Global imbalances: Strategic prospects for the US and the world
McKinnon, R., Schnabl, G. (2008): China’s fi nancial conundrum and global imbalances, URL: http://www.ccer.edu.cn/download/9506-1.pdf Palley, T. (2005): Th e China currency problem, June 2005, URL: http://www.thomaspalley.com/ docs/research/ChinaCurrencyProblem_Keidel.pdf Prasad, E., Wei, S.J. (2005): Th e Chinese approach to capital infl ows, International Monetary Fund Research Department, Washington, D.C. State Administration of Foreign Exchange (SAFE) (several years): Annual report, Beijing. Stiglitz, J.E. (2006): Making Globalisation Work, New York: Norton. Summers, L.H. (2004): Th e U.S. current account defi cit and the global economy, International Monetary Fund Multimedia Service Division, Washington D.C. World Fact Book (2008), Washington, D.C. Zhang, M., Xu, Y. (2008): Estimation of hot money in China, Research Centre for International Finance Working Paper, No. 0814.
Finance-dominated capitalism in crisis—the case for a global Keynesian New Deal
We analyze the long-run imbalances of finance-dominated capitalism underlying the present crisis, which began in 2007, with a focus on developments in the United States and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been mainly caused by increasing inequalities of income distribution and rising imbalances in the world economy associated with finance-dominated capitalism. From this it follows that in the near and not so near future, the United States will no longer be able to act as the driving force for world demand. In order to avoid a period of deflationary stagnation in major parts of the world economy, we finally propose the policy package of a global Keynesian New Deal that should consist of (1) reregulation of the financial sector, (2) reorientation of macroeconomic policies along (post) Keynesian lines, and (3) reconstruction of international macroeconomic policy coordination, in particular on the European level, and a new world financial order.
The development of biological systematics : Antoine-Laurent de Jussieu, nature, and the natural system
A reevaluation of the history of biological systematics that discusses the formative years of the so-called natural system of classification in the eighteenth and nineteenth centuries. Shows how classifications came to be treated as conventions; systematic practice was not linked to clearly articulated theory; there was general confusion over the "shape" of nature; botany, elements of natural history, and systematics were conflated; and systematics took a position near the bottom of the hierarchy of sciences.