crisis has weakened the country’s institutional environment, and analyse qualitatively new interview data from 45 ISO 14001 certified firms. Our findings show that weak external pressures can lead to a symbolic implementation of ISO (...) 14001, as firms can defend their legitimacy without incurring the costs of internalization in the local market; weak external pressures can lead to substantive implementation of ISO 14001 when firms have strong internal motivations seeking to strategically differentiate from competitors in international markets. Firms internalize ISO 14001 so as to restore their legitimacy and reputation in foreign markets and stimulate their competitiveness; and strong internal motivations pave the way for companies to stimulate their competitiveness by enhancing their efficiency, as some companies might strengthen their position in the local market by implementing ISO 14001 substantively. The contribution of this paper to the literature on ISO 14001 internalization lies in refining existing theory on the importance of internal motivations for the substantive implementation of ISO 14001 in the context of economic crisis. In addition, this paper extends current theory by challenging studies that dismiss the importance of external pressures. We argue that the intensity of external pressures influences the internalization of ISO 14001, but propose that this relationship might not be linear. (shrink)

On Sept 15, 2008, ‘‘Dark Monday,’’ the world witnessed a radical reshaping of Wall Street. Lehman Brothers fell toward bankruptcy; Merrill Lynch was sold to its rival, Bank of America; and AIG pleaded for $40 billion in government relief. Those calamities marched in step with a dismal parade including the US government takeover of Fannie Mae and Freddie Mac, the bailout of Bear Stearns, and the entire subprime debacle. We rightly blame Wall Street leaders for bungling business decisions, for misestimating (...) risk and overloading banks with single-strategy investments. We now are living with the aftermath of these business mistakes. But how about ethical mistakes? Were they, too, part of the crisis? (shrink)

An economic crisis is an unexpected phenomenon with strong consequences for nations, institutions and people's wealth, habits, and behaviors. It departs from the ‘normal’ evolution of the affairs foreseen by economic theory. It makes the claim for new theoretical explanations. It surprises the economic agents that try to ascertain what kind of phenomenon they are facing in order to decide the appropriate actions to undertake. It calls for revisions of theory, plans and expectations. Overall, a (...) class='Hi'>crisis calls for an explanation which clarifies its causes. (shrink)