From Financial Crisis to Stagnation The Destruction of Shared Prosperity and the Role of Economics
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The U.S. 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…
Copyright year: 2013
Publisher: Cambridge University Press
Publication date: 2/11/2013
Size: 5.98" wide x 9.02" long x 0.59" tall