Posts by Jeremy Green

Jeremy Green, Lecturer in International Political Economy, University of Cambridge, SPERI Honorary Research Fellow

The end of globalisation?

Jeremy Green

Proclamations of the ‘death’ of globalisation are premature Globalisation is in critical condition. It may even be ‘dead’. This is the emerging consensus among many commentators. Economically, the claim is based on the observed decline in global trade growth and cross-border investment flows since the financial crisis. Politically, the argument is grounded in the plethora of stalled trade deals, from … Continue reading

13 December 2016 by Jeremy Green
Categories: SPERI Comment Tags: , , , , , , , ,

The Coming Crisis: stagflation and the shackles of market discipline

Jeremy Green

In the second blog in SPERI’s new series on ‘the coming crisis’ Jeremy Green assesses the prospects of unorthodox central bank policies for escaping the stagflation gripping Western capitalism The darkest hours of the Global Financial Crisis conjured haunting visions of the worst-case scenario: that we would enter a period of sustained financial paralysis, massive unemployment and the breakdown of … Continue reading

6 April 2016 by Jeremy Green
Categories: Economics, Finance, SPERI Comment, The coming crisis Tags: , , , , ,

How sustainable are the Anglo-American recoveries?

Jeremy Green

While both countries have experienced comparatively strong growth, divergence on the current account ensures that the UK’s situation looks much more perilous Staggering global payments imbalances are a defining feature of contemporary capitalism. From the 1980s, with the emergence of the ‘neoliberal’ phase of capitalism, two major categories of growth model have emerged: debt-led growth models, marked by current-account deficits, … Continue reading

2 February 2016 by Jeremy Green
Categories: British growth crisis, Economics, Global crisis, Politics and policy, SPERI Comment, Sustainability, USA Tags: , , , , , , , , , , , ,

A terminal crisis of Anglo-America?

Jeremy Green

In the wake of the global financial crisis new strains have emerged within the US-UK ‘Special Relationship’ Scenes of Lehman Brothers’ employees hurriedly clearing out belongings from their London offices in September 2008, as the bank filed for the largest bankruptcy in US history, became part of the iconic imagery of the Global Financial Crisis (GFC). Lehman’s collapse was the … Continue reading

30 July 2015 by Jeremy Green
Categories: Economics, Global crisis, SPERI Comment, USA Tags: , , , , , , , , , ,

The City of London and Britain’s uneven development

Jeremy Green

If the City’s prosperity is not made to work for all, then the break-up of Britain may be unavoidable We need to talk about the City of London.  It is driving some of the most damaging trends in Britain today.  Think of the staggeringly uneven distribution of wealth and income and the spatial contours on to which this is mapped. … Continue reading

18 December 2014 by Jeremy Green
Categories: Economics, Finance, Inequality, SPERI Comment

Global currency shifts and the City of London

Jeremy Green

The internationalisation of the renminbi reinforces some of the peculiarities of British development For the US dollar the global financial crisis of 2007-8 represented something of a paradox.  On the one hand, it revealed the vulnerability of the huge US debt market and deep instabilities within an American growth model beset by staggering imbalances.  These factors point towards a long-term … Continue reading

21 October 2014 by Jeremy Green
Categories: China, Debt, Economics, Finance, SPERI Comment Tags:

What’s really at stake in the renationalisation of the railways?

Jeremy Green

Renationalisation might spook big business but it represents a welcome injection of legitimacy into a maligned public sphere The state of Britain’s railways has long been a bee in the public bonnet.  There are very good reasons for this preoccupation.  Ever since the decision to privatise the railways in 1993, costs have spiralled amidst a general perception that the quality … Continue reading

24 July 2014 by Jeremy Green
Categories: Business, Economics, SPERI Comment Tags: ,

Central banking and the governance of the price architecture

Jeremy Green

Monetary policy will not alleviate the injustices of prices in an era of massive inequality With the Bank of England signalling an impending interest rate rise, monetary policy has returned to centre stage.  Since 2008 we have lived through a period of extremely unorthodox monetary policy characterised by unprecedentedly low interest rates. This era of ‘cheap money’ may now be … Continue reading

8 July 2014 by Jeremy Green
Categories: Finance, SPERI Comment Tags: , , , , ,

The politics of employment and the limits of the recovery

Jeremy Green

Despite claims of recovery we are still mired in an employment crisis The contested nature of the economic ‘recovery’ has become the central theme of British political debate. The next election, in 2015, will be fought on these terms, with the Coalition government trumpeting its claims of an economic recovery born through austerity, while Labour outlines the limits of the … Continue reading

23 December 2013 by Jeremy Green
Categories: Employment, SPERI Comment

The politics of quantitative easing: ‘recovery’ through regressive redistribution

Jeremy Green

Neoliberal crisis responses in the Anglo-American economies have deepened inequality and divided society When financial markets stood on the verge of collapse in the summer of 2008, two of the world’s most important central banks, the US Federal Reserve and the Bank of England, began considering unorthodox policy measures. They turned to ‘Quantitative Easing’ (QE): injecting money into the economy … Continue reading

24 September 2013 by Jeremy Green
Categories: Finance, SPERI Comment

Thatcherism and the origins of the present crisis

Jeremy Green

Thatcher transformed Britain, yet many of her policies only accelerated tendencies that had long been incubated within British capitalism In a peculiar sense, the recent obituaries for Margaret Thatcher represent more than death-notices for a former British prime minister.  They represent an obituary for a certain kind of Britain – an overdue obituary for pre-Thatcher Britain, which has been irrevocably … Continue reading

24 April 2013 by Jeremy Green
Categories: Politics and policy, SPERI Comment

British industrial strategy and the problem of the City

Jeremy Green

The Coalition government’s stuttering industrial strategy is reminiscent of earlier failed attempts at revitalisation, and once again the banks are at the heart of the problem As we head further down the spiral of a possible triple dip recession, the question of growth is becoming ever more pressing.  The unravelling of the Anglo-liberal growth model has left the British political … Continue reading

21 January 2013 by Jeremy Green
Categories: British growth crisis, Finance, SPERI Comment

Austerity or growth?

Jeremy Green

The debate has reached a dead-end; reframing it is key to building a progressive future For many of us, our attitude towards the politics of austerity will play a key role in how we vote during the next election. Since the crisis began the media has been buzzing with talk of ‘cuts’, ‘borrowing’, ‘belt-tightening’, ‘prudence’ and ‘savings’. All of us … Continue reading

17 December 2012 by Jeremy Green
Categories: SPERI Comment

The U.S. Elections and the climate silence

Jeremy Green

Obama defeats Romney, but the politics of climate change was the real loser in this election As hurricane Sandy battered the Eastern coast of the U.S. last week, campaigning ground to a halt. A force beyond the control of party politics had made a spectacular intervention, with commentators anticipating that Sandy could have a major impact upon the elections outcome. … Continue reading

9 November 2012 by Jeremy Green
Categories: Climate change, Global crisis, SPERI Comment