The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and euro area (Germany) as center countries with rising current account deficits (US) and surpluses (Germany) which are matched by respective current account surpluses of...

We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth....

The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...

Preface -- Introduction -- The current rules -- More market power, less competition -- The growth of the financial sector -- The "shareholder revolution", the rise of ceo pay, and the squeezing of workers -- Lower taxes for the wealthy -- The end of full-employment monetary policy -- The...

Preface -- The welfare state in the twenty-first century / Joseph E. Stiglitz -- Adapting labor and social protection systems to twenty-first-century capitalism / Sandra Polaski -- The welfare state in the twenty-first century : latest trends in social protection / Isabel Ortiz -- Supporting...