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Books > Social sciences > Politics & government > Central government > Central government policies
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Crash and Beyond - Causes and Consequences of the Global Financial Crisis (Hardcover)
Loot Price: R1,596
Discovery Miles 15 960
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Crash and Beyond - Causes and Consequences of the Global Financial Crisis (Hardcover)
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In 2007-2008 the world was plunged into a financial and economic
crash. This book explores the multiple entwined roots of the crash,
including the build-up of global economic imbalances, the explosion
in the use of novel financial instruments, the mismanagement of
risk, and the specific roles played by housing and debt. It reviews
the evidence that on the eve of the crash all was not well and that
many political and finance industry leaders ignored the dangers.
The book details the key events of the crash, and explains the main
amplification mechanisms. Instead of a blow-by-blow account of the
numerous bank rescue programs, it uses an economics lens to dissect
the logic of each category of rescue measure to make them more
digestible for the lay reader. It pays particular attention to the
hidden ways in which rescue measures worked and their longer-term
consequences, and investigates why some approaches were favoured
over others, who will ultimately bear the costs, what political
constraints shaped outcomes, and to what degree new risks were
created and problems only delayed. Half the book is devoted to the
numerous policy struggles after the crash. It evaluates fiscal and
monetary policy measures used to rescue economies, efforts to
tackle unemployment, proposals for dealing with collapsing housing
markets, the widespread application of austerity and the battles
over long-term sovereign debt. A chapter is devoted to the handling
of the Eurozone crash and policymakers struggles to fix it, and
another to the continuing risks of global economic instabilities,
some old and some newly-created. It reviews reforms of mortgage
markets, monetary policy and banking designed to make such
disasters less likely in the future. Written before, during, and in
the years immediately after the crash, the book is a lively
chronicle and engaging analysis of the events and thinking of these
years and of the economic and political constraints that shaped
responses. The book's arguments take on added authority given that
the author had identified, and called attention to, key features of
the crash before it happened. It is a very timely analysis of how
policymakers arrived where they are now and of the many hurdles
that still lie ahead. It provides a scholarly yet highly accessible
account that will appeal to a wide audience and contribute to the
public debate about the lessons to be learnt and future policy
options.
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