Financial Crisis Reconsidered

The Mercantilist Origin of Secular Stagnation and Boom-Bust Cycles

Autor: Daniel Aronoff

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Editura: Palgrave Macmillan

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In The Financial Crisis Reconsidered Daniel Aronoff challenges the conventional view that reckless c...

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Autor

Daniel Aronoff

Limbă

engleză

Legare

Carte - Copertă tare

Publicat

2016

Pagini

291

EAN

9781137553683

ISBN

1137553685

Enbook ID

09489685

Editura

Palgrave Macmillan

Greutate

612

Dimensiuni

247 x 167 x 23

Descriere completă

In The Financial Crisis Reconsidered Daniel Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause. He also demonstrates that the decision to provide relief for bank creditors, rather than underwater homeowners, was responsible for the prolonged recession that followed the crisis. Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility, of which the housing boom, the financial crisis and the recession that followed are manifestations. He shows how accumulation, which occurs when a person or country earns more than they ever plan to spend, generates both an excess of saving and a deficiency in demand. The saving promotes booms, while under-consumption promotes stagnation. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. This book addresses the pre-eminent economic issues of our time in clear and jargon-free prose. It should influence the policy debate and it will be of interest to a wide readership.

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Financial Crisis Reconsidered

The Mercantilist Origin of Secular Stagnation and Boom-Bust Cycles

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