from financial crisis to stagnation the destruction of shared prosperity and the role of economics

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From Financial Crisis To Stagnation

Author : Thomas I. Palley
ISBN : 9781107612464
Genre : Business & Economics
File Size : 65. 53 MB
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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.

From Financial Crisis To Stagnation

Author : Thomas I. Palley
ISBN : 9781107016620
Genre : Business & Economics
File Size : 34. 85 MB
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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 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.

Financialization

Author : Thomas I. Palley
ISBN : 9781137265838
Genre : Business & Economics
File Size : 73. 41 MB
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This book explores the process of financialization whereby economies are increasingly dominated by finance capital. This process is characterized by rising income inequality, wage stagnation, increased indebtedness, a rising financial sector share of profits, and tendencies to generate asset price bubbles. The financial crisis of 2008 and the subsequent recession and stagnation represent the latest phase. The book provides a comprehensive treatment of these developments, beginning with a presentation of the empirical evidence. That is followed by economic theory chapters dealing with the macroeconomics of financialization, business cycle effects; microeconomic developments; tendencies toward Minsky-style economic instability; and economic growth effects. The final section of the book focuses on the political economy of financialization and policies to stabilize financial markets.

Wage Led Growth

Author : Engelbert Stockhammer
ISBN : 9781137357939
Genre : Business & Economics
File Size : 50. 90 MB
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This volume seeks to go beyond the microeconomic view of wages as a cost having negative consequences on a given firm, to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand.

Maynard S Revenge

Author : Lance Taylor
ISBN : 9780674050464
Genre : Business & Economics
File Size : 80. 54 MB
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This book’s title gives it to you straight: it’s about how the collapse of 2008 brought Keynes back with a bullet. Taylor’s principal aims are, first, to show how ineffective and inappropriate are the dominant approaches to macroeconomics of the past 30‐40 years (which have been succinctly summed up as “pre-Keynesian theory after Keynes” ); and, secondly, to show how Keynes and post-Keynesian writers, whose ideas in recent years have been greatly downplayed and even ridiculed by the bulk of the profession, contain the proper bases on which to erect both understanding and effective policy proposals.

Rethinking Capitalism

Author : Michael Jacobs
ISBN : 1119120950
Genre : Political Science
File Size : 79. 31 MB
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"Thought provoking and fresh - this book challenges how we think about economics.” Gillian Tett, Financial Times Watch an interview with Mariana Mazzucato at Bloomberg here and here. Download the introduction of the book here. Order the book now and receive 20% discount - simply enter promotion code SSHJB at the www.wiley.com online checkout (please click here for further information). Western capitalism is in crisis. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity. In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it. The chapters examine a range of contemporary economic issues, including fiscal and monetary policy, financial markets and business behaviour, inequality and privatisation, and innovation and environmental change. The authors set out alternative economic approaches which better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable. Outlining a series of far-reaching policy reforms, Rethinking Capitalism offers a powerful challenge to mainstream economic debate, and new ideas to transform it.

State Of The World 2014

Author : The Worldwatch Institute
ISBN : 9781610915427
Genre : Nature
File Size : 86. 52 MB
Format : PDF
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Citizens expect their governments to lead on sustainability. But from largely disappointing international conferences like Rio II to the U.S.'s failure to pass meaningful climate legislation, governments' progress has been lackluster. That's not to say leadership is absent; it just often comes from the bottom up rather than the top down. Action—on climate, species loss, inequity, and other sustainability crises—is being driven by local, people's, women's, and grassroots movements around the world, often in opposition to the agendas pursued by governments and big corporations. These diverse efforts are the subject of the latest volume in the Worldwatch Institute's highly regarded State of the World series. The 2014 edition, marking the Institute's 40th anniversary, examines both barriers to responsible political and economic governance as well as gridlock-shattering new ideas. The authors analyze a variety of trends and proposals, including regional and local climate initiatives, the rise of benefit corporations and worker-owned firms, the need for energy democracy, the Internet's impact on sustainability, and the importance of eco-literacy. A consistent thread throughout the book is that informed and engaged citizens are key to better governance. The book is a clear-eyed yet ultimately optimistic assessment of citizens' ability to govern for sustainability. By highlighting both obstacles and opportunities, State of the World 2014 shows how to effect change within and beyond the halls of government. This volume will be especially useful for policymakers, environmental nonprofits, students of environmental studies, sustainability, or economics—and citizens looking to jumpstart significant change around the world.

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