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The Macroeconomics of Finance-Dominated Capitalism - and its Crisis (Paperback)
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The Macroeconomics of Finance-Dominated Capitalism - and its Crisis (Paperback)
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In this timely and thought-provoking book, Eckhard Hein illustrates
that the Great Recession, which hit the world economy in 2008/09,
is rooted in the contradictions of finance-dominated capitalism.
The author provides an in-depth exploration of the macroeconomics
of finance-dominated capitalism, its problems and its crisis, and
presents economic policy lessons and alternatives. In particular,
he shows that since the early 1980s, finance-dominated capitalism
has affected long-run economic developments via three distinct
channels: - the re-distribution of income at the expense of low
labor incomes, - the dampening of investment in real capital stock,
- and an increasing potential for wealth-based and debt-financed
consumption. The author concludes that against the background of
these basic macroeconomic tendencies, increasing instability
potentials at the national economy levels and rising current
account imbalances at both global and European levels have
developed and have contributed to the severity of the Great
Recession. This systematic study of finance-dominated capitalism
presented from a macroeconomic perspective will prove a
thought-provoking read for academics, researchers, graduate
students and economic policy consultants with an interest in
macroeconomics, financial economics, economic policies, and
distribution and growth.
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