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From financial crisis to stagnation [electronic resource] : the destruction of shared prosperity and the role of economics /
Thomas I. Palley.
imprint
New York : Cambridge University Press, 2012.
description
xvii, 238 p. : ill. ; 24 cm.
ISBN
1107016622 (hardback), 9781107016620 (hardback)
format(s)
Book
More Details
imprint
New York : Cambridge University Press, 2012.
isbn
1107016622 (hardback)
9781107016620 (hardback)
restrictions
Licensed for access by U. of T. users.
abstract
"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 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"--Provided by publisher.
catalogue key
8363239
 
Includes bibliographical references and index.
A Look Inside
About the Author
Author Affiliation
Thomas I. Palley is an economist living in Washington, D.C. He is currently an associate of the Economic Growth Program of the New America Foundation in Washington, D.C.
Reviews
Review Quotes
Advance praise: 'Thomas Palley has provided a penetrating analysis of the Great Recession, the weakness of the policy response, and the role of economic ideas in both. If we are to avoid the Great Stagnation - and build a more equitable and sustainable economic future - economists and policy makers must fundamentally change the way they think about economics and politics. Mr Palley points the way.' Ron Blackwell, Chief Economist, AFL-CIO
'In the depths of the Great Depression, John Maynard Keynes wrote that 'nothing is required, and nothing will avail, except a little clear thinking.' Thomas Palley here renews that message for our time.' James K. Galbraith, author of Inequality and Instability: A Study of the World Economy Just Before the Great Crisis
'In this perspicacious and persuasive book, Tom Palley shows how conventional economic thinking led ultimately to the disaster of the Great Recession and how it is now threatening to culminate in the Great Stagnation. His thoughts on how to avoid that and how to recover are compelling and important.' Clyde Prestowitz, President, Economic Strategy Institute
'This is an outstanding book: clear, concise, and comprehensive. It shows that the economic crisis is the result of economic policies derived from flawed ideas and flawed ideologies. Read it and recommend it to your friends. It provides a map to overcome the great stagnation and to return to shared prosperity.' Jos Antonio Ocampo, Columbia University, Former UN Under-Secretary-General for Economic and Social Affairs and former Finance Minister of Colombia
'This is an outstanding book: clear, concise, and comprehensive. It shows that the economic crisis is the result of economic policies derived from flawed ideas and flawed ideologies. Read it and recommend it to your friends. It provides a map to overcome the great stagnation and to return to shared prosperity.' José Antonio Ocampo, Columbia University, Former UN Under-Secretary-General for Economic and Social Affairs and former Finance Minister of Colombia
'Thomas Palley has provided a penetrating analysis of the Great Recession, the weakness of the policy response, and the role of economic ideas in both. If we are to avoid the Great Stagnation - and build a more equitable and sustainable economic future - economists and policy makers must fundamentally change the way they think about economics and politics. Mr Palley points the way.' Ron Blackwell, Chief Economist, AFL-CIO
'Thomas Palley's carefully argued study combines an acute critique of conventional economic thinking with thoughtful and stimulating proposals to fix America's broken economic policies.' Thomas Ferguson, University of Massachusetts, Boston, and Senior Fellow, Roosevelt Institute
To find out how to look for other reviews, please see our guides to finding book reviews in the Sciences or Social Sciences and Humanities.
Summaries
Bowker Data Service Summary
This text offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past 30 years.
Description for Bookstore
Offers an explanation of the financial crisis that emphasizes the destruction of shared prosperity over the past thirty years, contrasting with 'black swan' styled explanations that emphasize unexpected financial shocks. This book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.
Description for Bookstore
This book offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with "black swan" styled explanations that emphasize unexpected financial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.
Library of Congress Summary
"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 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"--
Main Description
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. 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 book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.
Table of Contents
List of Figuresp. ix
List of Tablesp. xi
Prefacep. xiii
Acknowledgmentsp. xvii
Origins of the Great Recession
Goodbye Financial Crash, Hello Stagnationp. 3
The Tragedy of Bad Ideasp. 9
Overview: Three Perspectives on the Crisisp. 21
America's Exhausted Paradigm: Macroeconomic Causes of the Crisisp. 32
The Role of Financep. 57
Myths and Fallacies about the Crisis: Stories about the Domestic Economyp. 79
Myths and Fallacies about the Crisis: Stories about the International Economyp. 97
Avoiding the Great Stagnation
The Coming Great Stagnationp. 125
Avoiding the Great Stagnation: Rethinking the Paradigmp. 141
The Challenge of Corporate Globalizationp. 162
Economists and the Crisis: The Tragedy of Bad Ideas Revisitedp. 186
Markets and the Common Good: Time for a Great Rebalancingp. 209
Referencesp. 221
Indexp. 233
Table of Contents provided by Ingram. All Rights Reserved.

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