Craig Calhoun, Georgi Derluguian (eds.): Aftermath: A New Global Economic Order? (2011)

The global financial crisis showed deep problems with mainstream economic predictions. At the same time, it showed the vulnerability of the world’s richest countries and the enormous potential of some poorer ones. China, India, Brazil and other countries are growing faster than Europe or America and they have weathered the crisis better. Will they be new world leaders? And is their growth due to following conventional economic guidelines or instead to strong state leadership and sometimes protectionism? These issues are basic not only to the question of which countries will grow in coming decades but to likely conflicts over global trade policy, currency standards, and economic cooperation.

Contributors include: Ha-Joon Chang, Piotr Dutkiewicz, Alexis Habiyaremye, James K. Galbraith, Grzegorz Gorzelak, Jomo Kwame Sundaram, Manuel Montes, Vladimir Popov, Felice Noelle Rodriguez, Dani Rodrik, Saskia Sassen, Luc Soete, and R. Bin Wong.

Aftermath is the third part of a trilogy comprised of the first three books in the Possible Future series. Volume 1: Business as Usual; Volume 2: The Deepening Crisis; Volume 3: Aftermath.

Publisher NYU Press; with Social Science Research Council, 2011
Possible futures series, Volume 3
ISBN 0814772838, 9780814772836
296 pages

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RMF Report: Breaking Up? A Route Out of the Eurozone Crisis (2011)

“Debtor-led default and exit are fraught with risk, and have costs attached to them. But the alternative is economic and social decline within the EMU that could still end up in chaotic and even costlier exit. In contrast, if default and exit were planned and executed by a decisive government, they could put the country on the path to recovery. For that it would be necessary to adopt a broad economic and social programme including capital controls, redistribution, industrial policy, and thorough restructuring of the state. The aim would be to change the balance of power in favour of labour, simultaneously putting the country on the path of sustainable growth and high employment. Not least, national independence would also be protected.” (from Executive summary)

Authors: C. Lapavitsas, A. Kaltenbrunner, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, N. Teles, L. Vatikiotis
Published by Research on Money and Finance, November 2011
RMF Occassional Report 3
92 pages

Media Coverage of the Report: The Miami Herald (by Joanna Kakissis, 17 November 2011), Prin (in Greek, by Petros Kosmas, 13 November 2011), El Pais (in Spanish, by Amanda Mars, 13 November 2011), Guardian (by Heather Stewart, 13 November 2011), Eleftherotypia (in Greek, by Leonidas Vatikiotis, 12 November, 2011), CNN (by Costas Lapavitsas, 10 November 2011).

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S. Vitali, J.B. Glattfelder, S. Battiston: The Network of Global Corporate Control (2011)

The structure of the control network of transnational corporations affects global market competition and financial stability. So far, only small national samples were studied and there was no appropriate methodology to assess control globally. We present the first investigation of the architecture of the international ownership network, along with the computation of the control held by each global player. We find that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions. This core can be seen as an economic “super-entity” that raises new important issues both for researchers and policy makers. (Abstract)

By Stefania Vitali, James B. Glattfelder, Stefano Battiston
Second version
Published on 19 September 2011
36 pages

commentary (Andy Coghlan and Debora MacKenzie, New Scientist)

More information (arXiv.org)

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