A vast number of studies have documented the economic and geological effects of oil production, but the impact of boom-and-bust cycles on individuals and communities has received less attention. Boom or Bust remedies this gap by highlighting the personal experiences of those directly affected in an economy dominated by oil and natural gas production. The Permian Basin is one of the largest oil-producing regions in the United States. People who live there have benefited from explosive growth, only to see opportunities vanish with sudden industry downturns. In 2016, the National Endowment for the Humanities funded a grant for the study and collection of energy narratives in this economically volatile region. Boom or Bust derives from that community initiative and offers a unique contribution to the developing field of energy humanities. The oil-field industry may seem to be all about numbers, but as Boom or Bust demonstrates, residents of oil-and-gas country, whether they work in the oil field or not, are at the mercy of an ever-shifting economy. When the price of oil rises, companies move in and newcomers flood the area, expanding the employment force. And as the population booms, so does the infrastructure of cities. When prices drop, though, families must make difficult choices: whether to stay put or follow the oil to another location. With the ensuing declines in population, small businesses close their doors and unemployment levels rise. Despite the inevitable declines and despite the increase in alternative energy resources, many West Texans feel a sense of pride that borders on patriotism. Boom or Bust reveals the full complexity of boomtown culture.
Considers events such as the Great Depression, episodes of boom and bust in the UK, and the malaise in Japan in the 1990s and the early 21st century. This title shows how monetary policy affects both financial markets and the real economy. It argues that fluctuations in money supply growth led to booms or busts in financial markets.
Analysis and evidence of how the factors that give rise to boom-bust cycles in fast-growing developing economies also enhance long-run growth. The volatility that has hit many middle-income countries (MICs) after liberalizing their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decades most of the developing countries that have experienced lending booms and busts have also exhibited the fastest growth among MICs. Countries with more stable credit growth, by contrast, have exhibited, on average, lower growth rates. Factors that contribute to financial fragility thus appear, paradoxically, to be a source of long-run growth as well. Tornell and Westermann analyze boom-bust cycles in the developing world and discuss how these cycles are generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome imperfections impeding rapid growth also generates the financial fragility that leads to greater volatility and occasional crises. The conceptual framework they present illustrates this linkage and allows Tornell and Westermann to address normative questions regarding liberalization policies.The authors also characterize key macroeconomic regularities observed across MICs, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during tranquil times. A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data.
Tom Holden provides an account of how his family established and ran two weaving mills (Rockcliffe and Havelock) in Blackburn. It is a unique story of success and survival in an economic context where cotton was at one time the leading industry in the UK but which suffered rapid decline in the 1930s. Toms son, RichAre edits the book, embellishing his father’s account with additional family history and photographs and pictures pertinent to the two mills.
The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.
Why are we speaking English? Replenishing the Earth gives a new answer to that question, uncovering a 'settler revolution' that took place from the early nineteenth century that led to the explosive settlement of the American West and its forgotten twin, the British West, comprising the settler dominions of Canada, Australia, New Zealand, and South Africa. Between 1780 and 1930 the number of English-speakers rocketed from 12 million in 1780 to 200 million, and their wealth and power grew to match. Their secret was not racial, or cultural, or institutional superiority but a resonant intersection of historical changes, including the sudden rise of mass transfer across oceans and mountains, a revolutionary upward shift in attitudes to emigration, the emergence of a settler 'boom mentality', and a late flowering of non-industrial technologies -wind, water, wood, and work animals - especially on settler frontiers. This revolution combined with the Industrial Revolution to transform settlement into something explosive - capable of creating great cities like Chicago and Melbourne and large socio-economies in a single generation. When the great settler booms busted, as they always did, a second pattern set in. Links between the Anglo-wests and their metropolises, London and New York, actually tightened as rising tides of staple products flowed one way and ideas the other. This 're-colonization' re-integrated Greater America and Greater Britain, bulking them out to become the superpowers of their day. The 'Settler Revolution' was not exclusive to the Anglophone countries - Argentina, Siberia, and Manchuria also experienced it. But it was the Anglophone settlers who managed to integrate frontier and metropolis most successfully, and it was this that gave them the impetus and the material power to provide the world's leading super-powers for the last 200 years. This book will reshape understandings of American, British, and British dominion histories in the long 19th century. It is a story that has such crucial implications for the histories of settler societies, the homelands that spawned them, and the indigenous peoples who resisted them, that their full histories cannot be written without it.
Energy has become a central concern of many strands of geographical inquiry, from global climate change to the effects of energy decisions on our lives. However, many aspects of the ‘black box’ of relationships at the energy-society interface remain unopened, especially in terms of the spatial underpinnings of energy production and consumption within nations, cities and regions. Debates focusing on the location and nature of energy flows frequently fail to consider the multiple geographical networks that illustrate and explain the distribution of fuels and services around the world. Providing an integrated perspective on the complex interdependencies between energy and geography, The Routledge Research Companion to Energy Geographies offers a timely conceptual framework to study the multiple facets of energy geography, including security, space and place, planning, environmental science, economics and political science. Illustrating how a geographic approach towards energy can aid decision-making pathways in the domains of social justice and environment, this book provides insights that will help move the international community toward greater cooperation, stability, and sustainability.
Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.
In Boom and Bust, the authors draw on the natural history of Australia's charismatic birds to explore the relations between fauna, people and environment in a continent where variability is 'normal' and rainfall patterns not always seasonal. They consider changing ideas about deserts and how these have helped us understand birds and their behaviour in this driest of continents. The book describes the responses of animals and plants to environmental variability and stress. It is also a cultural concept, when it is used to capture the patterns of change wrought by humans in Australia, where landscapes began to become cultural about 55,000 years ago as ecosystems responded to Aboriginal management. In 1788, the British settlement brought, almost simultaneously, both agricultural and industrial revolutions to a land previously managed by fire for hunting. How have birds responded to this second dramatic invasion? Boom and Bust is also a tool for understanding global change. How can Australians in the 21st century better understand how to continue to live in this land as its conditions are still dynamically unfolding in response to the major anthropogenic changes to the whole Earth system? This interdisciplinary collection is written in a straightforward and accessible style. Many of the writers are practising field specialists, and have woven their personal field work into the stories they tell about the birds.