This book concentrates on the five biggest recessions in the twentieth century. It focuses on the UK, but makes numerous comparisons to recessions in other countries. Two major recessions are identified in the interwar period; three more in the years 1973-1995. The main conclusion reached is that major recessions reflect abrupt fallings off in demand not supply, and can be explained by identifiable demand shocks. The concluding chapter offers advice on how to avoid future severe recessions: a combination of prudent (...) policy-making beforehand and special measures in the downturn and recovery. (shrink)

This book concentrates on the five biggest recessions in the twentieth century. It focuses on the UK, but makes numerous comparisons to recessions in other countries. Two major recessions are identified in the interwar period; three more in the years 1973-1995. The main conclusion reached is that major recessions reflect abrupt fallings off in demand not supply, and can be explained by identifiable demand shocks. The concluding chapter offers advice on how to avoid future severe recessions: a combination of prudent (...) policy-making beforehand and special measures in the downturn and recovery. (shrink)

Colm Tóibín’s 2009 novel Brooklyn accompanies Eilis Lacey, a native of Enniscorthy, Ireland of the 1950s on a reluctant voyage across the Atlantic. Her passage reconstructs a common experience of immigration and exile to New York for the Irish working class seeking to escape the lack of prospects in small-town Ireland after the Second World War. Caught as she is between two homes—the traditional Irish culture she emerges from and the new capitalist society of America to which she emigrates—Eilis is (...) placed in a polemical relationship to the public sphere, staked on multiple grounds of in-betweenness: she is a woman, Irish, and an exile. Belonging, for her, is posited on a complex understanding of the tensions between national and transnational identities. Eilis’s parochialism, at first, and cosmopolitanism, later on, are both decisive characteristics that become driving forces behind her social integration and marriage prospects. She is initially barred from promising job and marriage opportunities due to her naivety and lack of sophistication. As an Irish female immigrant, Eilis becomes in the course of the novel a cosmopolitan from the margins, one of the newly uprooted, and ultimately a split self. (shrink)

Santa Barbara County exhibits some of the highest rates of food insecurity in California, as well as in the United States. Through ethnographic research of three low-income, predominantly Latino communities in Santa Barbara County, this study examined the degree to which households had been experiencing heightened levels of food insecurity since the economic recession and ensuing coping strategies, including gender-specific repercussions and coping strategies. Methods included administering a survey with 150 households and conducting observation and unstructured interviews at various (...) local food-centered venues. Results indicated that households from the three communities were experiencing heightened levels of food insecurity and that all three communities were employing diversification of procurement, adjustments to a reduced or limited food budget, reliance on food assistance, and revitalization of the home as a site of domestic food production and preparation as coping strategies. The results also suggested that women suffered disproportionately higher psychological and physical costs associated with compounding crises. In conclusion, the experiences narrated by low-income households reflect a form of citizenship that appears compromised by a host of variables perceived to exist outside the realm of local control. Shifting toward an operational framework of food sovereignty may allow these communities to become more resilient in the face of future political, environmental, social, and economic stressors. (shrink)

The main aim of this paper is to act as a corrective to the comparatively deafening silence of egalitarian political philosophy’s response to the Great Recession. The paper thus provides an accessible analysis of a new strand of empirical research into the causes of the crisis. This new literature, which has largely gone unnoticed by the broader philosophical community, maintains that the main driver of financial instability is income and wealth inequality coupled with income stagnation at the bottom of (...) the income distribution. Building on this empirical research, the paper puts forward six connections between egalitarian political philosophy broadly construed, and the findings of the new literature it surveys. These connections are understood as operating in two directions: that is, they both provide reasons for egalitarians to play a larger role in debates concerning the moral aspects of financial instability, and also offer valuable insights to egalitarians to reorient their position concerning central facets of their arguments. (shrink)

The health sector is facing many challenges, and there is a need to maintain the delivery of high‐quality health‐care. Issues related to equity and access to health‐care have emerged in a context of an economic recession in which the sustainability of the health system depends on everyone, including the actions and decisions of professionals. Therefore, nurses and their skills may be the answer to ethical, professional and community health management, but this recession could lead to major problems in (...) the education of nurses in daily health‐care practice. Due to the limited availability of resources, nurses are increasingly taking leadership positions, continuing to develop their critical abilities and thinking skills, and considering sciences such as deontology and ethics. The main goals of this study were to reflect on the economic recession and its impact on health‐care and to demonstrate the contribution of nursing to the sustainability of health‐care and in the promotion of individuals' dignity. The authors conclude that health‐care depends on economic redistribution and, in this context, needs to be equitable and fair. Nurses have the responsibility to develop their profession according to the underlying sciences and can therefore strategically help the healthcare system. (shrink)

IN C.Q. N.S. xiii , 1578ff., M. L. West discusses various non-Greek traditions which throw light on the interpretation of Pherecydes. Of course problems remain, but one of these the comparative material may yet solve. Is West correct in suggesting that we emend the Suda entry on Pherecydesand so reduce the seven recesses to five ? A convincing analogy can help us here. G. S. Kirk has already compared the seven gates which Ishtar has to penetrate when she descends into (...) the underworld. Despite all his reluctance to admit oriental influence on Pherecydes, he sees this as a possible source. (shrink)

Since publication of Hetzel's The Monetary Policy of the Federal Reserve, the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations and the efficacy of the price system in assuring macroeconomic stability. The 2008–9 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical fluctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and the first half of (...) the twentieth century. These 'market-disorder' views emphasize excessive risk taking in financial markets and the need for government regulation. The present book argues for the alternative 'monetary-disorder' view of recessions. A review of cyclical instability over the last two centuries places the 2008–9 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in financial markets. (shrink)

How well is Austrian business cycle theory corroborated by empirical evidence? This question is addressed by examining the contraction of 1990–1991 and the expansion leading up to it. An overview of the Austrian theory of the business cycle permits the identification of several empirical propositions implied by the theory. Empirical data for several economic variables are examined for consistency with the patterns suggested by the theory. The evidence suggests a muted Austrian cyclical process at work in conjunction with other factors (...) during the time period studied. (shrink)

This book traces the collapse of integrity, the abandonment of responsibility, and the failures of moral courage that underlie the financial numbers - and identifies the changes in thinking needed to bring us back into balance.

A recession is a significant decline in economic activities. The effects of economic recession include general economic decline, drop in the stock market and increase in unemployment. While some have argued that bilateral relationship among nations is an ethical response to problem of economic recession but it does not solve the problem. The paper suggests genetic gender determination. Genetic gender determination is an agent-based ethics. It involves the scientific manipulation of the fetus of a woman to determine (...) the gender of her offspring. Ethical issues linked to genetic gender determination, unbalance sex ratio, manipulation of genome, and possible spread of infectious or communicable diseases. The paper concludes that the genetic gender determination would help to cushion the effects of economic recession. (shrink)

The veiled recession frame has served several times in the literature to provide examples of modal logics failing to have certain desirable properties. Makinson [4] was the first to use it in his presentation of a modal logic without the finite model property. Thomason [5] constructed a (rather complicated) logic whose Kripke frames have an accessibility relation which is reflexive and transitive, but which is satisfied by the (non-transitive) veiled recession frame, and hence incomplete. In Van Benthem [2] (...) the frame was an essential tool to find simple examples of incomplete logics, axiomatized by a formula in two proposition letters of degree 2, or by a formula in one proposition letter of degree 4 (the degree of a modal formula is the maximal number of nested occurrences of the necessity operator in ). In [3] we showed that the modal logic determined by the veiled recession frame is incomplete, and besides that, is an immediate predecessor of classical logic (or, more precisely, the modal logic axiomatized by the formula pp), and hence is a logic, maximal among the incomplete ones. Considering the importance of the modal logic determined by the veiled recession frame, it seems worthwhile to ask for an axiomatization, and in particular, to answer the question if it is finitely axiomatizable. In the present paper we find a finite axiomatization of the logic, and in fact, a rather simple one consisting of formulas in at most two proposition letters and of degree at most three. (shrink)

This inter‐temporal study compares the ethical attitudes of business students at three points: in 2001, when the economy was relatively healthy; in 2009, near the beginning of the current recession; and in 2010, when the economy was worse. Ethical attitudes were measured by replicating a popular survey consisting of 25 ethically charged vignettes. The survey measures willingness to engage in white‐collar crime behaviors, some clearly illegal; others marginally unethical. Findings show an increase in tolerance for clearly illegal behaviors from (...) 2001 to 2009 and an increase in tolerance for an even broader array of unethical acts from 2009 to 2010. As compared with 2001 respondents, 2009 respondents were more tolerant of seriously illegal behaviors but less tolerant of marginally unethical ones. In 2010, respondents were more accepting of both kinds of unethical behaviors. The results also suggest that the change in ethical attitudes from 2009 to 2010 was larger than the average annual change in ethics from 2001 to 2009. These findings are discussed within the framework of classical strain theory, Agnew's General Strain Theory, and the legitimacy of social institutions. (shrink)

Research on fair trade has flourished over the past decade as fair trade food products have gained popularity amongst consumers in many developed economies. This study examines the effects of recessionary economic conditions on fair trade consumers’ purchasing behaviour. An online survey was administered to 306 fair trade consumers from Canada, the United Kingdom and the United States of America. The results reveal a discrepancy among fair trade consumers as only consumers that purchase fair trade on an occasional basis adhered (...) to established consumer behaviour norms, i.e. decreasing their purchases of fair trade products and becoming significantly more price aware. Respondents who actively consume fair trade generally remained loyal to their purchase. While some active consumers altered their purchasing behaviour, this phenomenon was not common amongst this group as no statistically significant changes were observed. Differences were also noted among the three countries as the Canadian and US fair trade consumers significantly decreased their consumption of fair trade as a result of the recession, whereas the UK consumers did not. In addition to the research results, theoretical and managerial implications will be discussed along with future research directions. (shrink)

The present study aimed to explore and map the views of Portuguese laypersons regarding the acceptability of downsizing and restructuring measures during a recession. Two hundred and seven participants with various levels of training in economics were presented with a number of realistic scenarios depicting various measures, and were asked to indicate the extent to which they considered them to be acceptable. The scenarios were created by varying three factors likely to have an impact on people’s views: the magnitude (...) of a company’s reduction in net sales, the magnitude of planned downsizing, and the way in which downsizing would be implemented, either through layoffs, job alliances or both. Six qualitatively different personal positions were found. Four of these following positions were expected: never acceptable, mainly depends on the magnitude of downsizing, mainly acceptable and job alliance. Two unexpected positions were also observed: drastic measures and undetermined. (shrink)

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession The article focuses on personnel decision making of important banking subjects during the ongoing economic recession with the specialization on financial crisis in 2008. Main objective of the article is to verify the implicit contract theory and to answer the question of how the selected banks solve problem of reducing labour costs during the crisis. Four important banks in years 2005 - 2010 are examined. To identify (...) the economic crisis, is used model, which is based on the model, indicating the U. S. business cycle, which uses analytical team in Raiffeisenbank. Model used in this article is based on three variables. Employment rate is separate variable. The values of business sales are adjusted to the values of basis indices, for which the year 2005 is the basis. The development of all those three variables is similar and it is possible to determine the period from the graphical representation, in which all variables reached their maximum and reversed their trend. To support this, a trend line was added to the graphs. The trend line was determined as a moving average for the four seasons. Based on the model, the beginning of the economic recession was indentified to the turn of 2007 and 2008. The biggest slumps can be seen during the year 2009. The investigated periods are therefore the years 2008 and 2009.The calculations of other variables, describing the current condition of the studied subject, are adjusted to the values of basis indices in the same way as the business sales. The year 2005 is set as a basis. Data from chosen banks' annual reports were used to study their current condition. The basic monitored data are: labour costs, number of employees and earnings after tax. This article focuses attention on the personal decisions of banks, especially on the monitoring of costs of employees and their evolution over time in the context of economic recession. The essential conclusion is the confirmation of the implicit contract theory of the new Keynesian economics, which appeared at all observed subject. It is possible to see a year delay between the reduction of the employees and reduction of salary costs. This delay causes further costs. The reduction was observed in all subjects. (shrink)

Unemployment has been at historically high rates for an extended period, and while it has recently improved in certain countries, the unemployment that remains may be becoming structural. Aside from inequality, unemployment is accordingly the problem that is most likely to put critical pressure on our political institutions, disrupt the social fabric of our way of life, and even threaten the continuation of liberalism itself. Despite the obvious importance of the problem of unemployment, however, there has been a curious lack (...) of attention paid to this issue by contemporary non-Marxist political philosophers. Non-Marxists typically view unemployment as a technical matter, and doing something about it a question of means not ends, with the solution to this question depending on the kind of empirical determinations about what causes what that are best left to economists, not political philosophers. But I think this is a mistake. Because work is a major part of our social life, as well as something that for a great many people grounds their sense of who they are and provides the basis of their sense of self-respect, those unable to find work are missing out on a great deal of what makes for a meaningful life, and not just the economic benefits that social cooperation has to offer. Those who are unemployed accordingly have something to complain about, even if we do not let them starve, and the rest of us (or at least the institutions that represent us) may have some sort of moral obligation to take action to increase the number of employment opportunities currently available regardless of any uncertainty surrounding the effects that any actions open to us might have. The nature and extent of this moral obligation is what On Unemployment is dedicated to exploring. (shrink)

Rising income inequality was a major factor in the surge of household debt that brought on the financial crash and Great Recession. Other studies have identified rising household debt as a cause of the crash but not income inequality as a cause of the rising debt. Here the unusual rise in household debt post 1995 is documented. Econometric evidence links rising income inequality to the rise of household debt. Consumer expenditure data shows that prices of major necessities —shelter, healthcare (...) and education—rose faster than inflation as demand by high-income households surged. In order to maintain their consumption of such necessities, lower-income households resorted to massive borrowing. Their rising debt precipitated the financial crash and Great Recession. That link was overlooked by mainstream economists because they adhere to a theory of household consumption that posits no role for income inequality. (shrink)

When politicians feel popular pressure to act, but are unwilling or unable to address the root cause of the problem, they resort to symbolic policymaking. In this paper, I examine excessive executive compensation as an issue that rose to the top of the political agenda during both the Great Depression and the Great Recession. Presidential candidates, members of Congress, the media, and the public alike blamed corporate greed for the economic downturn. In both instances, however, enacted legislation stopped short (...) of changing the way in which executive pay was determined or placing effective, enforceable limits on it. I analyze the nature of the democratic process and contend that public policy scholars need to pay more attention to the occurrence of symbolic policies. The category of symbolic policies offers a more accurate approach to understanding the politics of executive compensation in the United States during the two crises and helps explain why, in spite of the recent legislative efforts, it continues to rise. (shrink)

During 1980–90, Japan's annual real GDP growth rate was 4.6%, but which declined to 1.2% in the 1990s. While the drop in itself is a problem, at the same time it exacerbated many other problems, namely inequality, budget deficits, and the increasing burden of an aging society.

As a mono-energy-economy, Russia’s fortunes are closely linked to the price of energy. That same link explains why when energy prices hit record highs, there was such strong public support for Vladimir Putin. But when energy prices plummeted in late 2008, Russia found itself with an economic downturn which brought with it, factory closings, worker layoffs and political grumbling. Because of Russia’s inexperience with economic upheaval, Russia is likely to go through greater turmoil and political uncertainty if not unrest, than (...) more traditional market economies which over the years have had to learn how to deal with economic cycles of this sort. (shrink)

The current concerns with laggard growth and income inequality have led to a widespread set of demands for more regulation and higher taxation to reverse the trend. These two approaches move matters exactly in the wrong direction. The correct response is to find ways to reduce tax burdens and barriers to entry, and to reduce the political uncertainty associated with new government measures. It may well be too late, worldwide, for a substantial rollback in the welfare state. But the current (...) proposals will only prolong the dismal results on both fronts in any arena in which they are tried. (shrink)