Category archives for The coming crisis

Mainstream economics and the crisis of imagination: Part I

Jamie Morgan

In times of crisis the predictions of mainstream economics persistently fail; alternative approaches to economics are required The theme of crisis continually recurs in the SPERI political economy blog. This is a reminder of two things. First, ‘crises’ seem to be everywhere.  The language of the extraordinary has become ordinary.  Second, social reality is a process.  The present is a … Continue reading

6 September 2016 by
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The Coming Crisis: we do not have much time

Professor Andrew Gamble

The political economy problems we face are complex and loom large; new solutions are needed and time is of the essence As the previous blogs in this series demonstrate, the political economy problems facing us are complex, intractable, and in many cases deepening. Recovery from the 2008 crash has been slow and uneven, and as Tony Payne points out, all … Continue reading

13 July 2016 by
Categories: Debt, Inequality, SPERI Comment, The coming crisis | Tags: , | 1 comment

The Coming Crisis: Neoliberalism’s survival and the crisis of imagination

Craig Berry

To capitalise on the crisis and create a post-neoliberal economic order, progressives need new lenses for understanding everyday economic life The last crisis was one of growth.  The next crisis may be coming, but the growth crisis goes on.  Yet capitalism, which cannot countenance stagnation, has survived.  How?  This relates, among other things, to how a given distribution of wealth … Continue reading

6 July 2016 by
Categories: SPERI Comment, The coming crisis | 2 comments

The Coming Crisis: The dangers of indecent work

Genevieve LeBaron

To prevent another economic crisis, we must address the spread and normalization of indecent work Global capitalism’s promise was to pull people out of poverty by creating decent work. It hasn’t delivered, and an escalating jobs crisis is now at the centre of the global economy’s ‘gathering storm.’ As of 2014, over 200 million people in the world were unemployed … Continue reading

22 June 2016 by
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The Coming Crisis: why global governance doesn’t really work

Tony Payne

Serious problems undermine the current regime and create a significant ‘global governance deficit’ Nobody can say that the major institutions of global governance haven’t noticed the possibility that a further global economic crisis might be brewing. The World Bank warned in January this year that a ‘perfect storm’ could be building in the global political economy. It was worried by … Continue reading

15 June 2016 by
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The Coming Crisis: The migrant crisis and the future of the European project

Nicola Phillips

The economic, political and social consequences of failing to respond effectively to the migrant crisis risk accelerating European disintegration Digesting the relentless news stories about the devastating numbers of lives lost in the Mediterranean, the living conditions endured by the human beings seeking passage into and across Europe, and the increasingly incoherent political responses of European leaders, there can be … Continue reading

8 June 2016 by
Categories: Europe and the EU, SPERI Comment, The coming crisis | Tags: , , , , , , , , , , , | Leave a comment

The Coming Crisis: political economy and the ‘other crisis’

Martin Craig

How we diagnose and respond to the ‘socio-ecological’ crisis is essential to our understanding of any ‘coming crisis’ These are anxious times for political economists, as this blog series attests. A crisis is coming (if it’s not already upon us). Decisive changes are needed to avoid dire consequences. But what exactly is this ‘coming crisis’? At first sight the prior … Continue reading

1 June 2016 by
Categories: Climate change, Environment, SPERI Comment, Sustainability, The coming crisis | Leave a comment

The Coming Crisis: we’re not in Kansas any more

Helen Thompson

In the surreal world of post-2008 financial markets and monetary policy ‘black swan’ events shouldn’t surprise us any more The western economic and political world that was in place before 2008 no longer exists and it is not coming back. In retrospect the last supposed boom of the middle years of the first decade of the twenty first century was … Continue reading

25 May 2016 by
Categories: SPERI Comment, The coming crisis | 1 comment

The Coming Crisis: systemic stabilization and the investment state

A new ‘investment state’ is needed to provide stability in the new uncertain political economy of shadow money, financial instability and demand deficiency We live in an era characterised by a confusing evolutionary dynamic relationship between financial innovation, the state and patterns of investment that we barely understand. At the core of this conundrum is the little understood issue of … Continue reading

18 May 2016 by
Categories: British growth crisis, Finance, Politics and policy, SPERI Comment, Sustainability, The coming crisis | Tags: , , , , , , , , , , | Leave a comment

The Coming Crisis: secular stagnation for the UK?

Jonathan Perraton

Current economic trends suggest the UK may need to be prepared for a period of weak, and potentially zero economic growth It is now almost eight years since the collapse of Lehman Brothers heralded the global financial crisis (GFC), roughly the length of a normal business cycle. Over that time interest rates have been held at record low levels and … Continue reading

11 May 2016 by
Categories: Austerity, British growth crisis, Economics, Finance, Politics and policy, SPERI Comment, The coming crisis, USA | Tags: , , | Leave a comment

The Coming Crisis: Is the long-predicted crisis in China finally coming?

Matthew Bishop

A gathering storm is visible on the Chinese horizon, yet the country seems better prepared to ride it out than many predict. China has apparently been on the cusp of a crisis for decades. In the 1990s, as industrialisation gathered momentum, neoliberal economists regularly advocated ‘shock therapy’ of the kind undertaken disastrously by Russia as a way of staving it … Continue reading

4 May 2016 by
Categories: China, Development, Economics, Finance, SPERI Comment, The coming crisis | Tags: , , , , | Leave a comment

The Coming Crisis: planetary instability

Peter Dauvergne

To solve the escalating environmental crisis the unsustainability of global wealth creation must be confronted, argues Peter Dauvergne in our new ‘coming crisis’ blog. Last year was the hottest ever recorded. And for the first time average global temperatures reached 1°C above pre-industrial times. This was but one sign in 2015 of an escalating global environmental crisis. Rivers of plastic … Continue reading

27 April 2016 by
Categories: Climate change, Environment, Europe and the EU, SPERI Comment, Sustainability, The coming crisis | Tags: , | Leave a comment

The Coming Crisis: the monetary policy credibility trap

Jacqueline Best

In the latest blog in SPERI’s series on ‘The Coming Crisis’ Jacqueline Best asks: what do central banks and governments do when exceptions to the monetary policy rules keep piling up? Quite a few commentators have noted that central bankers have become rather less boring of late. Since the 2008 financial crisis, central banks have taken on new roles and … Continue reading

20 April 2016 by
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The Coming Crisis: enduring imbalances in the Eurozone

Scott Lavery

In the third blog in SPERI’s new series on ‘the coming crisis’ Scott Lavery examines three areas of imbalance in the Eurozone and argues that the single currency area remains vulnerable to a future economic downturn Jean Monnet – one of the architects of the European integration process – once opined that “Europe will be forged in crises, and will … Continue reading

13 April 2016 by
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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
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The Coming Crisis: the gathering storm

Colin Hay

In the first of a new series of weekly SPERI blogs on ‘the coming crisis’ Colin Hay sets out the background to the series and outlines the themes it will explore That economists tend to optimism whilst political economists tend to pessimism is something of a truism, albeit one that often goes unacknowledged. The reason for this bifurcation in psycho-analytic … Continue reading

30 March 2016 by
Categories: Austerity, Economics, Europe and the EU, SPERI Comment, The coming crisis | Tags: , , , , , , | Leave a comment