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Brave New World Economy. Global Finance Threatens Our Future

  • ID: 2212760
  • Book
  • March 2011
  • Region: Global
  • 288 Pages
  • John Wiley and Sons Ltd
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Praise for Brave New World Economy

"This book will become a must–read for students, scholars,as well as all practitioners who want to understand the root causes ofmarket economy crises and the scope of a more stable and fair world order.This book provides an original and thoughtful angle of analysis and vividly explains why and how each of us will soon be ruined without a new governance system emerging that enables globalization to become a genuinepositive sum game in terms of both time and social horizon."
Dr. Michel Henry Bouchet, Head, Global Finance Center, SKEMA Business School, former senior economist,The World Bank, former CEO, Owen Stanley Financial SA

"Presents compelling arguments for radical change in theworld monetary system to save our future. Includes bold and practicalrecommendations to meet current challenges of the global economyincluding the need for balance between the regulatory role of thestate for public good and the confidence of investors andentrepreneurs. Jargon free and easy to read."
Shabbir Cheema, Director, Asia–Pacific Governance and Democracy Initiative, East–West Center

Unrestrained global finance and the massive credit crisis it has engendered threaten to end civilization as we know it. Clearly, a thorough restructuring of the monetary system and more stringent banking rules, both domestically and internationally, can salvage centuries of progress from the scrap heap of history. What steps must policymakers take to achieve a sustainable, new world economy before it′s too late? Find out in Brave New World Economy.

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Manifesto Democratization of Capitalism.

Rescue the Right to Work in Aging Societies.

Legalize Black Market Labor.

Defuse the Ticking Time Bombs of the Welfare State.

Enroll 100 Percent of the Population in Pensions.

Reduce State Indebtedness.

Look for New Answers to Old Problems.

Subsidize Start–Ups in Disadvantaged Regions.

The Mandate of the Democratic, Constitutional Welfare State: Stability, Reliability, Prosperity.

Chapter 1 Midas Reveals How to Create Money through Credit Fraud.

Does Progress in Developing Money Equal Progress in the World Economy?

The State as Accomplice or Controller of the Money Economy, or Both?

The Illusory World of Finance and the Fictional Capital of Banks.

Will Yesterday s Recipes Help Us Today?

The Finance Sector Always Underestimates the Risks of Its Innovations.

Four Fatal Innovations of Global Banking.

Essential Reforms.

Four Conclusions from the Financial Crisis.

Keynes, Properly Understood

Chapter 2 The Great Bluff: The American Way out of the Crisis.

A Brief Tour of How We Got Here.

How American Globalization Revolutionized Finance.

Wanted: An Emperor with Clothes.

How Goldman Sachs Milked Bubble Trouble.

Origins of the Financial Crisis.

The Lost Lessons of Long–Term Capital Management.

The Government Intervenes; Investors Panic.

Obamanomics: Exploiting Crisis, Postponing Costs.

The Debt Culture versus Hoarding and Investing.

Austerity versus Stimulus: The Trillion–Dollar Gap.

Recasting the United States: Domestic Dynamism with Responsibility.

Chapter 3 Giant with Feet of Clay: The European Union.

What Services Has the EU Rendered?

The Euro: Not Dynamic but Dynamite.

Is the European Union on Its Way to Becoming a Nation–State?

Do EU Institutions Induce Constitutional Infidelity?

Can the Euro Survive?

The Three Unknowns of the Current Bailout of the Euro.

The Next Financial Adventure: A European State Bankruptcy Law.

What Comes after the Euro?

The Future of the EU: The Swiss Model.

Currency "Concubinage": The Currency Has to Serve the Citizen, Not the Citizen the Currency.

Chapter 4 The New New World: Can BRICs Save the Rich?

Mimicking Past Economic Miracles.

The Rise of the BRICs.

Characteristics of the New New World.

Legitimacy Lost.

Decoupling and Demographics.

One BRIC at a Time.

Debt versus Investment and Savings in BRICs.

The Group of 20 and Global Imbalances.

The Roadmap to the New World Economy Has Changed.

Chapter 5 Time for a New Bretton Woods: Crisis Prevention through Monetary Law.

What Caused Bretton Woods to Fail?

"Floating"Exchange Rates: A Compelling End?

Living in the "Nonsystem"of Post Bretton Woods.

Keynes with a New Feature: Real (Not Nominal) Fixed Exchange Rates.

Chapter 6 Toward a Brave New World Economy: Reducing Debt and Unemployment.

The World Economy and Nation: States Are a System of Communicating Pipes.

Democracy Begins and Works at Home.

Pillars of Stability and Self–Healing Therapies of Modern Society.

From "Underground"Work to Lifelong "Retooling".

The Old–Age Pension Dilemma.

The Dilemma of the Overindebted State.

What Can Be Done?

The Three Megatrends of the Global Economy of Tomorrow.

Epilogue Faust and Mephisto on the World–Money Stage.

From Paper Gold to Paper Paper.

The Narrow Middle Lane of Successful Capitalism.

From Gold to the G–20.




About the Authors.


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Wilhelm Hankel
Robert Isaak
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