Crisis, reform and recovery

The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. This book explores what went wrong and how did the Asian economies long considered 'miracles' respond, among other things. The combined effects of growing unemployment, rising inflation, and the absence of a meaningful social safety-net system, pushed large numbers of displaced workers and their families into poverty. Resolving Thailand's notorious non-performing loans problem will depend on the fortunes of the country's real economy, and on the success of Thai Asset Management Corporation (TAMC). Under International Monetary Fund's (IMF) oversight, the Indonesian government has also taken steps to deal with the massive debt problem. After Indonesian Debt Restructuring Agency's (INDRA) failure, the Indonesian government passed the Company Bankruptcy and Debt Restructuring and/or Rehabilitation Act to facilitate reorganization of illiquid, but financially viable companies. Economic reforms in Korea were started by Kim Dae-Jung. the partial convertibility of the Renminbi (RMB), not being heavy burdened with short-term debt liabilities, and rapid foreign trade explains China's remarkable immunity to the "Asian flu". The proposed sovereign debt restructuring mechanism (SDRM) (modeled on corporate bankruptcy law) would allow countries to seek legal protection from creditors that stand in the way of restructuring, and in exchange debtors would have to negotiate with their creditors in good faith.

German Responses to the June 2019 Mission of the Sea-Watch 3
Klaus Neumann

. Most of the more than 4200 comments posted within that time applaud Kellner and are informed by hatred. Some contain threats. For example, ‘Grillgucker’ wrote: ‘A bullet between the eyes would solve the problem.’ Others referred to her as Assel (woodlouse) or Zecke (tick), or to her and her supporters as Volksverräter , the term used in Nazi Germany for traitors. Carola Rackete may seem to be an unlikely role model for mainstream Germans, but her persona is also a small part of the reason for the traction the issue gained. For a start, she is comparatively

Journal of Humanitarian Affairs
Open Access (free)
Governing Precarity through Adaptive Design
Mark Duffield

the same time, despite agency growth and extensive efforts to professionalise relief work, there was little commensurate increase in effectiveness ( Fiori et al ., 2016 ). Growing risk aversion and recourse to remote management, moreover, created problems of distancing and loss of familiarity ( Healy and Tiller, 2014 ). Distracted by debt-fuelled uncertainty, rather than an indignant citizenry, Western publics now present as so many disillusioned, ironic spectators ( Chouliaraki, 2013 ). Diplomatic influence has also declined ( Mair, 2013

Journal of Humanitarian Affairs
Open Access (free)
A Party of the 99% and the Power of Debt
Tim Di Muzio and Richard H. Robbins

promote debt and inhibit exchange. By promoting local trade, Papavasiliou (2010: 210–211) suggests, we create direct relationships between producers and consumers that protect local economies from “free trade” commodities and services that don’t reflect the social and environmental costs of production and don’t pit the benefit of cheaper prices against the long-term costs of deteriorating local economic and social conditions. These twelve points are not a magical panacea for a perfect world free of all social ills and of the vast ecological problems we face. Nor, of

in Debt as Power
Open Access (free)
Environmental justice and citizen science in a post-truth age
Editors: Thom Davies and Alice Mah

This book examines the relationship between environmental justice and citizen science, focusing on enduring issues and new challenges in a post-truth age. Debates over science, facts, and values have always been pivotal within environmental justice struggles. For decades, environmental justice activists have campaigned against the misuses of science, while at the same time engaging in community-led citizen science. However, post-truth politics has threatened science itself. This book makes the case for the importance of science, knowledge, and data that are produced by and for ordinary people living with environmental risks and hazards. The international, interdisciplinary contributions range from grassroots environmental justice struggles in American hog country and contaminated indigenous communities, to local environmental controversies in Spain and China, to questions about “knowledge justice,” citizenship, participation, and data in citizen science surrounding toxicity. The book features inspiring studies of community-based participatory environmental health and justice research; different ways of sensing, witnessing, and interpreting environmental injustice; political strategies for seeking environmental justice; and ways of expanding the concepts and forms of engagement of citizen science around the world. While the book will be of critical interest to specialists in social and environmental sciences, it will also be accessible to graduate and postgraduate audiences. More broadly, the book will appeal to members of the public interested in social justice issues, as well as community members who are thinking about participating in citizen science and activism. Toxic Truths includes distinguished contributing authors in the field of environmental justice, alongside cutting-edge research from emerging scholars and community activists.

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The Algerian war and the ‘emancipation’ of Muslim women, 1954–62
Author: Neil Macmaster

In May 1958, and four years into the Algerian War of Independence, a revolt again appropriated the revolutionary and republican symbolism of the French Revolution by seizing power through a Committee of Public Safety. This book explores why a repressive colonial system that had for over a century maintained the material and intellectual backwardness of Algerian women now turned to an extensive programme of 'emancipation'. After a brief background sketch of the situation of Algerian women during the post-war decade, it discusses the various factors contributed to the emergence of the first significant women's organisations in the main urban centres. It was only after the outbreak of the rebellion in 1954 and the arrival of many hundreds of wives of army officers that the model of female interventionism became dramatically activated. The French military intervention in Algeria during 1954-1962 derived its force from the Orientalist current in European colonialism and also seemed to foreshadow the revival of global Islamophobia after 1979 and the eventual moves to 'liberate' Muslim societies by US-led neo-imperialism in Afghanistan and Iraq. For the women of Bordj Okhriss, as throughout Algeria, the French army represented a dangerous and powerful force associated with mass destruction, brutality and rape. The central contradiction facing the mobile socio-medical teams teams was how to gain the trust of Algerian women and to bring them social progress and emancipation when they themselves were part of an army that had destroyed their villages and driven them into refugee camps.

Open Access (free)
War, Debt, and Colonial Power
Tim Di Muzio and Richard H. Robbins

the Second World War. Over time, arguably, debt has become a more effective tool of wealth transfer and social transformation than war—though, of course, the two are intertwined in complex ways as the origins of the permanent public debt in England make clear. Since we cannot hope to provide a comprehensive study in such a short volume, what we intend to do is examine what we think are some of the most insightful and significant aspects of debt being mobilized as a technology of organized differential power. We begin by examining how the imposition of imperial

in Debt as Power
Open Access (free)
War, National Debt, and the Capitalized State
Tim Di Muzio and Richard H. Robbins

long-term national debt capable of being serviced by the ever-growing regressive taxation on the public (Dickson 1967; O’Brien 1988; Brewer 1989; Braddick 1996). But we should not theorize England as existing in isolation from the geopolitics, foreign markets, and the religious and dynastic power struggles of Europe and later, the world (Teschke 2009). As many scholars have observed, since the Norman Conquest of 1066, rulers actively centralized political power earlier than most continental nations (Wood 2002). Over time, the nobility was largely demilitarized 32

in Debt as Power
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

outflows from Korea amounted to about US$9.8 billion, the more sophisticated version of this argument interprets the crisis as a classic liquidity crisis – where Korean banks had insufficient reserves and insufficient access to funds, and where investors, suddenly seized with panic, refused to roll over short-term debt, besides demanding immediate payment (Radelet and Sachs 1998). From the perspective of actual experience, analytical distinctions between the “fundamentalist” and the “panic” perspectives are less sharp than they are made in the literature. Indeed, it is

in The Asian financial crisis
Open Access (free)
The evolving international financial architecture
Shalendra D. Sharma

important to the health of the global financial system” (IMF 2001, 3). The IMF and the World Bank plan to conduct FSAP assessments of all member countries at least once in the next five years. Third, there is now agreement that the IMF, in collaboration with other institutions such as the World Bank and the Bank for International Settlements,16 should closely monitor developments in global capital markets, which involves – keeping a watchful eye on the risks of potential large reversals of capital flows and the contagion effects; on the rapid accumulation of short-term debts

in The Asian financial crisis