How did banking, borrowing, investing, and even losing money—in other words, participating in the modern financial system—come to seem likeroutine activities of everydaylife? Genres of the Credit Economy addressesthis question by examining the history of financial instruments and representations of finance in eighteenth- and nineteenth-century Britain.
Chronicling the process by which some of our most important conceptual categories were naturalized, Mary Poovey explores complex relationships among forms of writing that are not usually viewed together, from bills of exchange and bank checks, to realist novels and Romantic poems, to economic theory and financial journalism. Taking up all early forms of financial and monetarywriting, Poovey argues that these genres mediated for early modern Britons the operations of a market system organized around credit and debt. By arguing that genre is a critical tool for historical and theoretical analysis and an agent in the events that formed the modern world, Poovey offers a new way to appreciate the character of the credit economy and demonstrates the contribution historians and literary scholars can make to understanding its operations.
Much more than an exploration of writing on and around money, Genres of the Credit Economy offers startling insights about the evolution of disciplines and the separation of factual and fictional genres.
What is the work of film in the age of transnational production? To answer that question, Randall Halle focuses on the film industry of Germany, one of Europe's largest film markets and one of the world's largest film-producing nations. In the 1990s Germany experienced an extreme transition from a state-subsidized mode of film production that was free of anxious concerns about profit and audience entertainment to a mode dominated by private interest and big capital. At the same time, the European Union began actively drawing together the national markets of Germany and other European nations, sublating their individual significances into a synergistic whole. This book studies these changes broadly, but also focuses on the transformations in their particular national context. It balances film politics and film aesthetics, tracing transformations in financing along with analyses of particular films to describe the effects on the film object itself. Halle concludes that we witness currently the emergence of a new transnational aesthetic, a fundamental shift in cultural production with ramifications for communal identifications, state cohesion, and national economies.
The strictly mathematical foundation of conventional economic theories has resulted in circumscribed analyses of world economic history. Larry Allen's groundbreaking The Global Economic System since 1945, in contrast, re-evaluates world economic history in a context that recognizes and avoids the inherent limitations of mathematical models.
The Global Economic System since 1945 does not shun economic theory, but rather uses it as a tool to reassess recent world economic history. Allen describes how, starting at the end of World War Two, powerful corporations lobbied governments in an effort to reduce the perceived constraints of regulation. In the past twenty-five years these voices have grown increasingly influential, as governments worldwide adopted free-market policies, reduced economic regulation, and promoted the virtues of free-market capitalism.
The Global Economic System since 1945 presents a fresh and wide-ranging synthesis of economic history and theory that will be valuable to both scholars and curious participants in today's global economy.
Along with its painful economic costs, the financial crisis of 2008 raised concerns over the future of international policy making. As in recessions past, new policy initiatives emerged, approaches that placed greater importance on protecting national interests than promoting international economic cooperation. Whether in fiscal or monetary policies, the control of currencies and capital flows, the regulation of finance, or the implementation of protectionist policies and barriers to trade, there has been an almost worldwide trend toward the prioritizing of national economic security. But what are the underlying economic causes of this trend, and what can economic research reveal about the possible consequences?
Prompted by these questions, Robert C. Feenstra and Alan M. Taylor have brought together top researchers with policy makers and practitioners whose contributions consider the ways in which the global economic order might address the challenges of globalization that have arisen over the last two decades and that have been intensified by the recent crisis. Chapters in this volume consider the critical linkages between issues, including exchange rates, global imbalances, and financial regulation, and plumb the political and economic outcomes of past policies for what they might tell us about the future of the global economic cooperation.
The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits.
The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share.
The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class.
Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures.
Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.
In 2010 the UK government imposed huge cuts and market-driven reforms on higher education. Proposals to raise undergraduate tuition fees provoked the angriest protests for decades. This academic year has seen the first cohort of students begin study under the new arrangements. A proposed Higher Education Bill has been shelved, but changes are being cemented and extended through other means.
Displaying a stunning grasp of the financial and policy details, Andrew McGettigan surveys the emerging brave new world of higher education. He looks at the big questions: What will be the role of universities within society? How will they be funded? What kind of experiences will they offer students? Where does the public interest lie?
Written in a clear and accessible style, The Great University Gamble outlines the architecture of the new policy regime and tracks the developments on the ground. It is an urgent warning that our universities and colleges are now open to commercial pressures, which threaten to transform education from a public good into a private, individual financial investment.
Impact fees are one-time charges that are applied to new residential developments by local governments that are seeking funds to pay for the construction or expansion of public facilities, such as water and sewer systems, schools, libraries, and parks and recreation facilities. In the face of taxpayer revolts against increases in property taxes, impact fees are used increasingly by local governments throughout the U.S. to finance construction or improvement of their infrastructure. Recent estimates suggest that 60 percent of all American cities with over 25,000 residents use some form of impact fees. In California, it is estimated that 90 percent of such cities impose impact fees.
For more than thirty years, impact fees have been calculated based on proportionate share of the cost of the infrastructure improvements that are to be funded by the fees. However, neither laws nor courts have ensured that fees charged to new homes are themselves proportionate. For example, the impact fee may be the same for every home in a new development, even when homes vary widely in size and selling price. Data show, however, that smaller and less costly homes have fewer people living in them and thus less impact on facilities than larger homes. This use of a flat impact fee for all residential units disproportionately affects lower-income residents.
The purpose of this guidebook is to help practitioners design impact fees that are equitable. It demonstrates exactly how a fair impact fee program can be designed and implemented. In addition, it includes information on the history of impact fees, discusses alternatives to impact fees, and summarizes state legislation that can infl uence the design of local fee programs. Case studies provide useful illustrations of successful programs.
This book should be the first place that planning professionals, public officials, land use lawyers, developers, homebuilders, and citizen activists turn for help in crafting (or recrafting) proportionate-share impact fee programs.