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Lost Decades The Making of America's Debt Crisis and the Long Recovery

ISBN-10: 039334410X
ISBN-13: 9780393344103
Edition: 2012
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Description: The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation  More...

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Book details

List price: $17.95
Copyright year: 2012
Publisher: W. W. Norton & Company, Incorporated
Publication date: 10/1/2012
Binding: Paperback
Pages: 304
Size: 5.50" wide x 8.25" long x 0.75" tall
Weight: 0.770
Language: English

The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists.By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s.Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration’s policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.

Menzie D. Chinn teaches at the University of Wisconsin, Madison, and coauthors the influential blog Econbrowser.

Jeffry A. Frieden is professor of government at Harvard University. His books include "Lost Decades: The Making of America's Debt Crisis and the Long Recovery"; "World Politics: Interests, Interactions, Institutions"; "Global Capitalism: Its Fall and Rise in the Twentieth Century "(all Norton); and "Debt, Development, and Democracy: Modern Political Economy and Latin America, 1965-1985" (Princeton).

Figures
Preface
Acknowledgments
Welcome to Argentina: How America Borrowed Its Way into a Debt Crisis
Borrowing, Boom, and Bust: The Capital Flow Cycle
Risky Business Models
The Death Spiral
Bailout
Economy in Shock
The World's Turn
What Is to Be Done?
Conclusion
Notes
Index

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