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)
A Party of the 99% and the Power of Debt

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)
War, Debt, and Colonial Power

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

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

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

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
Open Access (free)
Crisis, reform and recovery

rates for more than a quartercentury before the financial meltdown in July 1997. Rather, this chapter argues that it was the volatile convergence of a mounting current account deficit, a sharp export slowdown, currency and maturity mismatches among Thai commercial banks, the maintenance of a rigid exchange rate, a rapid build-up of private short-term foreign-debt liabilities, an overheated investment bubble in real estate and stock markets, and an external environment that unexpectedly turned sour in 1996–97, that led to the crisis. All that this convergence needed was

in The Asian financial crisis
Why China survived the financial crisis

debt-service ratio (i.e. debt service vs percentage of exports) at 8.5 per cent in 1998. As was noted earlier, the debt also has long maturity, with short-term debt making up only 19.7 per cent of total debt in 1996.17 Given this, it is not surprising that China is amongst a handful of developing economies with an investmentgrade rating on its sovereign external debt. Finally, the evidence is unequivocal: the fruits of post-reform economic development have trickled down to broad segments of the Chinese population. For example, per capita consumption has increased

in The Asian financial crisis
Open Access (free)
Post-crisis Asia – economic recovery, September 11, 2001 and the challenges ahead

banking crisis resulting in credit contraction. During the Asian crisis, the swing of international capital from inflows to outflows amounted to more than 20 per cent of GDP in Thailand. Currency depreciation further worsened the balance-sheets of corporations by inflating the value of liabilities in domestic currency terms, thereby precipitating a currency and banking crisis. Further, there was an imbalance between high levels of short-term foreign debt and low foreign-exchange reserves. However, as investor panic (both foreign and domestic) that partly triggered the

in The Asian financial crisis