"Rosas's compelling theory and wide-ranging empirical evidence yield a persuasive but surprising conclusion in light of the financial meltdown of 2008–9. In the event of banking crises, not only do elected governments treat taxpayers better and force bankers and their creditors to pay more for their mistakes, but bankers in democracies are more prudent as a consequence . . . essential reading for all interested in the political economy of crisis and in the future of banking regulation."
---Philip Keefer, Lead Economist, Development Research Group, The World Bank
"Rosas convincingly demonstrates how democratic accountability affects the incidence and resolution of banking crises. Combining formal models, case studies, and cutting-edge quantitative methods, Rosas's book represents a model for political economy research."
---William Bernhard, Professor, Department of Political Science, University of Illinois
"When the financial crises of the 1990s hit Asia, Russia, and Latin America, the U.S. scolded them about the moral hazard problems of bailing out the banks. Now, the shoe is on the other foot, with the U.S. struggling to manage an imploding financial sector. Rosas's study of bank bailouts could not be more timely, providing us with both a framework for thinking about the issue and some sobering history of how things go both right and badly wrong. Democratic accountability proves the crucial factor in making sure bailouts are fair, a point that is as relevant for U.S. policy as for an understanding of the emerging markets."
---Stephan Haggard, Krause Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego
Banking crises threaten the stability and growth of economies around the world. In response, politicians restore banks to solvency by redistributing losses from bank shareholders and depositors to taxpayers, and the burden the citizenry must bear varies from case to case. Whereas some governments stay close to the prescriptions espoused by Sir Walter Bagehot in the nineteenth century that limit the costs shouldered by taxpayers, others engage in generous bank bailouts at great cost to society. What factors determine a government's response?
In this comparative analysis of late-twentieth-century banking crises, Guillermo Rosas identifies political regime type as the determining factor. During a crisis, powerful financial players demand protection of their assets. Rosas maintains that in authoritarian regimes, government officials have little to shield them from such demands and little incentive for rebuffing them, while in democratic regimes, elected officials must weigh these demands against the interests of the voters---that is, the taxpayers. As a result, compared with authoritarian regimes, democratic regimes show a lower propensity toward dramatic, costly bailouts.
Guillermo Rosas is Assistant Professor in the Department of Political Science and Fellow at the Center in Political Economy at Washington University in St. Louis.
It often seems that different crises are competing to devastate civilisation. This book argues that financial meltdown, dwindling oil reserves, terrorism and food shortages need to be considered as part of the same ailing system.
Most accounts of our contemporary global crises such as climate change, or the threat of terrorism, focus on one area, or another, to the exclusion of others. Nafeez Mosaddeq Ahmed argues that the unwillingness of experts to look outside their own fields explains why there is so much disagreement and misunderstanding about particular crises. This book attempts to investigate all of these crises, not as isolated events, but as trends and processes that belong to a single global system. We are therefore not dealing with a 'clash of civilisations', as Huntington argued. Rather, we are dealing with a fundamental crisis of civilisation itself.
This book provides a stark warning of the consequences of failing to take a broad view of the problems facing the world and shows how catastrophe can be avoided.
Nationally recognized communication coach and four-time Emmy Awardûwinning broadcaster Steve Adubato has been teaching, writing, and thinking about comm¡unication, leadership, and crisis communication for nearly two decades. In What Were They Thinking? Adubato examines twenty-two controversial and complex public relations and media mishaps, many of which were played out in public. Among cases and people discussed are:
Arranged in short chapters detailing each case individually, the book provides a brief history of the topics and answers the questions: Who got it right? Who got it wrong? What can the rest of us learn from them?
Since World War II, Protestant sermons have been an influential tool for defining American citizenship in the wake of national crises.
In the aftermath of national tragedies, Americans often turn to churches for solace. Because even secular citizens attend these services, they are also significant opportunities for the Protestant religious majority to define and redefine national identity and, in the process, to invest the nation-state with divinity. The sermons delivered in the wake of crises become integral to historical and communal memory—it matters greatly who is mourned and who is overlooked.
Melissa M. Matthes conceives of these sermons as theo-political texts. In When Sorrow Comes, she explores the continuities and discontinuities they reveal in the balance of state power and divine authority following the bombing of Pearl Harbor, the assassinations of JFK and MLK, the Rodney King verdict, the Oklahoma City bombing, the September 11 attacks, the Newtown shootings, and the Black Lives Matter movement. She argues that Protestant preachers use these moments to address questions about Christianity and citizenship and about the responsibilities of the Church and the State to respond to a national crisis. She also shows how post-crisis sermons have codified whiteness in ritual narratives of American history, excluding others from the collective account. These civic liturgies therefore illustrate the evolution of modern American politics and society.
Despite perceptions of the decline of religious authority in the twentieth century, the pulpit retains power after national tragedies. Sermons preached in such intense times of mourning and reckoning serve as a form of civic education with consequences for how Americans understand who belongs to the nation and how to imagine its future.
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