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The First Great Recession of the 21st Century - Competing Explanations (Hardcover)
Loot Price: R3,148
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The First Great Recession of the 21st Century - Competing Explanations (Hardcover)
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The 2008-10 financial crisis and the global recession it created is
a complex phenomenon that warrants detailed examination. The
various essays in this book utilise several alternative paradigms
to provide a plausible explanation and a credible cure. Great
detail is given to this important analysis from different
theoretical perspectives, presenting a clearer understanding of
what went wrong and expounding misinterpretations of current
theories and practices. Fourteen insightful chapters by eminent
scholars investigate the background of the crisis and draw lessons
for economic theory and policy. They largely illustrate that the
roots of the recession lie in the financial sector which, over the
past few decades, has expanded considerably in terms of both size
and complexity. They show that financial innovation has decoupled
the real and financial sectors - not always to the benefit of
economic stability - and argue that financial markets should be
regulated more astutely in order to reinforce transparency and
accountability. The book concludes that economics as a science
should give proper weight to financial variables and integrate them
into its models. This fascinating and thought-provoking volume will
prove a challenging read for academics, students and researchers in
the fields of economics, money, finance and banking, and the
history of economics. It will also prove invaluable for economic
policymakers at all levels.
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