From Financial Crisis to Stagnation

By: Thomas I. Palley

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Synopsis: The US economy today is confronted with the prospect of extended stagnation. This book explores why. Thomas I. Palley argues that the Great Recession and destruction of shared prosperity is due to flawed economic policy over the past thirty years. One flaw was the growth model adopted after 1980 that relied on debt and asset price inflation to fuel growth instead of wages. A second flaw was the model of globalization that created an economic gash. Financial deregulation and the house price bubble kept the economy going by making ever more credit available. As the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed larger speculative bubbles to grow. That process ended when the housing bubble burst. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.

Book Quality:: Publisher Quality
ISBN-13:: 9781139248693
Publisher:: Cambridge University Press
Date of Addition:: 10/26/12
Copyrighted By:: Thomas I. Palley
Adult content:: No
Language:: English
Has Image Descriptions:: No
Categories:: History, Nonfiction, Business and Finance, Politics and Government
Submitted By:: Bookshare Staff
Usage Restrictions:: This is a copyrighted book.