Panic Rules: Everything You Need to Know about the Global Economy - Softcover

Hahnel, Robin

Softcover

ISBN 10: 0896086097 ISBN 13: 9780896086098

Publisher: South End Press, 1999

Synopsis

Contents

Foreword by Jeremy Brecher
Introduction
Chapter 1 The Bloom off the Boom
Chapter 2 Deconstructing the Neoliberal Myth
Chapter 3 The Latest Bust
Chapter 4 Understanding the Crisis
Chapter 5 How Asia Caught the Flu
Chapter 6 The IMF to the Rescue
Chapter 7 What Should We Want? What Should We Fear?
Chapter 8 Mainstream Reform Proposals
Chapter 9 Progressive Reform Proposals
Conclusion Lilliputian Luddites Until Globalization Can Be Built from Below

An Excerpt from Panic Rules! By Robin Hahnel

Boom and Bust

Among economic systems, capitalism is the manic-depressive patient. Exuberance, unbridled optimism, and euphoria are followed by gloom, listlessness, and depression. But no matter how often the cycle is repeated the patient always believes the latest boom will last forever, only to feel foolish again when the bubble bursts. And no matter how often the patient reverts to manic behavior when taken off medication, the economic "psychiatric" establishment eventually succumbs to the patient's pleas to be taken off medication during the "ups"-freeing the exuberant economy from policy restraints-only to insist on placing the patient back on meds-re-application of necessary policy protections-when the unmedicated patient "crashes."

The Latest Boom

The truth is that neither part of capitalism's manic-depressive boom-and-bust cycle is "healthy." Like most capitalist booms, the benefits of global liberalization during the 1980s and 1990s were not all they were made out to be. In fact, most people in the world were worse off economically at the end of the latest boom than they had been when it began-that is, even before the over-hyped boom metamorphosed into the global economic crisis of 1997-98. How is this possible, you ask? We were told "the world economy grew at 3 percent a year in the 1980s and 2 percent in the first half of the 1990s," and that "low- and middle-income economies grew more rapidly, averaging 3.4 percent growth in the 1980s and 5 percent in the 1990s." We were assured that "growth in trade from increased trade liberalization that has gone hand-in-hand with increased private capital flows and financial integration,"

About this title

Product Description

Panic Rules A witty and accessible manual to the global economic crisis.

Synopsis

A common-sense handbook to globalization and its problems - brief, clear, and easy to understand; Critical of neoliberalism as well as institutions like the IMF; Includes a case study of the Asian economic crisis; For years, people have been asking what to read to understand the global economy, its institutions, its crises, the reasons for the particular forms it has taken and their effects-and what they can do about it. Is there really 'No Alternative,' as constantly proclaimed? Why these arrangements and principles, not others? Robin Hahnel has written that book: lucid, enlightening, deeply-informed, wide-ranging, and constructive. It's just what has been needed.' Noam Chomsky 'At last, a common-sense handbook for understanding globalization and today' growing crisis of world-wide inequality. Panic Rules! provides a clearly written and cogent analysis of what's really wrong with the global economy while providing a critical approach toward the development of real progressive alternatives.' Manning Marable, Columbia University Penic Rules! explains the global economy and the crisis and lays out a constructive alternative for progressives to rally around. Panic Rules! is a short accessible and conversational book, particularly useful as a primer for activists, teachers, and anyone interested in a coherent progressive perspective on global finances.

Edition details

• Publisher: South End Press
• Publication date: 1999
• Language: English
• ISBN 10: 0896086097
• ISBN 13: 9780896086098
• Binding: Paperback
• Edition number: 1
• Number of pages: 136