I am republishing the following from Speri (Sheffield Political Economy Research Institute) as a shameless promotion of a book in which I have contribution:
SPERI is delighted to announce the publication of The Coming Crisis, edited by our Director Colin Hay and Policy Research Officer Tom Hunt.
Nearly ten years on from the global financial crisis of 2008, The Coming Crisis seeks to provide a timely warning as to the dangers still present and building in the global economic system. The new book, published by Palgrave Macmilan, draws on SPERI's research on the political economy of growth, stagnation, austerity and crisis, placing each in the context of the wider environment crisis.
Fourteen expert political economists each offer their distinct perspectives on the symptoms of the present moment — reflecting and speculating on the extent to which the world economy has become more dangerous and less stable since 2008. The book begins with an introductory essay by Colin Hay and Tom Hunt which reflects on the current sources of disequilibrium and instability and makes the case for a form of prospective precautionary thinking to anticipate and protect ourselves against a coming crisis. Far from being pessimistic, they argue that analysing the sources of future crises should lead us to be more optimistic that dangerous pathologies can be dealt with before they lead to fully fledged crises.
The book explores multiple dimensions of the coming crisis through considering issues such as the post-2008 financial markets, secular stagnation, global labour markets trends, the European migrant crisis, the Eurozone, China's development and the ecological crisis.
Contributors to the book include Helen Thompson (University of Cambridge), Peter Dauvergne (University of British Columbia), Jacqueline Best (University of Ottawa) Jeremy Green (University of Cambridge), Richard Murphy (City University) and Nicola Phillips (Kings College London). The book also includes contributions from within SPERI's research team with chapters from Martin Craig, Tony Payne, Genevieve LeBaron, Scott Lavery, Andrew Baker, Matt Bishop, Jonathan Perraton and Andrew Gamble. The book originated in a 2016 SPERI blog series on the coming crisis.
‘The Coming Crisis puts all the bad news in one highly illuminating book, showing just how many challenges we face simultaneously in economics and politics. This is a well-written, highly accessible book with an important warning message that we neglect at our peril.'
–Vivien A. Schmidt, Boston University
‘Our outdated economic models didn't foresee the last crisis. The social, political and environmental questions The Coming Crisis raises help us understand the next shock and try to avoid it if we can.'
–Gabriela Ramos, OECD Chief of Staff and Sherpa
‘This book explores facet after facet of the coming crisis of the democratic-capitalist social order — a world in which the exception is becoming the rule. Policy remedies are explored, but without papering over the widening gap between the politically necessary and the politically possible.'
–Wolfgang Streeck, Max Planck Institute for the Study of Societies
‘We confront a decade of disruption. Here is a bold and comprehensive mapping of the challenges, risks — and as importantly, some solutions. Read it!'
–Will Hutton, The Observer and Chair of the Steering Group of the Big Innovation Centre
The book is the latest in SPERI's book series with Palgrave Macmillan ‘Building a Sustainable Political Economy: SPERI Research and Policy'.
Visit http://www.palgrave.com/gb/book/9783319638133 for more details about the book, and to order a copy.
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One can only hope (and pray) that the warnings contained therein are heeded by those who have the power to effect change. As things stand at this moment, however, I don’t see any evidence of a reversal of the many negative socio-economic trends that plague the UK.
It is my depressing conclusion that such is the neo-liberal grip over the nation’s subconscious that it will take a new major crisis to change the current direction of travel. In spite of the unprecedented sociopathic incompetence of successive Tory governments, Labour are still only 2 points ahead in the polls and the Tories are the preferred choice to handle the economy. The good news is that younger voters are still solidly anti-Tory, hence some hope for the longer term.
From all that I can glean from my own research & analysis we’ve reached a point in our global development when a complete paradigm shift is required. Constantly ‘upgrading’ established theories is simply not going to work any more, i.e. neither solve existing problems or provide a platform for the future. We now urgently need a new OS. The appropriate software will follow.
Kate Raworth seems to be thinking along the right lines with her ‘Doughnut Economics’ (https://www.youtube.com/watch?v=1BHOflzxPjI). While not entirely new nor a solution in itself, it could be the catalyst for a better way of looking at how society should be managed to meet the needs and aspiration of future generations.
Without having read it (my apologies) I’m assuming ‘The Current Crisis’ provides a strong, rational argument for such systemic and radical change.
It does
🙂 🙂
At 45 quid a copy the Revolution may have to be postponed……..
Yes indeed – there I was with my debit card in hand and then I saw the price!! Ouch…..!!
Not the best pricing structure to widen uptake methinks when we progressives are struggling with the issue of being heard.
The Revolution will have to be saved up for.
“they argue that analysing the sources of future crises”
I’ve read most of Reinhart and Rogoff’s analysis of historic crises and the remarkable conclusion that the vast majority of them ( 90%+) have been alleviated by governments inflating their way out, but frankly it’s turgid stuff.
By contrast I like it the approach of this book. Doctor Sam Beckett would be jealous.
Hello Richard.
Apologies for the previous link that takes you to a password page. This is a better link. Love your website/ blogs. Many thanks.
https://youtu.be/jNMakfcZzAo
This does not work either
Ok very sorry. I’ll stick to just reading the articles! Thanks
I’m happy to have comments but others and I need to be able to follow them
Great, thanks.