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Subreption, Radical Institutionalism, And Evolutionary Economics, John B. Hall, Alexander Dunlap, Joe Mitchell-Nelson 2019 Portland State University

Subreption, Radical Institutionalism, And Evolutionary Economics, John B. Hall, Alexander Dunlap, Joe Mitchell-Nelson

John B. Hall

This inquiry seeks to establish the importance of subreption as an approach to economic and social evolution that also proves integral to the tradition of radical institutionalism. We relate subreption’s etymology and appearances in Roman, Canon and Scots Law, as well as in Philosophy, to its applications found in writings advanced by Thorstein Veblen and carried on later as William Dugger details the rise of corporate hegemony. Understood as an approach derivable from selected philosophical writings of Immanuel Kant, in social science subreption is suggested to occur through the introduction of an outside value that sets off a form ...


Yale Program On Financial Stability Lessons Learned: Scott Alvarez, Esq., Alec Buchholtz, Rosalind Z. Wiggins 2019 Yale University

Yale Program On Financial Stability Lessons Learned: Scott Alvarez, Esq., Alec Buchholtz, Rosalind Z. Wiggins

Journal of Financial Crises

Alvarez, who was General Counsel of the Federal Reserve System, Board of Governors during 2007-2009, gives us his take on how best to prepare for future crises.


The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

When Lehman Brothers filed for bankruptcy on September 15, 2008, it was the largest such filing in U.S. history and a huge shock to the world’s financial markets, which were already stressed from the deflated housing bubble and questions about subprime mortgages. Lehman was the fourth-largest U.S. investment bank with assets of $639 billion and its operations spread across the globe. Lehman’s clients and counterparties began to disclose millions of dollars of potential losses as they accounted for their exposures. But the impact of Lehman’s demise was felt well beyond its counterparties. Concern regarding its ...


The Lehman Brothers Bankruptcy G: The Special Case Of Derivatives, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy G: The Special Case Of Derivatives, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

When it filed for bankruptcy protection in September 2008, Lehman Brothers was an active participant in the derivatives market and was party to 906,000 derivative transactions of all types under 6,120 ISDA Master Agreements with an estimated notional value of $35 trillion. The majority of Lehman’s derivatives were bilateral agreements not traded on an exchange but in the over-the-counter (OTC) market. Because derivatives enjoyed an exemption from the automatic stay provisions of the U.S. Bankruptcy Code, parties to Lehman’s derivatives could seek resolution and self-protection without the guidance and restraint of the bankruptcy court. The ...


The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Lehman’s U.S. broker-dealer, Lehman Brothers Inc. (LBI), was excluded from the parent company’s bankruptcy filing on September 15, 2008, because it was thought that the solvent subsidiary might be able to wind down its affairs in a normal fashion. However, the force of the parent’s demise proved too strong, and within days, LBI and dozens of Lehman subsidiaries around the world were also in liquidation. As a regulated broker-dealer, LBI was required to comply with the Securities and Exchange Commission financial-responsibility rules for broker-dealers, including maintaining customer assets separately. However, the corporate complexity and enterprise integration ...


The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick

Journal of Financial Crises

For many years prior to its demise, Lehman Brothers employed Ernst & Young (EY) as the firm’s independent auditors to review its financial statements and express an opinion as to whether they fairly represented the company’s financial position. EY was supposed to try to detect fraud, determine whether a matter should be publicly disclosed, and communicate certain issues to Lehman’s Board audit committee. After Lehman filed for bankruptcy, it was discovered that the firm had employed questionable accounting with regard to an unorthodox financing transaction, Repo 105, which it used to make its results appear better than they ...


The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

The Lehman Brothers court-appointed bankruptcy examiner produced a 2,200-page report detailing possible claims that the estate might pursue. The most surprising revelation of the report was that during its last year Lehman had relied heavily on an unusual financing transaction—Repo 105. The examiner concluded that Lehman’s aggressive use of Repo 105 transactions enabled it to remove up to $50 billion of assets from its balance sheet at quarter-end and to manipulate its leverage ratio so that it could report more favorable results. This case considers in-depth Lehman’s questionable use of Repo 105 transactions and its impact.


The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick 2019 Yale Program on Financial Stability, Yale School of Management

The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 protection, initiating the largest bankruptcy proceeding in U.S. history. The demise of the 164-year old firm was a seminal event in the global financial crisis. Under the direction of its long-time Chief Executive Officer Richard Fuld, Lehman had been very successful pursuing a high-leverage, high-risk business model that required it to daily raise billions of dollars to fund its operations. Beginning in 2006, Lehman began to invest aggressively in real-estate-related assets and soon had significant exposures to housing and subprime mortgages, just ...


The Early Phases Of The Financial Crisis: Reflections On The Lender Of Last Resort, Timothy F. Geithner 2019 Warburg Pincus and Yale University

The Early Phases Of The Financial Crisis: Reflections On The Lender Of Last Resort, Timothy F. Geithner

Journal of Financial Crises

This essay discusses the powers and limitations of the Federal Reserve’s role as Lender of Last Resort and how it deployed those powers during the financial crisis of 2007-2009. It considers the Fed’s authorities and the frameworks that it relied on in utilizing its powers to calm markets in turmoil and to assist specific financial institutions.


Children Of The Crisis: Farm Youth In Troubled Times, Pamela Riney-Kehrberg 2019 Iowa State University

Children Of The Crisis: Farm Youth In Troubled Times, Pamela Riney-Kehrberg

Pamela Riney-Kehrberg

The farm crisis of the 1980s was one of the defining American moments of the late twentieth century. The Midwest’s farmers, long revered as the protectors of America’s agrarian heritage, saw economic reversals of a magnitude unseen since the Great Depression. Many had expanded their operations in the 1970s on the basis of rising land prices, only to see the value of their farms plummet in the early days of the 1980s. Farm income fell significantly, while the number of farm foreclosures skyrocketed. Families began to show signs of stress, as rates of spousal abuse, clinical depression and ...


The Effect Of Per Capita Relief Spending On County Level Joblessness In The United States In 1937 & 1940, Mohammad S. Ahmed 2019 CUNY Hunter College

The Effect Of Per Capita Relief Spending On County Level Joblessness In The United States In 1937 & 1940, Mohammad S. Ahmed

School of Arts & Sciences Theses

This paper uses the 1937 and 1940 county level census data to estimate what effect did additional per capita relief spending have on joblessness in the United States in 1937 and 1940. To account for endogeneity in relief spending and its unequal/non-random distribution, an instrumental variables approach is used. The results show that additional per capita relief spending lowered joblessness in the United States in both years: 1937 and 1940.


Immigration, Small Business And Assimilation: Three Stories Of Small-Time Capitalism On The Lower East Side, Marcus Hillman 2019 The Graduate Center, City University of New York

Immigration, Small Business And Assimilation: Three Stories Of Small-Time Capitalism On The Lower East Side, Marcus Hillman

All Dissertations, Theses, and Capstone Projects

Small businesses in New York City have often been a catalyst to assimilation for individual immigrants, their families and their communities. For this capstone project, I have recorded conversations with three small-time entrepreneurs on the Lower East Side of Manhattan and created a narrative audio piece that explores some of the important and study-worthy characteristics of New York City including economic opportunities in the city, immigration, assimilation and the ways that New Yorkers share space, just to name a few. These themes are threads that ran through all three of the conversations that I had and are crucial elements of ...


Farm Mechanization And Rural Migration In The Great Depression, Christopher Boone, Laurence Wilse-Samson 2019 Cornell University

Farm Mechanization And Rural Migration In The Great Depression, Christopher Boone, Laurence Wilse-Samson

Working Papers

We study sectoral labor realloaction in the U.S. during the Great Depression by examining transitions between the farm and nonfarm sectors as well as movement within the farm sector. Towns and cities that are hit harder by the downturn see higher levels of out-migration to farms, suggesting that the widespread movement to farms serves as a source of migratory insurance. We also show that the more mechanized farming areas are far less able to provide this insurance function. In fact, while the subsistence agricultural sector gains large numbers of people during the crisis, the mechanized agricultural sector sheds workers ...


Spanish California Missions: An Economic Success, Lynne Doti 2019 Chapman University

Spanish California Missions: An Economic Success, Lynne Doti

Economics Faculty Articles and Research

Starting in 1769, the Spanish established missions in Alta California. A small band of soldiers, Franciscan priests and volunteers walked from Baja California to San Francisco Bay through semi-arid, scarcely populated land stopping occasionally to establish a location for a religious community. Usually two priests, a few soldiers and a few Indians from Baja California settled at the spot. Their only resources for starting an economy were themselves, a few animals and a nearby source of water. They attracted the local Indians to join the community and perform the work necessary to create a strong economy. After only a few ...


The Spirit Is Willing, But The Flesh Is Weak: Contemporary Pan-Africanism And The Challenges To A United States Of Africa, Adesola Adeyemo 2018 The University of San Francisco

The Spirit Is Willing, But The Flesh Is Weak: Contemporary Pan-Africanism And The Challenges To A United States Of Africa, Adesola Adeyemo

Master's Theses

Establishing a ‘United States of Africa’ to the average individual is deemed as a mythical idea in contemporary Africa, irrespective of the popularity of this idea several years ago. Today, the idea is idealized as overambitious – considering the balkanized state of the continent post-colonialization. Because of this, attempts made since then have favored enforcing regional integration over continental integration. Undeniably, this idea would not have come into being if it wasn’t for the concept of Pan-Africanism - which has for long guided the political and socio-economic policies created on the continent. The goal of this research is to explore the ...


Whatever Did Happen To The Antitrust Movement?, Herbert J. Hovenkamp 2018 University of Pennsylvania Law School

Whatever Did Happen To The Antitrust Movement?, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Antitrust in the United States today is caught between its pursuit of technical rules designed to define and implement defensible economic goals, and increasing calls for a new antitrust “movement.” The goals of this movement have been variously defined as combating industrial concentration, limiting the economic or political power of large firms, correcting the maldistribution of wealth, control of high profits, increasing wages, or protection of small business. High output and low consumer prices are typically unmentioned.

In the 1960s the great policy historian Richard Hofstadter lamented the passing of the antitrust “movement” as one of the “faded passions of ...


The Socialist World In The Second Age Of Globalization: An Alternative History?, James M. Robertson 2018 Woodbury University

The Socialist World In The Second Age Of Globalization: An Alternative History?, James M. Robertson

Markets, Globalization & Development Review

The history of the Second Age of Globalization (from 1945 through to the present) has traditionally been told through the lens of either the industrially advanced First World, or, more critically, the developing countries of the Third World. Less is known about the experience of globalization in the so-called “Second World”, the socialist states of the Soviet Union and its Eastern European satellites. The following review essay draws on recent work in the history of globalization to show that, contrary to long-held assumptions that socialism was an autarkic system that cut countries off from the wider world, post-war socialist countries ...


Corporate Urbanization: Between The Future And Survival In Lebanon, Deen S. Sharp 2018 The Graduate Center, City University of New York

Corporate Urbanization: Between The Future And Survival In Lebanon, Deen S. Sharp

All Dissertations, Theses, and Capstone Projects

If you look today at the skyline of downtowns throughout the Middle East and beyond, the joint-stock corporation has transformed the urban landscape. The corporation makes itself present through the proliferation of its urban mega-projects, including skyscrapers, downtown developments and gated communities; retail malls and artificial islands; airports and ports; and highways. Built into these corporate urban structures are edifices of politics, ideology and certain forms of socio-spatial and temporal organization. The corporation, however, has largely escaped critical scholarly analysis in Geography and/or Urban and Middle East Studies. In this thesis, I argue that the corporation is far more ...


Review Of Reading The Market: Genres Of Financial Capitalism In Gilded Age America, Lynne P. Doti 2018 Chapman University

Review Of Reading The Market: Genres Of Financial Capitalism In Gilded Age America, Lynne P. Doti

Economics Faculty Articles and Research

A review of Peter Knight's Reading the Market: Genres of Financial Capitalism in Gilded Age America.


Past, Present And Future Of Maine's Pulp And Paper Industry, Ariel Listo 2018 University of Maine

Past, Present And Future Of Maine's Pulp And Paper Industry, Ariel Listo

Electronic Theses and Dissertations

The pulp and paper industry has historically been of paramount importance for the state of Maine, both from cultural and economic perspectives. The industry has been a vital part of the forest products economy and a large contributor to employment and state gross domestic product (GDP). However, the number of pulp and paper mills in Maine has declined sharply in the last few decades, deeply harming employment levels, local economies and the forest products sector of the most heavily forested state in the nation. This phenomenon has sparked efforts to understand the factors behind the downfall of Maine's pulp ...


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