The Global Debt Crisis: Haunting U.S. and European Federalism

Brookings Institution Press
Free sample

Debt crises have placed strains not only on the European Union's nascent federal system but also on the federal system in the United States. Old confrontations over fiscal responsibility are being renewed, often in a more virulent form, in places as far flung as Detroit, Michigan, and Valencia, Spain, to say nothing of Greece and Cyprus. Increasing the complexity of the issue has been public sector collective bargaining, now a component of most federal systems.

The attendant political controversies have become the debate of a generation. Paul Peterson and Daniel Nadler have assembled experts from both sides of the Atlantic to break down the structural flaws in federal systems of government that have led to economic and political turmoil. Proposed solutions offer ways to preserve and restore vibrant federal systems that meet the needs of communities struggling for survival in an increasingly unified global economy.

Contributors: Andrew G. Biggs (American Enterprise Institute); César Colino (National Distance Education University, Madrid); Eloísa del Pino (Instituto de Políticas y Bienes Públicos, Madrid); Henrik Enderlein (Hertie School of Governance, Berlin); Cory Koedel (University of Missouri); Carlos Xabel Lastra-Anadón (Harvard University); Daniel Nadler (Harvard University); Shawn Ni (University of Missouri); Amy Nugent (Government of Ontario, Canada); James Pearce (Mowat Centre, University of Toronto, Canada); Paul E. Peterson (Harvard University); Michael Podgursky (University of Missouri); Jason Richwine (Washington, D.C.); Jonathan Rodden (Stanford Uni versity); Daniel Shoag (Harvard University); Richard Simeon (University of Toronto, Canada); Camillo von Müller (University of St. Gallen, Switzerland, and Leuphana University, Germany); Daniel Ziblatt (Harvard University)

Read more

About the author

Paul E. Peterson is the Henry Lee Shattuck Professor of Government and director of the Program on Education Policy and Governance at Harvard University and a senior fellow at the Hoover Institution. His many books include The Price of Federalism (Brookings). Daniel Nadler is a visiting scholar at the Federal Reserve and a Ph.D. candidate at Harvard University.

Read more
Loading...

Additional Information

Publisher
Brookings Institution Press
Read more
Published on
Jan 10, 2014
Read more
Pages
241
Read more
ISBN
9780815724179
Read more
Language
English
Read more
Genres
Business & Economics / Economic History
Political Science / American Government / National
Political Science / General
Political Science / Public Policy / Economic Policy
Read more
Content Protection
This content is DRM protected.
Read more
Read Aloud
Available on Android devices
Read more

Reading information

Smartphones and Tablets

Install the Google Play Books app for Android and iPad/iPhone. It syncs automatically with your account and allows you to read online or offline wherever you are.

Laptops and Computers

You can read books purchased on Google Play using your computer's web browser.

eReaders and other devices

To read on e-ink devices like the Sony eReader or Barnes & Noble Nook, you'll need to download a file and transfer it to your device. Please follow the detailed Help center instructions to transfer the files to supported eReaders.
What is the price of federalism? Does it result in governmental interconnections that are too complex? Does it create overlapping responsibilities? Does it perpetuate social inequalities? Does it stifle economic growth?

To answer these questions, Paul Peterson sets forth two theories of federalism: functional and legislative. Functional theory is optimistic. It says that each level of the federal system is well designed to carry out the tasks for which it is mainly responsible. State and local governments assume responsibility for their area's physical and social development; the national government cares for the needy and reduces economic inequities. Legislative theory, in contrast, is pessimistic: it says that national political leaders, responding to electoral pressures, misuse their power. They shift unpopular burdens to lower levels of government while spending national dollars on popular government programs for which they can claim credit.

Both theories are used to explain different aspects of American federalism. Legislative theory explains why federal grants have never been used to equalize public services. Elected officials cannot easily justify to their constituents a vote to shift funds away from the geographic area they represent. The overall direction that American federalism has taken in recent years is better explained by functional theory. As the costs of transportation and communication have declined, labor and capital have become increasingly mobile, placing states and localities in greater competition with one another. State and local governments are responding to these changes by overlooking the needs of the poor, focusing instead on economic development. As a further consequence, older, big cities of the Rust Belt, inefficient in their operations and burdened by social responsibilities, are losing jobs and population to the suburban communities that surround them.

Peterson recommends that the national government adopt policies that take into account the economic realities identified by functional theory. The national government should give states and localities responsibility for most transportation, education, crime control, and other basic governmental programs. Welfare, food stamps, the delivery of medical services, and other social policies should become the primary responsibility of the national government.

America's complex system of multi-layered government faces new challenges as a result of rapidly changing economic, technological, and demographic trends. An aging population, economic globalization, and homeland security concerns are among the powerful factors testing the system's capacity and flexibility. Major policy challenges and responses are now overwhelmingly intergovernmental in nature, and as a result, the fortunes of all levels of government are more intertwined and interdependent than ever before. This volume, cosponsored by the National Academy of Public Administration (NAPA), defines an agenda for improving the performance of America's intergovernmental system. The early chapters present the current state of practice in intergovernmental relations, including discussion of trends toward centralization, devolution, and other power-sharing arrangements. The fiscal underpinnings of the system are analyzed, along with the long-term implications of current trends in financing at all levels. The authors identify the principal tools used to define intergovernmental management–grants, mandates, preemptions—in discussing emerging models and best practices in the design and management of those tools. In tergovernmental Management for the 21st Century applies these crosscutting themes to critical policy areas where intergovernmental management and cooperation are essential, such as homeland security, education, welfare, health care, and the environment. It concludes with an authoritative assessment of the system's capacity to govern, oversee, and improve. Contributors include Jocelyn Johnston (American University), Shelley Metzenbaum (University of Maryland), Richard Nathan (SUNY at Albany), Barry Rabe (University of Michigan), Beryl Radin (American University), Alice Rivlin (Brookings Institution), Ray Sheppach (National Governors Association), Frank Shafroth (George Mason University), Troy Smith (BYU–Hawaii), Carl Stenberg (University of North Carolina), Carol Weissert (Florida State University), Charles Wise (Indiana University), and Kenneth Wong (Brown University).
The contemporary debate over racial classification has been dominated by fringe voices in American society. Cries from the right say history should be abrogated and public policy made color-blind, while zealots of the left insist that all customs, language, institutions, and practices are racially tinged and that only aggressive, color-conscious programs can reverse the course of American history. The essays in this volume, however, recognize that racial classification is an issue that cuts too deep and poses too many constitutional questions to be resolved by slogans of either the right or the left.

The contributors to this volume are James Alt, Kenneth Benoit, Henry Brady, John Bruce, Rodolfo O. de la Garza, Andrew Gelman, Lani Guinier, Fredrick C. Harris, Gary King, Robert C. Lieberman, David Ian Lublin, David Metz, Paul E. Peterson, Kay Lehman Schlozman, Kenneth Shepsle, Theda Skocpol, Katherine Tate, Richard Valelly, Sidney Verba, and Margaret Weir.

Originally published in 1995.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

#1 New York Times Bestseller

With extraordinary access to the West Wing, Michael Wolff reveals what happened behind-the-scenes in the first nine months of the most controversial presidency of our time in Fire and Fury: Inside the Trump White House.

Since Donald Trump was sworn in as the 45th President of the United States, the country—and the world—has witnessed a stormy, outrageous, and absolutely mesmerizing presidential term that reflects the volatility and fierceness of the man elected Commander-in-Chief.

This riveting and explosive account of Trump’s administration provides a wealth of new details about the chaos in the Oval Office, including:
-- What President Trump’s staff really thinks of him
-- What inspired Trump to claim he was wire-tapped by President Obama
-- Why FBI director James Comey was really fired
-- Why chief strategist Steve Bannon and Trump’s son-in-law Jared Kushner couldn’t be in the same room
-- Who is really directing the Trump administration’s strategy in the wake of Bannon’s firing
-- What the secret to communicating with Trump is
-- What the Trump administration has in common with the movie The Producers

Never before in history has a presidency so divided the American people. Brilliantly reported and astoundingly fresh, Fire and Fury shows us how and why Donald Trump has become the king of discord and disunion.

“Essential reading.”—Michael D’Antonio, author of Never Enough: Donald Trump and the Pursuit of Success, CNN.com

“Not since Harry Potter has a new book caught fire in this way...[Fire and Fury] is indeed a significant achievement, which deserves much of the attention it has received.”—The Economist

Commodity Derivatives: A Guide for Future Practitioners describes the origins and uses of these important markets. Commodities are often used as inputs in the production of other products, and commodity prices are notoriously volatile. Derivatives include forwards, futures, options, and swaps; all are types of contracts that allow buyers and sellers to establish the price at one time and exchange the commodity at another.

These contracts can be used to establish a price now for a purchase or sale that will occur later, or establish a price later for a purchase or sale now. This book provides detailed examples for using derivatives to manage prices by hedging, using futures, options, and swaps. It also presents strategies for using derivatives to speculate on price levels, relationships, volatility, and the passage of time. Finally, because the relationship between a commodity price and a derivative price is not constant, this book examines the impact of basis behaviour on hedging results, and shows how the basis can be bought and sold like a commodity.

The material in this book is based on the author’s 30-year career in commodity derivatives, and is essential reading for students planning careers as commodity merchandisers, traders, and related industry positions. Not only does it provide them with the necessary theoretical background, it also covers the practical applications that employers expect new hires to understand. Examples are coordinated across chapters using consistent prices and formats, and industry terminology is used so students can become familiar with standard terms and concepts. This book is organized into 18 chapters, corresponding to approximately one chapter per week for courses on the semester system.

What really happened when citizens were asked to participate in their community’s poverty programs? In this revealing new book, the authors provide an answer to this question through a systematic empirical analysis of a single public policy issue—citizen participation in the Community Action Program of the Johnson Administration’s “War on Poverty.” Beginning with a brief case study description and analysis of the politics of community action in each of America’s five largest cities—New York, Chicago, Los Angeles, Detroit, and Philadelphia—the authors move on to a fascinating examination of race and authority structures in our urban life.

In a series of lively chapters, Professors Greenstone and Peterson show how the coalitions that formed around the community action question developed not out of electoral or organizational interests alone, but were strongly influenced by our conceptions of the nature of authority in America. They discuss the factors that affected the development of the action program and they note that democratic elections of low-income representatives, however much preferred by democratic reformers, were an ineffective way of representing the interests of the poor.

The book stresses the way in which both machine and reform structures affected the ability of minority groups to organize effectively and to form alliances in urban politics. It considers the wide-ranging critiques made of the Community Action Program by conservative, liberal, and radical analysts and finds that all of them fail to appreciate the significance and intensity of the racial cleavage in American politics.

America's inner cities, particularly those in older industrial metropolitan areas, have declined sharply in both population and employment over the past two decades. How much of this change is due to technological advances in transportation, communication, and manufacturing? How much of it is due to the changing racial composition of the central cities? Can any set of public policies retard or reverse the decline of the industrial cities?

This book presents an interdisciplinary collection of papers addressing these questions. In the introduction, editor Paul E. Peterson discusses the ways in which adverse economic and racial changes interact and urges more realistic federal policies to counteract these changes. In Part 1, "The Processes of Urban Growth and Decline," sociologist John D. Kasarda analyzes the growing mismatch between inner-city jobs and residents, and geographer Brian J. L. Berry discusses the economics of inner-city gentrification. Racial change is the subject of Part II: sociologist Elijah Anderson depicts race relations in a gentrifying inner-city neighborhood; sociologist William J. Wilson delineates the social and economic problems of inner-city blacks; and political scientist Gary Orfield calls for bold efforts to reverse the continuing urban pattern of racial segregation. Part III looks at the way cities have responded to economic and racial change. Economist Kenneth A. Small discusses the impact of transportation policy; political scientist Herbert Jacob finds that increasing efforts to control urban crime have not been effective; and sociologist Terry Nichols Clark emphasizes the effect of political factors on the fiscal condition of cities. Economist Anthony Downs, reviewing the issues raised by the other authors, sees little hope for racial integration as the central social strategy for solving urban problems, but does see hope in the internal resources of America's minority communities.

©2018 GoogleSite Terms of ServicePrivacyDevelopersArtistsAbout Google
By purchasing this item, you are transacting with Google Payments and agreeing to the Google Payments Terms of Service and Privacy Notice.