Issue 63 A New Economic Paradigm?

A New Economic Paradigm?

Written by Gerry O'Hanlon SJ on Thursday, 31 March 2011. Posted in Issue 63 A New Economic Paradigm?, 2010

A New Economic Paradigm?

Introduction

The virus of global recession, with its virulent manifestation in Ireland, has raised the question of what antidotes are possible. What lessons can we learn from the past, in order to plot a more secure way into the future? In particular, the question arises as to whether we need to consider a new, more socially responsible, economic model, and not just a reform of the old one, which arguably, despite its undoubted partial successes, has shown itself to be unsustainable.1

Co-operatives and the Economic and Environmental Crisis

on Thursday, 11 March 2010. Posted in Issue 63 A New Economic Paradigm?

Dermot McKenna SJ

March, 2010

Co-operatives and the Economic and Environmental Crisis

Nora Herlihy with President de Valera at the signing of the Credit Union Act, 1996
© Irish League of Credit Unions

Introduction

The current economic and financial crisis has had an enormous impact across the world. Here in Ireland, we have experienced the harsh consequences of a sharp reversal of economic growth. During 2009, there was estimated fall of over 7 per cent in GDP, and of more than 10 per cent in GNP. Both measures had already shown a drop of 3 per cent in 2008.

A crisis in the Irish public finances has seen our national debt rise dramatically to well over €20 billion; the ratio of General Government Debt to GDP, calculated to have been just over 25 per cent in 2007, soared over the past two years to reach an estimated 65 per cent by the end of 2009.1

Bad Business

on Thursday, 11 March 2010. Posted in Issue 63 A New Economic Paradigm?

Seamus Murphy SJ

March, 2010

Bad Business

Ethics essential in the ups and downs of economic life
© istock

Crisis

Much of the world is going through the biggest financial and economic crisis since the Great Depression of the 1920s and 1930s.  While the crisis is not as severe as that of the Great Depression, its effects are more widespread, owing to globalisation and the interconnectedness of national economies.  It is causing much suffering, as investments that were people’s savings for the future are wiped out, jobs in both the private and public sectors are lost, and public finances come under severe strain.

In this, a follow-up on an earlier Working Notes article which was written before the current financial and economic crisis,1 I explore some of the ethical issues that arise.

Working Notes Issue 63 Editorial

on Thursday, 11 March 2010. Posted in Issue 63 A New Economic Paradigm?

Issue 63 Editorial

Even as the global economy shows signs of recovery from the financial and economic shocks of the past two years, worrying questions remain. Just how robust is the recovery: is it possible we may yet face a ‘double dip’ recession? How long until economic growth translates into a fall in unemployment? How severe will be the social, as well as the economic, impact of governments having to deal with the public debt incurred in order to prevent a deeper recession?

Issues Before 1997

Click here for a selection of articles from before 1997