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The Politics of Recession (Paperback)
Loot Price: R1,148
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The Politics of Recession (Paperback)
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This timely book utilizes the tools of politics, economics and
public policy to explore the causes of the recent global financial
crisis, which, the author argues, can be explained as the absence
of a public interest perspective in policy making. Maurice Mullard
points out that recessions are not collective shared experiences.
Recessions create winners and losers. Furthermore, recessions are
not an external event but reflect the outcomes of the policy
process. The author looks beyond economic explanations for the
economic crisis, and instead points towards a structural
explanation. He explores the concept of social structures, the
effects of the relationships between power and influence, and the
role of ideology and income inequalities as contributory factors.
The commitment to deregulated financial markets created an over the
counter derivatives market worth some $640 trillion dollars
compared to a global GDP worth $65 trillion dollars. The growth of
derivatives markets, the role of credit rating agencies, major
shifts in policy making and growing income inequalities are
described as major factors explaining the present economic
recession. The absence of a public interest perspective, the
breakdown of trust in institutions, policy makers dependence on
financial contributions, the housing bubble, and the increased
concentration of income have distorted the democratic process.
Thought provoking and stimulating, this book will provide a
fascinating study for students and academics with an interest in
politics, economics, political economy and public policy.
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