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Antonella Alimento - Beyond the Treaty of Utrecht: Véron de Forbonnais's French Translation of the British Merchant (1753): History of European Ideas: Vol 40, No 8
Pages 1044-1066 | Published online: 06 Nov 2014
This study focuses on the cultural and political context from which stemmed the French translation of the British Merchant. The paratextual and macrostructural interventions that characterised Le négotiant anglois clearly demonstrate that the translator, Véron de Forbonnais, used his work to set out his own epistemological method and his way of looking at inter-state relations. With the book, Forbonnais had distanced himself from Gournay by rejecting the idea that in order for France to prosper in a situation of international competition the government needed to adopt a muscular strategy that included the adoption of a navigation act modelled on the one enacted by Britain in 1660. At the same time, Forbonnais warned French decision-makers that signing commercial treaties with the maritime powers might also be prejudicial to national economic interests. Forbonnais supplied qualified French readers not only with an annotated edition of the British Merchant but also with a translation of Davenant's Of the Use of Political Arithmetick. In so doing, he proposed to his audience a type of governance based on a competent use of statistics. In conclusion, I will argue that in Le négotiant anglois Forbonnais anticipated the key political and economical tenets of his project of ‘monarchie commerçante’, which he later set out in the Principes et observations æconomiques (1767) in order to counter the rise of the epistemology and plans for a ‘royaume agricole’ put forward by the physiocratic movement.
Keywords: British Merchant, Gournay, Davenant, navigation act, treaties of commerce, ‘balance du commerce’
article  paywall  18thC  intellectual_history  political_economy  international_political_economy  France  British_foreign_policy  economic_theory  economic_policy  Physiocrats  commerce  mercantilism  competition-interstate  Navigation_Acts  trade-agreements  trade-policy  Gournay  Davenant  translation  reception_history  French_government  enlightened_absolutism  balance_of_power  statistics  government-data 
december 2016 by dunnettreader
Henry Farrell - Privatization as State Transformation — Crooked Timber - Sept 2016
This account helps explain not only why key parts of the state have become privatized or semi-privatized, being put out to private operators, but why states are increasingly relying on private systems of ordering. It shows how the privatization of governance spans the international sphere as well as domestic politics, since international and cross-national forms of regulation have sometimes been partly privatized, and sometimes structured so as to provide private entities with new opportunities to challenge government decisions. Finally, it provides the basis for a specific normative critique of privatization. Here, I do not try to evaluate whether the economy works worse, or better, after privatization than it did in an era when the state exercised control through ownership rather than regulation. Instead, more simply, I show that privatization did not work as its enthusiasts argued and believed that it would, looking to evaluate it in terms of its own promises. Rather than pushing back the state, and replacing political inefficiency with the competitive disciplines of the market, it has replaced one form of political control with another. -- downloaded via iPhone to DBOX
competition-political  political_science  efficiency  political_change  downloaded  international_organizations  international_political_economy  IR-domestic_politics  hierarchy  accountability  reform-political  competition  political_economy  risk_management  paper  government-forms  political_sociology  political_order  politics-and-money  political_discourse  privatization  organizations  decision_theory  bureaucracy  political_culture 
october 2016 by dunnettreader
Peter A.G. van Bergeijk - The heterogeneity of world trade collapses
This paper analyses drivers of imports during the major world trade collapses of the Great Depression (1930s; 34 countries) and the Great Recession (1930s; 173 countries). The analysis deals with the first year of these episodes and develops a small empirical model that shows a significant impact of the development of GDP, the share of manufacturing goods in total imports and the political system. The analysis reveals substantial heterogeneity with respect to regional importance of these drivers. -- downloaded via iPhone to DBOX
public_policy  political_participation  economic_growth  global_economy  economic_history  political_economy  trade-policy  paper  institutions  government-forms  business-and-politics  international_political_economy  global_system  downloaded  trade  Great_Recession 
august 2016 by dunnettreader
Jean Tirole - Financial Crises, Liquidity, and the International Monetary System (eBook, Paperback 2016 and Hardcover 2002) - Princeton University Press
Written post Asia crisis but eternally applicable - he was focusing on capital flows when it still was heterodoxy -- Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. Jean Tirole first analyzes the current views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts.

Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policymakers, and students at all levels will find indispensable. -- downloaded excerpt to Tab S2
books  kindle-available  downloaded  financial_system  financial_regulation  financial_crisis  banking  capital_adequacy  contagion  sovereign_debt  international_monetary_system  international_finance  international_political_economy  IMF  emerging_markets  globalization  global_governance  global_system 
august 2016 by dunnettreader
Eggertsson & Summers - How secular stagnation in open economies spreads and how it can be cured |, 22 July 2016
Secular stagnation in the open economies: How it spreads, how it can be cured - Gauti Eggertsson, Lawrence Summers - The secular stagnation hypothesis suggests that low interest rates may be the new normal in years to come. This column argues that this prospect should not only lead to a major rethinking of policy from the perspective of individual economies, but also a major rethinking about monetary and fiscal policy in the international context, the role of international capital flows, and the role of policy coordination across borders. In times of secular stagnation, events such as Brexit or the recent turbulence in Turkey have much larger spillover effects than under normal circumstances. -- Much of previous work, including our own writings (Summers 2014, Eggertsson and Mehotra 2014), focuses on the secular stagnation hypothesis in the context of the US. Our two recent papers, however, written jointly with Neil Mehrotra (Eggertsson et al. 2016a, hereafter EMS) and with Neil Mehrotra and Sanjay Singh (Eggertsson et al. 2016b, hereafter EMSS), highlight the importance of real exchange rates and especially international capital movements in spreading secular stagnation, and the resulting policy spillovers across countries. -- downloaded to Tab S2
paper  downloaded  international_political_economy  international_finance  monetary_policy  central_banks  fiscal_policy  investment  savings  capital_flows  contagion  stagnation  interest_rates 
august 2016 by dunnettreader
Kevin O'Rourke - The Davos Lie (April 2016) - Critical Quarterly - Wiley Online Library
Economists can tut-tut all they want about working-class people refusing to buy into the benefits of globalisation, but as social scientists we surely need to think about the predictable political consequences of economic policies. Too much globalisation, without domestic safety nets and other policies that can adequately protect globalisation's losers, will inevitably invite a political backlash. Indeed, it is already upon us. - downloaded to Tab S2
article  downloaded  international_political_economy  globalization  trade-theory  trade-policy  trade-compensation  inequality  outsourcing  working_class  development  development-impact  populism  political_economy  political_order  stability 
august 2016 by dunnettreader
Eggertsson, Mehrotra, Singh & Summers - A Contagious Malady? Open Economy Dimensions of Secular Stagnation | NBER June 2016
Gauti B. Eggertsson, Neil R. Mehrotra, Sanjay R. Singh, Lawrence H. Summers - Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of stagnation. In a world with a low natural rate of interest, greater capital integration transmits recessions across countries as opposed to lower interest rates. In a global secular stagnation, expansionary fiscal policy carries positive spillovers implying gains from coordination, and fiscal policy is self-financing. Expansionary monetary policy, by contrast, is beggar-thy-neighbor with output gains in one country coming at the expense of the other. Similarly, we find that competitiveness policies including structural labor market reforms or neomercantilist trade policies are also beggar-thy-neighbor in a global secular stagnation.
economic_theory  interest_rates  stagnation  economic_growth  OECD_economies  paywall  capital_flows  paper  international_finance  global_economy  contagion  monetary_policy  FX-rate_management  international_political_economy  competition-interstate  fiscal_policy  fiscal_multipliers  trade-policy  Labor_markets  austerity  competiveness-labor  wages  labor_standards 
july 2016 by dunnettreader
Dani Rodrik and Arvind Subramanian - Why Did Financial Globalization Disappoint? | IMF Staff Papers - Jan 2009
IMF Staff Papers (2009) 56, 112–138. doi:10.1057/imfsp.2008.29; published online 6 January 2009 -- The stylized fact that there is no correlation between long-run economic growth and financial globalization has spawned a recent literature that purports to provide newer evidence and arguments in favor of financial globalization. We review this literature and find it unconvincing. The underlying assumptions in this literature are that developing countries are savings-constrained; that access to foreign finance alleviates this to boost investment and long-run growth; and that insofar as there are problems with financial globalization, these can be remedied through deep institutional reforms. In contrast, we argue that developing economies are as or more likely to be investment- than savings-constrained and that the effect of foreign finance is often to aggravate this investment constraint by appreciating the real exchange rate and reducing profitability and investment opportunities in the traded goods sector, which have adverse long-run growth consequences. It is time for a new paradigm on financial globalization, and one that recognizes that more is not necessarily better. Depending on context and country, the appropriate role of policy will be as often to stem the tide of capital inflows as to encourage them. Policymakers who view their challenges exclusively from the latter perspective risk getting it badly wrong. - downloaded pdf to Note
international_political_economy  paper  IMF  macroeconomics  access_to_finance  LDCs  FX-rate_management  downloaded  emerging_markets  investment  economic_theory  economic_growth  development  capital_controls  international_finance  capital_flows  investment-government  FX-misalignment  international_economics  economic_policy  global_economy  financial_sector_development  financial_economics  economic_reform 
june 2016 by Werderbach
Dani Rodrik and Arvind Subramanian - Why Did Financial Globalization Disappoint? | IMF Staff Papers - Jan 2009
IMF Staff Papers (2009) 56, 112–138. doi:10.1057/imfsp.2008.29; published online 6 January 2009 -- The stylized fact that there is no correlation between long-run economic growth and financial globalization has spawned a recent literature that purports to provide newer evidence and arguments in favor of financial globalization. We review this literature and find it unconvincing. The underlying assumptions in this literature are that developing countries are savings-constrained; that access to foreign finance alleviates this to boost investment and long-run growth; and that insofar as there are problems with financial globalization, these can be remedied through deep institutional reforms. In contrast, we argue that developing economies are as or more likely to be investment- than savings-constrained and that the effect of foreign finance is often to aggravate this investment constraint by appreciating the real exchange rate and reducing profitability and investment opportunities in the traded goods sector, which have adverse long-run growth consequences. It is time for a new paradigm on financial globalization, and one that recognizes that more is not necessarily better. Depending on context and country, the appropriate role of policy will be as often to stem the tide of capital inflows as to encourage them. Policymakers who view their challenges exclusively from the latter perspective risk getting it badly wrong. - downloaded pdf to Note
paper  downloaded  IMF  international_political_economy  international_finance  global_economy  emerging_markets  LDCs  capital_flows  investment  investment-government  development  economic_growth  economic_policy  economic_reform  access_to_finance  capital_controls  FX-misalignment  FX-rate_management  economic_theory  macroeconomics  international_economics  financial_economics  financial_sector_development 
may 2016 by dunnettreader
Poul F. Kjaer - The Function of Justification in Transnational Governance (2015) |
WZB Berlin Social Science Center Discussion Papers, SP IV 2015-808, 2015 - Developing a sociological informed social theory perspective, this article asks the question why social praxis’ of justification has moved to the centre-stage within the debate on transnational ordering. In contrast to perspectives which see the relationship between national and transnational forms or ordering as characterised by a zero-sum game, the coevolutionary and mutually reinforcing relationship between national and transnational forms of ordering is emphasised. It is, moreover, argued that this complementarity can be traced back to the fundamentally different function and position of national and transnational forms of ordering in world society. The widespread attempt to analyse transnational developments on the basis of concepts of law and the political which emerged in national contexts are therefore seen as problematic. Instead context adequate concepts of transnational law and politics are needed. It is on this background, that a discourse on justification has emerged in relation to transnational settings. Transnational justificatory praxis’ can be understood as functional equivalents to democracy in transnational settings in so far as both can be understood as reflexivity increasing instruments. The central difference is, however, that democratic frameworks implies an ex ante form of the political in contrast to the ex post emphasis of justificatory praxis’. In addition, law gains a central role as the framework through which justificatory praxis’ are structured in transnational settings. - downloaded pdf to Note
paper  downloaded  sociology_of_law  political_sociology  nation-state  transnational_power  transnational_law  nation-state_decline  state-transnatiinal_relations  supranational_institutions  legitimacy  legitimacy-international  justice  democracy_deficit  political_participation  IR_theory  IR-domestic_politics  global_governance  regulation-harmonization  regulatory_avoidance  civil_society  NGOs  government-forms  government-roles  international_law  international_political_economy  MNCs 
may 2016 by dunnettreader
Michael Pettis - Economic consequences of income inequality - March 2014
Back to basics and the undercinsumption model that shows why it's necessary to save capitalism from itself -- I will again quote Mariner Eccles, from his 1933 testimony to Congress, in which he was himself quoting with approval an unidentified economist, probably William Trufant Foster. In his testimony he said:

It is utterly impossible, as this country has demonstrated again and again, for the rich to save as much as they have been trying to save, and save anything that is worth saving. They can save idle factories and useless railroad coaches; they can save empty office buildings and closed banks; they can save paper evidences of foreign loans; but as a class they cannot save anything that is worth saving, above and beyond the amount that is made profitable by the increase of consumer buying.

It is for the interests of the well-to-do – to protect them from the results of their own folly – that we should take from them a sufficient amount of their surplus to enable consumers to consume and business to operate at a profit. This is not “soaking the rich”; it is saving the rich. Incidentally, it is the only way to assure them the serenity and security which they do not have at the present moment.
trade-policy  Great_Depression  china  economic_history  Eurozone  international_political_economy  EF-add  savings  Great_Recession  investment  Germany  global_economy  trade-theory  economic_theory  unemployment  consumer_demand  inequality 
april 2016 by Werderbach
Coppola Comment: Debt hysteria - September 30, 2014
The global debt glut described in the Geneva 16 report, and the global saving glut described by Bernanke, are the same thing. The authors note that growth has been slowing in developed countries since 1980. Indeed it has - and during that time capital ownership and indebtedness have been increasing in tandem, as we might expect since they are opposite sides of the same coin. The report cites numerous analyses that show high debt levels - public AND private - tending to impede growth as resources that could have been turned to productive investment are spent on debt service. Secular stagnation is as much a consequence of over-indebtedness as it is of excess capital. -- When the private sector is highly indebted, saving can take the form of paying off debt. If the government runs a surplus, therefore, it impedes deleveraging in the private sector, and may even force some sectors (typically the poor) to increase debt. Reducing the sovereign debt not only reduces saving in the private sector, it comes at the price of continued and possibly rising indebtedness. The report rightly notes that transferring debt from the private to the public sector, as the US has done, isn't deleveraging. But transferring it back again isn't deleveraging either. And as transferring it back again is likely only to be possible with extensive sovereign guarantees (the UK's Help to Buy, for example), whose debt is it really, anyway? Reports such as this, that look on debt as a problem and ignore the associated savings, fail to address the real issue. The fact is that households, corporations and governments like to have savings and are terrified of loss. Writing down the debt in which people invest their savings means that people must lose their savings. THIS is the real "shock, horror". This is what people fear when they worry about a catastrophic debt default. This is what the world went to great lengths to prevent in 2008. The problem is not the debt, it is the savings.
OECD_economies  Evernote  global_economy  risk-systemic  creditors  deleverage  international_political_economy  credit  debtors  debt  risk  leverage  investment  economic_growth  institutional_investors  equity  capital_adequacy  capital_markets  international_finance  equity-corporate  banking  default  pensions  inflation  government_finance  global_imbalance  debt-restructuring  sovereign_debt  emerging_markets  stagnation  savings  property_rights  austerity  interest_rates 
april 2016 by Werderbach

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