scholarly journals Responsibility and Capitalism. A Phenomenological Way to Approach the Economic Crisis

2013 ◽  
Vol 8 (1) ◽  
Author(s):  
Floriana Ferro
Keyword(s):  
United States ◽  
North America ◽  
Economic Crisis ◽  
The United States ◽  
Mortgage Market ◽  
Western World ◽  
Critical Stage ◽  
Subprime Mortgage ◽  
Lehman Brothers ◽  
The World

The Western world is presently afflicted by a huge economic crisis, started in 2007 in the United States, with the collapse of the subprime mortgage market, and exploded in 2008 with the breakdown of Lehman Brothers[1]. Even if its most critical stage seems to be finished, capitalist countries find it difficult to recover. Globalization exported the effects of the crisis everywhere, but those that suffered the greatest damages are Europe and North America. The collapse of some financial companies is only the top of a huge iceberg. The crisis has roots in something deeper, in the principles and mechanisms of capitalism itself. The Western part of the world is still paying not for the mistakes of a few executives, but for a general lack of ethics in the whole system.

Dialogue with standard setters. Potential impacts of the COVID-19 on IFRS financial statements

2020 ◽  
pp. 149-159
Author(s):  
Raffaele Fiume ◽  
Tiziano Onesti ◽  
Stefano Bianchi
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Global Financial Crisis ◽  
Financial Statements ◽  
The United States ◽  
Mortgage Market ◽  
International Level ◽  
Subprime Mortgage ◽  
Industrial Environment ◽  
The World

The COVID-19 outbreak has impacted significantly on the movements of goods and people through the world causing interruptions at many levels in the financial and industrial environment with a significant impact on financial reporting. The purpose of the following review is to analyse some of the main accounting implications of the outbreak in the IFRS financial statements and the first responses at international level by the standard-setters. In the first part, the analysis will be focused first on the main implications for periods ended on 31 December 2019 and then on the effects for the 2020 reporting periods onward. As per 2008 global financial crisis (GFC), that began in 2007 with a depreciation in the subprime mortgage market in the United States, the main international standard-setters (IASB and FASB) has proposed amendments of the standards to react to some implications of the COVID-19 pandemic. In the second part of this review will be summarised the main responses, including the documents and proposed amendments issued by the IASB regard-ing IFRS 16 Leases accounting for lease concessions related to the effects of the COVID-19 pandemic.

scholarly journals SUBPRIME MORTGAGE CRISIS IN THE UNITED STATES IN 2007–2008: CAUSES AND CONSEQUENCES (PART I)

Ekonomika ◽  
2015 ◽  
Vol 93 (4) ◽  
pp. 85-118 ◽  
Author(s):  
Vaidotas Pajarskas ◽  
Aldona Jočienė
Keyword(s):  
United States ◽  
Federal Reserve ◽  
The United States ◽  
Mortgage Market ◽  
Subprime Mortgage ◽  
Market Expansion ◽  
Mortgage Crisis ◽  
Subprime Mortgage Crisis ◽  
The Government ◽  
The Impact

The main purpose of this article is to determine which factors and how contributed to the subprime mortgage crisis in the United States in 2007–2008, what their causal links and effects on the markets and the whole economy were, and to assess what actions could have been taken by the Federal Reserve and the Government in order to mitigate or prevent the consequences of subprime mortgage crisis and housing bubble. In order to obtain the research results, the authors performed a qualitative analysis of the scientific literature on the course of events and their development that led to the subprime mortgage crisis, and focused on the insufficiently regulated home mortgage market expansion, the impact on the subprime mortgage crisis of financial innovations and financial engineering, poorly evaluated systemic risks and policy undertaken by both the U.S. Government and the Federal Reserve before and after the crisis. The quantitative research focused on two main parts: firstly, analysis of the dependence between the causes of subprime mortgage crisis and the consequences, using a statistical and regression analysis, and secondly, an alternative path the Government and the Federal Reserve could have taken in their policy actions and the results they could have produced. The authors believe that the results of the research could give useful guidelines to the central bankers and government officials on how to make long-term decisions that can help in preparing for the financial distress, mitigating the consequences when the crisis strikes, accelerating the recovery and even preventing the crisis it in the future. The second part of the qualitative research will appear in the next issue of the journal.

The Study of Symbiosis Question of Clusters Enterprise Value Chain in the “Post Crisis Era” - A Perspective Based on Value Network and Grid

2013 ◽  
Vol 291-294 ◽  
pp. 2845-2848
Author(s):  
Hua Bai Bu ◽  
Shi Zhen Bu
Keyword(s):  
United States ◽  
Economic Crisis ◽  
Value Chain ◽  
Theoretical Basis ◽  
World Economy ◽  
The United States ◽  
Enterprise Value ◽  
Value Network ◽  
The World ◽  
Global Economic Crisis

Along with the constant evolution of the world economy, the global economic crisis which was following the United States sub-prime loans crisis has entered “post crisis era”. However, it is still not resolved that this crisis has highlighted the problem of abnormal inner structure of clusters enterprise value chain in our country, and some developmental obstacles coexist in the cluster enterprises. This article addresses the realities of the “post crisis era” with value network and Grid as the starting points and puts forward a symbiotic path of cluster enterprises value chain, and then provides a theoretical basis for the decision about the symbiosis.

The Global Recession of 2007–2009: The Moral Factor and Jewish Law

2010 ◽  
pp. 403-428
Author(s):  
Aaron Levine
Keyword(s):  
United States ◽  
The United States ◽  
Mortgage Market ◽  
Jewish Law ◽  
Subprime Mortgage ◽  
The Great Depression ◽  
Global Recession ◽  
United States Economy ◽  
Moral Factor ◽  
Home Mortgage

This article focuses on the recent global recession that raged the world and in particular the United States with special reference to Jewish law. In December 2007, the United States economy plunged into the longest and deepest downturn since the Great Depression. The driving force behind the recession was the widespread failure of the subprime mortgage market, the segment of the home mortgage market extending loans to households with impaired credit histories and with little or no documentation of income. The collapse of that sector occurred in a rapid succession of events beginning with the fall of Countrywide Financial in January 2008. This article further moves to explain the moral factor pervading the recession and analyses the situation as per Jewish law. The central relevant moral dictum of Jewish law is the Imitatio Dei principle, which says that, in our interpersonal conduct, we should emulate the various attributes of mercy.

Chapter II. The World Economy

1971 ◽  
Vol 56 ◽  
pp. 22-35
Keyword(s):  
United States ◽  
North America ◽  
World Economy ◽  
Western Europe ◽  
The United States ◽  
Oecd Countries ◽  
Industrial Countries ◽  
Slowing Down ◽  
The World ◽  
Real Growth

Developments in the world economy have on the whole been much as we predicted in February. It is becoming increasingly clear that renewed expansion is under way in the United States at a pace which, even if it falls short of the Administration's hopes, is more than compensating for the slowing down in industrial countries outside North America. This deceleration has become quite marked in Japan as well as Western Europe, but we expect a faster pace to be resumed before the end of the year. We still put real growth in OECD countries at around 4 per cent in 1971, unless there is a prolonged steel strike in the United States. This compares with about 2½ per cent last year, and we expect the rising trend to continue into 1972.

Early Encounters in Bimusicality

2020 ◽  
pp. 23-46
Author(s):  
Elizabeth A Clendinning
Keyword(s):  
United States ◽  
North America ◽  
Music Education ◽  
Early Development ◽  
The United States ◽  
World Music ◽  
Educational Practices ◽  
The World ◽  
Music Ensemble ◽  
World’S Fairs

The chapter presents an overview of the introduction of gamelan to North America and examines how the ensembles assumed a key role within the philosophy and practice of American collegiate world music education. Musical and cultural exhibitions at world’s fairs, the dispersion of early recordings of gamelan music, transnational performance tours, and the work of Western composers and pedagogues led to the importation of instruments and founding of early academic gamelans. The world music ensemble programs modeled after those founded at UCLA by Mantle Hood embodied a new and important paradigm in ethnomusicology termed bimusicality, as well as sparking the collegiate world music ensemble movement. The chapter concludes with a brief overview of the current gamelan scene in the United States that reconnects the early development of academic gamelan ensembles to contemporary artistic and educational practices.

Explaining the Rise of Globalization

Free Traders ◽  
2019 ◽  
pp. 1-31
Author(s):  
Malcolm Fairbrother
Keyword(s):  
United States ◽  
Developing Countries ◽  
North America ◽  
Financial Institutions ◽  
Developed Countries ◽  
The United States ◽  
International Financial Institutions ◽  
Late 20Th Century ◽  
Electoral Incentives ◽  
The World

This chapter summarizes the main themes of this book, and the theory it proposes of why the governments of so many nations around the world decided to globalize their economies in the late 20th century. The book asks whether the foundations of globalization were democratic, in the sense that politicians’ decisions derived from public opinion and electoral incentives, and also whether globalization as based on mainstream economic ideas. As shown by the cases of Canada, Mexico, and the United States, and the ways they established free trade in North America, the book shows that globalization has been more of an elite than a democratic project, and one based on folk economics rather than expert ideas. Business has been the motor force in developed countries; in developing countries, states have acted more autonomously from domestic business, but they have been more subject to pressure from international financial institutions.

South Africa: The Case for Sanctions

1989 ◽  
Vol 18 (1) ◽  
pp. 17-21
Author(s):  
Howard Wolpe
Keyword(s):  
United States ◽  
South Africa ◽  
The United States ◽  
Western World ◽  
Black And White ◽  
The World ◽  
Human Costs

There is a terrible tragedy in the making in South Africa. A blood-bath looms — and all of us are threatened by its consequences. The human costs of a prolonged and violent straggle in South Africa are incalculable both in terms of treasure and of lives — black and white — that it will consume. And the struggle for liberation in South Africa will increasingly affect the United States and the Western World. We cannot run and we cannot hide from the struggle or its consequences. All of our rationalizations for inaction will ring increasingly hollow and will only fuel racial division and conflict in America and throughout the world.

South Africa: The Case for Sanctions

1989 ◽  
Vol 18 (1) ◽  
pp. 17-21
Author(s):  
Howard Wolpe
Keyword(s):  
United States ◽  
South Africa ◽  
The United States ◽  
Western World ◽  
Black And White ◽  
The World ◽  
Human Costs

There is a terrible tragedy in the making in South Africa. A blood-bath looms — and all of us are threatened by its consequences. The human costs of a prolonged and violent straggle in South Africa are incalculable both in terms of treasure and of lives — black and white — that it will consume. And the struggle for liberation in South Africa will increasingly affect the United States and the Western World. We cannot run and we cannot hide from the struggle or its consequences. All of our rationalizations for inaction will ring increasingly hollow and will only fuel racial division and conflict in America and throughout the world.

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