Surviving a Global Financial Crisis

Conquering The Coming Collapse

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The Green Industrial Revolution

As global temperatures continue to climb and scientists worldwide warn of an impending climate crisis, the world also faces a financial crisis. According to Time for a Green Industrial Revolution, an article by Nicholas Stern in NewScientist, now is an ideal opportunity to take advantage of the current technological revolution that has the ability to support the sustainable growth and development of a low-carbon global economy.

Energy Use And The Evolution Of Technology

Data from the 1970s onwards do not support this assumption unambiguously. Figure 1 shows that global energy use per unit of economic output was, on average, higher in the early 1970s than in 1998, the latest year for which data are available. A similar trend is observed for high income countries (as defined by the World Bank, 2000). For the remaining countries, the trend is mixed. During the 1980s, energy intensity in the rest of the world showed a rising trend. However, the collapse of the Soviet Union and the subsequent economic crisis in South East Asia led to a decline in the energy intensity for this group of countries in the first half of the 1990s. From 1995 onwards, energy intensity has increased for both group of countries, as well as for the world as a whole.

Planned Programs in the Past

This was the goal of making the United States into the arsenal of democracy and to produce everything necessary in order to win the war on the part of the Allied forces. The Apollo program was run in parallel with normal economic activities and the Marshall Plan was a financial and management effort to help in the rebuilding of Europe after the Second World War. None of these planned economic programs has made the US economy into a planned economy. The characteristics of planned economies in socialist states that include state ownership of production resources and lack of incentives for individual initiatives have never been present in any of these programs, and they will not be part of any planned effort in the future either.

Capital equipment costs

Grid power costs around 12 cents per kWh (kilowatt-hour), although this fluctuates quite a bit from region to region. The same amount of energy contained in a chunk of raw coal costs only a third of a cent. Computer grade power, that is, power which is highly refined and consistent, costs over 3 per kWh. Yet the consumption of this high grade electricity is the fastest growing sector of the US economy, and the majority of value added to each

The new policy challenge

The combination of slowing growth and rising inflation poses serious challenges for Chinese macroeconomic policymaking. Deterioration of the US economy, the continuing surge of oil prices, liberalisation of domestic factor markets, the upcoming Olympic Games and unexpected events such as the recent snowstorm and earthquake further complicate policymakers' decisions. In this chapter, I argue that the scenario of stagflation is unlikely to materialise in China any time soon. Development in three areas could, however, reinforce the challenge of slowing growth and rising inflation in the coming year deceleration of the US economy, elevated international oil prices and gradual cost normalisation in China. We are likely to see growth shifting to a slightly slower gear about 10 per cent while inflation will ratchet up to higher levels, of about 5-7 per cent, in the coming year or two.

Individual and Social Consequences

One of the advantages for the veterans who survived the war was that they were offered extensive opportunities to get a high-level education. This was done, primarily, in order to keep a number of veterans happy and away from the labor market for a few years, so as not to create a labor surplus. For American society this led to a tremendous rise in competence. More than 8 million veterans received more education in college and technical schools than they would have received otherwise. The percentage of the population that had college degrees increased and the number of college degrees awarded doubled in 1950 compared to 1940, before the country joined the war. This huge investment in training and education, not only of the veterans, but of building and expanding a national education system, has benefited the US economy ever since.

Policy considerations

Third, will the US slow-down drag down the Chinese economy significantly In the case of a deep and protracted US recession, China's exports could suffer badly. This might not only slow economic growth, it could create serious overcapacity problems in China, which would, in turn, ease China's inflationary pressure. Although the US economy still faces significant uncertainty, its near-term outlook has improved compared with two months ago. This should help limit the downside risks for the Chinese economy. There were probably many reasons why capital inflows increased dramatically during the past months. One reason could be the financial crisis in the United States. In a volatile international capital market, China becomes a safe heaven. Another reason might be the rapid appreciation of the renminbi, which encouraged expectations of more currency gains in the near future. During the first quarter of 2008, the annualised monthly pace of the renminbi's appreciation against the US dollar...

Mass Flows And The Life Cycle

Exports Usa 1900 1940

US Economy A summary of the major mass flows in the US economy for the year 1993 is shown in Figure 3.2. (The date does not matter, for this purpose.) The units are million metric tons (MMT). We included overburden and erosion in this diagram, since estimates were available. The mass-balance principle was used in constructing Figure 3.2 to estimate a number of flows that could not be measured directly. For instance, we used the mass balance to calculate the amount of oxygen generated by photosynthesis in agriculture paper, plastics and so on are in the 'reactive' category, insofar as they can oxidize or react with other environmental components. (Most of these, especially paper and plastics, can be burned for energy recovery.) However, as a practical matter, these potentially reactive materials are vastly outweighed by the inert materials utilized in structures, such as glass, brick and tile, concrete, plaster, gravel and stone. All of the latter group of materials are chemically...

Social Responsibility Of Business Introduction

Argentina's economic crisis in December 2001 (Newell and Muro 2006) while companies in South Africa are forced to address racial inequality as a result of the unique legacy of apartheid (Fig 2005). Companies in Malaysia focus on charitable activities, especially around Muslim and Chinese religious holidays, while companies in South Africa focus on black empowerment schemes. Therefore, CSR or 'being socially responsible' clearly means different things to different people in different countries.

Importance of context

Finally, and perhaps most importantly, the needs and expectations of stakeholders vary between different places. As we pointed out earlier, South Africans expect companies to tackle black empowerment and HIV Aids (Hamann et al. 2005), Argentinians expect companies to tackle the social needs created by the 2001 economic crisis (Newell and Muro 2006), while Nigerians expect oil companies to provide basic infrastructure (Frynas 2001). The universal CSR standards may do little to help companies 'to do the right thing' in those specific contexts.

Peter Taylor Catastrophes and insurance

We can map the semantic minefield by characterizing three types of catastrophic risk as treated in insurance (see Table 8.1) physical catastrophes, such as windstorm and earthquake, whether due to natural hazards or man-made accidental or intentional cause liability catastrophes, whether intentional such as terrorism or accidental such as asbestosis and systemic underlying causes leading to large-scale losses, such as the dotcom stock market collapse. Although many of these catastrophes are insured today, some are not, notably emerging risks from technology and socio-economic collapse. These types of risk present huge challenges to insurers as they are potentially catastrophic losses and yet lack an evidential loss history.

Changing the DNA of a major construction firm Swinerton Builders

Parts of the country, but some companies are turning away profitable work because they can't hire enough good people. This situation has been developing over the past 10 years, alongside the tech-boom-fueled growth and then recession of the US economy, but most firms have not responded with a comprehensive strategy to address the people problem (one reason, because the brief construction recession of 2002 and 2003 made it easier to hire and keep designers).

Structural Capital in Organizations

Throughout industrialization, machinery to a large and increasing extent helped in the development of structural capital. Initially, machinery was based on standardized technologies that could be used for many purposes (such as lathes, typewriters and conveyor belts) and products and production processes could be configured in very different ways, using the same machinery. (This is probably the primary reason why it was possible in 1941 to so very rapidly transform the US economy into a war economy.) Two different companies could then, for example, develop cars that were constructed in very different ways. While the general purpose of the two cars was the same and both used the combustion engine for propulsion, the design, manufacturability and the serviceability could be very different. Each

Exergy And Useful Work

Japan Gdp Growth 1900

Note that the exergy required to produce a unit of GDP in Japan is just about half of the amount required by the US economy, and this From the data plotted in Figures 7.1 and 7.2 it is possible to calculate aggregate exergy-to-work efficiencies for the economies of the two countries. Results are shown in Figure 7.3. It is noteworthy - and surprising -that, according to our calculations, the efficiency of the Japanese economy actually peaked in the early 1970s and began to decline, albeit slowly, whereas the (lower) efficiency of the US economy has increased more or less monotonically up to now, while remaining significantly lower than that of Japan. The explanation is, probably, that as Japan has become more prosperous since the 1960s, inefficient uses of energy (exergy) have grown faster than aggregate efficiency gains. The fact that favorable hydro-electric sites were already exploited has necessitated increased use of less efficient steam-electric generation. Similarly, inefficient...

River Sediment Transport

Rewa River Floodings

Yet the concentration of suspended particles varies considerably within a river's cross section, depending on the erodibility of the riverbed and floodplain, the shear stress of the flow and the height above the channel bed. Furthermore, at any individual study site, the ratio of the supply of fine sediment to the total suspended load of the river will fluctuate over the duration of a flood event, depending on bank failure, erosion patterns in the watershed and many other factors. This can give relationships between suspended sediments and river discharge that are hysteretic in form. This means that the peak in suspended sediments may either precede or lag the peak in water discharge.

Planned Decision Making in Market Economies

As we have seen above, the US economy was turned into a war economy in less than 1 year, and within 3.5 years of this decision, hundreds of thousands of airplanes, tanks, ships and other vessels and vehicles had been produced. During the same period of time, millions of uniforms had been sewn and large numbers of boots, rifles and other necessary materials had been produced as well. In the case of the Apollo program, after President John F. Kennedy's decision to put a man on the Moon, it took only 8 years to accomplish the mission. During this time a host of new technologies had been developed and integrated with each other into functioning spacecraft a number of test flights had been performed, using, first, smaller craft, and, later, full-scale Saturn V rockets. Large-scale launch facilities had been built in Florida, and a control center had been erected in Houston. Around 400,000 people, primarily in the US, had participated in the program in some way, and 20,000 suppliers had...

The Solowswan Model Of Economic Growth

Using the PIM construct, it was discovered in the early 1950s that historical growth of the US economy could not be explained by the accumulation of capital stock, or the increase in capital per worker, as most economists had previously assumed (for example, Fabricant 1954 Abramovitz 1956). The key innovation in growth theory at that time was the explicit use of an aggregate production function of capital and labor services which enabled economists to account for the relative importance of the two factors of production and sources of productivity growth (Solow 1956, 1957 Swan 1956). Though not all economists are happy with the use of production functions, their limitations have been relegated in recent years to footnotes or ignored altogether.

The Roman Byzantine period ka to ka BP including the Roman Byzantine transition period ka to ka BP

Palynological data of Baruch (Stiller et al., 1983-84 Baruch, 1986), taken from a core in the Sea of Galilee, shows a conspicuous increase of olive pollen and a decrease in oak and pistachio during the Roman period. Baruch concluded that the economy flourished during the Roman period and, consequently, farmers reduced the natural forest to replace it with olive groves. According to Baruch, the decline in olive pollen at c. 500 AD was caused by an economic crisis in which inflation increased, causing the export of oil to be too expensive. Yet, as already discussed, Baruch's curve also shows olive increase and oak and pistachio decrease during the EB period, together with a reverse of conditions at the end of the period, earlier shown to be in accord with proxy-data and historical evidence for climate changes. Furthermore, depletion in 18O and 13C isotopes in lacustrine carbonates of the Sea of Galilee indicates a colder climate during the Roman period.

The Lure Of The Supply Side

The best example of this is Russia's economic collapse in the 1991-96 period, during which demand destruction for oil and gas was very intense, with about a 45 percent cut in Russian domestic consumption. This of course permitted large increases of Russian oil and gas exports, reducing world prices and maintaining an appearance of abundance.

The American Century Three Phases

Under the Bretton Woods system in the immediate aftermath of the war, the international order was relatively tranquil. The United States emerged as the sole superpower, with a strong industrial base and the largest gold reserves of any nation. The initial task was to rebuild Western Europe, and in 1949 it was decided to create the NATO (North Atlantic Treaty Organization) alliance against possible Soviet Union military incursions into Western Europe. The role of the US dollar was directly tied to that of gold. So long as America enjoyed the largest gold reserves, and the US economy was in large measure the most productive and efficient producer, the entire Bretton Woods currency structure from French franc to British pound sterling and German mark was stable. Dollar credits were extended along with the Marshall Plan to financially assist the rebuilding of wartorn Europe and Asia.

The Motorisation Of America

The problem facing the automobile and oil companies, as the US economy began to recover from the slump of the mid-1930s, was that hitherto the principal source of demand for automobiles had come from customers living in rural areas. It was the farmers, rural doctors and lawyers who were initially most attracted to the motor car and the small truck. In a sparsely populated US hinterland the arrival of the automobile was a truly liberating factor for thousands of early-twentieth-century rural Americans.

The Importance of Economics

When human beings must choose between basic items such as food, clothing, and housing on the one hand or protecting the environment on the other, the environment loses almost every time. That is a fact. Some of the most serious environmental problems the world faces are in the poorer nations. The two countries with the most plant and animal species are Brazil and Indonesia. Yet, Brazilians sacrifice rain forest for food production, and Indonesians, reacting to the recent economic crisis, are hunting to extinction species that are found nowhere else in the world.6 Although the issues are much more complex than this simple presentation, if we had limitless resources, we wouldn't need to make such tough choices.

History of Atlanto Scandian herring fishery

In the first half of the 1950s the Norwegian spring-spawning herring stock was at a high level of 8 million metric tons. In 1957 it reached a peak value of 10 million metric tons and then sharply decreased to about 3 million metric tons in 1963 (Anon., 1978). With this decline, the main source of its exploitation was lost to the Norwegian fishery, resulting in a serious economic crisis. The number of vessels significantly declined and fishermen were forced to find new ways to increase efficiency and reduce the costs of fishing. Norway carried out a technical reconstruction of its fishing fleet, as Iceland had done some years earlier. In the early 1960s, the two-dory system was replaced by the ring-net technique using power blocks. This allowed for a reduction in crew size by half. In addition, the new equipment was less affected by weather, allowing the fleet to operate much farther offshore. The development of

Biomass energy and biofuels potentialities and risks

The European Union member states have set an initial goal of incorporating at least 5.75 of biofuels in 2010 and 10 by 2020 in the fuels of fossil origin (gasoline and diesel). Within the present context of economic crisis and controversy about the role of biofuels, these figures might be revised.

Opportunity Provided by Globalization

Globalization confers benefits as well as costs to LDCs. Among the former are increased trade and capital flow, which enable many LDCs to improve productivity and to raise income and employment. Those countries, such as the NICs in East Asia, which can take advantage of globalization by implementing policies and establishing institutions compatible with its demands, found themselves on a faster track of economic growth. The rates of economic growth of the four East Asian economies have been among the highest in the world for the last two decades. They are now classified by the World Bank as high income countries in the same league as the advanced industrialized countries. But this achievement is not without costs. Globalization brings instabilities and uncertainties caused by unpredictable and massive financial capital flow, as happened to these countries after the financial crisis in 1997. These speculative attacks revealed the yet-to-be mature institutions of the East Asian NICs and...

Us Withdrawal And Cop Part Ii

Bush first announced on 13 March 2001 that he would back away from requiring domestic regulation of CO2 emissions from power plants, on the grounds that CO2 was not a pollutant under the Clean Air Act. In a letter to Senators Hagel, Helms, Craig and Roberts on 15 March, he stated that he opposed the Kyoto protocol because it exempted '80 per cent of the world, including major population centres such as China and India, from compliance and would cause serious harm to the US economy'. He also referred to 'the incomplete state of scientific knowledge of the causes of, and solutions to, global climate change and the lack of commercially available technologies for removing and storing carbon dioxide'. Bush was responding to a letter from these Senators which explicitly mentioned the paper by Hansen et al. (2000), which suggested that other, non-CO2 options might be preferable to Kyoto.

Riots in Shanghai Suburb as Pollution Protest Heats Up

In Haiti, forest and soil loss contributes to a relentless economic crisis that erodes all public institutions, encourages pervasive corruption, and helps sustain vicious fighting between political factions as criminal violence and kidnappings for ransom have soared, people try to escape the country any way they can sometimes on boats as illegal refugees to the United States.65 In the Philippines, cropland and forest degradation in the country's mountainous interior zones causes chronic poverty that's exploited by a persistent Communist insurgency.66 In Rwanda, land shortages resulting from population growth and soil degradation were a major underlying reason for the bitter hatreds and violence that led to the horror of the 1994 genocide.67 In the Darfur region of the Sudan, population pressure, land scarcity, and drought have encouraged attacks by Arab nomads and herdsman on black farming communities, producing hundreds of thousands of deaths and over a million refugees in...

Countering Propaganda With Simple Solutions

Zolberg, Are the Industrial Countries Under Siege, in G. Luciani, ed., Migration Policies in Europe and the United States, Kluwer Academic Publishers, Netherlands, 1993, pp. 53-82, p. 61 In the 1970s, mounting objections by conservative segments of the citizenry to the presence of culturally and often somatically distinct minorities, as well as the oil crisis and ensuing economic crisis, prompted the governments of the industrial countries to undertake a drastic reevaluation of ongoing immigration, but the difficulty of reducing the flows to the desired level, as well as to restoring the status quo, precipitated renewed fear of 'invasion'. In the United States, in the 'stagflation' 1970s, estimates of illegal immigrants escalated to as high as twenty million, on the basis of which it was argued that the nation had 'lost control of its borders'. The major solution proposed was to impose sanctions on employers of unauthorized labour, but this failed of enactment because of...

The Role Of Extrapolation In Integrated Assessment Models

Gross output in DICE was given by a two-factor (capital and labor) Cobb-Douglas production function, together with an assumed rate of total factor productivity (TFP) and an assumed rate of decline in the energy intensity of the economy. The utility of future consumption was discounted at an assumed rate.1 All of these parameters are essentially extrapolations. This is equally true of other large-scale models. For instance, the TFP assumption is a direct extrapolation based on an exponential fit of the ratio between the actual GDP (adjusted for inflation) and the 'naked' Cobb-Douglas model (assuming A(t) 1) for the US economy from 1900 through 2004. The residual (TFP) grew at an average rate of 1.6 percent per annum while the 'naked' C-D function of capital and labor grew at an average annual rate of 1.67 percent. Adding the two rates together, the GDP increased at an average annual rate of about 3.3 percent per annum from 1900 through 2004. Most models, like DICE, simply assume that...

Risks Of Blind Extrapolation Ii

The 2003-05 'recovery' of the US economy is clearly attributable to excessive consumption paid for by deficit spending. This spending was encouraged by low taxes and low interest rates, the latter financed in turn by foreign investment in US government bonds.2 That investment has been explicitly intended to keep US interest rates low and the US dollar overvalued in comparison with the Chinese and other Asian currencies. An overvalued US dollar is very good for Asian exporters and US consumers, especially of oil, but very bad for US workers and manufacturers. The US consumption boom is being financed by a large fraction - as much as three-quarters - of the net savings of the entire world. This obviously cannot continue for long. How it will end nobody can say with certainty, but clues are beginning to emerge.

The Failure Of The Kyoto Process

However, by lowering the demand for carbon credits, reduce the likely inflow of investment funds to industrializing countries, as a result of the constraints of binding targets and the relative cheapness of emission reduction in some countries, and reduce the expectations of carbon traders and carbon consultants. Clearly, the only nations remotely likely to meet the target without trading were those, such as the UK, Germany, Russia, Ukraine and other economies in transition (EITs), where economic collapse or energy restructuring for thoroughly economic reasons had produced substantial windfall reductions in CO2 emissions. Any other outcome in future would have required politically impossible interventions in national economies, with political consequences that could not be foretold. In the end, too many hoped to benefit either from global warming itself, and hence had little incentive to act at great cost to themselves, or from current investments in advocated solutions.

Technology And Economic Change

Germany was favoured by 1990 because the Treaty of Unification was concluded in October of that year, and reunification was followed by a dramatic collapse in the former, almost entirely brown coal dependent, East German economy (the East quickly shut down its nuclear reactors), with economic output contracting 23 per cent in the following year and total primary energy consumption falling by 30 per cent (Boehmer-Christiansen et al, 1993). This economic collapse produced a substantial windfall for Germany in terms of GHG emissions, and further reductions were facilitated by the inefficient base from which further reductions would be made in the east. Similarly, the post-1990 economic collapse of the former Soviet Union and other 'economies in transition' (EITs) has produced similar windfalls which these parties were keen to be allowed to trade under the provisions of Kyoto.

Fccc A Statement Of Principles

So the Kyoto process continued to create structural advantage in the negotiation process for some interests, as had already commenced with the FCCC. Of particular significance was the way the structure of the negotiations favoured the European Union and disadvantaged other parties, including Australia, the USA and Japan. The selection of 1990 as the base year for emission reductions favoured some players where the post-communist economic collapse and energy restructuring produced windfall reductions for reasons unrelated to climate change policy.

The Adequacy Of Commitments

During this period it was becoming clear that, while industrialised countries were agreeing that existing commitments needed to be strengthened, many were also accepting publicly that they were going to fail to meet their existing commitments. The Norwegian government was the first to do this (AcidNews, February 1995 11). Of the major ten emitters of CO2, only the UK, Germany and Russia (the last because of economic collapse) were likely to meet their stabilisation commitment, with the emissions of France, Japan, the US, Canada and Italy all likely to rise, as were those of the EU as a whole (China and India had no commitments under the convention) (Environment Digest, 1995, 2 9 Pearce, 1995 4 USCAN CNE, 1995).

Substantive commitments

Consideration for these countries in the provision of funding and technology transfer (Article 4.9). In addition, the Convention recognizes the difficult circumstances faced by EITs as a result of the political and economic upheaval they have recently experienced, and therefore grants them a 'degree of flexibility' in implementing their commitments (Article 4.6). Several EITs have exercised this flexibility by choosing a baseline earlier than 1990, that is, prior to the economic collapse which led to massive cuts in their emissions.

Global Monetary Reform

Regardless, the ascendance of the euro and ultimately the yuan has likely been fortified given the structural debt, trade, and fiscal imbalances in the US economy. The US consumer cannot go into indefinite debt as the single engine for global growth, nor can the Federal Reserve continue to reinflate bubbles indefinitely.

Nick Bostrom and Milan M Cirkovic Introduction

The term 'global catastrophic risk' lacks a sharp definition. We use it to refer, loosely, to a risk that might have the potential to inflict serious damage to human well-being on a global scale. On this definition, an immensely diverse collection of events could constitute global catastrophes potential candidates range from volcanic eruptions to pandemic infections, nuclear accidents to worldwide tyrannies, out-of-control scientific experiments to climatic changes, and cosmic hazards to economic collapse. With this in mind, one might well ask, what use is a book on global catastrophic risk The risks under consideration seem to have little in common, so does 'global catastrophic risk' even make sense as a topic Or is the book that you hold in your hands as ill-conceived and unfocused a project as a volume on 'Gardening, Matrix Algebra, and the History of Byzantium'

Massive investments in energy infrastructure will be needed

The Reference Scenario projections call for cumulative investment of over 26 trillion (in year-2007 dollars) in 2007-2030, over 4 trillion more than posited in WEO-2007. The power sector accounts for 13.6 trillion, or 52 of the total. Most of the rest goes to oil and gas, mainly for exploration and development and mostly in non-OECD regions. Unit capital costs, especially in the oil and gas industry, have continued to surge in the last year, leading to an upward revision in our assumed costs for the projection period. That increase outweighs the slower projected expansion of the world energy system. The current financial crisis is not expected to affect long-term investment, but could lead to delays in bringing current projects to completion, particularly in the power sector. Just over half of projected global energy investment in 2007-2030 goes simply to maintain the current level of supply capacity much of the 8 world's current infrastructure for supplying oil, gas, coal and...

International The Border Region

Recent efforts to deal with direct cross-border concerns include the Border Environmental Cooperation Commission (BECC) and the North American Development Bank (NAD Bank). The BECC and NAD Bank constitute a partial response to the water-related problems along the U.S.-Mex-ico border (Milich and Varady, 1999). The BECC offers a new kind of forum in which border residents are able to address problems they have in common. It is governed by a binational ten-member board of directors, which includes two members of the IBWC. Its charter explicitly emphasizes public participation. The BECC is charged with certifying proposed border infrastructure projects. BECC criteria include compliance with environmental requirements and maintenance of financial stability (Milich and Varady, 1999). Once a project is certified by the BECC it becomes eligible for financing by the NAD Bank. The BECC places regional proximity to the border ahead of national concerns. However, it is still too early to assess...

Resistance towards taking action and political maneuvering

My administration takes the issue of global climate change very seriously . . . I oppose the Kyoto Protocol because it exempts 80 percent of the world, including major population centres such as China and India, from compliance, and would cause serious harm to the US economy . . . I support a comprehensive and balanced energy policy that takes into account the importance of improving air quality I intend to work with Congress on a multiple strategy to require plants to reduce emissions of sulfur dioxide, nitrogen oxides and mercury . . . I do not believe, however, that the government should impose on power plants mandatory emissions reductions for carbon dioxide A recent Department of Energy Report concluded that including caps on carbon dioxide emissions as part of a multiple emissions strategy would lead to even more dramatic shifts from coal to natural gas for electric power generation and significantly higher electricity prices . . . This is important new information that warrants...

Ligang Song and Wing Thye

Part I of the book deals with the first challenge of maintaining rapid and sustainable growth. It covers issues such as whether it is likely that China will fall into stagflation amid the slow-down of the US economy and rising costs of production. What are the likely implications of American and European financial shocks for Chinese economic performance Why is it important to look at the US-China bilateral trade imbalances in the context of global production fragmentation What are the conditions for achieving equitable and sustainable growth in China and what are the key lessons that can be learned from China's experience of 30 years of reform According to Yiping Huang in Chapter 2, China faces an enormous challenge in sustaining its rapid growth and maintaining macroeconomic stability but stagflation is not likely to materialise in China any time soon. He attributes this precarious future situation to three factors deceleration of the US economy, elevated international oil prices and...

The genesis of the North American and European slowdown

Further percentage point by 2003-04 (Federal Reserve Board of Governors). So the story goes, this unilateral easing inspired a housing bubble, which burst in 2007, unravelling packaged mortgage investments that had, apparently, been priced in a manner that relied on continued housing price inflation (BIS 2007). Linked with this story is the extraordinary blow-out of the US current account deficit since 2000, via the effects of the housing bubble on the US private saving rate. The growth of private wealth, combined with low borrowing rates, tended to boost consumption during this period, requiring that US investment be financed from foreign, rather than US, savings (Edwards 2005 Eichengreen 2006). It stands to reason, then, that the raising of short-term rates by the Federal Reserve during 2004-06 by at least 4 percentage points (Figure 3.1) would eventually prick the housing bubble and that the US economy would have a hard or soft landing, with either outcome redressing the current...

Troubled Times Seeking Protection from Imports

Meanwhile the three U.S. automakers, caught short by the surge of vehicle imports and the demand for smaller and more efficient vehicles, faced intermittent financial disaster. Chrysler was first. In 1980, it was reportedly within hours of bankruptcy.18 Lee Iacocca, upon joining the company as president in 1978, said it looked as if the company had been cobbled together by a host of amateurs with absolutely no organizational logic, adding, I knew it was bad, but I didn't know it was that bad. What I didn't know was how rotten the system was how bad purchasing was how many guys were on the

Innovative Energy Strategies forC Stabilization

The vast majority of the world's climate scientists believe that the build-up in the atmosphere of the heat-trapping gas carbon dioxide will lead to global warming in the next century unless we burn less coal, oil and natural gas. At the same time, it is clear that energy must be supplied in increasing amounts if the developed world is to avoid economic collapse and if developing countries are to attain wealth. Innovative Energy Strategies for CO2 Stabilization discusses the feasibility of increasingly efficient energy use for limiting energy requirements as well as the potential for supplying energy from sources that do not introduce carbon dioxide into the atmosphere.

US growth and the decoupling thesis

Since the outbreak of the sub-prime crisis, US economic activity has slowed steadily. The annualised quarter-on-quarter real GDP growth rate fell from close to 5 per cent during the third quarter of 2007 to below 1 per cent in the next two quarters. Economists are still divided about whether the US economy will fall into deep recession, but most agree that US economic growth is likely to stay well below the trend level for at least several quarters. This should have important implications for the outlook for the Chinese economy in the coming year. To some economists, slowing growth in the United States but steady expansion of the Chinese economy in 2007 provided convincing evidence of the decoupling thesis. The decoupling proposition suggests that as Asian economies grow and economic interactions between them deepen, the relative importance of the US economy for Asia will decline. demand is still not significant enough to support regional economic growth, should the US economy slow...

Depicting and moralising Teessides air pollution

An incident in 1981 highlighted Teesside's image as a polluted place in a quite different way. An advertisement for Crown Paints in the trade press suggested that exposure to the Teesside air offered the most demanding test conditions that the company could find for one of its products. The implication that the air along the River Tees was heavily polluted brought an angry response, with an official complaint to the Advertising Standards Authority and, after an unfavourable response, the eventual intervention of local MPs.7 Fears were voiced that inward investment may be deterred, especially as this incident came at a time of dismay about economic collapse and unemployment. As the minutes of a Pollution Control Committee insisted

Structural Economic Changes and Energy Efficiency

The carbon intensity of production among industrial sectors is, however, quite diverse. Therefore, structural changes in industry during the economic crisis, along with an increase in the industrial share of GDP, were the most important factors in decoupling GDP and carbon emissions. The highest share of

Notes on Contributors

Mark Jones was an author and novelist with a long-time interest in the political economy of oil. He lived and worked in the Soviet Union and in post-Soviet Russia, working for a time with the New Statesman, whilst researching archives newly opened under Gorbachev's policy of Glasnost. He founded the Conference of Socialist Economists and their journal, Capital and Class, in the mid-1970s, and in the 1980s he was remanded in custody for publishing Leon Trotsky's writings. He sustained a deep interest and sympathy for communism, and was concerned by the limits to growth and believed that the US economy had an unsustainable but unstoppable need for oil. His novel Black Lightning, about the fall of the Soviet Union, was published in 1995 by Victor Gollancz.

Energy intensity trends

With these difficulties in mind, we begin by looking at estimates of past energy intensities in the US. The World Energy Council reports the long-term rate of energy intensity improvement in the US, averaged over the past 200 years, was about 1 per year (WEC IIASA, 1995). However, analysis on decadal time scales (Dowlatabadi and Oravetz, 1997) has shown that energy intensity responds to changes in energy prices beyond the price elasticity of demand. Thus for the 20 years from 1954 to 1974, energy intensity rose by close to 2 per annum. This can be attributed to technological drift as energy efficiency was not incorporated into the design of goods and services. Following the 1970s oil shocks, the energy intensity of the US economy declined in response to price signals from 1979-1986, energy intensity fell an average of 3.1 per year. However, as energy prices tumbled post 1986, the decline in energy intensity steadily slowed as the US failed to carry on the energy efficiency experiment...

Difficulties Divisions And The Future

In its handling of the EC issue, the GPS should be seen not as desperately seeking a new policy lifeline but as coming to terms with a pressing new issue facing Switzerland and one which has to be confronted within the special conditions of party competition in Switzerland. Some authorities have suggested that Green parties do best when social democratic parties have been in power because, especially in periods of economic crisis, socialist parties have to look to the interests of their working-class constituents and are precluded from developing environmental legislation and new political styles (MullerRommel 1991 R dig 1991 30). However, this does not apply in Switzerland because of the autonomous and multi-party nature of government. The Swiss party system is multidimensional (Hug and Finger 1992 298-299) because it is so fragmented, with 15 parties now represented in Parliament (Seiler 1987a 137). With increasing dealignment, issue-voting and the breaking down of religious and...

Getting Rid Of The Streetcars And Remaking The Cities

In 1951, with the US automobile industry now producing over two thirds of the world's cars, a massive publicity campaign for the industry's version of the interstate highway system was initiated by the innocently named National Highway Users Conference (the motor industry's lobbying organisation). It employed the dubious argument that, in the event of an atomic bomb attack, radial urban freeways attached to the interstate would enable the population to quickly evacuate the cities. When congressional hearings on interstate legislation began in 1955, the automobile industry, represented by James Nance, president of Studebaker and William Hufstader, vice-president of General Motors, made formidable presentations, arguing the need for an urban-oriented interstate highway system to meet the increased traffic flows into and out of the cities. However, while arguing that the urban interstate was needed to cope with increased traffic flows, it was clear from the auto manufacturers' comments...

Commercialisation privatisation and globalisation

International calls for greater transparency in the accounts of SWFs may be beginning to be heard, but the banking crisis and global depression that developed in 2008 out of the credit crunch may yet give more power to the seemingly sounder examples of SWFs compared with western banks.

The need for action Scale and urgency

Unlike the current global economic crisis, the climate impact of our present CO2 emissions will persist for a very long time. Even if fossil CO2 emissions are reduced to zero, the concentration of atmospheric CO2 will only decrease very slowly. Around half the quantity of CO2 remaining in the atmosphere in the first few years after emission - i.e. amounts not immediately absorbed by the oceans or the terrestrial biosphere - will persist there for 1000 years. For that reason, even in a zero emission scenario, temperatures will only drop by a few tenths of a degree over the course of many centuries (Solomon et al., 2009).

Energy Elasticities And Market Saturation

1 The Council of Economic Advisors' Report to the President in 1990 was influential in promoting the idea that the costs of abatement were unimaginably large. The Report quoted estimates of costs to the US economy of 3.6 trillion and suggested that US growth could be cut in half. However, the Report used US experience following the oil shocks as an illustration of the effects of abatement policies and relied on studies of the effects, e.g. Jorgenson and Hogan (1990), which also depended heavily on data dominated by the 1973 and 1979 oil price shocks. Moreover, the 3.6 trillion estimate does not seem quite so large if reinterpreted as a reduction in the US growth rate 1990-2010 from 2.52 per cent per annum to 2.46 per cent (Barker 1991).

Big Oil Versus The Independents

However, by 1958 it was becoming clear that there was little chance of any voluntary oil import control being achieved. Indeed, imports was still increasing and, exacerbated by a recession in the US economy, demand for domestic crude was running nearly one million barrels per day below that of the previous year. In Texas, allowable production was reduced to just eight days per month. Eventually something had to give. In February 1959, the Director of Defense Mobilization again advised the President that crude oil and petroleum products were now being imported in amounts sufficient 'to impair the national security'. Ten days later, Eisenhower imposed a system of mandatory oil import quotas, which was to remain in force for the next 14 years. The battle had been won by the independents.

Heavy precipitation events

The Alps particularly are exposed to both extremes of precipitation - i.e., heavy precipitation (including hail) and drought - according to the circulation patterns that are associated with extremes and their persistence. Many of the strong rainfall events result in flooding and geomorphologic hazards such as landslides, rock falls, and debris flows within regions of complex topography. If these events occur in the vicinity of populated regions, the impacts in human and economic terms can be enormous. Indeed, the August 2005 floods in Switzerland were estimated to be, on a gross domestic product (GDP) basis, as costly to the Swiss economy as the 2005 Katrina hurricane was to the US economy (unpublished figures from insurance firms).

Government Programs and General Purpose Technologies

In his book Is War Necessary for Economic Growth , Professor Vernon W. Ruttan of University of Minnesota analyzes the question, posed in the title, whether war is necessary for the US economy and other economies to grow. Ruttan himself provides the answer to this question, saying that war and preparations for war may not be necessary, but that large-scale government-funded projects are necessary in order to drive economic growth through the development of general purpose technologies. The six general purpose technologies that are analyzed by Ruttan are as follows

Declaration Of Independence From

Teckningar Att Rgl Gga

This book is an alert and warning to heed the call for an expansion of nuclear electric power to stave off future shortages of fuels for the propulsion of cars, trucks, trains, aircraft, and ships. By the most optimistic estimates, at present rates reasonably accessible oil and gas reserves will be depleted in 40 years, if consumption continues to increase at current levels. Oil retrieval rates have already been declining since the mid-1990's. Unless preventive measures are taken immediately, steadily increasing oil shortages will reach a crescendo by 2030, triggering a total collapse of our present oil-dependent way-of-life. New propulsion systems must be developed which can use synthetic fuels (hydrogen, ammonia, hydrazine, etc) obtainable from air and water via nuclear (or coal) heat or electricity. Uranium and thorium can provide the prime energy needed for massive production of these synfuels for more than 1500 years, and coal for approximately 150 years. However coal should be...

Policies to Address Hot

Tiate this initial allocation so that fewer emission rights are assigned. One way would be to request that Russia and the Ukraine agree to reduction targets instead of the present stabilization targets. Another way would be to choose a base year other than 1990 (e.g. 1995) in which most of the emission reductions from the economic collapse would be discounted. However, both ways seem politically infeasible. Renegotiating the initial allocations of Russia and the Ukraine probably would initiate a process of renegotiating all Kyoto targets, putting the greatest achievement of Kyoto the move toward quantitative targets at risk. Short of renegotiating Kyoto targets, there are three ways to respond to the problem of hot air restrict the sale, restrict demand, or collectively buy out hot air emissions. Each solution has severe shortcomings.

An overview of the GCubed multicountry model

Intertemporal general equilibrium model. It combines the approach taken in the earlier research of McKibbin and Sachs (1991) in the McKibbin-Sachs Global model (MSG model) with the disaggregated, econometrically-estimated, intertemporal general equilibrium model of the US economy by Jorgenson and Wilcoxen (1990).

The end of abundant and cheap oil

The financial crisis of autumn 2008 provoked a new sharp drop in price. Due to these very rapid oscillations, the price of oil tends to become unpredictable in the short term. In the longer term, it appears that the era of cheap and abundant oil is finished and that a general trend towards increasing prices should be observed in the future.

The Case for Adaptive Decision Strategies

Considering strategy as an evolutionary process can also significantly affect the types of actions we consider and the criteria we use to judge those actions. For instance, a key question in the design of adaptive-decision strategies is the information to which decision-makers ought to pay attention. For example, the US Federal Reserve follows an adaptive-decision strategy as it periodically adjusts interest rates to regulate the growth of the US economy. Much attention is paid to the information and indicators the Fed governors use to make their decisions and, when the Fed chairman makes comments that additional information will be deemed important, the markets can react strongly. In fact, sometimes indicators alone can be a large step towards the solution. One of the most striking examples was the US EPA's policy of requiring companies to publish their toxic-release inventories. This communication of information itself reduced emissions, without any other regulation, because...

In summary plants are hard to make into fuels

It may not be possible to reduce the complex cellulose digesting strategies of bacteria and fungi into micro-organisms or enzymes that can convert cellulose into biofuels in giant steel vats, especially given the huge physical and chemical variations in feedstock. The field of metagenomics is trying to create a chimera from snips of genetic material of cellulose-digesting bacteria and fungi. That would be the ultimate Swiss Army-knife microbe, able to convert cellulose to sugar and then sugar to ethanol.

Current climatechange policies

An important issue in taking action is the variety of perceptions that exist in society about reducing emissions. At one extreme, there is the position that solving the climate problem will have major ramifications and that it will bring industrialized societies to the brink of economic collapse. At the other extreme, the position is that there are many solutions for dealing with the climate problem and that solving the problem is indeed affordable without major economic sacrifices - and there will even be benefits.

Status Of Renewable Resources In Lessdeveloped Countries

Recent economic crisis, its operation stopped. Its use is being promoted again. Generally, the use of renewable energy in the country cannot compete commercially with conventional energy because of its high cost. Indonesia has already initiated activities in energy conservation by conducting training, education campaigns, and research. With the country's natural reserves, the opportunity for renewable energy is significant. However, there are barriers to successful implementation and these include lack of policy, finances, technology, and awareness. A development strategy to address the barriers, which aims to formulate policies and identify financing schemes to increase research and development in the energy sector, has been designed. The PREGA project is anticipated to assist in the implementation of Indonesia's energy projects.

Plan of the book

15 Note that this target is measured in emissions relative to the size of the US economy, not emissions themselves. The emission level that is allowed under this target grows with the economy, so if the economy grows more than 18 percent, total emissions under the target would increase. Further, the target rate of improvement is not particularly ambitious since it is roughly equal to the reduction in greenhouse-gas intensity that was realized during the 1990s.

Electricity Pricing

To consumers approximately 70 of any increase in coal prices. An increase of 5 or more triggers an automatic adjustment to wholesale electricity prices. With coal prices nearly tripling in the last five years, this reform has saved generators from a financial crisis. Planned retail pricing reforms include a mechanism to adjust end-use prices to reflect fuel cost increases. In the long run, the pricing system is expected to be further reformed to make electricity prices fully cost-reflective and to give timely and adequate signals to consumers and investors.

The context of CSR

Previous research has clearly demonstrated the limits of universal standards. First, universal CSR standards fail to address specific national contexts. Examples include corporate initiatives on black empowerment and HIV Aids to tackle the legacy of the apartheid in South Africa (Hamann et al. 2005), initiatives to deal with the effects of the economic crisis in Argentina (Newell and Muro 2006), or specific women's labour issues in Islamic countries such as 'menstruation leave' in Indonesia (Frynas 2003b). Second, universal CSR standards are capable of addressing some issues better than others. For instance, universal codes of conduct can improve basic working conditions in some instances, but they are less able to tackle patterns of discrimination and harassment in the workplace (Jenkins et al. 2002).

Alexander golub

This chapter also presents an analysis of the driving forces behind Russia's CO2 emissions and offers discussions on future emissions scenarios. Until now there were no specific incentives to reduce carbon emissions. Any improvements in carbon efficiency were the result of general economic reforms and the integration of Russia into the world economy. Nevertheless, after Russia recovered from its economic crisis, carbon emissions grew four times more slowly than its gross domestic product. Russia will definitely meet its Kyoto target and, with high probability, will be able to supply nearly 3 billion tonnes of CO2 allowances to the international carbon market, especially as Russia's carbon emissions will remain below its 1990 levels. Another and perhaps more important challenge is for Russia to pursue a macroeconomic policy optimizing the role of the energy sector in its economy. Energy resources already play a critical role in the Russian economy. High oil prices in the world market...

Normative statements

The unstated assumptions behind an argument can be normative as well as positive. Consider the statement, the Kyoto Protocol would cost the US economy hundreds of billions of dollars while exempting China and India from any burdens. This says something about the costs of a particular policy, which sounds like a positive claim. But the statement also has rhetorical power, since it strongly implies that it would be wrong or even foolish for the USA to join the Kyoto Protocol. Whether the statement is correct or not as a positive matter, it gains this rhetorical force from several unstated assumptions, some positive and some normative that this cost is too high, relative to whatever benefits the Kyoto Protocol might bring the USA that imposing the initial burden of emission reductions on the rich industrialized countries is unfair and that other courses of action open to the USA are better.

Early actions

The most important near-term actions that an organization or individual can take to reduce their impact on the climate are lowering their consumption of energy and increasing the efficiency of their energy use, ideally trying to derive none of their energy from fossil-fuel carbon (i.e. becoming 'carbon neutral'). Because so much of the US economy uses fossil-fuel carbon for energy, it is, however, nearly impossible to independently reduce carbon consumption to zero. One means of bridging the gap between carbon savings achieved through reduced consumption and increased energy efficiency, is through the use of 'greenhouse gas offsets' that are derived from greenhouse gas reduction projects. Such greenhouse gas offsets can provide a practical, cost-effective means of reducing greenhouse gas levels safely and sustainably.

The Convenient Truth

Many energy industry executives argue that reducing carbon emissions as rapidly as scientists now urge would risk an economic collapse. According to conventional wisdom, the available alternatives are just too small, unreliable, or expensive to do the job. In 2001, for example, Vice President Dick Cheney described saving energy as a moral virtue but not important enough to play a major role in the national energy policy proposals he was developing at the time. The World Energy Council, which represents the large energy companies that dominate today's energy economy, declared in 2007 that renewable energy has enormous practical challenges.It is unlikely to deliver a significant decarbonisation of electricity quickly enough to meet the climate challenge. 17


Since the US economy has grown at a relatively steady rate for well over a century (nearer two centuries), it seems reasonable to suppose that it will continue to do so. In fact, it is usually reasonable to assume past trends will continue for some time to come, absent definite reasons for expecting a change of direction. A supertanker has enormous inertia. It cannot turn on a proverbial dime. The economy also has a lot of inertia.


The Solow model, in its original form, depends on only two independent variables, or 'factors of production', namely, total labor supply and total capital stock (Solow 1956, 1957). Labor and capital services are assumed to be proportional to the corresponding stocks. However, as noted already, these two variables or factors of production could not explain the observed growth of the US economy from 1909 through 1949. The unexplained 'Solow residual' accounted for over 85 percent of the per capita growth in output. Solow termed this residual 'technological progress' and introduced it as an exogenous multiplier of the production function. The multiplier is usually expressed as an exponential function of time which increases at a constant average rate of about 2.5 percent per annum based on past history. The multiplier is now called total factor productivity, and it is commonly assumed to be exogenous to the economic system. The unexplained residual is usually attributed nowadays to a...

Economic growth

There are strong signs that the global economy, which has expanded briskly in recent years, is slowing, partly as a consequence of higher energy and other commodity prices and the financial crisis that began in 2007. GDP growth has already fallen in most OECD economies, particularly in the United States, where a slump in the housing market has contributed to the credit squeeze, the consequences of which are being felt throughout the global financial system. Many OECD countries are now on the verge of recession. Most non-OECD countries have so far been less affected by financial market turbulence and have continued to grow rapidly, led by China, India and the Middle East (where growth has been boosted by surging oil-export revenues). This momentum is provided by strong productivity gains as these countries progressively integrate into the global economy, by improved terms of trade for commodity producers on the back of soaring prices for oil and other raw materials and by policy...

Urban Gardens

In Argentina, community gardens, initially created to help confront the effects of the late 2001 economic collapse, have developed into a government-run urban agriculture program. Some 7,000 people who were out of work before entering the program have joined forces to clear the land, plant, and harvest vegetables, and sell their produce in street markets. Many of them are also now involved in agricultural development projects aimed at supplying the market with organic produce, grown without chemical fertilizers or pesticides.

Its Your Turn

The former Soviet Union is now confronting both economic crisis and serious environmental problems such as water pollution, nuclear wastes, and toxic industrial wastes. According to Chairman of the Commission on Ecological Security, National Security Council of the Russian Federation, Alexei Yablokov in a lecture entitled The State of the Environment in Russia, Time for Action, 70 percent of the water in Russia cannot be used for human consumption and Russian forests are being cut at such a rate that, in the next five years, they will

Concluding remarks

Like most other economies in the world, China currently faces the extraordinary challenge of slowing growth and rising inflation. Some continuing changes, especially the slow-down of the US economy, elevated oil prices and the normalisation of domestic costs, are likely to reinforce this challenge in the coming months. The probability of stagflation, however, remains extremely remote. Real GDP growth will likely moderate slightly however, barring major surprises, China should be able to comfortably maintain growth of about 10 per cent in the next five years. The earthquake in early May in Sichuan was a human tragedy, but its direct economic cost should be limited. Finally, 2008 could be the first year since 2001 in which the Chinese economy sees a major downturn in growth. This could point to significant increases in financial risks. The stock index has already declined by 50 per cent from its peak in late 2007. Housing prices are also becoming less stable. The banking sector has...


The first concerns the financial stability of the Green parties. Until now, they have been able to use their (comparatively small) financial and human resources in an optimal way. The problem is that both Ecolo and Agalev remain extremely dependent on external (public) funds, strongly linked with their electoral performance and number of seats in elected bodies. A single electoral defeat could cause major structural problems for the parties, in the same way that defeat in the Bundestag elections in 1990 caused severe problems for the German Greens.


Participation in policy deliberations does not mean that groups' concerns are necessarily acted upon, however. The US provides a useful example. Despite having one of the more open greenhouse policy development processes, in which environmental pressure groups have participated extensively, US policy towards global warming remains one of the most backward of all the OECD countries. The influence of the fossil fuel lobby groups (see Chapter 5) and the presence of White House Chief of Staff John Sununu, are among the factors that explain why the US government has been able to stall on more stringent action to combat climate change, and to smother calls for further action by environmental pressure groups. The hostility of the White House Chief of Staff to environmentalists was made clear by the way in which he dismissed their concern about global warming as part of a hidden agenda to prevent growth in the US economy. He is quoted as saying, 'Some people are less concerned about climate...

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Figure 1.6 Hurricane Andrew devastated southern Miami in 1992, costing the US economy US 32 billion, and making the event the second most expensive natural disaster in US history. (Photo courtesy of the United States National Oceanic and Atmospheric Administration Department of Commerce)


During the economic crisis of 1991-98, Russian carbon emissions declined along with GDP, but the emissions reduction was not as large as the GDP reduction. Likewise, the increase of CO2 emissions during the recovery period was not as sharp as the GDP increase elasticity of CO2 emissions with respect to GDP was about 0.25. The major factor determining carbon emissions was structural change in GDP. The industrial sector contributes a substantial share of CO2 emissions changes in total industry production significantly influenced carbon emissions and help to explain the decoupling of CO2 and GDP. The GDP share of industry increased during the economic crisis and then declined during the recovery period.

Mark Jones

The same people who say that policy and regulatory improvements mean that another 1929-style crash cannot happen also often said there would never be another bear market, and that the New Economy was a paradigm change. None other than Federal Reserve chairman Alan Greenspan himself became an eager convert to the neoliberal view that soaring stock market index numbers were not, as he first thought, the result of irrational exuberance but represented a fundamental change in the economy and, in particular, a quantum shift in the rate of productivity growth. But we shall show that a slump can happen whatever kind of Keynesian demand management is attempted. Deficit spending does not overcome modern deflationary crises. So, as Wynne Godley argued in the London Financial Times in late 2002, a real and perhaps catastrophic slump, a real meltdown of the US economy in particular, is now a distinct possibility, even a probability. In that case, we might get a near-decade of mass unemployment in...

New uses of money

Embeddedness of economic relations has become a more significant objective (Seyfang, 2001b). For example, community currencies have arisen in Mexico, Uruguay, Senegal, Thailand, Japan (DeMeulenaere, 2004), and in Argentina, alternative money systems traded in barter markets and conceived as a 'solidarity economy' by local environmentalists became real lifelines for much of the population during the national economic crisis in 2001-2 (Pearson, 2003). Sociologist Nigel Dodd (1994) proposes that the five essential characteristics of monetary networks are accountancy, regulation, reflexivity, sociality and spatiality and a study by Lee et al. (2004) maps out a range of community currencies against these criteria. This study finds that the alternative monetary networks each have those characteristics to different degrees and in different forms, and furthermore they differ from the mainstream monetary network in each of the five dimensions, suggesting that they do indeed offer something...

Mohammad Mossadegh

Mohammad Mossadegh was an important political figure in Iranian history. He received a Ph.D. from Neuchatel University in Switzerland. He returned to Iran in 1914 to become a public servant and elected official and aligned himself with the nationalist party, a political organization that opposed foreign-owned operations in Iran. He served as the prime minister of Iran from 1951 to 1953. He is notable in energy history for his attempts to nationalize the country's oil resources. Soon after Mossadegh became prime minister, the Iranian parliament, under his direction, voted to adopt the Oil Nationalization Act and seize control of assets held by the Anglo-Iranian Oil Company (AIOC), a British firm. The British government responded by creating a blockade against Iran's oil shipments, and the AIOC removed British personnel from the country. Without a market for its oil resources and lacking the expertise to operate oil refineries, Iran fell into an economic crisis. Mossadegh's government...

Unstoppable Growth

Cians to re-order their national economies, if they should happen to think that this might be necessary, with the reining back of growth, or perhaps even planned recession, as an aim. This is because of the nature of the global monetary system following state deregulation of the banks almost thirty years ago, and is exacerbated by the replacement of cash with technology. Quite simply, 'money' is issued as debt at interest. The system involves the creation by governments of only about 10 of the total money supply in the form of non-interest-bearing notes and coins, while the remaining 90 , over which they have little control, is created by the commercial banking system in the form of interest-bearing debt. At the instant when this debt is credited to each and every borrower, and there are so many the debt is huge, there is at that point no 'real money' being created by which the interest on the debt might be repaid. If the debts were immediately called in, the economic system would...

Natural gas

The recent increase in the price of natural gas, which remains strongly correlated to the price of oil, and also the economic crisis which occurred in the second half of2008 have made the future rate of growth more uncertain. Most recent estimations were based upon an average growth rate of around 2 for the overall gas demand during the next two decades 85 .

The Program

And, as we know, the plan also achieved the other goals set by Clayton. The economic growth that was largely created through the plan has continued, economic and financial stability has been achieved, and free trade has been one of the tools behind the growth. Another important contribution has been the cooperation in Europe, which has resulted in the European Union, and the fact that Europe is now becoming an economically, as well as politically, integrated region.

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