Open Access (free)
Governing Precarity through Adaptive Design

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
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.

Open Access (free)

This book describes the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. It presents a historical account of the modern origins of capitalist debt by looking at how commercial money is produced as debt in the late seventeenth and early eighteenth centuries. The book identifies the ways in which the control, production, and distribution of money, as interest-bearing debt, are used to discipline populations. It focuses on the histories of the development of the Bank of England and the establishment of permanent national debt with the intensification and expansion of debt, as a "technology of power", under colonialism in a global context. The book investigates the modern origins of debt as a technology of power by focusing on war, the creation of the "national" debt, and the capitalization of the organized force of the state. It addresses the consequences of modern regimes of debt and puts forward proposals of what needs to be done, politically, to reverse the problems generated by debt-based economies. The book utilizes the term "intensification" rather than spread or proliferation to think about both the amplification and spatial expansion of debt as a technology of power during the era of European colonialism and resistance. Finally, it also presents a convincing case for the 99" to use the power of debt to challenge present inequalities and outlines a platform for action suggesting possible alternatives.

Open Access (free)
Crisis, reform and recovery

they could borrow at an interest rate of 5 per cent to 8 per cent instead of paying more than 13 per cent when borrowing domestically.24 They could earn money simply by borrowing from abroad and depositing baht in Thailand. Domestic borrowers saw none of the problems that a strategy such as Thailand’s fixed exchange-rate policy (which encouraged foreign borrowing denominated in US dollars) carried, as it gave the impression of carrying little or no exchange risk. In the absence of a well-developed domestic debt market, the stability of the baht exchange rate together

in The Asian financial crisis
Open Access (free)

chap 7 23/9/03 1:17 pm Page 142 7 Contraction, 1981–84 ‘As you are aware’, wrote the Vice-Chancellor to the Chairman of the UGC on 8 February 1982, ‘the University of Manchester, as the largest unitary university in the country, has a scale of problems in absolute terms which is not faced by any other similar university.’ The arid prose of official communications did little justice to the upheavals of the previous months. It had seemed that the University would be able to escape bankruptcy only by shedding one-seventh of its academic and supporting staff

in A history of the University of Manchester 1973–90
Open Access (free)
A Party of the 99% and the Power of Debt

that are meaningful to them. With a secure income, we can be sure that those who work for added income will be doing so because they want to contribute to society in some way. Second, a guaranteed income solves the problem of unemployment and does not create any new debt. Third, with a guaranteed income, people will likely choose to work less, increasing their leisure time and potentially leading to a drop in the consumption of goods and services. This is a worthwhile goal not only because leisure time is valued by all but also because people will probably consume

in Debt as Power
Open Access (free)

the problems discussed in the book. Not knowing exactly how to proceed with his research findings, Graeber more or less throws his hands up in the air at the end of his study.16 Strangely, there is no proposed solution to some of the key problems he identifies other than praising the nonindustrious poor (2013: 390).17 Our analysis, however, not only differs from Graeber’s in the ways identified above but also offers feasible solutions that can 12 Debt as Power be debated by activists and policymakers alike, and a strategy through which these reforms can be

in Debt as Power
Open Access (free)
War, Debt, and Colonial Power

degrees of success, this institutional innovation was later adopted by other nations that remained free of colonial rule. It helped to mitigate (never totally solve) the scarcity of money problem that had so riddled England and much of the European continent in an era of colonial plunder, slavery, long-distance trade, and the exploitation of a new energy source, that is, coal. The perpetual debt became a way of permanently locking in the relationship between private creditors and the power of the state 48 Debt as Power to regulate commercial relations, tax its

in Debt as Power
Open Access (free)
The Debt–Growth–Inequality Nexus

process that produces an ever-greater centralization of power as well as mounting environmental harm in spite of neoliberal incantations to the contrary that growth will promote individual freedoms and greater well-being. In the remainder of this chapter, we will argue that we cannot fully evaluate the results of the debt-money experiment without considering our environmental decline, growing differential power and economic inequality, and a host of other social problems that stem from the debtdriven requirement for perpetual economic growth that is, in turn, made

in Debt as Power
Open Access (free)
War, National Debt, and the Capitalized State

: War, National Debt, and the Capitalized State 37 sectors of the elite that the economy was not living up to its full potential. Capacity to improve and produce more agricultural goods and manufactures seemed within technical reach, but so long as money was conceptualized as bullion, the supply could not be easily increased and expanding commerce beyond a certain limit, virtually impossible. As Wennerlind notes, “while modern economic theory does not recognize the possibility of a scarcity of money, seventeenthcentury thinkers were consumed by this problem” (2011

in Debt as Power