Free Ebook Money, Markets, and the State: Social Democratic Economic Policies since 1918 (Cambridge Studies in Comparative Politics), by Ton Noterman
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Money, Markets, and the State: Social Democratic Economic Policies since 1918 (Cambridge Studies in Comparative Politics), by Ton Noterman
Free Ebook Money, Markets, and the State: Social Democratic Economic Policies since 1918 (Cambridge Studies in Comparative Politics), by Ton Noterman
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Money, Markets, and the State provides in-depth explanations behind the various successes and failures of the economic policies of social democratic governments in five Western European countries: Germany, Great Britain, Sweden, Norway and the Netherlands. Dr. Notermans examines these economic systems from the inflation of the early twenties, through the Great Depression of the thirties, and then continues his analysis up to present-day mass unemployment. Drawing on a wide range of historical and statistical sources, Dr. Notermans argues that the fate of social democratic economic policy hinges critically on the political and institutional success of maintaining price stability.
- Sales Rank: #5224683 in Books
- Brand: Brand: Cambridge University Press
- Published on: 2000-04-13
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x .87" w x 5.98" l, 1.30 pounds
- Binding: Hardcover
- 324 pages
- Used Book in Good Condition
Review
"A timely and thought-provoking analysis of the macroeconomic forces and policies that have determined the strength and weakness of social democracy in Western Europe from the 1920es till now. Notermans' broad comparative and historical interpretation is a refreshing and masterful synthesis. It deserves wide attention by political scientists, economists and economic historians." Lars Jonung, Stockholm School of Economics
"In its historical sweep, economic sophistication, and analytic coherence, Notermans' theory of the basic constraints shaping macroeconomic policy in advanced capitalist countries is audacious and compelling. No discussion of economic policy dilemmas facing governments--not just social democratic ones--should proceed without taking it into account." Andrew Martin, Center for European Studies, Harvard University
"Notermans fires a cannon shot at comparative studies. The next century of social democracy will bring neither the end of socialism nor its "third way" transformation but rather the continuation of the cycle of social-democratic expansive macroeconomics and liberal disinflationary macroeconomics. This is a great claim, on a par with Hirschman's claim about the cycle of public and private involvement. It is based on methodological clarity and deep understanding of archives, theories and countries. Here is real synthesis of economic and political science at its best." Jos de Beus, University of Amsterdam
"[E]xtremely distinctive ... deeply impressive." Review of International Political Economy
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"Flight Into" & "Flight Out of" Money: the 2 Types of Economic Crisis
By John Helmeke
"MONEY, MARKETS, AND THE STATE: SOCIAL DEMOCRATIC ECONOMIC POLICIES SINCE 1918" (Ton Notermans)
Ton Notermans, a Norwegian political scientist who has studied in Berlin and Massachusetts, examines European twentieth century economic history since the end of the First World War in five countries: Britain, Germany, the Netherlands, Norway, and Sweden. He finds that a general economic crisis in the capitalist economy can be summarized as either one of two events:
1.) a flight "into money" (deflation)
2.) a flight "out of money" (inflation)
Depression & Deflation
In a depression, when the economy slows down, there is a downward spiral of lost employment that results in declines in consumer spending. As consumer spending drops, there is another round of shrinking business investment, employment loss, and still less consumer spending.
Unlike the mid-twentieth century British economist, John Maynard Keynes, Notermans says there is no eventual slowdown in this downward economic spiral. The economy can completely fall apart. German unemployment, for example, stood at an astonishing 43% in 1933. It was the most important reason for Nazi election success and Hitler's assumption of political power as German chancellor that year.
Depression is always made worse by a tight money supply and restraint in government spending. Tight money encourages deflation. As prices for goods and services drop, the same money becomes ever more valuable.
Of course, as people hang onto their money, even less is spent on consumer goods and services. In turn, business investment also falls.
Deflation is a financial disaster for the economy. Business and consumer households find it ever more diffficult to repay loans - at a fixed rate - as prices and wages continue to decline.
Extensive government intervention in the economy is required to set things right for a return to economic growth. Government expenditures can make up for the loss in business investment and consumer spending.
Lower interest rates from banks encourage business investment and consumer spending, too.
Rising government deficits are a necessity to correct the economy. When Franklin D. Roosevelt attempted to cut federal government deficit spending mid-way through the Great Depression, there was what has come to be called a "double dip" in the economy. Cutting government spending made the American economy worse at that time not better.
Of course, continued government spending during a depression results in ever larger budget deficits. But the size of government budget deficits must be weighed against the "opportunity costs" of lost production, jobs, economic growth, and innovation (lower funding for research & development, education, etc.) that come with a depression.
Economic "Bubble" Booms & Inflation
The flip side of economic crisis is an "overheated" economy. A moderate degree of inflation is tolerable - as long as money flows into productive investment and innovation. The problem usually starts with what Alan Greenspan, the Federal Reserve Chairman under the Reagan, G. H. W. Bush, Clinton, and G.W. Bush presidential administrations, called "irrational exuberance."
It might be the stock market that sees a frenzy of buying and ever higher prices. It could be the commodities markets in which the price of such commodities as gold or oil see a sudden rise (beyond what seems necessary to meet any sort of production demand). Or it could be real estate. Or it could be anything else, including tulips, which was what happened in Holland's famed "tulip mania" bubble economy in the 1630s.
During an economic bubble, money rapidly pours into speculative "financial" investments. It is a "flight out of money." People no longer wish to hold onto cash.
If government is unable or unwilling to control the amounts of money going into overheated speculative markets, prices rise. A general inflation results throughout the economy.
Eventually, as a last resort, governments have historically raised interest rates. This results in job loss and slowed economic performance but it brings prices back under control.
Inflexibility in Government Economic Policies
Ton Notermans explains that once governments have changed course on economic policies they have a difficult time reversing themselves. However, circumstances change. Once again, the economic situation calls for a complete reversal in the direction of government policy.
But governments often stubbornly cling to inappropriate economic policies. They stick with what they are most familiar with.
For example, the German hyperinflation of 1923 led to a complete economic breakdown. This came at the point when people stopped using money to obtain goods and services (because the value of money fell so rapidly). The German mark fell from a value of 8.9 marks per U.S. dollar in 1918 to 4.2 trillion marks per U.S. dollar at the height of the hyperinflation in November 1923.
Corrective measures were taken to stop the hyperinflation. But the lessons were learned too well. When the Great Depression began, Germany remained committed to a continued policy of fight inflation.
It was precisely the wrong policy in response to economic depression and deflation. Germany's democratic political parties were still worried about the dangers of inflation when their new electoral popularity led the Nazis to surge to election victory in 1933.
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