Consider, for example, what happened to profits and wages in the long run-up to the crash of That combination fueled the housing and asset bubbles that eventually burst in So, on my account—on my structural class account—inequality played an important role in creating the conditions for the most recent financial crash. And now, during the Second Great Depression, the class inequality that was such an important factor before is on the rise again.
It shows that such a story is possible. And, as I will explain in another post, it has implications for economic policy very different from the other four stories out there.
The Financial Crisis Reconsidered
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Inequality, the Financial Crisis and Stagnation: Competing Stories and Why They Matter | Insight
Thus, according to Palley, Income inequality did not cause the financial crisis. Like this: Like Loading Leave a Reply Cancel reply Enter your comment here Everyone at last knows we are in a great financial crisis. Foster and Magdoff have seen it coming for some time now.
If you want a clear and cogent explanation of the reality of our debt crisis and what might be done about it, this is your book.
From Financial Crisis to Stagnation
The Great Financial Crisis will be extremely useful for all who are trying to sort out the meaning of the most serious crisis U. Because the authors could draw on their own excellent coverage of the lead up to the crisis in the pages of Monthly Review magazine, we have an invaluable book available to us much sooner than would otherwise be possible.
This book makes the case that the excesses of financialization and the widening inequality of income distribution are themselves indirect effects of stagnation in the real economy, and explains with sobering clarity why the roots of this crisis may turn out to be deep and difficult to address with conventional policy measures. Much of the analysis of the latest economic meltdown has been confined to explanations about the housing bubble and bust.
In The Great Financial Crisis , Foster and Magdoff take a broader approach, presenting a rigorous and sorely needed historical and forward-looking perspective of the capitalist system out of control.
Monday, April 23, 2012
With intricate detail, Foster and Magdoff contextualize the housing debt and speculative bubble within its rightful place at the core of an accelerated period of the financialization of capital, eloquently arguing why a people-first, or socialistic, approach to this crisis is the most logical way to stabilize the general economy. Harry Magdoff and Paul Sweezy, to whom this book is dedicated, analyzed the financial crisis as inseparable from the tendency to stagnation of monopoly capital.
http://wcs2015.org/pe-azithromycin-kaufen.php Sweezy and Harry Magdoff, in order to better grasp the dynamics and contradictions of the financial turmoil and its implications for social conflict. The authors argue that the implosion is a logical consequence of the contradictions of monopoly finance capital—contradictions that are reflected in the twin processes of financialization and stagnation that have dominated the development of the U. A must read!
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Here is an excellent guide to understanding the role debt overload and the stagnation of real economy played in the recent crisis, in the tradition of Sweezy and Magdoff. The financial crisis of —08, and with more certainly in store for and beyond, is one of the great calamities of modern neoliberal capitalism. In a series of highly accessible and cogent articles, they have consistently explained both the build up to the crisis and its consequences. The Great Financial Crisis brings their ideas together in one place.