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From Financial Crisis to Stagnation - The Destruction of Shared Prosperity and the Role of Economics (Paperback)
Loot Price: R1,216
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From Financial Crisis to Stagnation - The Destruction of Shared Prosperity and the Role of Economics (Paperback)
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The US economy today is confronted with the prospect of extended
stagnation. This book explores why. Thomas I. Palley argues that
the Great Recession and destruction of shared prosperity is due to
flawed economic policy over the past thirty years. One flaw was the
growth model adopted after 1980 that relied on debt and asset price
inflation to fuel growth instead of wages. A second flaw was the
model of globalization that created an economic gash. Third,
financial deregulation and the house price bubble kept the economy
going by making ever more credit available. As the economy
cannibalized itself by undercutting income distribution and
accumulating debt, it needed larger speculative bubbles to grow.
That process ended when the housing bubble burst. The earlier
post-World War II economic model based on rising middle-class
incomes has been dismantled, while the new neoliberal model has
imploded. Absent a change of policy paradigm, the logical next step
is stagnation. The political challenge we face now is how to
achieve paradigm change.
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