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Books > Business & Economics > Finance & accounting > Finance
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The Financial Crisis Reconsidered - The Mercantilist Origin of Secular Stagnation and Boom-Bust Cycles (Paperback, 1st ed. 2016)
Loot Price: R3,430
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The Financial Crisis Reconsidered - The Mercantilist Origin of Secular Stagnation and Boom-Bust Cycles (Paperback, 1st ed. 2016)
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In The Financial Crisis Reconsidered, Aronoff challenges the
conventional view that reckless credit produced the US housing boom
and the financial crisis, explaining how the large current account
deficit, and its mercantilist origin, was a more fundamental cause.
He also demonstrates that the decision to provide relief for bank
creditors rather than underwater homeowners was responsible for the
prolonged recession that followed the crisis. Aronoff proposes a
novel theory to account for the ultimate origins of secular
stagnation and economic volatility. He shows how accumulation,
which occurs when a person or country earns more than it ever plans
to spend, generates both an excess of saving and a deficiency in
demand. While savings provide the funds to promote booms,
under-consumption ensures that these booms will turn bust and that
the economy will fall short of its potential growth rate. Aronoff
argues that mercantilists and top income earners engage in
accumulation, and that the influence of both types has grown in
recent decades. Combining economic theory and historical narrative,
this book offers a new perspective of the housing boom and the
financial crisis, concluding with innovative policy proposals to
reduce accumulation without compromising the benefits of a market
economy.
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