global financial crisis
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Global Financial Crisis . Deepak Prakash Bhatt, PhD. Criticism . Joseph E. Stiglitz - Senior Vice-President of WB Chairperson of Council of Economic Advisors Raised discontents about world bank policies Critical views about globalization, free market fundamentalists and IMF - PowerPoint PPT PresentationTRANSCRIPT
Global Financial Crisis Deepak Prakash Bhatt, PhD
Criticism Joseph E. Stiglitz- Senior Vice-President of WBChairperson of Council of Economic AdvisorsRaised discontents about world bank policiesCritical views about globalization, free market
fundamentalists and IMFRecipient of the Nobel Memorial Prize in
Economic Sciences-2001
….Price of Inequality: How Today’s Divided
Society Endangers our Future Higher taxes on richMillions are poor so that reduce the
corporate welfare Freefall: Free Markets and Sinking of the
Global EconomyTake lessons form Asian Crisis of 90’sNeed sense of balance between market and
the state, between individualism and community and man and nature
….The Three Trillion Dollar War: The True Cost of
Iraq ConflictThe war highly expensive than budget 50
bil. allocated by White HouseHuman death tolls are not accounted
Stability with Growth: Macroeconomics, Liberalization and Development
Global Financial Crisis Started to show its effects in the middle of 2007 and into
2008 Also known as the Global Financial Crisis-considered by
many economists the worst financial crisis since the Great Depression of the 1930s
It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world
In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment
….The crisis played a significant role in the failure of
key businesses, declines in consumer wealth estimated in trillions of U.S. dollars
Downturn in economic activity leading to the 2012World stock markets have fallenLarge financial institutions have collapsed or been
bought outNations have had to come up with rescue
packages to bail out their financial systems
….Following a period of economic boom, a
financial bubble—global in scope—burstA collapse of the US sub-prime mortgage or
credit quality of marketReversal of the housing boom in other
industrial-ized economies have had a ripple effect around the world
Weaknesses in the global financial system have surfaced
….Some financial products and instruments
have become so complex and twistedRole of the rating agencies Loans were seen as security-SecuritizationSubprime Mortgage Collapsed because of
interlinked investments
….The bursting of the U.S. housing bubblePeaked in 2006 caused the values of
securities tied to U.S. real estate pricingThe financial crisis was triggered by a
complex interplay of policies that encouraged home ownership, providing easier access to loans
Lack of adequate capital holdings from banks and insurance companies
….Theory-housing prices would continue to
escalateQuestionable trading practices on behalf of
both buyers and sellersCompensation structures that prioritize short-
term deal flow over long-term value creation
International Security Traditional Approach-State centric and military
concerns International security consists of the measures
taken by nations and Intl orgs to ensure survival and security through military action and diplomatic agreements
Balance of PowerInterlinked-Intl and national security End of WWII-emerge as sub-field of IR-Peace, Security
and Strategic Studies
….State-centric notion of security has been
challenged by more holistic approaches to security
Basic threats to human safety are paradigms that include-Cooperative SecurityComprehensive Security Collective SecurityHuman Security
….Walter Lippmann Arnold Wolfers Barry Buzan Mahbub-ul HaqNayef Al-Rodhan
Newer Dimensions Zero sum to multi sum security Global security
Human Security Environmental Security National Security Transnational Security Transcultural security
Global security and the security of any state or culture cannot be achieved without good governance at all levels that guarantees security through justice for all individuals, states, and cultures
Environmental Problems; Climate Change and its Implication
Significant and lasting change in the weather patterns over periods ranging from decades to millions of years
It may be a change in average weather conditions
In the distribution of weather around the average conditions
….Factors-
Biotic processes-living things that shapes ecosystem Variations in solar radiation received by Earth Plate tectonics- large scale motions of earth Volcanic eruptions-leaves gases Ocean Variability-seafloor spreading ‘Sun’ is the predominant source for energy input to the
Earth Both long- and short-term variations in solar intensity
Certain human activities have also been identified as significant causes of recent climate change, often referred to as global warming
Environmental Security Important field of international relations and
international developmentThreats by environmental events and trends
to individuals, communities, international institutions or organizations or nations
Focus on the impact of human conflict and IR on the environment, or on how environmental problems cross state borders
….Environmental security –
Preventing or responding to environmentally caused conflicts
Preventing or repairing military damage to the environment
Protecting the environment due to its inherent moral value
It considers the abilities of individuals, communities or nations to cope with environmental risks changes or conflicts, or limited natural resources
….Copenhagen School-regional, global and
securitization Relationship between security concerns such as
armed conflict and the natural environment Human activity impacts- CO2 emissions
Regional and global climatic changes in agricultural output
Food shortage-political debate, ethnic tension and civil unrest
International Development ID projects may aim to improve aspects of
environmental security-food or water securityMDG 7 about environmental sustainability show
international priorities for environmental securitySecurity of fisheries on which many people
depend for food
….This energy is distributed around the globe by
WindsNuclear CoalWater Ocean currentsFossil ThermalPetroleum Changes in greenhouse gas concentrations
….Factors that can shape climate are called climate
forcing or "forcing mechanisms”These include processes such as variations in
solar radiation, variations in the Earth's orbit, mountain-building and continental drift and changes in greenhouse gas concentrations
There are a variety of climate change feedbacks that can either amplify or diminish the initial forcing
Books Security and Climate Change: International Relations and the Limits of
Realism by Mark Lacy, Routledge (2007) A Political Theory of Climate Change by Michael S. Northcott, Wm. B.
Eerdmans Publishing (2013) Climate Cataclysm: The Foreign Policy and National Security
Implication of Climate Change by Kurt M. Campbell, Brookings Institution Press (2008)
The Climate Crisis: An Introductory Guide to Climate Change by David Archer, Stefan Rahmstorf, Cambridege University Press (2010)
Climate Change: Picturing the science by Gavin Schmidt, Joshuna Wolfe, Jeffrey D. Sachs, W.W. Norton & Company (2009)
Climate Change: What the Science Tells Us by Charles Fletcher, Wiley (2013)