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21. The End of Monetary Dominance? How Crises Can Influence Monetary Policy Decisions and Institutions

Author:
Pierre L. Siklos
Publication Date:
11-2008
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Has the global financial crisis made monetary policy more powerful, or it has exposed its limitations? For the most part, the answer is the former, at least today, but the outlook may not be so rosy. When the former British Prime Minister, Harold Macmillan, was asked what were the greatest challenges he faced, he replied: “Events, my dear boy, events.” We have certainly witnessed in the last year a series of events that are challenging policy makers as well as their beliefs about how monetary policy ought to be conducted in future. Indeed, these same events may come to haunt the monetary authorities, and we may well see a return to a period when monetary policy was subservient to a fiscal policy that steps in, ostensibly to impose order on an apparently unruly private sector. Central banks, among other players, appear to have unwittingly put in place the conditions necessary for what we can now confidently call the perfect storm of 2008. There were several observers who predicted that a train wreck was looming on the horizon. Indeed, perhaps most stunning of all, the Bank for International Settlements (BIS), created from the ashes of World War I and which quickly became the forum for central bank cooperation, a role it continues to fill to this day, had repeatedly warned about the troubles that lay ahead. “…these facts also suggest that the magnitude of the problems yet to be faced could be much greater than many now perceive” (BIS Annual Report, 2008: 9). The failure of central banks to act on these warnings may come back to haunt them in the near future.
Topic:
Economics, International Cooperation, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Britain

22. The Formation of a Mercantilist State and the Economic Growth of the United Kingdom 1453-1815

Author:
Patrick Karl O'Brien
Publication Date:
07-2006
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
New institutional economics lacks a theory of state formation which could help us to deal with the mega question of why some states became more efficient than others at establishing and and sustaining institutions. Some kind of middle range theory could be formulated based upon historical case studies. This paper considers the case of Britain and as its title suggests degrades the myth of the United Kingdom as the paradigmn example of liberalism and laisser faire. In making its precocious transition to and industrial market economy the kingom's history is best represented as a case of successful mercantilism.
Topic:
Development, Economics, and Sovereignty
Political Geography:
Britain, United Kingdom, and Europe

23. EU Accession and the Euro: Close Together or Far Apart?

Author:
Peter B. Kenen and Ellen E. Meade
Publication Date:
10-2003
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In May 2004, ten countries are due to join the European Union. They are therefore obliged to join the European Monetary Union (EMU) and adopt the euro as their national currency. Most of them, moreover, have been eager to do that. None of them sought an opt-out of the sort that Britain and Denmark obtained in 1991, when the Maastricht Treaty was drafted. Membership in EMU is not automatic, however, because the accession countries must first satisfy the preconditions contained in the Maastricht Treaty. Although those preconditions are rigorous, and some of the accession countries are still far from meeting them, most of those countries have indicated that they want to enter EMU at the earliest possible date.
Topic:
Economics and International Trade and Finance
Political Geography:
Britain, Europe, and Denmark

24. Precocious British Industrialization: A General Equilibrium Perspective

Author:
N.F.R. Crafts and C. Knick Harley
Publication Date:
01-2002
Content Type:
Working Paper
Abstract:
The British industrial revolution created an industrial economy. While casual discourse conflates industrialization and economic growth, Britain was remarkable primarily for the pronounced structural change that occurred rather than for rapid economic growth. Uniquely the British labour force became highly industrialized even prior to the move to free trade in the 1840s. On the eve of the abolition of the Corn Laws the share of agriculture in employment had already declined to levels that were not reached in France and Germany until the 1950s.
Topic:
Economics and Industrial Policy
Political Geography:
Britain, Europe, France, and Germany

25. Crime, Terror and the Central Asia Drug Trade

Author:
Tamara Makarenko
Publication Date:
06-2002
Content Type:
Working Paper
Institution:
Centre for the Study of Terrorism and Political Violence, St. Andrews University, Scotland
Abstract:
Over the last decade, opium poppy cultivation in Afghanistan has been rising incrementally, culminating in a bumper crop in 1999 that produced approximately 80 percent of the global supply of illicit opium. Despite this predicament, the dynamics of the illicit drugs trade in Afghanistan has received little attention. Most media reports and government statements over-simplify the situation, making it appear as though the Taliban controlled the planting, cultivation, production and trafficking of all opiates. For example, The Times, in an article published in January 2000, reported “The Taliban rulers of Afghanistan have become the world's biggest producers and smugglers of hard drugs, overtaking rings in Colombia and Burma. They are now responsible for 95 per cent of all the heroin entering Britain.” Following the September 11 attacks, this responsibility was shared with Usama bin Laden and the Al-Qaeda network. British Prime Minister Tony Blair thus stated that the “arms the Taliban are buying today are paid for with the lives of young British people buying their drugs on British streets”, and subsequently added that the Taliban and Usama bin Laden “jointly exploited the drugs trade.” This view has also been propagated in the United States by leading news agencies. CNN, for example, explicitly reported that the Taliban both taxed and trafficked in narcotics, which were directly used to finance their military operations.
Topic:
Crime, Economics, and Terrorism
Political Geography:
Britain, Afghanistan, Central Asia, Taliban, Colombia, and Burma

26. Competition and Innovation in 1950's Britain

Author:
Stephen Broadberry and Nicholas Crafts
Publication Date:
10-2000
Content Type:
Working Paper
Abstract:
We find little support for the Schumpeterian hypothesis of a positive relationship between market power and innovation in 1950's Britain even though many economists and policymakers accepted it at the time. Price-fixing agreements were very widespread prior to the 1956 Restrictive Practices Act and they seem to have had adverse effects on costs and productivity. Competition policy appears to have been much too lenient but the productivity problems of British industry at this time are best viewed as arising largely from the difficulties of reaping the benefits of innovation rather than from a failure to innovate per se.
Topic:
Economics, Industrial Policy, and International Trade and Finance
Political Geography:
Britain and United Kingdom

27. From Economic Convergence to Convergence in Affluence? Income Growth, Household Expenditure and the Rise of Mass Consumption in Britain and West Germany, 1950-1974

Author:
Peter Kramper
Publication Date:
10-2000
Content Type:
Working Paper
Abstract:
The “Golden Age” of post-war European economic growth has witnessed extraordinary changes not only in the economic, but also in the social and cultural outlook of Western European societies. Eric Hobsbawm's statement that “[h]istorians of the twentieth century in the third millennium will probably see the century's major impact on history as the one made by and in this astonishing period” is perhaps a little bit too enthusiastic; but it shows that the “Great Boom” has come to be regarded as a key period on the road to the present-day Western world. It has transformed the countries of the West and has at the same time made them more similar to each other. No matter what European societies were in 1950 by 1973, they were all, in Galbraith's famous.
Topic:
Economics, International Trade and Finance, and Regional Cooperation
Political Geography:
Britain and Europe

28. Creating Stability: National Preferences and the Origins of European Monetary System

Author:
Mark Aspinwall
Publication Date:
12-2000
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
This essay compares the preferences of France, Italy, and Britain on the creation of the European Monetary System in 1978-1979, especially the Exchange Rate Mechanism, which stabilised nominal exchange rates. My claim is that the different conclusions reached by the governments (France and Italy in, Britain out) cannot be explained by economic circumstances or by interests, and I elaborate an intervening institutional variable which helps explain preferences. Deducing from spatial theory that where decisionmakers 'sit' on the left-right spectrum matters to their position on the EMS, I argue that domestic constitutional power-sharing mechanisms privilege certain actors over others in a predictable and consistent way. Where centrists were in power, the government's decision was to join. Where left or right extremists were privileged, the government's decision was negative. The article measures the centrism of the governments in place at the time, and also reviews the positions taken by the national political parties in and out of government. It is intended to contribute to the growing comparativist literature on the European Union, and to the burgeoning literature on EU-member-state relations.
Topic:
Economics, Government, and International Cooperation
Political Geography:
Britain, Iraq, Europe, and France

29. The Myth of Meritocracy? An Inquiry into the Social Origins of Britain's Business Leaders Since 1850

Author:
Tom Nicholas
Publication Date:
01-1999
Content Type:
Working Paper
Abstract:
Recent sociological analysis of the extent to which modern British society has become more meritocratic raises important conceptual issues for the recurrent economic history debate concerning the social mobility of Britain's business leaders. The majority view in this debate is that high social status backgrounds have predominated in the profiles of businessmen throughout the nineteenth and twentieth centuries. François Crouzet's The First Industrialists reveals that Britain's industrial pioneers were drawn largely from the middle-and upper-classes, and that the image of the self-made man as the mainstay of the Industrial Revolution is a myth. Stanworth and Giddens identify a prevalence of 'elite self-recruitment' among deceased company chairmen active in large corporations and banks between 1900 and 1970. Scott's work on the upper classes distinguishes a 'core' business stratum characterised by kinship and privilege. Bringing together a range of research on the social origins of businessmen in the twentieth century, Jeremy asserts that 'it was rare for sons of the semi-skilled and unskilled to rise to national leadership in Britain'. The typical twentieth century business leader is upper-or upper middle-class by social origin, rising through the public schools and Oxbridge into the higher echelons of the business community.
Topic:
Economics, Industrial Policy, and Regional Cooperation
Political Geography:
Britain and United Kingdom

30. Numbering British Contention, 1758-1834

Author:
Thomas Chronopoulos
Publication Date:
12-1995
Content Type:
Working Paper
Institution:
Center for Studies of Social Change
Abstract:
In the period between 1758 and 1834 repertoires of contention in Britain changed from parochial, particular, and bifurcated to cosmopolitan, modular, and autonomous. In other words, eighteenth century actions "that included a good deal of ceremonial, street theater, deployment of strong visual symbols, and destruction of symbolically charged objects" through the course of time lost their relative predominance and instead "demonstrations, strikes, rallies, public meetings, and similar forms of public interaction came to prevail during the nineteenth century." These new routines for the eighteenth century contentious events are the ones that ordinary people in the United States and Western Europe still to this date principally employ to make claims. This conclusion merges from a systematic study of more than 8,000 contentious gatherings, in Southern England (1758-1820) and Great Britain as a whole (1828-1834).
Topic:
Conflict Resolution, Security, Economics, and Politics
Political Geography:
Britain, United States, United Kingdom, Europe, and England